21682. Union Commercial Bank (Norfolk, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 14, 1922
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
30e14063

Response Measures

None

Description

State bank examiners took control and appointed a receiver after discovery of embezzlement by the cashier. No mention of depositor run; bank was closed by examiners and a receiver was appointed (permanent closure implied).

Events (1)
1. April 14, 1922 Suspension
Cause
Government Action
Cause Details
State bank examiners closed the bank and appointed a receiver after uncovering alleged embezzlement by the cashier (J. H./J. T. P. Cross).
Newspaper Excerpt
State bank examiners have taken control of the Union Commercial Bank, of Norfolk, a negro Institution. and W. I. Gilkerson was appointed Friday as receiver.
Source
newspapers

Newspaper Articles (2)
1. April 16, 1922 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, April 16, 1922

Click image to open full size in new tab

Article Text

Examiners Take Over Bank. State bank examiners have taken control of the Union Commercial Bank, of Norfolk, a negro Institution. and W. I. Gilkerson was appointed Friday as receiver. He qualified after giving bond for $20,000. J. H. T. Cross. cashier of the bank. who is charged with embezzlement of funds and with grand larceny. will to arraigned In the Norfolk Police Court on April 26.

2. April 29, 1922 The Chicago Whip Chicago, IL
Article from The Chicago Whip, April 29, 1922

Click image to open full size in new tab

Article Text

Another Bank Goes Blooey In Norfolk NORFOLK, Va., April 29.-Following close on the heels of the Mutual Savings Bank here at Christmas, state bank examiners closed the doors of the Union Commercial Bank on Church Street, Thursday. A receiver was appointed and placed under $20,000 bond. J. T. P. Cross, cashier of the bank, was arrested, charged with the embezzlement of $1,394.00. The Union Commercial Bank opened in January of this year with S. P. Noble as president, with an authorized capital of $100,000. The state banking department is said to have advised against opening a new bank at that time.