Savings Bank - Richmond, VA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: savings bank
Start Date: September 22, 1892
Location: Richmond, Virginia (37.554, -77.460)

Metadata

Model: gpt-5-mini
Short Digest: 1d05b62d97a5af77

Response Measures

None

Description

Article (Daily Kennebec Journal, 1892-09-23) reports Richmond Savings Bank suspended after heavy withdrawals triggered by depreciation in assets and the passing of the July dividend. A hearing was to be held; no evidence in this article of reopening or permanent closure, so outcome is unsure.

Events (2)

1. September 22, 1892 Run

Cause: Bank Specific Adverse Info
Cause Details: Depreciation in value of assets and the bank passed its July dividend, which triggered heavy withdrawals.
Measures: Payment was stopped; bank suspended operations
Newspaper Excerpt: The Richmond Savings Bank has suspended...made necessary by the heavy withdrawal of deposits...owing to the depreciation in value of its assets the bank passed its July dividend, causing a great run upon the bank
Source: newspapers

2. September 22, 1892 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended after heavy withdrawals following depreciation of assets and missed (passed) dividend payment.
Newspaper Excerpt: The Richmond Savings Bank has suspended...payment was stopped. A hearing is to be had Saturday on the affairs of the corporation.
Source: newspapers

Newspaper Articles (1)

1. September 23, 1892 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, September 23, 1892

Click image to open full size in new tab

Article Text

RICHMOND SAVINGS BANK Has Suspended and Hearing Is to be Had Saturday. RICHMOND Sept. 22 ..(Special )-The Richmond Savings Bank has suspended. such action having been made necessary by the heavy withdrawal of deposits. The bank officials say there will be no great loss to depositors. With a little patience on their part the bank will come out of it present difficulty splvent. Owing to the depreciation in value of its assets the bank passed its July dividend. causing a great run upon the bank in consequence of which payment was stopped. A hearing is to be had Saturday on the affairs of the corporation.