20059. Bank of Spencer (Spencer, WV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1912*
Location
Spencer, West Virginia (38.802, -81.351)

Metadata

Model
gpt-5-mini
Short Digest
939fbb13a0452809

Response Measures

None

Description

The Bank of Spencer suspended in March 1912 and its affairs were placed in the hands of the State Commissioner of Banking (receiver). Subsequent reporting (1914) documents that the cashier embezzled $20,000 and was convicted, confirming bank-specific malfeasance as the cause. No contemporaneous article describes a depositor run, and the bank did not resume normal operations.

Events (3)
1. March 1, 1912* Receivership
Newspaper Excerpt
its affairs were in the hands of the State Commissioner of Banking.
Source
newspapers
2. March 1, 1912* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Poor judgment in discounting paper and later revealed embezzlement by the cashier (O. B. Wetzel) causing insolvency.
Newspaper Excerpt
The Bank of Spencer had suspended business, and that its affairs were in the hands of the State Commissioner of Banking.
Source
newspapers
3. February 9, 1914 Other
Newspaper Excerpt
O. B. Wetzel, cashier of the defunct bank of Spencer, was found guilty of embezzlement ... He is charged with embezzling $20,000, which caused the bank to suspend.
Source
newspapers

Newspaper Articles (2)
1. March 12, 1912 The Calhoun Chronicle Grantsville, WV
Article from The Calhoun Chronicle, March 12, 1912

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Article Text

The Bank of Spencer Closes Its Boors. Word was received here the early part of last week that the Bank of Spencer had suspended business, and that its affairs were in the hands of the State Commissioner ofjPanking. The bank has been in bad shape for some time and its suspension was not entirely unexpected. Poor judgment in discounting paper is assigned as the reason for the bank closing. It is thought that the depositors will be paid in full, but the stock]holders will suffer heavily.

2. February 9, 1914 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, February 9, 1914

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Article Text

Gets Sentence. SPENCER—O. B. Wetzel, cashier of the defunct bank of Spencer, was found guilty of embezzlement in the circuit court here, and sentenced to a term of two years in the penitentiary. He is charged with embezzling $20,000, which caused the bank to suspend.