1.
July 10, 1929
The Portsmouth Star
Portsmouth, VA
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State Bank Closed For Examination
Situation Not Precipitated By Any Recent Happenings; Bristow to Investigate.
The State Bank mouth with High street, and Port Norfolk Branch, did not open its doors this chief bank ing heard application merous depositors withdraw their accounts the Port Norfolk Branch the State Bank yesterday, and other applications drawal accounts, advised that the State Bank suspend until could the make thorough The action to for the protection the depositors. clearly developed that State Bank situation had not precipitated by any recent happenThe State Bank not for three paid dividends to stockholders its stock for time sold below par. The affairs the bank gone thoroughly upon arrival State Examiner ment depositors, and public will likely be forthcoming shortly. Vernon Brooks, director leading banking institutions, today issued the in with the of the State Bank: Statement by Mayor Brooks mayor city mouth, and vitally terested of its and welfare, and, director its financial requested group representing financial institutions the issue statement cerning the temporary the affairs State Bank and Norfolk last night group financial institutions concern themselves the the State Bank. There financial inst!tution the world which back upon demand the This money, you no doubt blow, been varying thirty ninety days, and would become necessary make every borrower pay back before all depositors could satisfied. the State Bank Port Norfolk Branch depleted banks of their hand. protect depositors and with the consent the chief bank aminer and branch temporarily suspended business. "Every financial institution in city necessarily concerned distress of the State Bank and this moment working financing these institutions hope not penny will be its depositors."
2.
July 10, 1929
Ledger-Star
Norfolk, VA
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LOSS DEPOSITORS
Mayor Brooks Explains Emergency In Portsmouth State Institution's Difficulties
State Bank Portsmouth, located High street, did open bank dividends some and its stock has been selling below par. Bristow, chief state having heard applicaby small their from Port branch bank other applications withdrawal accounts, advised that the State Bank suspend until he could upon scene and make to be for the clearly that the State had not precipitated recent Affairs the bank into upon arrival Examiner Bristow, and statement depositors, public will likely forthcoming shortly. bank has capital stock Mayor Brooks' Statement Mayor Brooks, the city's banking circles, today issued following statement: mayor city of Portsmouth vitally all welfare and director in two institutions, by group représenting all the financial instituof the ment the pension the affairs State its Port last night group each financial institutions city concern themselves with the State There financial tution the which can back immediately upon demand money. This money, know, time, varying come every bor. rower back before all deposibe satisfied. the State Bank and Port Norfolk branch depleted these banks their on hand. protect its depositors and with consent the chief state bank examiner, bank and branch financial institution city in the distress of the State Bank and this plan financing these institutions hope that penny will be lost its depositors.
Miss Frances Shakerly, of Trigony, still paintings. She reads and writes without the aid glasses. has taught Sunday school continuously years.
3.
July 11, 1929
Danville Register and Bee
Danville, VA
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Flood Of Withrawals Forces Closing Of Portsmouth Bank
PORTSMOUTH, July The State Bank financial concern did not its doors today. The bank has paid no dividends for some three years and its stock has been selling below
Bristow, chief state bank examiner, having heard application numerous small depositors withdraw accounts from the Port Norfolk branch of the bank terday and other applications for withdrawal of accounts, advised the state bank suspend until he could come upon and make thorough The action was said to for the protection depositors. It was clearly developed that the state bank had not been precipated by any Affairs the bank will into gone thoroughly upon arrival of Examiner Bristow, and to deposttors, stockholders public will likely be forthcoming shortly. The bank has capital stock of $50,000. Mayor Vernon Brooks, of Portsmouth in the city's banking circles, today issued the followstatement: mayor of the mouth and welfare and director in two of the financial have been requested by group representing all of the financial the city issue statement concerning the temporary suspension of the affairs the state bank and its Port Norfolk "There last night group representatives from the nancial institutions of the city concern themselves with the porary embarrassment of the State Bank. There financial institution in the world which can give back immediately demand the This you doubt know has been loan ed time varying from 30 to 20 days and make every pay back before could be satisfied. run the State Bank Port depleted banks of their cash on hand. protect its and with the consent of the chief state bank this bank and its branch has business "Every financial institution city the State Bank plan financing these in
4.
