21608. Virginia State Bank (Hopewell, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1921*
Location
Hopewell, Virginia (37.291, -77.299)

Metadata

Model
gpt-5-mini
Short Digest
7e1ee18c

Response Measures

None

Description

The bank had already closed its doors four months ago (article dated 1921-12-03 → closure ~Aug 1921). Receivers were appointed and are selling bank property; depositors meeting to review receivers' report. OCR in article 2 shows 'aBuk' which was corrected to 'bank'. Cause inferred from article text: large holdings of liberty loan bonds that lost value after the war, indicating bank-specific asset losses led to closure.

Events (3)

1. August 1, 1921* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Majority of the bank's collateral were liberty loan bonds which decreased in value after the war, impairing the bank's assets.
Newspaper Excerpt
Virginia State Bank, which closed its doors four months ago
Source
newspapers
2. December 3, 1921 Receivership
Newspaper Excerpt
Attorneys J.O. Heflin and David Harrison, receivers for the Virginia State Bank ... have arranged ... to sell the property of the bank ... on December 9.
Source
newspapers
3. December 21, 1921 Other
Newspaper Excerpt
Depositors of the defunct Virginia State Bank of Hopewell, held a meeting ... to examine the report of the bank's receivers.
Source
newspapers

Newspaper Articles (2)

Article from Evening Star, December 4, 1921

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Article Text

BANK PROPERTY TO GO ON THE AUCTION BLOCK Hopewell Court Orders Sale of $30,000 Property on December 9. Special Dispatch to The Star. HOPEWELL, Va., December 3.Attorneys J.O. Heflin and David Harrison, receivers for the Virginia State Bank, which closed its doors four months ago, have arranged, in pursuance of an order from the Hopewell circuit court, to sell the property of the bank, amounting to about $30,000. at public auction on December 9. The receivers, who were handicapped by the fact that the majority of the bank's collateral consisted of liberty loan bonds, which have decreased in value since the war, have. made exemplary progress in the handling of the bank's affairs and in bringing them to a speedy conclusion for the alleviation of the small depositors who suffered much when the bank went under. It is expected that the bank's affairs will be completely wound up within three more months.


Article from Richmond Times-Dispatch, December 22, 1921

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Article Text

To Examine Receivers' Report. HOPEWELL VA., Dec. 21.-Depositors of the defunct Virginia State aBuk. of Hopewell, held a meeting last night, at which a subcommittee was named to examine the report of the bank's receivers.