21728. Commonwealth National Bank (Reedville, VA)

View Charter #10827 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10827
Charter Number
10827
Start Date
January 31, 1921
Location
Reedville, Virginia (37.842, -76.276)

Metadata

Model
gpt-5-mini
Short Digest
25fac7d1

Response Measures

None

Receivership Details

Depositor recovery rate
88.7%
Date receivership started
1921-02-16
Date receivership terminated
1925-10-27
OCC cause of failure
Other
Share of assets assessed as good
92.8%
Share of assets assessed as doubtful
7.2%
Share of assets assessed as worthless
0.1%

Description

Bank was robbed and burned (Jan 31, 1921), rendering it unable to meet liabilities. A temporary receiver was appointed (early March 1921) and later a permanent receiver (June 1921) by the Controller of the Currency. The institution did not resume operations; receivers distributed dividends to creditors in late 1921 and 1922. No run is described in the articles; events reflect suspension/closure and receivership.

Events (8)
1. February 25, 1916 Chartered
Source
historical_nic
2. January 31, 1921 Suspension
Cause Details
Bank building and records destroyed by robbery and fire on January 31, 1921, leaving assets insufficient to meet liabilities.
Newspaper Excerpt
Commonwealth National Bank of Reedville, which was robbed and burned the early morning of January 31
Source
newspapers
3. February 16, 1921 Receivership
Source
historical_nic
4. March 2, 1921 Other
Newspaper Excerpt
Thomas H. Davis, national Bank examiner ... has been appointed temporary receiver for the destroyed Commonwealth National Bank of Reedville, left Reedville for Washington with the burned note case of the bank to be examined by experts
Source
newspapers
5. May 1, 1921 Other
Newspaper Excerpt
an assessment has been levied by the Comptroller of Currency ... upon the stockholders of said bank equal to the amount of their stock-holdings. ... The shortage is known to be over $200,000, and it is thought the depositors cannot possibly get dollar for dollar.
Source
newspapers
6. June 18, 1921 Receivership
Newspaper Excerpt
W. D. Evans of Saluda ... has been appointed by Judge J. W. Chinn as receiver of the Commonwealth National Bank of Reedville, vice Thomas H. Davis, who was temporarily filling this position.
Source
newspapers
7. October 6, 1921 Other
Newspaper Excerpt
the receiver of the Commonwealth's National Bank, Reedville, which was robbed and burned on January 31, has been authorized to pay to the creditors of the bank the first installment on their claims. Checks for 33 1-3 per cent of such claims will ... be distributed shortly.
Source
newspapers
8. April 12, 1922 Other
Newspaper Excerpt
Creditors of the Commonwealth National Bank, of Reedville, looted and burned early last year, are to receive 16 2-3 per cent dividend upon presenting receivers' certificates at the Reedville office of the bank's receiver.
Source
newspapers

Newspaper Articles (10)
1. March 3, 1921 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, March 3, 1921

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Article Text

RECORDS OF BURNED BANK CLOSELY APPROXIMATED Examiner Soon Expects to Completely Restore Damaged Documents of Bank at Reedsville. [Special to The Times-Dispatch I FREDERICKSBURO, VA. March 2. Thomas H. Davis, national Bank exainther for the Fifth Federal Reserve District, who has been appointed temporary receiver for the destroyed Commonwealth National Bank of Reedville, left Reedville for Washingeton with the burned note case of the bank to be examined by experts and it is believed the notes of the bank can be fully restored. Mr. Davis reports that rapid progress Is being made in restoring the records of the bank. and it looks as If the records of the bank will very shortly be closely approximated. Mr. Blundon, former president of the bank, reports that already enough records of the bank have been restored to render certain the payment of depositors in full and he believes the stockholders will receive practically a full return of their investment.

2. March 6, 1921 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, March 6, 1921

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Article Text

pleasant visit with her sister, Mrs. R. H. Hinton. near Lilian. Davis and E. Warren Edwards, of Fleeton, and John Lowery. of Beverlyville, were in Richmond last week on business. Thomas H. Davis, national bank examiner for the Fifth Federal Reserve district, who has been appointed temporary receiver for the distroyed Commonwealth National Bank of Reedville. left recently with the burned note cases of the bank. Mr. Davis is taking these cases and contents to Washington to be examined by government experts. and it is believed the notes of the bank can be fully. restored. Mr. Davis reports that rapid pro HIREN is being made is restoring the records of the bank. and it looks as if the records of the bank, will very shortly. be closely approximated Mr. Blundon, former president of the bank. reports that already enough records of the bank have been restored to render certain the payment of depositors in full. and he believes the in spit. f the disaster, will receive practically a full return of their investment. At a joint meeting of the Northumberland Chapter Red Cross. and the County School Board. held here here Friday, it was decided to employ a trained nurse for the county. and application has been made for one to work under the Child Welfare Service of the Red Cross.