July 11, 1929
Richmond Times-Dispatch
Richmond, VA
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State Bank Of Portsmouth Closes Doors
Small Financial Concern Has Paid No Dividends For Some Three Years
PORTSMOUTH VA., July 10-(P)The State Bank of Portsmouth, small financial concern, did not open its doors today The bank has paid no dividends for some three years and its stock has been selling below par.
M E Brintow chief State bank examiner, having heard of by to withdraw from the Port Norfolk branch of the bank yesterday and of other applications for withdrawal of accounts advised that the Stat Bank suspend until he could come upon the scene and make thor. ough examination Protect Depositors The action was said to be for the protection depositors. It was clearly that the State Bank had not been precipitated by any recent Affairs of the bank will be gone into thoroughly upon arrival of Examiner Bristow, and statement to depositors, stockholders and public will likebe forthcoming shortly The bank has a capital stock of Mayor Vernon A. Brooks, of Portsprominent in the city's banktoday issued the statement 'As Mayor of the city of Portsand vitally mouth all of its and in and director in two as have been the financial by all requested group of the financial institutions of the city statement concerning the issue temporary suspension of the affairs of the State Bank and its Port Norfolk branch.
Loaned on Time last night group of "There representatives from each of the finan institutions of the city to concern themselves with the barrassment of the State Bank There financial in the world which give back immediately upon demand all the depositors money This money as you no doubt know has been loaned on time varying from thirty to ninety and would become necessary make borrower back before all depositors could be pay The run on the State Bank and Port Norfolk depleted these banks of their hand To its depositors and with the con sent of bank examiner this bank and branch have porarily suspended business Every financial in this city necessarily concerned in the distress of the State Bank and this moment working on plan financing these th will be lost by the penny depositors
5.
July 11, 1929
The Virginian-Pilot
Norfolk, VA
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THE STATE BANK REMAINS CLOSED FOR EXAMINATION
Mayor Brooks Issues Statement Saying Depositors Will Not Lose
The State Bank of Portsmouth, one of the smaller financial institutions of Portsmouth, with capital of $75,000. and having its main office at 336 High street and branch at 400 Broad street, Port Norfolk, did not open for business yesterday morning. M. E. Bristow, deputy commissioner of the State Bureau of Insurance and Banking, consented late Tuesday to suggestion that the bank and its branch suspend business until he could arrive here and make an examination. This action was determined upon in the interest of the depositors after large number of withdrawals deposits had been made fro mthe Port Norfolk branch Tuesday and unusually heavy withdrawals had been made at the main bank. Mr. Bristow was sent to Portsmouth to take charge of the bank's affairs pending the appointment of receiver, which was ordered by the State Corporation Commission Mr. Bristow is expected to issue a statement to depositors, and the public as soon as his examination of the bank has been completed. Mayor Brooks, in statement issued after conference of group all the financial institutions in the city, confidence that in the bank would not lose penny. The mayor's follows "As mayor of the city of Portsmouth, and therefore vitally interested in all of its interests and welfare. and, as director in two its financial institutions, have been requested by group representing all of the financial institutions of the city to issue statement the suspension the aiffairs the State Bank and its Port Norfolk branch. "There met last night a group of representatives from each of the financial institutions of the city to concern themselves with the temporary of the State Bank. There is no institution in the world which can give back immediately upon all of the depositors' money. This money, as you no doubt know, has been loaned on time varying from thirty to ninety days, and it would become necessary before to make every borrower to pay back all be satisfied. run on the State Bank and its Port Norfolk branch depleted these banks of their cash on hand. To protect its depositors and with the consent of the chief State bank examiner this bank and its branch has temporarily suspended business. "Every financial institution in this city is concerned in the distress of the State Bank and are at this working on plan financing these institutions in hope that not penny will be lost to its depositors.'
6.
July 13, 1929
Daily Press
Newport News, VA
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BANK CASHIER CONFESSES THEFT OF
George Larkin Arrested on Warrant Obtained by Chief Examiner Bristow; State Bank Closed.
RECEIVER TO BE NAMED TO WORK OUT PROBLEM
Official's Confession Comes at Conference of Committee to Save Depositors.
