18966. Planters & Merchants First National Bank (South Boston, VA)

View Charter #8643 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
8643
Charter Number
8643
Start Date
October 3, 1931
Location
South Boston, Virginia (36.699, -78.901)

Metadata

Model
gpt-5-mini
Short Digest
b01dcfa9f33e524b

Response Measures

Borrowed from banks or large institutions, Fed/other loan, Full suspension

Receivership Details

Depositor recovery rate
72.8%
Date receivership started
1931-10-10
Date receivership terminated
1939-11-17
OCC cause of failure
Economic conditions
Share of assets assessed as good
13.1%
Share of assets assessed as doubtful
70.3%
Share of assets assessed as worthless
16.6%

Description

Newspaper articles report heavy withdrawals and the bank being closed by directors in early October 1931, citing 'heavy withdrawals and acute depression in the sale of farm products' as reasons. The institution was placed in receivership (W. Doepke named receiver) and remained closed; receivers later distributed dividends (24% by July 1932; additional dividends through 1934). Date references in the articles vary (Oct 3 vs Oct 4, 1931); I note that inconsistency below.

Events (7)
1. April 15, 1907 Chartered
Source
historical_nic
2. October 3, 1931 Suspension
Cause
Local Shock
Cause Details
Suspension tied to heavy withdrawals and depressed farm product markets (article notes suspension in early October 1931).
Newspaper Excerpt
all secured and preferred claims due by the bank at the time of its suspension on October 3, 1931 have been paid in full
Source
newspapers
3. October 4, 1931 Run
Cause
Local Shock
Cause Details
Heavy withdrawals triggered by acute depression in the sale of farm products (local agricultural/market shock) and general depression conditions.
Measures
Bank was closed by order of the directors (suspension of payments/closing).
Newspaper Excerpt
BANK IS CLOSED South Boston, Oct. 4.-(P)-The Planters and Merchants First National Bank here was closed today by order of the directors who gave heavy withdrawals and acute depression in the sale of farm products as reasons for their act.
Source
newspapers
4. October 10, 1931 Receivership
Source
historical_nic
5. December 1, 1931* Receivership
Newspaper Excerpt
Webster, formerly receiver for the ... National Bank here, has been transferred ... Doepke, who is ... for Planters and First National Bank has been given charge of the Bank ... Mr. Webster came to South Boston in June for the tional Bank and has lived here since that time. ... Mr. Doepke, receiver for the Planters and Merchants First National Bank here which closed its doors in September of last year, yesterday was quoted ... that a 24 per cent dividend would soon be paid to the depositors of that bank ... Mr. Doepke also was quoted as saying that he had resigned as receiver and that William P. Lifsey had been appointed as his successor ... (July 1, 1932).
Source
newspapers
6. July 1, 1932 Other
Newspaper Excerpt
24 Per Cent Dividend Soon To Be Paid Planters And Merchants Depositors Will Share In About $335,000 ... A W. Doepke, receiver for the Planters and Merchants First National Bank here which closed its doors in September of last year, yesterday was quoted ... that a 24 per cent dividend would soon be paid to the depositors ... he had resigned as receiver and that William P. Lifsey had been appointed as his successor and would arrive here today to take charge of the institution.
Source
newspapers
7. April 2, 1934 Other
Newspaper Excerpt
Now Paying Second Dividend ... Mr. W. P. Lefsey, Receiver of Planters and Merchants First National Bank of South Boston, Va., has made an announcement that a second dividend of 16% will be paid ... It will be recalled that the Planters and Merchants First National Bank has already paid a first dividend of 24% and that total payments to the creditors and depositors of that bank will now amount to 40% ... The dividend now being paid will amount to approximately $190,000.00 ... the suspension on October 3, 1931.
Source
newspapers

Newspaper Articles (5)
1. October 5, 1931 The Virginian-Pilot Norfolk, VA
Article from The Virginian-Pilot, October 5, 1931

