21514. Interstate Finance & Trust Company (Big Stone Gap, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust company
Start Date
December 12, 1907
Location
Big Stone Gap, Virginia (36.882, -82.747)

Metadata

Model
gpt-5-mini
Short Digest
0be3b394

Response Measures

None

Description

The institution went into voluntary liquidation/suspension on Dec 12, 1907 (explicitly described as voluntary liquidation and 'no run on the bank') because of inability to secure ready cash. It was reorganized with new capital and resumed business January 28, 1908. No run is reported in the articles.

Events (2)
1. December 12, 1907 Suspension
Cause
Voluntary Liquidation
Cause Details
Went into voluntary liquidation because of inability to secure ready cash after recent withdrawals; explicitly stated there had been no run.
Newspaper Excerpt
The Interstate Finance and Trust Company bank...went Into voluntary liquidation this morning. Inability to secure ready money is believed to be the cause. There had been no run on the bank.
Source
newspapers
2. January 28, 1908 Reopening
Newspaper Excerpt
The reorganization of the Interstate Finance and Trust Company, at Big Stone Gap, which recently closed Its doors...was perfected today. The institution resumes business with a capital stock of $50,000, every cent of which was paid in to-day, and with a surplus of $60,000.
Source
newspapers

Newspaper Articles (6)
1. December 13, 1907 Daily Press Newport News, VA
Article from Daily Press, December 13, 1907

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Article Text

BIG STONE GAP BANK HAS TO CLOSE DOORS Inability to Secure Ready Cash la Believed to Be the Cause of the Failure. (Special to the Daily Press). I BIG STONE GAP, VA., Dec. 11 The Interstate Finance and Trust Company bank. General Rufus A. Ayres, president, went Into voluntary liquidation this morning. Inability to secure ready money is beHeved to be the cause, There had been no run on the bank. Recent withdrawals coupled with its inability to realize quickly on nssets made the assignment necessary. It is thought that depositors will be paid In full. It is not believed that any other of the banks in Wise county or this section will be effected. A movement has been put on foot by leading business men to establish at once n strong national bank The now bank will probably start with $50,000 capital.

2. December 18, 1907 The Big Stone Gap Post Big Stone Gap, VA
Article from The Big Stone Gap Post, December 18, 1907

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Article Text

NEW BANK. Merchants Exchange Bank Organized at This Place. Soon after the suspension of the Interstate Finance and Trust Company at this place, the business men of the town at once saw the inconvenience our people would be put to without banking facilities, and got together and organized a Merchants Exchange Bank, which opened for business Monday morning. The first day the new concern took in on deposits over three thousand dollars, and will, no doubt, meet with success, as well as affording our people banking facilities. The following Circular, which has been issued, describe the object and intentions 0 the bank: We, the undesigned, hereby agree to form a partnership for the purpose of doing a temporary private banking business in the town of Big Stone Gap, Va., and we each mutually agree with the others to be responsible for all liabilities that may be incurred in the conduct of the said business. We further constitute and appoint W. T. Goodloe, J. F. Builitt. R. T. Irvine, J. S. Hamblen and W. W. Paylor a committee of tive, as our agen 8 to transact the business of the partner hip during its continuance, with all the owers of a board of directors of & Vir. inia corporation, and we agree to pay upon their call, or upon the call of a maority of them, such sums as may be required for the conduct of the said busiless. The said busines is strictly to be imited as follows, to wit: (1.) The general purpose of the said arthership is for the convenience of the ublic: to provide temporarily a place of eposit and for the exchange of money nd the pro uring of such money in small nms as may be D. eded or the transaction f business. (2) It to understoo I and agreed that w mid partnerable shall not maleo any