George Larkin. years old, cashier the closed State Bank Portsmouth. which suspended arrested tonight Sergeant the police held by M. tow, chief bank examiner, charged with of bank funds the sum of $120,000. Discovery the facts which sulted confession Cashier Larkin and his arrest came while working today Chief Bristow, looking what be done relief protection of the State bank deposiThe Larkin confession and velations following made clear that the defalcation alone caused the closing of the State bank. outcome will now be the early for State bank work out and such dividends to positors as be forthcoming. The pointment probably will be made morrow. Chief Bank Examiner Bristow night gave out the following solution of the State Bank, has been large shortage has developed. The cashier, Larkin, responshaving made complete confession. substance of the latter is the following 'Realizing that the rent audit of the State Bank Portsmouth by reason shortage about $120,000. confess that embezzled that more person persons are involved had any participation this shortage. this statement of my own free will and accord. statement then signed and sworn to as of this date. corporation commission on Wednesday authorized for which be proceeded on without delay.'
7.
July 13, 1929
Ledger-Star
Norfolk, VA
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Lawrence Is Named State Bank Receiver
Cashier Larkin, Accused Of Defalcation Of $120,000 "More Or Less" By Examiner Is Released On $10,000 BailHearing July 23
Frank D. Lawrence, cashier of Bank of Portsmouth, today appointed Judge Bain, of the Portsmouth Court of Hustings, receiver Portsmouth Bank, which has been closed several He gave of $100,000 with Na. tional Company surety, and took charge On warrant out by M. bank George Larkin, 36, cashier the of State Bank of was rested o'clock last night Police Officer charged defalcation of the bank's Larkin at o'clock this morning Justice Cuthrell on ball His case set in in Portsmouth on July Virgil Dunford appeared as bondsState Senator James Barron as for Larkin. Issued by Mr. placed amount bank's shortage $120,000 quoted what to written confession cashier shortage of that amount The State Bank failed doors Wednesday advice of Insurance Banking in Richmond, pending arrival department for an examination bank's Request the of the presence department's representative had been made following demands the State Bank's Port Norfolk branch for withdrawal of deposits Mr. Bristow arrived Wednesday afternoon assisted in his examination of State by committee. Due to Defalcation Alone
Discovery of the alleged defalcalight late yesterday. Bristow quoted saying that "the Larkin defalcation alone caused the closing of the State Mr. Bristow last night issued the following statement: "The contemplated solution of the difficulties the State Bank been found impossible. large developed. The cashier, Mr. Larkin, is sponsible, made complete confession. substance of the latter is following: that the current audit of State Bank useless by reason of my shortage about twenty thousand ($120,000.00) dollars, hereby confess embezzled that less. person or Involved had any participation this this statement of my own free and accord. "His statement is then signed sworn of this Corporation on the which will with withfurther delay."
8.
July 16, 1929
The News and Advance
Lynchburg, VA
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Grand Refuses Closed Portsmouth Jury To Recess; To Take Bank Taken Over tant Cases Now By American Nat'l however.
Chief Justice Overrules Order Of Circuit Judge, Ordering Inquiry
Birmingham, July 15 county emerged victorious today the first conflict record between inquisibody presiding circuit with the cause state banks this district withthe the investiJudge Rusgrand elected Chief Justice Anderson the Alabama supreme court, resulting order McElroy "reconvene this jury for the consideration grave and matter involving perhaps violations criminal laws.
The was issued by Judge McElroy Charles attorney for ings Bank had pleaded the grounds that sufficient had not elapsed for compilation reports closed banks demanded by the grand poena. Over the Attorney General McCall and County Solicitor George Bailes, Judge Elroy Rice Wilkinson established pediency' and ordered recess August
Eighth Bank Closes
Merchants Bank of Melbourne did not open Bank the comptroleir which was posted the window. count open for business Monday morning. This was the eighth which closed last in Florida. Four others failed on May
To Assume Responsibility For Remaining Assets
Portsmouth, July 15 American National Bank, effective this morning has purchased the assets and assumed liabilities the the First National Bank PortsFrank Lawrence, the former was shortly midnight which had been under several The Bank the the State Bank which recently was closed state examiners and the cashier which. George was arrested charge defaulting its funds. The closure the State Bank resultparent bank which was although the bank's ready supply cash was materially reduced. The physical assets of the First National the can National early this der that business of both banks could conducted without any delay made that the directors of the First National had quested over he the First protection depositors. thorough and careful examination affairs by officers of the American National. National Bank Armheim. solvency of the First National was demonstrated beyond question only trouble being shortage cash unusual withdrawals during the last American National Bank taking the affairs the First felt was duty protect he and solely purely and this spirit.
