Clifton Forge National Bank - Clifton Forge, VA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 9177
Charter Number: 9177
Start Date: March 3, 1933
Location: Clifton Forge, Virginia (37.816, -79.824)

Metadata

Model: gpt-5-mini
Short Digest: 856d6402

Response Measures

Partial suspension

Description

Article (Covington Virginian, 1933-03-03) reports 'unusual withdrawals' (a run) leading the Clifton Forge National Bank to 'suspend payments temporarily' and 'place limits on its transactions.' The piece blames 'wild and absolutely unfounded reports' (rumors) as a cause. No later article in the set confirms a reopening, so outcome is uncertain. Corrected OCR (e.g., 'NationBank' -> 'National Bank').

Events (4)

1. July 2, 1908 Chartered

Source: historical_nic

2. March 3, 1933 Run

Cause: Rumor Or Misinformation
Cause Details: Unusual withdrawals driven by 'wild and absolutely unfounded reports' (rumors) about banks in the area.
Measures: Bank placed limits on transactions; temporarily suspended payments.
Newspaper Excerpt: Owing to unusual withdrawals during the past few days, calling for actual currency
Source: newspapers

3. March 3, 1933 Suspension

Cause: Rumor Or Misinformation
Cause Details: Management suspended payments temporarily in response to heavy withdrawals triggered by unfounded reports.
Newspaper Excerpt: For the benefit of its depositors the Clifton Forge National Bank today placed limit on its transactions... payments be suspended temporarily.
Source: newspapers

4. August 11, 1934 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. March 3, 1933 Covington Virginian Covington, VA

Article from Covington Virginian, March 3, 1933

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Article Text

No Clifton Forge Bank Really Closed No Clifton Forge bank is actualclosed. For the benefit of its depositors the Clifton Forge NationBank today placed limit on its transactions. This action is designed and generally accepted as the best step looking to the protection of all parties at interest The bank today issued the following statenent. Owing to unusual withdrawals during the past few days, calling for actual currency, it was deemed best for the benefit of all depositors of this bank that payments be suspended temporarily. We regret very much having to take this position, and we ask the cooperation of our depositors and friends in these unusual times. THE CLIFTON FORGE NATIONAL BANK H. DREWRY, President On the whole the banking situation all over Virginia, especially in this section, is now unusually good, this despite many wild and absolutely unfounded reports today. EDITOR'S In these times of stress and strain, from which we sincerely believe we are now gradually emerging let us COoperate in bringing about protection for all and an early recovery in business. One rule is to avoid spreading absolutely groundless rumors and to censure those indulging in this evil practice. R.