21617. Bank of Lexington (Lexington, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 14, 1895
Location
Lexington, Virginia (37.782, -79.444)

Metadata

Model
gpt-5-mini
Short Digest
9106dff7

Response Measures

None

Description

The Bank of Lexington closed its doors on February 14, 1895 after losses from an absconding cashier (Charles M. Figgatt). Articles from 1898 discuss trustees/assignees and dividend payments to depositors, indicating the bank remained closed and in receivership rather than having reopened. Bank organizational form is not specified in the articles, so bank_type set to unknown.

Events (3)

1. February 14, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed because of losses sustained when the cashier Charles M. Figgatt absconded (embezzlement/theft reported).
Newspaper Excerpt
the defunct bank, which closed its doors February 14, 1895, on account of the loss sustained through the absconding cashier, Charles M. Figgatt.
Source
newspapers
2. May 13, 1898 Receivership
Newspaper Excerpt
Col. Robert Catlett ... has been appointed by Judge William McLaughlin, in vacation as trustee and assignee of the Bank of Lexing in the place of Judge James K. Edmondson, deceased.
Source
newspapers
3. December 22, 1898 Other
Newspaper Excerpt
Colonel Robert Catlett, assignee and trustee of the Bank of Lexington, has given notice that a dividend of 5 per cent. will be paid to the depositors of the defunct bank, which closed its doors February 14, 1895, on account of the loss sustained through the absconding cashier, Charles M. Figgatt.
Source
newspapers

Newspaper Articles (3)

Article from Richmond Dispatch, April 2, 1898

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Article Text

Edmondson. He received his education at Washington College, now Washington and Lee University, and in 1853 entered the County Clerk's office, of Rockbridge, where he served as a deputy for County-Clerk Charles Chapin until 1860. He was then for one year Town Sergeant and Clerk. In 1861 he entered the Confederate service as a lieutenant of the Rockbridge Rifles, and for distinguished bravery was successively made captain and major, and recommended for still higher military honors by General Jackson He was noted for his bravery in many fights, and took part in all the engagements in which the celebrated Stonewall Brigade participated, and as colonel he commanded the celebrated Twenty-seventh Virginia Regiment at the battle of Chancellorsville. In that engagement he lost an arm and was forced to retire from service. He returned to Lexington and assumed command of the military post here. # CLERK AND JUDGE. In the fall of 1863, on the death of Clerk Chapin, he was appointed to fill the vacancy, and was afterwards elected and served in that position until removed by the military power in 1868. In 1869 he studied law at the Washington and Lee University, and in 1870 was elected County Judge of Rockbridge county for a term of five years, and re-elected for a term of six years. He declined another election. He then devoted himself to the practice of law, and enjoyed a large, confidential, and lucrative practice until the time of his death. He was until recently a commissioner in chancery, and held the honored position of receiver of the Circuit Court for a period of twelve years, which position he resigned March 4th on account of his ill-health. He administered this position with rare ability, and handled over $1,000,000, during which time not one cent was lost through injudicious investment of the funds. To his successor he turned over securities amounting to $76,641.71. He was county chairman of the Democratic party for a number of years, and worked his forces with the adroitness of a skilled soldier and commander. It was under his management that the county threw off the Mahone yoke and polled one of the largest votes in its history when General Fitzhugh Lee was elected Governor of Virginia. In 1893 he was sent to the Virginia Legislature, and was a member of the Finance Committee. He made a great impression on his associates as a leader. He was administrator and trustee of many estates, and up to the time of his death was assignee of the Bank of Lexington, which was wrecked. By his skill the depositors were paid a dividend of 67 1-2 per cent. of their deposits in that institution. # OTHER PUBLIC DUTIES. He was at one time a member of the Board of Visitors of the Western State