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Article Text

Trade Authorities Will Meet Today Washington, Oct. 4.-(P)-A vigorous search for tonic to offset the pernicious ills of depression will be opened here tomorrow by trade authorities of the 21 American republics. Gathered for the fourth Pan-American commercial the delegates will devote the week to thorough study of the trade and industrial problems of the Western Hemisphere. Protests against the United States' protective duties and call for a world conference on silver were expected to be urged to the governments at the end of the sessions. Other subjects on the program included: Standardization of commodities, increase of tourist travel and communications, revision of consular fees requirements and customs procedure, aviation, finance, and virtually every other phase of interAmerican trade. Old Dominion Guild Players' Tryout Tonight The Old Dominion Guild Players, 10cal amateur theatrical group, announced yesterday that tryouts for their first fall stage presentation, "The Only Girl In Sight, will be held tonight at o'clock at the Central Y. M. Persons between the ages of 17 and 30, interested in amateur theatricals, are invited to participate in the tryouts tonight. The play, by Caroline Lewis, has an English setting. It will be produced under the direction of Miss Florian Pelote. BANK IS CLOSED South Boston, Oct. 4.-(P)-The Planters and Merchants First National Bank here was closed today by order of the directors who gave heavy withdrawals and acute depression in the sale of farm products as reasons for their act. The bank was the only one here. Bank officials announced to-

2. December 2, 1931 The News and Advance Lynchburg, VA
Article from The News and Advance, December 2, 1931

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Article Text

South Boston News Correspondent-E. A. Blackard. Telephone 27 R Tobacco Sales Are Changes Are Made Still Quite Heavy In Bank Receivers South Boston. Dec. heaviest sales the season are on here this week; 438,000 pounds of tobacco disposed of here yeaterday with fully 300,000 pounds going over into today's sale. Unless the show considerable falling off by tomorrow this sale promises to be the largest of the Prices are thought to be on some the grades which have peared to be more in demand Colonel R. M. Bullington of Imperial Tobacco Company and Bob Harrison of the Export Leaf Tobacco Company were visiting the market day. Garden Department to Meet. The home garden of the of South Boston will meet Friday o'clock at the home of Mrs. John W Boozer on Peach avenue. Featuring the program will be vocal selections Mrs. John c. Harris and readings Mrs. William Brann. Chancel Guild Meets Today. The chancel guild of the Trinity Episcopal meeting with Mrs. Harvey D. Elliott at her home on Washington street this afternoon. Officers for the coming year are to be elected at this meeting. South Boston. Dec. Webster, formerly receiver for the ton National Bank here. has been transferred the comptroller's office in to Florence, W. Doepke, who is for Planters and First National Bank has been given charge of the Bank addition his duties receiver for the former Mr. Webster came to South Boston in June for the tional Bank and has lived here since that time. He came here where he served in similar capacity. Howell C. Lacy Dies. Howell Lacy, respected farmer and of died suddenly at his home there this morning. Mr. 71 years Scottsburg had lived there his life. in life married Miss Florence Dickerson Hallfax county. Mrs. Lacy died about three years ago. The deceased is survived by one brother. R. Lacy of Scottsburg and three sons: Evan Lacy of South Ben Lacy and Welford Lacy of The funeral arrangements have not been ahnounced, but is known that the burial place at the cemetery at Mr. and Mrs. Walters have returned to their street after short visit with friends in Rev. and Mrs. Frank Riley home being the guests of relatives in Mr. and Mrs. Wilkerson have returned to their home on Washington after few days Mr. and Mrs. George L. Cerbin in John Willie colored. captured Ringgold Sunday and sent to Danville for charged with the theft of valuable mule belonging to Ben Lindsey of near Ringgold. Shell came to Reaves' sale stable on Ferry street on Thursday of last week with the mule and while dickering with the manager of the stable the the arrived his arrest. He followed where he made his escape, to be later exptured near Ringgold. Sanity Commission Will Pass On Case Of Phorr hold hearing tomorrow for Dewitt Phorr. of Waynesboro. slayer Susie Hender* son. of Avon. county. Mrs. Henderson was killed weeks ago. Should sanity be special grand jury may be called immediately. The University of California's tory over Washington State College this season Portland, Ore., was Califorsixth football triumph in that

