19984. Circleville Bank (Circleville, WV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 1, 1931*
Location
Circleville, West Virginia (38.671, -79.491)

Metadata

Model
gpt-5-mini
Short Digest
95c23b7a6d5d7639

Response Measures

None

Description

Newspapers report Circleville Bank was one of three county banks closed after heavy withdrawals (a run) and later placed in receivership. Closure appears to have occurred in December 1931 (articles: March 26, 1932 says closed some months ago; Oct 7, 1932 says closed last December). Receiver named March 26, 1932; small depositors paid by October 1932. Bank type not specified in articles.

Events (4)
1. December 1, 1931* Run
Cause Details
Heavy withdrawals (newspapers describe a run but give no specific trigger or rumor)
Newspaper Excerpt
the only three banks which the county had and all of which were closed some months ago due to heavy withdrawals
Source
newspapers
2. December 1, 1931* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depleted reserves following heavy withdrawals led the bank to close (suspend payments).
Newspaper Excerpt
The banks were closed last December because of depleted reserves.
Source
newspapers
3. March 26, 1932 Receivership
Newspaper Excerpt
Administration of the three closed banks ... has been placed in the hands of C. E. Lawhead of Clarksburg, receiver for closed banks in the northern part of the State.
Source
newspapers
4. October 7, 1932 Other
Newspaper Excerpt
All creditors and depositors ... whose accounts are less than $5 in either of the three banks will be paid in full, it was announced by R. A. Tabler, assistant receiver, speaking for all three banks.
Source
newspapers

Newspaper Articles (2)
1. March 26, 1932 Evening Star Washington, DC
Article from Evening Star, March 26, 1932

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Article Text

CLOSED BANK RECEIVER ACTS IN WEST VIRGINIA Special Dispatch to The Star. FRANKLIN, W. Va., March 26.-Administration of the three closed banks of this county-Circleville Bank, Franklin Bank and Farmers' Bank of Pendleton County, the only three banks which the county had and all of which were closed some months ago due to heavy withdrawals-has been placed in the hands of C. E. Lawhead of Clarksburg, receiver for closed banks in the northern part of the State. Business will be handled through Farmers' Bank of Pendleton, to which all records have been brought. R. A. Tabler of Madison has been placed in active charge of affairs. Information was received today that State police had gone from Charleston to Libby, Mont., to bring back Irving Ritchie, former cashier of the closed Farmers' Bank of Pendleton, who was indicted here on nine counts by the grand jury, charging embezzlement and misappropriation of funds. He was arrested in Libby 10 days ago and released there under bond pending action by West Virginia authorities.

2. October 17, 1932 Evening Star Washington, DC
Article from Evening Star, October 17, 1932

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Article Text

WEST VIRGINIA BANKS WILL PAY DEPOSITORS Special Dispatch to The Star. FRANKLIN, W. Va., October 7.-All creditors and depositors of Farmers' Bank of Pendleton and Franklin Bank, located here, and Circleville Bank at Circleville, this county. whose accounts are less than $5 in either of the three banks will be paid in full, it was announced by R. A. Tabler, assistant receiver, speaking for all three banks. The banks were closed last December because of depleted reserves. Payments are being made through the officers of Farmers' Bank of Pendleton, here.