Article from The Times, May 13, 1898

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Article Text

TRUSTEE OF BANK OF LEXINGTON The Institute to Celebrate the Battle of New Market on Saturday TO DECORATE THE GRAVES. District Christian Endeavor Convention at Buena Vista-The Crews Selected for the University Boat Races, LEXINGTON VA., May 12.-Special.Col. Robert Catlett, Commonwealth's Attorney for Rockbridge, has been appointed by Judge William McLaughlin, in vacation as trustee and assignee of the Bank of Lexing in the place of Judge James K. Edmondson, deceased. The Lexington Public Schools have closed a very successful year's work. No public exercises were held. Catalogues were issued this year for the first time, showing the many advantages of the school. The attendance was much larger this year than ever before. All exercises will be suspended at the Institute on in honor of May Virginia 14th, Military the battle Saturday, of New Market, which occurred May 15, 1863. The anniversary coming this year on Sunday the day previous has been selected for observance. Special exercises will consist of decorating the graves of cadets buried in the Institute cemetery. Colonel David D. Price, commandant at the Virginia Military Institute, who is at present quartermaster for the volunteer forces concentrated at Richmond, has ask. .ed for Sergeant C. F. Wolf, of the V. M. i., to assist him in his work there. His request has been granted and Sergeant E. Wolf has gone to Richmond. Mr. E. Hook will act as sergeant at the V. M. I. in the absence of Sergeant Wolf. CHRISTIAN ENDEAVOR. An attractive programme has been allnounced for the District Christian Endeavor Convention to be held at Buena Vista May 24th and 25th. Among the speakers will be the following from Lexington: Rev. Thornton Whaling, D. D., Dr. James Lewis Howe, Rev. Robert E. Hutton and MP. William R. Kennedy THE UNIVERSITY CREWS. The crews for the annual regatta in June of the students of Washington and Lee University have been selected as follows: ALBERT SIDNEY Stroke, J. C. McCluer, of West Virginia: 3. G. W. Muir, Kentucky 2. Lister With. erspoon. Kentucky; 1. Randolph Tucker, Virginia; coxswain, Robert Nelson, Kentucky. HARRY LEE Stroke, Randolph Shields, Virginia 3. N. S. Fitzhugh, West Virginia: 2. G: B. Cap. ito, West Virginia: 1. W. O. Bonnta Kentucky: coxswain: G. B. Shields, Virginia THE BOAT RACE. The boat race is one of the most attract. ive features of the University commence ment, and takes place on Monday afternoon of the closing week. the race being run on North river, which flows past the town. That night in the University Chapel the Pinckney prize cup is awarded to the successful crew. One of the conditions of the donor was that the Hon. John Randolph Tucker, during his life should present this cup every year to the winning crew.


Article from Richmond Dispatch, December 23, 1898

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Article Text

LEXINGTON. The Tucker Memorial-Another Dividend-Briefs. LEXINGTON, VA., December 22.-(Special.)-President William L. Wilson, of the university, has been appointed one of the committee of five of the American Bar Association on "Legal Education and Admission to the Bar." A meeting of the committee will be held in New Haven during the Christmas holidays. He has also been elected vice-president of the Evangelical Alliance. Washington and Lee University has been the recipient of several gifts. Hon. Isadore Straus, of New York, has added $500 to his former gift for the library of economics and political science. Rev. E. A. Renout, D. D., of New Hampshire, has made a donation of $100, which will be applied to the general library. A meeting will be held January 5th by the trustees of Washington and Lee University to formulate plans connected with the erection of the Tucker memorial hall, which will occupy a commanding site in the rear of President Wilson's residence. Mayor Thomas E. McCorkle has been directed by the Town Council to suspend the ordinance against firing firecrackers from 6 to 11 o'clock on Saturday nightChristmas-Eve-and on Monday from early morning until 11 o'clock at night. Christmas holiday at the university will extend from the close of this week to the 3d of January, the beginning of the second term. Many of the students, after completing their Christmas examinations, have gone home to spend the holidays. The cadets of the Virginia Military Institute will have a shorter holiday, suspending only on Christmas and NewYear's days. The Presbyterian congregation of this place are making arrangements to enlarge and remodel their church. Mr. Charles H. Read, of Richmond, a wellknown architect, is here now, making plans for the improvement. A Christmas address will be delivered Sunday morning at the Baptist church by President William L. Wilson. Colonel Robert Catlett, assignee and trustee of the Bank of Lexington, has given notice that a dividend of 5 per cent. will be paid to the depositors of the defunct bank, which closed its doors February 14, 1895, on account of the loss sustained through the absconding cashier, Charles M. Figgatt. Colonel Catlett succeeded the late Judge J. K. Edmondson as trustee. This dividend will make 75 per cent. of the original deposits, and it is estimated that 5 per cent. more will be paid. According to this estimate, the loss by depositors will amount to only about 20 per cent. of their deposits at the time of the failure.