Article Text
Newport News, Va., Feb. 12.-The Colonial State Bank, with deposits of $1,500,000, closed its doors and was placed in the hands of a receiver today. Insufficiently secured loans was assigned as the cause.
21643. Colonial State Bank (Newport News, VA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- February 12, 1920
- Location
- Newport News, Virginia (36.979, -76.428)
Metadata
- Model
- gpt-5-mini
- Short Digest
de856ed3
Response Measures
None
Description
The State Corporation Commission ordered the bank closed (Feb 12, 1920) after an examination found loans insufficiently secured. A receiver was appointed and the bank remained in receivership; articles describe insolvency and failure to open again. There is mention that news of trouble caused fear of a run, but no documented successful run/large withdrawals prior to suspension. Related firm Vassar Abbot Co.'s failure contributed to the bank's insolvency.
Events (3)
1.
February 12, 1920
Receivership
- Newspaper Excerpt
- L. A. McMurran was tonight named as receiver for the Colonial State Bank of this city, which closed its doors this morning because of loans said to have been improperly secured. Mr. McMurran was appointed receiver by Judge T. J. Barham of the corporation court. (Also reported: bank placed in hands of a receiver by the State corporation commission.)
- Source
- newspapers
2.
February 12, 1920
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- State examination found loans insufficiently secured and large credits (over $300,000) to Vassar-Abbot Co.; bank was declared insolvent and the State Corporation Commission ordered closure.
- Newspaper Excerpt
- Newport News, Va., Feb. 12.-The Colonial State Bank, with deposits of $1,500,000, closed its doors and was placed in the hands of a receiver today. Insufficiently secured loans was assigned as the cause.
- Source
- newspapers
3.
February 19, 1920
Other
- Newspaper Excerpt
- Upon petition of L. A. McMurran, receiver of the Colonial State Bank of Newport News, which closed its doors here last Thursday, the judge of Corporation Court here this afternoon entered a decree placing the Vassar Abbot Co., Inc., in the hands of receivers. The bill filed with the court alleges that the liabilities owed by the Vassar Abbot Co. to the Colonial State Bank total $325,000, and that the failure of this company to meet obligations to the bank was the prime factor in the bank's insolvency.
- Source
- newspapers
Newspaper Articles (16)
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Article Text
VIRGINIA STATE BANK IS CLOSED Newport News, Va., Feb. 12.The Colonial State bank. with deposits of $1,500,000 closed its doors today and was placed in the hands of a receiver. Insufficiently secured loans was assigned by state banking officials as the cause.
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Receiver Named for Bank By Associated Press Newport News, Va., February 12.L. A. McMurran was tonight named as receiver for the Colonial State Bank of this city, which closed its doors this morning because of loans said to have been Improperly secured. Mr. McMurran was appointed receiver by Judge T. J. Barham of the corporation court. The bank was capitalized at $100,000, and had deposits of about $1,500,000.
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BANK AT NEWPORT NEWS FORCED TO CLOSE DOORS Insufficiently Secured Loans Said to Be Cause of Colonial State Bank's Troubles. Official closing of the Colonial State Bank of Newport News was ordered by the State Corporation Commission yesterday. The bank's trouble is due to loans which are said to be insufficiently secured. F. B. Richardson, chief bank examiner for the State Corporation Cominission. was immediately sent to Newport News to investigate the case and to make application to the judge of the Corporation Court of Newport News for the appointment of a recelver for the bank. News of the trouble got abroad Wednesday and the bank closed yesterday. fearing a run and preferring that all the depositors be given equal treatment. Two hundred thousand dollars in cash would have tided the institution over the trouble had it not been for fear of a run. according to other bankers. The bank is capitalized at $100,000. A. L. Powell is president and Frank 3V. Bartlett, cashier. Directors declare that the depositors will lose very little If anything. Deposits at the bank totalled about $1,500,000, having shown great Increase in the year just ended.
