21691. Bank of Petersburg (Petersburg, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 24, 1873
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini
Short Digest
75ea5190

Response Measures

None

Description

Newspaper reports from Sept 24–27, 1873 state the directors decided to suspend to-day. No article mentions a depositor run or later reopening; suspension appears tied to other local failures (McIlvaine & Co. and other suspended banks). Because there is no evidence of reopening or receivership in the provided articles, I classify as a suspension that led to closure, but outcome beyond the initial suspension is not documented here.

Events (1)
1. September 24, 1873 Suspension
Cause
Local Banks
Cause Details
Multiple local suspensions and losses in Petersburg (over $200,000 in suspended banks; McIlvaine & Co. reported to have suspended), prompting the directors to suspend payments.
Newspaper Excerpt
The directors of the Bank of Petersburg have decided to suspend to-day.
Source
newspapers

Newspaper Articles (2)
1. September 25, 1873 The New York Herald New York, NY
Article from The New York Herald, September 25, 1873

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Article Text

Losses in Petersburg, Va. RICHMOND, Va., Sept. 24, 1873. The city of Petersburg had over $200,000 in the suspended banks there. McIlvaine & Co., of that city, one of the largest commission firms in the State, are reported to have suspended. The directors of the Bank of Petersburg have decided to suspend to-day.

2. September 27, 1873 Middletown Transcript Middletown, DE
Article from Middletown Transcript, September 27, 1873

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Article Text

Petersburg. Va., had over $200,000 in its suspended banks, and Wednesday Mollivaine & Co. and the bank of Peters. lurg were added to the number of sus. prusions. -