3. July 2, 1932 The News and Advance Lynchburg, VA
Article from The News and Advance, July 2, 1932

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Article Text

Bank Receiver Has Resigned 24 Per Cent Dividend Soon To Be Paid Planters And Merchants Depositors Will Share In About $335,000 Mayor Wilburn With Com. mittee Securing Right Of Way For Road (Special to The News) South Boston, July 1-A W. Doepke, receiver for the Planters and Merchants First National Bank here which closed its doors in September of last year, yesterday was quoted through the local papers that a 24 per cent dividend would soon be paid to the depositors of that bank in distribution of $335,000. Mr. Doepke also was quoted as saying that he had resigned as receiver and that William P. Lifsey had been appointed as his successor and would arrive here today to take charge of the institution. Securing Right of Way A committee from the Lions Club, headed by Mayor James B. Wilborn, is busy this week in securing the right of way on the South Boston to Turbeville road which is part of the new highway straight to Danville It is understood that the success of this committee will mean that the work on this highway will begin soon. The Halifax County Medical Society held a meeting at the John Randolph Hotel yesterday afternoon. Dr. C. B. White of Halifax is president of the society and Dr. William C. Brann of South Boston, secretary. Rev. L. A. Irby, Jr., of Java will preach at Cluster Springs Baptist Church Sunday, July 3, on the subject of "True Patriotism." Mrs. F. R. Edmondson of Main street remains ill at her home. She was stricken with paralysis this week and her condition has not improved to any extent. Mrs. Alice E. Roberts is reported to be ill at the home of her daughter, Mrs. O. C. Cawley, of Henderson, N. C., where she went on visit this week. Funeral services for Mrs. R. Gordon Finney were held at Halifax Wednesday morning at St. John's Episcopal Church. Rev. Myron B. Marshall, rector of that church, conducted the services. The pallbearers were Scott Elliott, Lawrence Daniel, Edgar Garrard, Hal Gunn, Robert Finney and George Finney. Sunday school day will be observed at the Beth Car Baptist Church in Halifax on Sunday, July 3. An interesting program has been prepared for presentation by the beginners and those of the primary grades with the junior choir furnishing the music. Players representing the Halifax County Golf Club left here this morning for Danville to play the last game in series of four games between the golf clubs at Reidsville, N. C., Danville. South Boston and Bassett. Dr. Ralph Counts of Welch, W Va., A&P former resident of this place, is spending this week here with friends.

4. July 15, 1932 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, July 15, 1932

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Article Text

Failed Bank's Receiver Distributes $350,000 Closed South Boston Institution Pays Out 24 Per Cent SOUTH BOSTON VA., July The receiver for the Planters and Merchants First National Bank began Wednesday morning paying dividend to the bank amounting to $350,000 24 per This pay. ment been held up pending legal but at the convening the Halifax Circuit Court on Monday the matter was straightened out and the payments

5. April 5, 1934 Halifax Gazette South Boston, VA
Article from Halifax Gazette, April 5, 1934

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Article Text

Now Paying Second Dividend Sixteen Per Cent Am- ounting To $190,000.00 Brings The Total Paid To Forty Per Cent. Mr. W. P. Lefsey, Receiver of Flanters and Merchants First National Bank of South Boston, Va.. has made an announcement that a second dividend of 16% will be paid to all creditors who have previously proven their claims against the receivership. It will be recalled that the Planters and Merchants First National Bank has already paid a first dividend of 24% and that total payments to the creditors and depositors of that bank will now amount to 40% The dividend now being paid will amount to approximately $190,000.00 and will be distributed among approximately 3,500 claimants of the old Planters and Merchants First National Bank, the majority of whom live in this territory. The receiver further announces that this dividend is being paid with the assistance of a loan obtained from the Reconstruction Finance Corporation and is in line with the President's policy of disbursing funds in closed banks to the creditors of such banks as quickly as possible. It was also learned that all secured and preferred claims due by the bank at the time of its suspension on October 3, 1931 have been paid in full such claims against the trust have been cancelled. This means that all collections received will be for the benefit of the unsecured creditors of the bank. The receiver has announced that beginning on Monday, April 2, 1934 he will be prepared to distribute the checks among the depositors of the bank. Sufficient clerical force will be on hand to deliver checks promptly. It is important that the Receiver's Certificates formerly issued to depositors be presented when dividend checks covering this payment are called for. A statement of condition of the receivership showing its status as of December 31, 1933 is posted on the front door of the bank for the inspection of the public in general. This report gives in detail all collections and disbursements handled by the receivers, as well as shows the total expense of the receivership to that date. The statement for the quarter ending March 31, 1934 is being prepared and will be posted in short time.