Planters & Merchants First National Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8643
Charter Number: 8643
Start Date: October 1, 1931*
Location: South Boston, Virginia (36.699, -78.901)

Metadata

Model: gpt-5-mini
Short Digest: dfd70d55

Response Measures

Full suspension

Other: Receiver later paid dividends with RFC loan assistance.

Description

Newspaper accounts state the bank was closed by directors in early October 1931 after heavy withdrawals and acute depression in the sale of farm products. The closure led to a receivership and eventual dividend distributions in 1932 and 1934. OCR variations (e.g., Planters & Merchants vs Planters and Merchants) were normalized. Dates: closure reported Oct 4, 1931 (one item references Oct 3, 1931); I use Oct 4, 1931 for the run/suspension and list receivership as concurrent with the closure leading to later distributions.

Events (3)

1. October 1, 1931* Receivership

Newspaper Excerpt: Planters And Merchants First National Bank here which closed its doors in September of last year... A W. Doepke, receiver for the Planters and Merchants First National Bank here which closed its doors in September of last year, yesterday was quoted ... that he had resigned as receiver and that William P. Lifsey had been appointed as his successor ... (Jul 1, 1932). Failed Bank's Receiver Distributes $350,000 Closed South Boston Institution Pays Out 24 Per Cent (Jul 15, 1932). Now Paying Second Dividend ... receiver of Planters and Merchants First National Bank of South Boston, Va.. has made an announcement ... (Apr 5, 1934).
Source: newspapers

2. October 4, 1931 Run

Cause: Local Shock
Cause Details: Directors cited heavy withdrawals and an acute depression in sale of farm products (local agricultural downturn) triggering the withdrawals.
Measures: Bank closed by order of directors (suspended operations).
Newspaper Excerpt: BANK IS CLOSED South Boston, Oct. 4.-(P)-The Planters and Merchants First National Bank here was closed today by order of the directors who gave heavy withdrawals and acute depression in the sale of farm products as reasons for their act.
Source: newspapers

3. October 4, 1931 Suspension

Cause: Local Shock
Cause Details: Directors suspended payments/closed the bank because of heavy withdrawals and depressed farm product sales (local economic conditions).
Newspaper Excerpt: the Planters and Merchants First National Bank here was closed today by order of the directors who gave heavy withdrawals and acute depression in the sale of farm products as reasons for their act.
Source: newspapers

Newspaper Articles (4)

1. October 5, 1931 The Virginian-Pilot Norfolk, VA

Article from The Virginian-Pilot, October 5, 1931

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Article Text

Trade Authorities Will Meet Today Washington, Oct. 4.-(P)-A vigorous search for tonic to offset the pernicious ills of depression will be opened here tomorrow by trade authorities of the 21 American republics. Gathered for the fourth Pan-American commercial the delegates will devote the week to thorough study of the trade and industrial problems of the Western Hemisphere. Protests against the United States' protective duties and call for a world conference on silver were expected to be urged to the governments at the end of the sessions. Other subjects on the program included: Standardization of commodities, increase of tourist travel and communications, revision of consular fees requirements and customs procedure, aviation, finance, and virtually every other phase of interAmerican trade. Old Dominion Guild Players' Tryout Tonight The Old Dominion Guild Players, 10cal amateur theatrical group, announced yesterday that tryouts for their first fall stage presentation, "The Only Girl In Sight, will be held tonight at o'clock at the Central Y. M. Persons between the ages of 17 and 30, interested in amateur theatricals, are invited to participate in the tryouts tonight. The play, by Caroline Lewis, has an English setting. It will be produced under the direction of Miss Florian Pelote. BANK IS CLOSED South Boston, Oct. 4.-(P)-The Planters and Merchants First National Bank here was closed today by order of the directors who gave heavy withdrawals and acute depression in the sale of farm products as reasons for their act. The bank was the only one here. Bank officials announced to-

