21699. Peoples Bank (Petersburg, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 10, 1924
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini
Short Digest
b343c982

Response Measures

None

Description

Newspaper articles (April 10 and April 26, 1924) report that a receiver (Robert Gilliam Jr.) was appointed for the People's (Peoples) Bank of Petersburg at the request of the State Corporation Commission and Hustings Court. No article mentions a prior run; the bank was taken into receivership and effectively closed. OCR shows the bank name in sources as People's Bank; given provided bank name, used 'Peoples Bank'.

Events (1)
1. April 10, 1924 Receivership
Newspaper Excerpt
RECEIVER TAKES BANK. ... The affairs of the People's Bank of Petersburg, Va., a negro institution, were taken over today by Robert Gilliam, jr., appointed receiver yesterday by hustings court at the request of the state corporation commission.
Source
newspapers

Newspaper Articles (2)
1. April 10, 1924 Evening Star Washington, DC
Article from Evening Star, April 10, 1924

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Article Text

RECEIVER TAKES BANK. Court Orders Supervision of Negro Institution. PETERSBURG, Va., April 10.-The affairs of the People's Bank of Petersburg, Va., a negro institution, were taken over today by Robert Gilliam, jr., appointed receiver yesterday by hustings court at the request of the state corporation commission. Gfiliam's bond was fixed at $30,000. The People's Bank of Petersburg was organized three years ago. It was capitalized at $25,000, and, according to Chief State Bank Examiner M. E. Bristow. who recently investigated its affairs. had total resource of $76,000 and $47,000 deposits. The officers and directors of the bank all are nogreec.

2. April 26, 1924 The Broad Ax Chicago, Salt Lake City, IL
Article from The Broad Ax, April 26, 1924

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Article Text

RECEIVER APPOINTED FOR VIRGINIA BANK (Lincoln News Service) Petersburg, Va.-The affairs of the People's Bank of Petersburg, a Negro institution, have been taken over by Robert Gilliam, Jr., appointed receiver by Hustings Court at the request of the State Corporation Commission. Gilliam's bond was fixed at $30,000. The People's Bank of Petersburg was organized three years ago. It was capitalized at $25,000 and, according to Chief State Bank Examiner M. E. Bristow, who recently investigated its affairs, had total resources of $76,000 and $47,000 deposits. The officers and directors of the bank are men of the race.