3. January 5, 1908 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 5, 1908

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Article Text

VIRGINIA BANK TO REOPEN New Capital In Big Stone Gnp Institution, Which will Resume Business. [Special to The Times-Dispatch.] BIG STONE GAP, VA., January 1.The Interstate Finance and Trust Company, which on December 12th went into voluntary liquidation, will resume business before. February 1st. This comes as a result of the negotiations of General R. A. Ayers, its president, who has succeeded in enlisting $50,000 of new money. which will be paid into the company's treasury as soon as a transfer of the bank's assets can be made by A. L. Witt, trustee, to those composing the new organization, which will be done, It is understood. at the direction of Wise county Circuit Court before January 15th. It is stated that General Ayers has personally made a great sacrifice that his bank might resume business. He voluntarily agreed to pay all attorney's fees in connection with its liquidation, stating that none of its depositors should be at one cent's cost in obtaining his funds. The bank is capitalized at $50,000, and has some $10,000 in surplus and undivided profits. With the $50,000 paid in by the new organization, the bank will have $110,000 with which to conduct its business. making it the strongest bank between Bristol and Bluefield. Hon. R. T. Irvine, of this place, and Morrison Brothers, of this place, Gate City, Va., and Johnson City, Tenn., head the reorganization. All the old officers of the institution will retire. The new organization cannot De authoritatively stated, but it is probable that R. T. Irvine will be made president; W. T. Goodloe, vicepresident, and R. P. Barron, cashier. R. T. Irvine, H. G. Morrison, A. K. Morrison, R. P. Barron, W. M. Slemp. W. T. Goodloe, C. S. Carter, J. S. Hamblen, H. L. Moore, W. W. Taylor, J. W. Kelly and W. S. Beverly will constitute the board of directors. These gentlemen are the most prominent men of this section, and representative of all classes of industries. The new organization will have the complete confidence of the people, and its ultimate success seems assured. With the reopening of this institution and the resumption of work at practically every mining operation which suspended work during the stringency, the situation here is brighter and more hopeful than it has been at any time since the past summer.

4. January 9, 1908 Tazewell Republican Tazewell, VA
Article from Tazewell Republican, January 9, 1908

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Article Text

Big Stone Gap, Va., Jan. 4 -The Interstate Finance and Trust Company, which on December 12th went into voluntary liquidation, will resume business before February 1st. This comes as a result of the negotiations of General R. A. Ayers, its president, who has succeeded in enlisting fifty thousand dollars of new money, which will be paid into the company's treasury as soon as a transfer of the bank can be made by A. L. Whitt, trustee, to those com posing the new organization, which will be done, it is understood, at the direction of Wise county circuit court, before January 15th. It is stated that General Ayers has personally made a great sacrifice that his bank might resume business. He voluntarily agreed to pay all attorney's fees in connection with its liquidation, stating that none of its depositors should be at one cent's cost in obtaining his funds. The bank is capitalized at fifty thousand dollars, and has some ten thousand dollars in surplus and undivided profits. With the fifty thousand dollars paid in by the new organization, the bank will have one hundred and ten thousand dollars with which to conduct its business, making it the strongest bank between Bristol and Bluefield. Hon. R. T. Irvine, of this place, and Morison Brothers, of this place, Gate City, Va., and Johnson City, Tenn., head the reorganization. All the old officers of the institution will retire. The new organization cannot be authoritively stated, but it is probable that R. T. Irvine will be made president; W. T. Goodloe, vice-president, and R. P. Barron, cashier. R. T. Irvine, H. G. Morison, A. K. Morison, R. P. Barron, W. M. Slemp, W. T. Goodloe, C. S. Carter, J. S. Hamblen, H. L. Moore, W. W. Taylor, J. W. Kelly and W. S. Beverley will constitute the board of directors. These gentlemen are the most prominent men of this section and representative of all classes of industries. The new organization will have the complete confidence of the people and its ultimate success seems assured. With the reopening of this institution and the resumption of work at practically every mining operation which suspended work during the stringency, the situation here is brighter and more hopeful than it has been at any time since last summer.

5. January 29, 1908 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 29, 1908

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Article Text

TRUST COMPANY RESUMES. Institution Recently Suspended Iteorganized on Sound Basis. [Special to The Times-Dispatch.] BRISTOL, VA., January 28.-The reorganization of the Interstate Finance and Trust Company, at Big Stone Gap, which recently closed Its doors, owing depositors $16,000. was perfected today. The institution resumes business with a capital stock of $50,000, every cent of which was paid'in to-day, and with a surplus of $60,000. The officers are R. Tate Irvine, president: W. T. Goodloe, vice-president and secretary; R. P. Barron, treasurer. General R. A. Ayers. who originally organized the institution, was largely instrumental in rehabilitating it.

6. January 30, 1908 Tazewell Republican Tazewell, VA
Article from Tazewell Republican, January 30, 1908

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Article Text

Interstate Finance and Trust Company Opens. Big Stone Gap, Va., Jan. 28.-After a suspension of business for a month and a half the Interstate Finance and Trust Company is again transacting business, and under the new managment has been made a very safe bank and merits the confidence of the public. The new officers elected are R. T. Irvine, president; W. T. Goodloe, vice president and secretary; R. P. Barron, treasurer, and the following directors: R. T. Irvine, W. T. Goodloe, II. G. Morrison, A. K. Morrison, H. L. Moore, C.S. Carter, John S. Hamblen, John W. Chalkley, W. M. Slemp and J. W. Kelly. The Merchants' Exchange Bank, which has been operated temrorarily for the convenience and at the expense of the merchants and business men, has been discontinued.