9.
July 16, 1929
The Virginian-Pilot
Norfolk, VA
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Receiver of Bank Asks for Pass Books
The State Bank of Portsmouth will be open this morning to receive pass books of depositors, according to statement made by Receiver Frank D. Lawrence yesterday. In order to tablish accurately the status of the bank's affairs at it is necessary for all depositors to turn in their books for examination as soon as possible, he said. The bank will open at the usual Now TIVOLI hour, and depositors' books will be Playing handled with the least possible delay. The Greatest Picture Months: VIVID Mr. Lawrence, who was appointed to "MY LADY'S DRAMA! the receivership by Judge Thursday Bain, in the Court of Hustings, emDaneing, SCANDALS Talking! OF 1929" phasized in his statement that it will be impossible to get definite estimate of the bank's condition every passbook has been examined.
10.
July 16, 1929
The Virginian-Pilot
Norfolk, VA
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APPOINTED ATTORNEYS COLONY NOW SHOWING FOR RECEIVER OF BANK A. A. Bangel and Vincent L. Parker "THE GHOST TALKS" were yesterday appointed in the Court of Hustings as attorneys for the reAn Comedy Vitaphone Acts, Comedy and News ceiver of the State Bank of Portsmouth.
11.
July 30, 1929
The Virginian-Pilot
Norfolk, VA
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THE STATE BANK DEPOSITORS NAME REPRESENTATIVES
Appoint Executive Committee To Act In Their Interest In Liquidation executive committee composed of Leonard Goldstein, D. Stanley, C. S. Stublen, C. Bragnan and Monroe Black, with W. H. MacWilliams, general chairman, as its head, was elected by the depositors of the closed State Bank of Portsmouth in a mass meeting held last night in the Moose Hall to receive the report of committee appointed soon after the bank failed to Investigate what steps could be taken by the to protect their intrests and assure the largest return on their accounts. The meeting was largely attended despite the excessive heat, and great deal of interest was manifested in the proceedings The permanent directing committee directed to report called meetings to the main body of of the committee as to the steps to be taken by the depositors, proposed policy with three major features. the first of which was the appointment of the permanent to serve without compensation. The policy proposed secondly that this should be empowered to employ legal as well as such clerical assistance as might be necessary to protect and represent adequately the Interests of the depositors, and thirdly that the depositors should organize. raise funds to defray necesmary These as well as the full report of the committee was aproved as submitted Members of this committee, who were automatically discharged with acceptance of their report, Stewart A. Steen, R. McMurran, E. V. Coggins, Goldstein, D. E. Stanley, H. Cox, W. Mount, Woodfin and W. Monell, with Mr MacWilliams serving as chairman. They were vote of thanks by the depositors for their Mr. Steen reported that approximately $245,000 was to be recovered by the State Bank receiver on notes and other negotiatble paper held by the State Bank before its affairs be wound up. He said he had been informed that the pass books of the bank had never been checked. and that no audit had ever made of deposits. McMurran informed the meeting that Frank D. Lawrence, of the American National Bank, who has been named receiver for the State Bank, had treated the committee very courteously and assisted them in every way possible. The actual shortage in the bank's accounts, Mr. McMurran advised, is between $118,000 and $119,000 while at the pres. ent time the receiver is to estimate the probable of return the depositors may expect on the dol-
Principal work of the permanent he said, will be to ascertain If any of the missing money is at all besides the notes and paper held by the bank held to be in an effort to fix the blame for its acceptance by the bank. The status of the borrowers at the time of the loan will be studied, he said, and an effort will be made to definitely fix the Good may result through calling the attention of the legislature to the that the bank's failure so that legislation may be enacted. Mr. MacWilliams stressed the necessity for turning deposit books over to the receiver so as to expedite the work of winding up the affairs of the bank He declared that was the duty of each every to render much to Mr. Lawrence as possible, and held forth the promise that through the full of everyone, the amount of return on ac-
12.
