Commercial Savings Bank - Farmville, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: August 1, 1893
Location: Farmville, Virginia (37.302, -78.392)

Metadata

Model: gpt-5-mini
Short Digest: cca0e7fc

Response Measures

None

Description

Article (Richmond Dispatch, 1893-08-06) reports the Commercial Savings Bank 'failure' on the preceding Tuesday and that a trustee will distribute assets to creditors. No run is mentioned; the bank failed/suspended and is being wound up (receiver/trustee). Date inferred: Tuesday prior to Aug 5, 1893 (Aug 1, 1893). 'State' chosen because 'Savings Bank' typically indicates a state-chartered institution; charter type not explicit.

Events (2)

1. August 1, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed/was insolvent; assets will only cover about 60% of liabilities (capital small, ~$19,000).
Newspaper Excerpt: The excitement resulting from the failure of the Commercial Savings Bank, of this place, on Tuesday last has subsided.
Source: newspapers

2. August 5, 1893 Receivership

Newspaper Excerpt: An expert accountant is working on the books of the institution, and as soon as possible the trustee, Mr. W. G. Venable, will distribute ratably amongst the creditors all the assets of the concern will pay.
Source: newspapers

Newspaper Articles (1)

1. August 6, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 6, 1893

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Article Text

FARMVILLE'S BANK FAILURE. The Assets Will About Cover 60 Per Cent. of the Llabilitiss-Distribution. [Correspondence of the Richmond Dispatch.] FARMVILLE, VA., August 5.-The excitement resulting from the failure of the Commercial Savings Bank, of this place, on Tuesday last has subsided. This was the first, and thus far the only, failure or suspension of a Virginia banking-house during the panicky period, and this is attributed largely to its small capital, which was only about $19,000. It is stated that the assets will not cover more than 60 per cent. of the liabilities, which foot up a little more than $50,000. An expert accountant is working on the books of the institution, and as soon as possible the trustee, Mr. W. G. Venable, will distribute ratably amongst the creditors all the assets of the concern will pay.