21595. Bank of Hampton (Hampton, VA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 8, 1933
Location
Hampton, Virginia (37.030, -76.345)

Metadata

Model
gpt-5-mini
Short Digest
a105d9ca

Response Measures

Partial suspension, Books examined

Other: State examiners took control; court-appointed receiver later

Description

Articles describe heavy withdrawals from rumors (April 8, 1933), a 30-day suspension authorized April 26 (effective Apr 25–May 25), and a receiver appointed by July 12, 1933. Sequence: run → suspension → receivership/closure.

Events (3)

1. April 8, 1933 Run
Cause
Rumor Or Misinformation
Cause Details
Large withdrawals precipitated by rumors, gossip and street talk undermining confidence in the bank.
Measures
Bank officials decided to suspend operations in the interest of all; state examiners took control.
Newspaper Excerpt
Excessive of accounts Wednesday and Thursday, precipitated by lessening of confidence which proceeded from rumors and gossip and street talk
Source
newspapers
2. April 25, 1933 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension requested following the heavy withdrawals and loss of confidence caused by rumors and gossip; authorized by the State Corporation Commission for 30 days.
Newspaper Excerpt
Acting at the request of the Bank of Hampton, the State Corporation Commission yesterday authorized the bank to suspend business for period of thirty days... beginning yesterday. to the close of the business day may 25.
Source
newspapers
3. July 12, 1933 Receivership
Newspaper Excerpt
Bradford Chosen Receiver Of Bank ... Bradford the receiver ... Bristow made the formal ceiver. quest to the court to reColonel Healy issued the following official ... appointed the Bank Hampton, Virginia ... receiver for the Bank was the plans the closed banks liquid over to the proposed Bank will carried along possible. (article dated 1933-07-12).
Source
newspapers

Newspaper Articles (4)

Article from Daily Press, April 8, 1933

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Article Text

State Examiners Take Control At Bank Hampton (Continued from Page One.) the Bank of Hampton was confronted. Excessive of accounts Wednesday and Thursday, precipitated by lessening of confidence which proceeded from rumors and gossip and street talk, are said by the bank officials have been directly responsible for the decision to suspend in the interest of all banking operations were close business at the usual hour on Thursday. Temporary Suspension In speaking present situation respects the Bank of Hampton, Mr. Woodward "temporary suspension. our efforts,' he be devoted to the development plan which will permit resumption business the earliest possible ment. Just when this will be, cannot say. necessary for me first to familiarize myself thoroughly with the situation confer length with the bank's officers and directors have every hope that shall be able work out promptly isfactory the interest depositors that will possible an early When that plan has developed will be made the public. In the from have been absorb the information hand, feel satisfied that, with the help, support and patience the stockholders, depositors and the people Hampton generally, we shall able to work out scheme that will safeguard the depositors' interests to the greatest extent. can give information this time as when payments be made depositors when banking operations will be resumed. That study and the working of plan We shall all of our efforts prompt readjustthe bank's affairs make payment depositors at the earliest possible moment." Conditions Quiet General conditions around the business section Hampton yesterday presented pretty much the usual The doors the Bank appearance. Hampton were closed and tice hanging from the iron gate the the decithe officers to pend operations. and individuals sauntered up the morning, read the notice and Other groups gathered along King and Queen Streets dissoberly the city's banking The concenof opinion was that stringency from temporary general economic conditions, and the attitude was one of patience resignation to an unpleasant but somewhat anticipated development Popular belief seemed general that satisfactory readjustment of the difficulties would be found and that patient the inconveniences the temporary suspension would the attitude everybody The general leaned consideration of the the than that community dividuals. The bank's suspension, the whole, seemed assimilated with noticeably calm and philosophical attitude.


Article from Ledger-Star, April 26, 1933

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Article Text

Hampton Bank Suspension For 30 Days is Granted Richmond, Va., April Acting at the request of the Bank of Hampton, the State Corporation Commission yesterday authorized the bank to suspend business for period of thirty days. beginning yesterday. to the close of the business day may 25. The schedule under which the suspension was authorized provides that all existing deposits be held intact and that withdrawals thereon or payment therefrom be honored or accepted or received


Article from The Richmond News Leader, June 10, 1933

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Article Text

WHY THESE state bank in Petersburg closed with the banking holiday and has not reopened. The corporation has not moved for petitioned the for receivers for the American bank court in Richmond. Why? bank in Hampton has been unable to and has been given two periods of open each in which to work out organization, but in the case of $22,000,000 bank in Richmond, the corporation commission refused to grant even one period of sixty days, or thirty days, or fifteen days, in which to perfect reorganization. Why? bank in Lawrenceville reopened restricted basis after the bank holiday, but subsequently had to abandon this. has been allowed sixty days in which to work out its the commission that granted this turned deaf ear depositors who represented approximately one-third of the money tied up in the American bank. Why? We have put these questions to the chief of the banking division. He says, in planation, that in Petersburg the affected interests are working together, whereas in Richmond they were divided. The Petersburgers, he says, are developing definite He not think this could be said plan. of Richmond. The only distinction he draws between the Hampton bank and the American that the former was not taking special accounts after the bank holiday and working definite plan of reorganization, whereas the examiner points out that the Richmond institution was taking special accounts and, he reiterates, had definite of reorganization. In the Lawrenceville case, the capital of the bank was not destroyed its stockholders are developing plan of operations. Locally, he says, there was great clamor for very responsible interests, and there no co-ordination among depositors. We assume he would add, general, that here large capital and surplus were lost and in the other instances they only impaired. this satisfactory explanation? Does in with the statement made yesterday the examiner that he did not think amendments to section of the code passed in 1932 were ever intended stitute for the liquidation of If they were why were they invoked Hampton?


Article from Daily Press, July 12, 1933

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Article Text

Bradford Chosen Receiver Of Bank (Continued from Page One) M. E. Bristow, of the state bankdepartment Hampton courthouse, after Judge Vernon Spratley had found that he disqualified and entered the County jurist. Judge had the cause. Major Sclater Montague, attorfor the Bank Hampton, sented the petition Judge Armistead. Healy, executive vice president of the bank, and Richard Armstrong, the positors' committee the Bank of Hampton, Bradford the receiver and Judge Armistead, hearing statements Messrs. Healy Armstrong and Bradford, said that the order would be entered, but he would take Yorktown for record in the office of clerk Judge Armistead then that bond would the ceiver, this agreed to the parties the The officers the bank said that thorized necessary have some one by the court act organizing the Bank Hampton with National Bank into the ton. Citizens Bank HampColonel the conservator the and the with ceiver for the Bank was the plans the closed banks liquid over to the proposed Bank will carried along possible. that the accomplish the two banks with as much swiftness chief of the Virginia banking, attended proceedings here and was his suggestion that the taken with court. Bristow the matter made was receivership,' entire the plans the the old banks. Bristow made the formal ceiver. quest to the court to reColonel Healy issued the following official poration petition of the State Correquest, Bradford, assistant cashier trust officer, today appointed the Bank Hampton, Virginia. der that the public may misunderstand desire form them this legal step in the reorganization