21873. Roanoke Savings Bank (Roanoke, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 20, 1894
Location
Roanoke, Virginia (37.271, -79.941)

Metadata

Model
gpt-5-mini
Short Digest
999ae4db

Response Measures

None

Description

No run is described in the articles. The Feb 1894 notices state the stockholders ordered the Roanoke Savings Bank closed because the business was not paying though solvent, indicating a voluntary closure/suspension for business reasons rather than a depositor run or regulatory seizure. Earlier (Aug 1893) report said the bank was in solid condition and meeting demands.

Events (1)

1. February 20, 1894 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders ordered the bank closed because the business was not paying despite being solvent; a voluntary suspension/closure for business reasons rather than failure or a run.
Newspaper Excerpt
The stockholders of the Roanoke Savings Bank have ordered that it be closed on account of the business not paying. It is solvent.
Source
newspapers

Newspaper Articles (3)

Article from The Roanoke Times, August 27, 1893

Click image to open full size in new tab

Article Text

Roanoke Trust, Loan and Safe Deposit Company, felt confident that the crisis was practically over. The institution he represented, as was shown by the above report, was in a most satisfactory condition. "We have been issuing currency," he said, "upon the occasion of every demand upon us. We are now beginning to feel an improvement," he said, "in our relations with the Northern banks. They are now just beginning to offer us rediscounts." President J. T. Engleby, of the Fidelity Loan and Trust Company, and also vice-presiden: of the National Exchange Bank, said that the conditions were looking better. "As soon as the Northern banks offer us rediscounts we will be ready to extend our business considerably." "We have several of the large establishments and contractors upon our books which necessitates our meeting the demands for their pay rolls with currency, which we have always been ready to do. President C. Markley, of the Traders' Loan, Trust and Deposit Company, reported that his deposits are increasing and that there was a much better condition of affairs now than thirty days ago. "As soon as the people gain confidence enough to keep them from hoarding their money, the situation will be all right he said. He believed that large quantities were hidden away doing its owners nor the people any good. The Commercial National Bank, J. W. Coon, president; the Roanoke Savings Bank, J. D. Smith, president, and the State Savings Bank, F. A. Barnes, president, are all in a solid condition and readily meeting the demands made upon them for their currency. Much of the development and growth of Roanoke is directly attributable to the wise and judicious banking establishments which have existed within its domain. They were founded here. not to reap a harvest from & glorious boom and then withdraw their money to other quarters, but are here to remain as permanent fixtures to expand and develop with the city in which all their interests are centered. They surely are deserving of confidence and patronage.


Article from The Times, February 21, 1894

Click image to open full size in new tab

Article Text

SAVINGS BANK CLOSED. Solvent but Not Paying-Receiver Appointed for the Salem Machine Works. ROANOKE, VA., Feb. 20.-Special.The stockholders of the Roanoke Savings Bank have ordered that it be closed on account of the business not paying. It is solvent. Circuit Court Judge Williams has appointed J. E. Allemony temporary receiver of the Salem Machine Works, pending a settlement of the squabble growing out of the recent reorganization. M. F. Martin, of Bedford, who was recently sent to the grand jury of the United States Court, on the charge of having unstamped liquor in his possession, got into trouble yesterday by resisting officers, and was again sent on. He gave bail. M. J. Kelly, president, and D. S. Rau, steward of the Pledmont Social Club, were convicted in the Hustings Court to-day of selling liquor without a license, and fined $100 each. The decision will be appealed.


Article from The Progressive Farmer, February 27, 1894

Click image to open full size in new tab

Article Text

SAVINGS BANK CLOSED. Solvent but Not Paying-Receiver Appointed for the Salem Machine Works. ROANOKE, Va, Feb. 20.-The stock. holders of the Roanoke Savings Bank have ordered that it be closed on ac count of the business not paying. It is solvent. Circuit Court Judge Williams has appointed J. E Allemony temporary receiver of the Salem Machine Works, pending a settlement of the squabble, growing out of the recent re-organization M. F. Martin, of Bedford, who was recently sent to the grand jury of the United States Court, on the charge of having unstamped liquor in his possession, got into trouble yesterday by re sisting officers, and was again sent on. He gave bail M. J. Kelly, President, and D.S. Rau, steward of the Piedmont Social Club, were convicted in the Hustings Court to day of selling liquor without a license, and fined $100 each. The decision will be appealed.