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COMMISSION CLOSES NEWPORT NEWS BANK Anorder closing teh doors of the Colonial State bank, Newport News, was issued yesterday by the state corporation commission. L A. McMurran was appointed receiver and will take charge as soon as the required bond is given. The bank has an authorized stock and outstanding sales of stock amount of, $100,000. The bank was closed after a rigid examination by Band Examiner Richardson. No intimation of any wrongdoing by any officer of the bank has been made, the general impression being that bad loans and poor business judgment brought about the condition which caused the examiner to apply to the corporation commission for the order. Officers of the association are: A. L Powell, president: F. R. Bartlett, cashier; J. E. B. Hunter, secretary.
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Y.R. VIRGINIA NEWS Richard Mahoney, aged 77 years died Wednesday at Herndon from paralysis. He is survived by his wife, one daughter, Mrs. Arthur Middleton, of Arcola, and three sons Edward. of Newport News; David, of Herndon, and Charles, of Alexan dria and a number of grandehildren Railroads of the country will not accept silk, natural or artificial, raw, spun, thrown schappe, organize or varn, for shipment on and after February 29 next, according < to an amendment to rule 3 of the Federal ailway administration traffic reguations, made public in Roanoke yeserday. Miss Kate McVicar, 76 widely nown as a writer under the pen ame of Nemo, died yesterday. at Buster of pneumonia. Many attle were fought around - her ome place during the civil war and he nursed wounded and dying Unin and Confederate alike on the attlefields and in her parents' ome: The Episcopal Council of the outhern Diocese of Virginia at its! Ission in Petersburg yesterday ected the following officers for the isuing year: Rev. William A. town, D. D., Portsmouth, secrery; W W. Old,Jr. Norfolk, treasjer; Judge Thomas H. Willcox, orfolk, chancellor; Rev. C. Braxn Bryan, Petersburg, histographer 1e report on the nation wide camign and all matters relating to it is referred to a newly elected exutive committee with power to t. St. Andrew's Church, Norfolk, is selected as the place. and the st Tuesday in January next as time for holding the next anal session of the council. The Colonial State Bank, of Newrt News closed its doors yesterV. morning and was placed in the rids" of a receiver by the state poration commission in Richmond e bank's trouble is due to loans ich are said to be maum ured. News of the trouble got oad Wednesdays and the bank ed yesterday, fearings - run and ferring that all the depositors be en equal treatment. Two hund thousand dollars in cash would e tided the institution over the able had it not been for fear of a according to other bankers. bank is capitalized at $100,000. L. Powell is president and Frank Bartlett cashier. Directors are that the depositors will lose little if anything Deposits at bank totaled about $1,500,000, ing shown a great increase in the just ended. he project of constructing at ttsville, Albemarle county, the test hydro-electric power plant Virginia, with power sufficient to oly Charlottesville and many T cities in northern central Vira; will be well underway this mer. The construction is unaken by the engineering departof the Chesapeake and Ohio way at the instance of a New k firm. Richmond, Petersburg, Inville, Charlottesville, Staunton. risonburg. Culpeper and Frederburg, and most of the interventowns are either short of power lities or have it provided by the ensive and wasteful coal burning tem All are probable patrons Scottsville's proposed power ht. In addition it is expected by manufacturing concerns will led to build plants in the immo
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NEWPORT NEWS BANK CLOSES, FEARING RUN NEWPORT NEWS, Va., Feb. 13.The Colonial State Bank, of this city, closed its doors yesterday and was placed in the hands of a receiver by the State corporation commission in Richmond. The bank's trouble is due to loans which are said to be insufficiently secured. Two hundred thousand dollars in cash would have tided the institution over the trouble had it not been for
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The Colonial state bank of Newport News, Va., with deposits of $1.500,000 closed its doors today and was placed in the hands of a receiver.
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RECEIVERS ARE NAMED Newport News Bank Crash Carries With It Vassar Abbot Company. [By Associated Press.) NEWPORT NEWS, VA., Feb. 19.Upon petition of L. A. McMurran, receiver of the Colonial State Bank of Newport News, which closed its doors here last Thursday, the judge of Corporation Court here this afternoon entered a decree placing the Vassar Abbot Co., Inc., in the hands of receivers. The bill filed with the court alleges that the liabilities owed by the Vassar Abbot Co. to the Colonial State Bank total $325,000. and that the failure of this company to meet obligations to the bank was the prime factor in the bank's insolvency.
