Union Bank - Richmond, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 23, 1934
Location: Richmond, Virginia (37.554, -77.460)

Metadata

Model: gpt-5-mini
Short Digest: 4a15090e

Response Measures

None

Description

Article describes liquidation of liabilities of the Union Bank and Trust Company and assets being applied to stockholders by Bank of Commerce and Trusts (liquidating the former bank). No mention of a depositor run; indicates the bank was liquidated/taken over and closed. I classify this as a suspension (closure) resulting in permanent closure/receivership/liquidation.

Events (1)

1. January 23, 1934 Receivership

Newspaper Excerpt: Reduction in liquidating the liabilities of the Union Bank and Trust Company to the Bank of Commerce and Trusts 1933 $297,051.57... The assets of the former bank $547,087.37 at the end report this total, the loans and discounts repre$408,860.78. reserve of $121,758.24 has been aside possible losses. The balance applicable to common stock ... The bank had gross income of in 1933, and the total penses amounted to leaving net income $35,472.70.
Source: newspapers

Newspaper Articles (1)

1. January 23, 1934 The Richmond News Leader Richmond, VA

Article from The Richmond News Leader, January 23, 1934

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Article Text

LIABILITY $297,051 Cut by Liquidating Assets of Institution Under Commerce Trust. Reduction in liquidating the liabilities of the Union Bank and Trust Company to the Bank of Commerce and Trusts 1933 $297,051.57, according to report submitted by direcstockholders The amount due for liquidation of liabilities $263,658.60. The assets of the former bank $547,087.37 at the end report this total, the loans and discounts repre$408,860.78. reserve of $121,758.24 has been aside possible losses. The balance applicable to common stock which is an increase $35,482.70 year. The bank had gross income of in 1933, and the total penses amounted to leaving net income $35,472.70.