First National Bank - Louisa, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10968
Charter Number: 10968
Start Date: April 24, 1935
Location: Louisa, Virginia (38.025, -78.004)

Metadata

Model: gpt-5-mini
Short Digest: 79453cbc

Response Measures

None

Receivership Details

Depositor recovery rate: 74.2%
Date receivership started: 1933-08-30
Date receivership terminated: 1939-12-28
Share of assets assessed as good: 52.0%
Share of assets assessed as doubtful: 41.4%
Share of assets assessed as worthless: 6.7%

Description

Article (Apr 24, 1935) identifies W. B. Gilmer as receiver of the First National Bank of Louisa and describes litigation by the receiver. No article text describes a depositor run; the bank was in receivership (permanently closed) by this date.

Events (3)

1. March 30, 1917 Chartered

Source: historical_nic

2. August 30, 1933 Receivership

Source: historical_nic

3. April 24, 1935 Receivership

Newspaper Excerpt: RICHMOND, Va., April 24. yesterday in Federal Court in a $22,000 suit brought by W. B. Gilmer, receiver of the First National Bank of Louisa, against C. L. Perkins, W. Worth Smith, jr., and several others
Source: newspapers

Newspaper Articles (1)

1. April 24, 1935 The Washington Times Washington, DC

Article from The Washington Times, April 24, 1935

Click image to open full size in new tab

Article Text

# RECEIVER WINS $22,000 RICHMOND, Va., April 24. yesterday in Federal Court in a $22,000 suit brought by W. B. Gilmer, receiver of the First National Bank of Louisa, against C. L. Perkins, W. Worth Smith, jr., and several others The suit grew out of a transaction in bank stock. Receiver Gilmer charged that in September, 1930, when the bank was solvent, the defendants formed a buying pool for the specified purpose of buying stock of the bank for profit. The combine acquired 230 shares of stock with the proceeds of a note signed by all the group. The note was discounted at the American Bank and Trust Company, which later failed. Mr. Smith, a State senator of Louisa, was a candidate for governor in 1933. He was exempted from liability in the verdict today because he is in bankruptcy. He is a brother of Representative Howard W. Smith of the Eighth District.