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VIRGINIA NEWS Frank C. Baldwin, of Fredericksburg, is the new president of the Virginia Dairymen's Association, Frank S. Walker, of Woodberry Forest, vice president, and F. A. Buchanan, secretary and treasurer. A dispatch from Lemberg, Poland, says Captain Arthur D. Kelly, of Richmond, operations officer of the Kosciusko squadron, yesterday recoived notification that he had been awarded the war medal of the Aero Club of America for his services with the Ninety-sixth Aero Squadron of the American Army. A Richmond drug firm will not receive $4,553 paid in revenue tax on confiscated liquor obtained from Prohibition Commissioner Sidney Peters, according to the ruling of Attorney General John R. Saunders The drug firm contends that when the Federal government refused to accept the money as revenue tax and returned it to the State prohibition department, the latter should have returned it tc the firm. On assurances from city officials of Norfolk and Portsmouth that an adequate supply of water would be provided for the naval operating base at Hampton Roads, which for several months has suffered from a water shortage, the House Naval Affairs subcommittee announced yesterday that it would recommend continuation of activities at the base Whether the subcommittee would recommend purchase of the east camp site on which six million dollars has been spent for improvements was not definitely determined The subcommittee has been investigating the water supply problem of Norfolk since Tuesday and concluded its inquiry yesterday. Upon petition of L. A. McMurrain, receiver of the Colonial State Bank of Newport News, which closed its doors here last Thursday, the judge of the Corporation Court of Newport News yesterday afternoon entered a decree placing the Vassar Abbot Co., Inc., in the hands of receivers. The bill filed with the court alleges, that the liabilities owed by the Vassar Abbot Co., to the Colonial State Bank total $325,000, and that the failure of this company to meet obligations to the bank was the prime factor in the bank's insolvency. By a vote of 28 to 11 late yesterday, the State senate voted to refer to the voters of the State the question of woman's suffrage by providing for a referendum on the question. This measure gained the support of many of those opposed to ratification of the Federal amendment, the opposition at that time being termed a usurpation of State rights by the national government. Buttonholing a political candidate or heckling him in any manner while he is campaigning in the State of Virginia will become a misdemeanor under the bill offered in the State Senate yesterday by Senator Cannon. It provides against any person exacting a political promise in lieu of support at the polls.
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HOLLOWAY IS DEAD BY HIS OWN HAND Newport News Business Man Ends Life With Revolver Bullet. LEAVES INSURANCE TO BANK Policy for $79,000 Is Assigned to Protect Institution Forced to Close. NEWPORT NEWS, VA., March 6.R. D. Holloway, president of the Vassar-Abbott Co., whose financial transactions caused the recent closing of the Colonial State Bank here, committed suicide at an early hour this morning, shooting himself in the right temple with a .32-caliber revolver. Warrant was served on Holloway last night, charging him. along with the cashier of the bank, Frank R. Bartlett, with the larceny of $15,000 of the bank's funds. He had been balled to appear in Police Court, and it was understood that as a result of the warrant, which was sworn out by C. C. Berkley, Commonwealth's attorney, a grand jury investigation of the bank's failure would begin next week. Holloway was found dead on the floor of his dining-room when his wife came down, attracted by the muffled report of a revolver. A copy of a morning paper, telling of Holloway's arrest, lay spread on the table in front of the chair in which he sat. The chair was overturned in the floor and blood oozed from a tiny hole in Holloway's right temple. Holloway had $79,000 in life insurance, which was assigned to the CoIonial State Bank. The bank was declared insolvent and failed to open its doors on February 12. A report of the State Corporation Commission declared that credits of more than $300,000 extended to the Vassar-Abbott Co. were responsible for the failure of the bank. Holloway was a native of Surry County, and was 55 years old. He had been prominent in business circles in Newport News for twenty-five years, He children. was twice married, but deaves no
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WRECKED HIS BANK THE KILLED SELF HOLLOWAY ARRESTED-CHARGE OF STEALING FROM BANK Newport News. Mar. 6.-R. D. Holloway, president of the Vassar-Abbott Company, whose excessive loans recently caused the suspension of the Colonial Bank and who was arrested here last night on a charge of having stolen fifteen thousand dollars from the bank. shot and killed himself this morning.