July 30, 1929
The Virginian-Pilot
Norfolk, VA
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AT THE COLONY
"Show Boat," the and singing version of the Edna Ferber novel, yesterday in the Colony Theater to capacity at every performance. "Show Boat" is the "talkie" adaptation of the book and stage play as presented by Flo Ziegfeld and this great may well be an of the "talkie" screen. The added features are the Shriner's parade in Elizabeth City by special Colony news reel shots, and also other delightful short subjects. counts would be large enough to justify the efforts. It was manifestly the will of the depositors to vigorously prosecute each and every person responsible in any way for the failure of the bank. Several caused by the bank's failure were and one depositor proposed that after the premanent committee has fully satisfied itself as to the culpability, any, of all officers and directors of the bank, Commonwe Attorney Albertson should be asked to prosecute as many charges against the cashier and any others implicated, as may be based on the facts in hand. The committee was given to fill any vacancies that may occur in its membership, besides power to employ attorneys and clerical help. Full text of the report of the committee that investigated the situation to ascertain the best for the depositors to pursue, is as "Your that the efforts of the depositors be directed toward the following three ob"First: To secure the largest possible return of deposits to the depositors. "Second: To and make public, at the proper time, all negligence and culpability, any, on the part of the directors and officials of the suspended State Bank of Portsmouth, and through court action make them liable for losses to the depositors. "Third: Secure all possible publicity as to the conduct of the affairs of the suspended State Bank of Portsmouth which in its suspension, 60 that information will aid in imbanking, and strengthening the the Commonwealth of Virginia, and more rigid enforcement of said laws to prevent, the recurrence of the same or similar and losses to depositors. "To accomplish the foregoing your recomme the policy for adoption by the depositors: The election of an executive committee of not less than three (3), nor more than five (5) members, who shall serve without compensation, to represent the depositors, the chairman of which shall also as general chairman for the depositors. That committee be empowered to employ an attorney and such clerical assistance as may necessary to protect and represent, the interests of the depositors before the receivership, in the gourts "3, That the depositors be and fund be collected from the depositors, defray the incldent to the employment of an attorney and clerical assistance; and careful record of all receipts and expenditures be kept by the executive committee for the information and inspection of the depositors. "4. The executive committee to report to the depositors from time to time at call meetings. "Your committee wishes to express its confidence in the present receiver for the suspended State Bank of Portsmouth. Mr. Frank D. Lawrence, and also its appreciation for his courtesy. frankness, and of close and full with the representatives and attorney for the depositors."
13.
October 1, 1929
Ledger-Star
Norfolk, VA
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BANK RECEIVER
Asks Court For Power To Bring Suit To Collect All Sums Due
The first report of Receiver Frank D. Lawrence, of the State Bank of Portsmouth, which closed its doors July was placed in the hands of Judge K. Bain Court Hustings yesterday Vincent Parker. attorney for the receiver. expected that report entered some time this afJudge Bain stated today that the the failed bank, but he at length the prescourt contains, he said, the receiver be authorized bring against persons alleged indebted to The Judge Bain's lasted until after consequently Judge Bain had opportunity amine before entering the faces full trial docket to-
14.
October 2, 1929
The Virginian-Pilot
Norfolk, VA
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$75,000.00 represented by capital stock, surplus profits, by bonds guaranteed by the bank. This guarantee contingent liability and your does that will large loss on account your ceiver paid $40,900.00 bills payable and "The assets the bank as Loans of your has collected Overdrafts, which amount your receiver collected and fixtures, Your receiver worth furniture and fixtures and may be able to realize this item. Due this full. the sum your receiver collected $5,010.77. "The most serious loss that will have by the alleged the shown by receiver amount "Your receiver further reports that in administering the the said bank necessary should bring debts the State Bank of Portsmouth that such authority may be granted to which respectfully submitted this thirtieth day of September, Following copy of the order Mr. bring suits he may deem State Bank of Portsmouth, a Corpora"This cause came on this day to be again heard upon the papers formerly the report of Frank D. asking leave que on claims, this filed of and by whereof. it appearing to the Court said report that the affairs the State Bank of it will necessary for the Receiver to sue on certain debts due the said State Bank is and Decreed that the said Frank D. the of hereby empowered to institute, prosecute defend. the the State Bank of all such suits as may be necessary for the purpose the said Receiver hereby to sue all such property belonging to the said State of N/S judgment may be necessary Another development in the State Bank yesterday the tation of Shearin the of funds said have been deposited the defunct institution after became insolvent, which avers, put the bank in the and the deposits trust maleficio. Similar taken August by Goldman.
