First National Bank - Waverly, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10914
Charter Number: 10914
Start Date: June 13, 1929
Location: Waverly, Virginia (37.034, -77.095)

Metadata

Model: gpt-5-mini
Short Digest: 75e6651d7e36efde

Response Measures

None

Receivership Details

Depositor recovery rate: 52.9%
Date receivership started: 1929-04-02
OCC cause of failure: Losses
Share of assets assessed as good: 8.3%
Share of assets assessed as doubtful: 23.7%
Share of assets assessed as worthless: 68.0%

Description

OCR in article spells town as 'Waverley' but this refers to Waverly, VA. Article (June 13/14, 1929) states the bank is defunct and a receiver (Robert W. Arnold) has been appointed and is suing stockholders. The text does not describe a prior run or an explicit temporary suspension; however the bank is closed permanently with a receiver, so classified as suspension_closure (permanent closure/receivership).

Events (4)

1. October 27, 1916 Chartered

Source: historical_nic

2. August 1, 1927 Voluntary Liquidation

Source: historical_nic

3. April 2, 1929 Receivership

Source: historical_nic

4. June 13, 1929 Receivership

Newspaper Excerpt: Robert W. Arnold, receiver of the First National Bank of Waverley, today filed forty motions for judgment ... in the defunct bank, whom he alleges have not paid assessments ... It is understood that many more similar suits will be docketed within the next few days. (AP report, June 13-14, 1929).
Source: newspapers

Newspaper Articles (1)

1. June 14, 1929 Bristol Herald Courier Bristol, TN

Article from Bristol Herald Courier, June 14, 1929

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Article Text

IN BAD BANK ARE SUED NORFOLK, Va., June 13. (AP)Robert W. Arnold, receiver of the First National Bank of Waverley, today filed forty motions for judgment in the federal district court here against stockholders in the defunct bank, whom he alleges have not paid assessments against them for the value of the stock they owned when the bank was closed. The total amount involved in the suits is approximately $6,000. Under federal law a stockholder in national bank is liable, in case of the bank's failure, for a sum equal to the value of the stock held by him at the time of failure. This bank's stock totaled $25,000 but many of the sto k. holders already have paid to the receiver their assessments. It is understood that many more similar suits will be docketed within the next few days.