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BANK THEFT CHARGED; DEFENDANT A JUICIEL SUICIDE Head of Corporation, Who Takes Own Life, Had Transactions With Bank Which Failed. NEWPORT NEWS, Va., March 6 (by the Associated Press).-R. D. Holloway, president of Vassar-Abbott Company, whose excessive loans recently caused the sespension of the Colonial Bank here. was arrested last night on the charge of having stolen $15,000 from the bank. He was released on bail, and shot and killed himself this morning. Holloway was found dead on the floor of his dining room when h is wife came down, attracted by the muffled report from a 32-caliber revolver. A copy of the morning paper, telling of Holloway's arrest. lay spread on the table in front of the chair in which he had been sitting. Holloway had $79,000 in life insurance, which was assigned to the Colonial State Bank. Holloway and Frank R. Bartlett, cashier of the bank, were arrested last night on a warrant sworn out by Commonwealth's Attorney Berkeley, charging them with the larceny of $15,000 from the bank. They furnished bond in the sum of $15,000 each. The bank was declared insolvent and failed to open its doors February 12. A report of the state corporation commission declared that credits of more than $300,000, extended to the Vassar-Abbott Company, were responsible for the failure of the bank
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DEAD BY HIS OWN HAND Newport News Business Man Ends Life With Revolver Bullet Newport News, Va., March 8.R. D. Holloway, president of the Vassar-Abbott Co., whose financial transactions caused the recent closing of the Colonial State Bank here, committed suicide at an early hour Saturday morning, shooting himself in the right temple with a 32 caliber revolver. Warrant was served on Holloway last night. charging him, along with the cashier of the bank, Frank R. Bartlett. with the larceny of $15,000 of the bank's funds. He had bee bailed to appear in Police Court, and it was understood that as a result f the warrant. which was sworn out by C. C. Berkley, Commonwealth's attorney, a grand jury investigation of the bank's failure would begin next week. Holloway was found dead on the floor of his dining room when his wife came down. attracted by the muffled report of a revolver. A copy of a morning paper, telling of Holloway's arrest. lay spead on the table in front of the chair in which he sat. The chair was overturned in the floor and blood oozed from a tiny hole in Holloway's right temple. Holloway had $79,000 in life insurance, which was assigned to the Tolonial State Bank. The bank was declared insolvent and failed to open its doors on February 21. A report of the State Corporation Commission declared that credits of more than $300,000 extended to the Vassar-Abbott Co., were responsible for the failure of the bank. Holloway was a native of surry County, and was 55 years old. He had been prominent in business circles in Newport News for twentyfive years. He was twice married, but leaves no children.
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DISCUSS REORGANIZATION OF NEWPORT NEWS BANK Directors Reported Ready to Put Up $175,000 Toward Colonial State's Rehabilitation. REPORT $100,000 REQUIRED Plan Submitted Depositors-Committee's Attorney Looking to Part of Deficit in Institution's Resources Being Made Up by Depositors. NEWPORT NEWS, VA. March 10.--With a grand jury probing the failure of the Colonial State Bank here today, representatives of officers and direc. tors of the defunct institution tonight held a conference with a committee of depositors for the discussion of a reorganization plan. D. L. Flory submitted a plan which called for the depositors now having funds In the bank to underwrite a sinking fund which is designed to take care of any paper now outstanding that may prove faulty. The depositors and directors later submitted the offered plan to W. C. Stuart. attorney for the depositors' committee, who will examine it in detail and report as to its legality at a future meeting No definite date was fixed for the meeting. but the attorney promised he would call the delegation together again as soon as he had reached a decision which would be in a few days. At the meeting tonight it was announced that the directors of the bank are ready to put up $175,000. which it is believed will meet any outstanding obligations, providing the plan meets with the approval of proper officials. Counsel for the depositors declares that it will take at least $400,000 to take the bank out of the hands of the receiver and put it back on a sound financial basis.
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Depositors May Be Repaid Losses from Closed Bank Richmond. Va., March 23.-Depositors of the Colonial State Bank of Newport News, which recently closed its doors, may not lose a cent, according to information from that city. It is stated that two other banks are planning to take over its assets and hold out hopes that they will be able to pay dollar for dollar. The institution has been in the hands of a receiver since the State corporation commission took a hand in the situation and ordered its doors closed.