15.
October 26, 1929
The Virginian-Pilot
Norfolk, VA
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DEPOSITORS MOVE TO RECOVER FUNDS
File Petition In Court of Hustings Against Receiver of State Bank
A decree was entered by Judge Bain. in the Court of Hustings, yesterday making Frank D. Lawrence, receiver for the defunct State Bank of Portsmouth, defendant to petition presented by R. and M. D. Savage, the return of deposit of 83,606 made July 8, last, day prior to the last day the bank was open. less $482.01 withdrawn July last, with interest on the grounds that the deposit was received by officers of the bank knowing its insolvency, which made them trustees ex maleficio and the deposit separate and apart from the funds and assets of the bank. The decree requires the receiver to answer the petition on or before November next. Messrs. Torbert and Savage averred in their petition that they had deposited in the State Bank through the Fort 8, 1920, and withdrawn $482.01 the They declared that the deposit was made in reliance on the implied of solvency of the bank and its ability to pay back the amount deposited. They stated that a run on the bank was in progress at the time the deposit was made and claim that its officers should have known was so that it became their duty to this information to the petitioners and refuse the deposit. They allege the deposit was accepted with intent to Gedefrauded fraud, and that the depositors were The petition alleges further that the actual deposit was made in the Port Norfolk branch by Mr. Torbert, who inquired of one of the bank's officers as to the financial condition of the institution and was advised that it was in good and solvent The alleges that the funds deposited by the never became the property cf the bank and that acceptance of the deposit created a trust ex maleficio.
16.
January 4, 1930
Ledger-Star
Norfolk, VA
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Portsmouth Courts
COURT OF HUSTINGS Judge Bain Petitions in Bank Suits Petitions have been presented to Judge Bain in the Portsmouth Court Hustings by three depositors the State Bank, asking for directing bank's receiver. to pay to the petithe the that the officers of the bank its hopelessly insolvent condition, and in accepting the deposits fraud, which the deposits separate trust funds in hands the The Sears, the Betty and Boy Babyclaim for $388.93 Portsmouth Lodge 1075, with claim $139.91, Kline and Isaac Kline, whose claim is $100.
Bill of Sale
The Velia Polcari for which secured by trust, the and the Hotel Monroe barber shop, Court property was purchased by the Portsmouth Improvement Company at high constable's on December
An Argentine railway has placed for $2,500,000 stock or rolling Britain.
17.
March 6, 1930
Ledger-Star
Norfolk, VA
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Tax Exemption Expected To Bring Many New Industries To Tidewater
Will Affect Only Plants Not Competing With Those Already Here
By G. LINEWEAVER deducted cross income March their suddenly use business industries of non-competitive char- terminated. the Usually such assets must expected to locate sold Hampton Roads area in the near order loss. future result of the passage by there If, house delegates of the Bucha- example, property has been discities carded authorizing from foreseen cause, such to for product certain machinery especially of the senate devoted, where legislation concurrence offered makes the continued profitable use the property impossible, Delegate would the exemption the taxpayer not have part prohibit of industries ed with the property taxation those order to claim similar nature istence respective localities. of property abandoned Hampton and practically because depreciation or every other lescence, the taxpayer favor the parted with the claimed. the the support Loss due the voluntary the the who moval build the degree the scrapping old ings, and being willing equipment, etc., due chinery, for Virginia able renewals with Maryland and North ductible. taxpayer Carolina, which similar provi- site industrial tax exemptions. which building The debate fast and furious demolition the located, while, and the building not considered loss quired 51 deductible. because tax the jority value estate, barely mustered that In fact clusive old Delegate Folkes, presumed be equal to decided the issue, going against the the and purchase price action of the city council the capi- of plus cost remov. which opposed the bill. ing the useless building Hampton scheduled important understood, the and has the edge over which similar The bill really part Byrd and carries out the authori zation AmendPER ments which permitted general to enact enab act such provided to indusInitial Payment Ordered To trial expansion "joker" exempt Those Portsmouth State farmers well works Internal Improvement Bank Owed taxation for five years of from character offered Portsmouth Bureau. the opponents, many of by Under an order signed Judge rural Bain the Portsmouth Court believed the would have Hustings yesterday the depositors lost. the State Bank receive Initial cent their The the by for D. Lawrence, the bank's While the decree is -ffective two all the get their Mr. Parker, who the checks would go Norfolk Delegates Takes and clerical some make out Leading Part In Defeat depositors the failed Of Measure The had previously entered order the By STAFF CORRESPONDENT preferred Richmond, March Danreport Triplett, Coleman, stepped into two weeks arena yesterday afternoon and led ago. This decree also ordered the the slaughter the state plumbing and charges which and for the the receiver attorneys monopoly certain plumbing and would The State Bank closed Its doors the same installed in towns. stated accounted for "In years will come back the over period with and the years of George Larkin, the bank apply to cashier. On plea guilty, Norfolk cashier now serving delegate declared. be able years the for emlined bath tub use year an pretty the for making false reports to Delegate Charles Davis, of joined Mr. Coleman, Receiver has asserted the measure of the nefarious designed $75,000 of the regulation the $16,by capital home in the state, surplus profits and he for its defeat. by continDelegate McCauley, of Roanoke, gently the assets asserted Norfolk had plumbing represented $343,330.98 code far more rigid, and Mr. Cole- bonds and discounts and replied: securities to $25,893.96. The "It known that there are were $391,117.98. deposits
18.