2. July 2, 1932 The News and Advance Lynchburg, VA

Article from The News and Advance, July 2, 1932

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Article Text

Bank Receiver Has Resigned 24 Per Cent Dividend Soon To Be Paid Planters And Merchants Depositors Will Share In About $335,000 Mayor Wilburn With Com. mittee Securing Right Of Way For Road (Special to The News) South Boston, July 1-A W. Doepke, receiver for the Planters and Merchants First National Bank here which closed its doors in September of last year, yesterday was quoted through the local papers that a 24 per cent dividend would soon be paid to the depositors of that bank in distribution of $335,000. Mr. Doepke also was quoted as saying that he had resigned as receiver and that William P. Lifsey had been appointed as his successor and would arrive here today to take charge of the institution. Securing Right of Way A committee from the Lions Club, headed by Mayor James B. Wilborn, is busy this week in securing the right of way on the South Boston to Turbeville road which is part of the new highway straight to Danville It is understood that the success of this committee will mean that the work on this highway will begin soon. The Halifax County Medical Society held a meeting at the John Randolph Hotel yesterday afternoon. Dr. C. B. White of Halifax is president of the society and Dr. William C. Brann of South Boston, secretary. Rev. L. A. Irby, Jr., of Java will preach at Cluster Springs Baptist Church Sunday, July 3, on the subject of "True Patriotism." Mrs. F. R. Edmondson of Main street remains ill at her home. She was stricken with paralysis this week and her condition has not improved to any extent. Mrs. Alice E. Roberts is reported to be ill at the home of her daughter, Mrs. O. C. Cawley, of Henderson, N. C., where she went on visit this week. Funeral services for Mrs. R. Gordon Finney were held at Halifax Wednesday morning at St. John's Episcopal Church. Rev. Myron B. Marshall, rector of that church, conducted the services. The pallbearers were Scott Elliott, Lawrence Daniel, Edgar Garrard, Hal Gunn, Robert Finney and George Finney. Sunday school day will be observed at the Beth Car Baptist Church in Halifax on Sunday, July 3. An interesting program has been prepared for presentation by the beginners and those of the primary grades with the junior choir furnishing the music. Players representing the Halifax County Golf Club left here this morning for Danville to play the last game in series of four games between the golf clubs at Reidsville, N. C., Danville. South Boston and Bassett. Dr. Ralph Counts of Welch, W Va., A&P former resident of this place, is spending this week here with friends.

3. July 15, 1932 Richmond Times-Dispatch Richmond, VA

Article from Richmond Times-Dispatch, July 15, 1932

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Article Text

Failed Bank's Receiver Distributes $350,000 Closed South Boston Institution Pays Out 24 Per Cent SOUTH BOSTON VA., July The receiver for the Planters and Merchants First National Bank began Wednesday morning paying dividend to the bank amounting to $350,000 24 per This pay. ment been held up pending legal but at the convening the Halifax Circuit Court on Monday the matter was straightened out and the payments

4. April 5, 1934 Halifax Gazette South Boston, VA

Article from Halifax Gazette, April 5, 1934

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Article Text

Now Paying Second Dividend Sixteen Per Cent Am- ounting To $190,000.00 Brings The Total Paid To Forty Per Cent. Mr. W. P. Lefsey, Receiver of Flanters and Merchants First National Bank of South Boston, Va.. has made an announcement that a second dividend of 16% will be paid to all creditors who have previously proven their claims against the receivership. It will be recalled that the Planters and Merchants First National Bank has already paid a first dividend of 24% and that total payments to the creditors and depositors of that bank will now amount to 40% The dividend now being paid will amount to approximately $190,000.00 and will be distributed among approximately 3,500 claimants of the old Planters and Merchants First National Bank, the majority of whom live in this territory. The receiver further announces that this dividend is being paid with the assistance of a loan obtained from the Reconstruction Finance Corporation and is in line with the President's policy of disbursing funds in closed banks to the creditors of such banks as quickly as possible. It was also learned that all secured and preferred claims due by the bank at the time of its suspension on October 3, 1931 have been paid in full such claims against the trust have been cancelled. This means that all collections received will be for the benefit of the unsecured creditors of the bank. The receiver has announced that beginning on Monday, April 2, 1934 he will be prepared to distribute the checks among the depositors of the bank. Sufficient clerical force will be on hand to deliver checks promptly. It is important that the Receiver's Certificates formerly issued to depositors be presented when dividend checks covering this payment are called for. A statement of condition of the receivership showing its status as of December 31, 1933 is posted on the front door of the bank for the inspection of the public in general. This report gives in detail all collections and disbursements handled by the receivers, as well as shows the total expense of the receivership to that date. The statement for the quarter ending March 31, 1934 is being prepared and will be posted in short time.