21887. First National Bank (South Boston, VA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5872
Charter Number
5872
Start Date
September 1, 1931*
Location
South Boston, Virginia (36.699, -78.901)

Metadata

Model
gpt-5-mini
Short Digest
4cabcc59

Response Measures

Full suspension, Books examined

Description

Articles (Oct 5, 1931 and Jul 3, 1932) report the First National (and Planters) in South Boston closed in September (1931), with heavy withdrawals preceding the closing and a receiver later assigned (who resigned in July 1932). Text is OCR-corrupted; I corrected obvious errors and inferred the September 1931 closing from article text. Cause of the run/suspension is not clearly specified (articles mention heavy withdrawals but not a specific rumor or scandal), so cause is set to 'other'.

Events (5)

1. June 22, 1901 Chartered
Source
historical_nic
2. January 12, 1926 Voluntary Liquidation
Source
historical_nic
3. September 1, 1931* Receivership
Newspaper Excerpt
BANK RECEIVER QUITS SOUTH BOSTON POST ... Planters and First National Bank that closed here in September ... the receiver had resigned and would leave soon for St Louis (July 1932).
Source
newspapers
4. September 1, 1931* Run
Cause Details
Articles reference recent heavy withdrawals preceding the bank's closing but do not specify a concrete trigger (rumor, correspondent failure, or specific adverse information).
Newspaper Excerpt
withdrawals to recent heavy ... the closed for ordered
Source
newspapers
5. September 1, 1931* Suspension
Cause Details
Board closed the bank after heavy withdrawals; the bank ceased banking business in September and customers were directed elsewhere.
Newspaper Excerpt
South Boston Is Without A Bank ... The board directors ... closed
Source
newspapers

Newspaper Articles (2)

Article from The World-News, October 5, 1931

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Article Text

South Boston Is Without A Bank First National Planters South did not Bank business this without banking South Boston entirely facilities of made the The board directors lowing statement withdrawals to recent heavy acute cultural this the closed for ordered capital of The bank has and Charles Owen president cashier National Bank closed The Boston the hands time and residents of tel are being taken to organization South Boston looking and been made to the farmers will be able get their money promptly. THREE BANKS CLOSE here closed its Farmers Bank Philadelphia, Oct. Trust deposits the State Bankthe hands of placed ing Department Trust Company. Saturday appointed temporary Weniger banking after private three had filed involun- Federal in tary 500 decourt The liabilities No statement positors available until after be audit of books. VOTE ON MERGER New (Special) First National Bank the Castle and the Farmers Craig signed Merchants of contract Saturday each bank merger stockholders the institutions, the ratification. of contract to rejection of the two mitted the banks on November fifth. BANK RECEIVER suit colOct. interest from March lect with Saturday in United was instituted district court Charles States the National Bank receiver of Green, Old Coal. of Roanoke salleged on the day in question which firm check the defendant in the NaWhen the tional Bank submitted to the bank check which it was was drawn that the plainpayment had been asserts. and other costs the fee Norton is it alleged. Closes Philadelphia, United three Trust with Security today did closed Willow Grove Trust Company. Savings Bank. Dime Canton. turned over the Bank was Department of liquidaState Banking directors today. The tion by its bank to of the 000 and the deposits to has been under way the Tabernacle Bapone be continued through church will today. sermon tonight by Rev. Howard Arthur. Prodigal each evening at 7:30 Doors open o'clock.


Article from The Roanoke Times, July 3, 1932

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Article Text

BANK RECEIVER QUITS SOUTH BOSTON POST South Boston. July (Special). Hopes for an early to depositors the Planters and First National Bank that closed here in September, fell last night became known the had resigned and would leave soon for St Louis was generally believed that checks would be mailed depositors July although rumors suit pending against the bank and the consequent up payment the money to had been circulated for some time.