March 16, 1930
The Portsmouth Star
Portsmouth, VA
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creditors Four thousand depositor Bank of Portsmouth, the failed State checks in ten week receive are this losses, should salvage on their cent per Frank Lawrence, feel grateful to very State Bank, for of the defunct receiver, which he has efficient manner in the in his hands handled the trust placed Court of HustBain, of the Judge K. following discovery ings, immediately and the insolvency the Larkin shortage the wrecked bank. of his office in the Thursday at Beginning Bank, High and American National Lawrence will comdle streets, Receiver of salvage checks, the distribution mence to something amounting in the aggregate This distribution comes around $36,000. months after remarkably within eight State Bank doors. the of the closing bank failures in in the history of Never has there ever before come Virginia to creditors under year's distribution receivership. of the affairs of the Efficient handling of sharp State Bank, the application down of trust economies, and the holding of every expense brought about the present kind, has sult. For it all, Receiver Lawrence deserves warmest not only from benefited, but those who are directly from the public at large. for the benefit Receiver Lawrence in whose behalf ten State Bank creditors, per cent distribution checks have been be hand at his prepared, will not only on banking hours, beginning during for the distribution Thursday, checks, but for the of those who cannot come in banking time, will remain at his desk until six o'clock to Saturday, March in the evening up he will hold his office which date on National Bank until the American open Bank deposits amountThe total State to something like at the time closed. About the bank's doors were of however, was absorbed $36,000 this, the part of depositors obligations on which, under the statutory to the bank, became an offset law of Virginia, total deposit credits In this way posits. $360,000. Thus the total reduced to were distribution at this ten cent salvage per time of $36,000.
19.
November 9, 1930
The Portsmouth Star
Portsmouth, VA
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APPLICATION OF LARKIN
Attorneys For Receiver To Petition Judge Coleman For Order Nov. 21. made Judge Coleman, the Norfolk County Court, for an order appoint trustee purpose selling certain owned by George ("Pat") Larkin, sentenced prison charge embezzlement funds the defunct State Bank Portsmouth, while cashier of that bank. This announcement was made last night by Bangel. who Vincent Parker torneys for Frank D. Lawrence, State Bank receiver property be sold is valued approximately $3,500 and cated Bangel stated. probable that other property said owned by Mr. Larkin will be sold to help pay the alleged been embezzled. the attorney stated. The realized from the sale of this property will be turned over Receiver help pay the the Bank time doors closed. These depositors already celved per cent their losses the result able of the trust Receiver Lawrence the Bank
20.
July 11, 1931
The Portsmouth Star
Portsmouth, VA
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FILED
Judge White Hears Argument In Receivers' Suit Against Bank Directors.
White in the Judge Portsmouth after Court argument today overruled part sustained the and part the suit of murrer Lawrence, receiver, against the defunct State directors Bank Portsmouth. Attorneys the receiver granted amended bill and hear argument amended suit claims against directors amounting not the whole the greater The hold the rectors liable under of negBangel Robert receiver Murran and Maupin and H. the Brinkley the defendants in today's proceedings.