Peoples Bank - Covington, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1930*
Location: Covington, Virginia (37.778, -79.986)

Metadata

Model: gpt-5-mini
Short Digest: 24a04090

Response Measures

None

Description

Article states the Peoples Bank of Covington failed January 1930 and is described as defunct; receivers declared a dividend in Dec 1934. No mention of a depositor run in the provided text, so this is a suspension/failure that resulted in receivership and permanent closure.

Events (2)

1. January 1, 1930* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failure/insolvency leading to closure in January 1930.
Newspaper Excerpt: The bank which failed January 1930, had paid out approximately 60 per cent.
Source: newspapers

2. December 19, 1934 Receivership

Newspaper Excerpt: dividend of 2 1-2 per cent on all deposits over 85 in the defunct Peoples Bank was declared Tuesday by the receivers. The bank which failed January 1930, had paid out approximately 60 per cent.
Source: newspapers

Newspaper Articles (1)

1. December 20, 1934 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, December 20, 1934

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Article Text

DIVIDEND DECLARED BY COVINGTON RECEIVERS Covington, Dec 19 (Special) dividend of 2 1-2 per cent on all deposits over 85 in the defunct Peoples Bank was declared Tuesday by the receivers The bank which failed January 1930, had paid out approximately 60 per cent.