Articles report heavy withdrawals leading the Planters & Merchants National Bank (South Boston, VA) to suspend operations (notice placed on door) on Oct 5, 1931. Later (Oct 23, 1931) the Comptroller appointed a receiver, indicating the bank did not resume normal operations and was placed in receivership. Cause attributed to steady/large withdrawals and maturity of required deposit notices draining resources (liquidity). No specific misinformation event described, so random_run is False.
Events (5)
1.April 15, 1907Chartered
Source
historical_nic
2.October 5, 1931Run
Cause
Bank Specific Adverse Info
Cause Details
Steady heavy withdrawals over the prior three months; maturities of required deposit notices exhausted and drain on resources.
Measures
Notice placed on front door announcing suspension; directors met and signed statement (cashier Stebbins).
Newspaper Excerpt
Planters Merchants National bank suspended operations today notice being placed on the front door ... account of heavy withdrawals
Source
newspapers
3.October 5, 1931Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended because it could not meet continuing demands after sustained withdrawals and matured deposit notices.
Newspaper Excerpt
Planters Merchants National bank suspended operations today notice being placed on the front door
Source
newspapers
4.October 10, 1931Receivership
Source
historical_nic
5.October 23, 1931Receivership
Newspaper Excerpt
The Comptroller of the Currency today announced appointment ... of the Planters and Merchants National Bank of South Bos[ton]
Source
newspapers
Newspaper Articles (2)
1.October 5, 1931The BeeDanville, VA
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Article Text
Planters and Merchants Suspends Due to Recent Withdrawals
(Special to The Bee) SOUTH Oct. Planters Merchants National bank suspended operations today notice being placed on the front door bank o'clock night stating: account of heavy withdrawals bank suspending business." The signed Stebbins, cashier. closing the bank followed meeting Saturday night of the directors the institution who had noted steady withdrawal of funds depositors during the past Three months South Boston National bank closed the Planters required depositors written notice tions withdraw. These notices reached their maturity date last week and the drain on the bank's resources continued steadily since that time until was imposmeet the further demand. (Please turn to page column
2.October 23, 1931Richmond Times-DispatchRichmond, VA
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Article Text
Fraternal News
A number of supper parties from Richmond will the King's Daughters' fresh air on Route 41 Charles City County to attend the bazaar supper from to o'clock tonight for the benefit Westover Church Mrs. Richard Chane and Hugh Harrison sponsoring the event the there will be music by Mr. and Mrs. Austin W kins Bigger will read excerpts from her story: Miss
Give Card Party. A benefit card party be given o'clock tonight the Catholic Woman's 916 West Richmond Lodge of Elks next Mon. Street, the of day Altar and Sanctuary Society of with hope of campaign the by at least vations be made by Miss Mildred Bucker at 9754 night at meeting members of the Maurice exalted Serve Supper. is chairman of the eampaign An oyster Smithfield ham committee He appoint ten supper will served the dining to conduct the each rooms of Grace Covenant whom to staff Church to tonight of four members to assist Circle 19 of the church. Mrs. H. stated last plans would Ward Randolph is chairman be perfected for the new class on December might Plan Halloween Party. officially part in the annual the first in A Halloween party be given in the parish of Mary's Church Va. Bank Receiver Named Goochland County The Saturday October 31 The Comptroller of the Currency today being given under announced appointment M. the of Mary's Booker of attorney Mrs. Arden Howell general chairthe the Planters and Merchants National Bank of South BosObserve Special Service.
There be celebration of the Don't call anything until you Holy at 11 this have tried Dispatch morning at Grace and Holy Trinity and Found' ad. Church.