3. May 2, 1921 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, May 2, 1921

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Article Text

STOCKHOLDERS OF BANK TAXED TO PAY LIABILITIES Reedville Institution, Looted and Burned Recently, Unable to Meet Debts. [Special to The Times-Dispatch.] HEATHSVILE. VA., May 1.-Finding the assets of the Commonwealth National Bank of Reedville, which was robbed and burned the early morning of January 31, insufficient to meet liabilities of that institution, an assessment has been levied by the Comptroller of Currency in Washington upon the stockholders of said bank equal to the amount of their stock-holdings. This assessment is payable on or before May 18, 1921, and Thomas H. Davie, receiver for the bank, has been directed to enforce the liability of the stockholders by suit or otherwise, in accordance with the provisions of the Federal reserve act. The Commonwealth National Bank was capitalized at $25,000. and this demand means that every stockholder will have to put up $1 for every $1 in stock owned by him in the bank. This requirement indicates a considerable shortage, and coming at this time, when business is depressed and money in demand, will work a hardship on the stockholders. The shortage is known to be over $200,000, and 11 is thought the depositors cannot possibly get dollar for dollar. The excitement in Reedville increases as time passes. The Board of Supervisors was In session here Monday. The board refused to grant an increase in the tax rates for school purposes, either county or district. and also reduced the salary of the road managers, Messra. Perkins and Dungan, from $125 to $100 per month each. Other road employee. heretofore paid $70 per month, will receive $50. and the day laborers will be paid $1.50 per day. The board also decided to sell the automobiles owned by the county and furnished the managers, Perkins buying his from the county.

4. June 18, 1921 Evening Star Washington, DC
Article from Evening Star, June 18, 1921

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Article Text

NEW RECEIVER NAMED. Special Dispatch to The Star. FREDERICKSBURG, Va., June 18.W. D. Evans of Saluda, Middlesex county, has been appointed by Judge J. W. Chinn as receiver of the Commonwealth National Bank of Reedville, vice Thomas H. Davis, who was temporarily filling this position.

5. June 19, 1921 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, June 19, 1921

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Article Text

Is Named Bank's Receiver. FREDERICKSBURG. VA., June 18. W. D. Evans, of Saluda, Middlesex County. has been appointed receiver of the Commonwealth National Bank of Reedville, by Judge J. W. Chinn. in place of Thomas H. Davis, who was temporarily filling this position.

6. June 30, 1921 Evening Star Washington, DC
Article from Evening Star, June 30, 1921

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Article Text

NAMED BY CONTROLLER. FREDERICKSBURG. June 30.-W D. Evans, now serving as receiver of the Commonwealth National Bank of Reedville, was appointed to that position by D. R. Crissinger. controller of the currency It was incorrectly reported that the appointment was made by Judge J. W. Chinn. All rubies are not red. Violet. pink and purple varieties have been found.

7. October 7, 1921 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, October 7, 1921

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Article Text

DIVIDEND TO BE PAID TO BANK DEPOSITORS Reedville Institute Receiver Authorized to Disburse One-Third of Smins Due. (Special to The Times-Dispatch.] HEATHSVILLE. VA., Oct. 6.--According to reports here the receiver of the Commonwealth's National Bank. Reedville, which was robbed and burned on January 31. has been authorized to pay to the creditors of the bank the first installment on their claims. Checks for 33 1-3 per cent of such claims will it is understood. be distributed shortly. The distributor of this dividend will materially stimulate business in this section.

8. October 8, 1921 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 8, 1921

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Article Text

Heathsville-According to reports here the receiver of the Commonwealth's National Bank, Reedville, which was robbed and burned on January 31, has been authorized to pay to the creditors of the bank the first installment on their claims Checks for 33 1-3 per cent of such claims will it is understood, be distributed shortly. The distribution of this dividend will materially stimulate business in this section.

9. January 11, 1922 Palatka Daily News Palatka, FL
Article from Palatka Daily News, January 11, 1922

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Article Text

BANK PRESIDENT ON TRIAL. By Associated Press) Richmond, Va., Jan. 11.-Thomas H. Davis, national bank examiner and temporary receiver for the Commonwealth National bank of Reedville, Va., after that institution was destroyed by fire January 31, 1921. again went on the stand when the trial was resumed in United States district court here today of H. Gordon Blundon, former president of the bank, charged with embezzling $50,000 of the funds of the institution.

10. April 13, 1922 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, April 13, 1922

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Article Text

Pay Dividend to Bank's Creditors. HEATHSVII.LE. V.A., April 12.--Creditors of the Commonwealth National Bank, of Reedville, looted and burned early last year. are to recelve 16 2.3 per cent dividend upon presenting receivers' certificates at the Reedville office of the bank's receiver.