Planters & Merchants National Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8643
Charter Number: 8643
Start Date: October 5, 1931
Location: South Boston, Virginia (36.699, -78.901)

Metadata

Model: gpt-5-mini
Short Digest: e679d91f

Response Measures

Full suspension

Other: Receiver appointed by Comptroller (government action). Notes record OCR corrections in details.

Receivership Details

Depositor recovery rate: 72.8%
Date receivership started: 1931-10-10
Date receivership terminated: 1939-11-17
OCC cause of failure: Economic conditions
Share of assets assessed as good: 13.1%
Share of assets assessed as doubtful: 70.3%
Share of assets assessed as worthless: 16.6%

Description

Newspaper articles show heavy withdrawals leading the bank to suspend on 1931-10-05; a receivership was announced by the Comptroller by 1931-10-23, indicating permanent closure. OCR errors in Article 1 (missing words) were corrected for clarity.

Events (5)

1. April 15, 1907 Chartered

Source: historical_nic

2. October 5, 1931 Run

Cause: Local Banks
Cause Details: Steady withdrawals over three months accelerated after notices/maturities related to a nearby South Boston National bank closure and demanded deposits matured, draining resources.
Measures: None besides later suspension; directors met and placed notice of suspension on the door.
Newspaper Excerpt: Planters and Merchants National bank suspended operations today notice being placed on the front door bank o'clock night stating: account of heavy withdrawals bank suspending business.
Source: newspapers

3. October 5, 1931 Suspension

Cause: Local Banks
Cause Details: Suspension was explicitly due to heavy withdrawals (drain on resources) following maturities and influence of another local bank's closure; directors voted to suspend operations.
Newspaper Excerpt: Planters Merchants National bank suspended operations today notice being placed on the front door ... on account of heavy withdrawals bank suspending business.
Source: newspapers

4. October 10, 1931 Receivership

Source: historical_nic

5. October 23, 1931 Receivership

Newspaper Excerpt: The Comptroller of the Currency today announced appointment ... Booker ... receiver of the Planters and Merchants National Bank of South Bos[ton].
Source: newspapers

Newspaper Articles (2)

1. October 5, 1931 The Bee Danville, VA

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Article Text

Planters and Merchants Suspends Due to Recent Withdrawals (Special to The Bee) SOUTH Oct. Planters Merchants National bank suspended operations today notice being placed on the front door bank o'clock night stating: account of heavy withdrawals bank suspending business." The signed Stebbins, cashier. closing the bank followed meeting Saturday night of the directors the institution who had noted steady withdrawal of funds depositors during the past Three months South Boston National bank closed the Planters required depositors written notice tions withdraw. These notices reached their maturity date last week and the drain on the bank's resources continued steadily since that time until was imposmeet the further demand. (Please turn to page column

2. October 23, 1931 Richmond Times-Dispatch Richmond, VA

Article from Richmond Times-Dispatch, October 23, 1931

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Article Text

Fraternal News A number of supper parties from Richmond will the King's Daughters' fresh air on Route 41 Charles City County to attend the bazaar supper from to o'clock tonight for the benefit Westover Church Mrs. Richard Chane and Hugh Harrison sponsoring the event the there will be music by Mr. and Mrs. Austin W kins Bigger will read excerpts from her story: Miss Give Card Party. A benefit card party be given o'clock tonight the Catholic Woman's 916 West Richmond Lodge of Elks next Mon. Street, the of day Altar and Sanctuary Society of with hope of campaign the by at least vations be made by Miss Mildred Bucker at 9754 night at meeting members of the Maurice exalted Serve Supper. is chairman of the eampaign An oyster Smithfield ham committee He appoint ten supper will served the dining to conduct the each rooms of Grace Covenant whom to staff Church to tonight of four members to assist Circle 19 of the church. Mrs. H. stated last plans would Ward Randolph is chairman be perfected for the new class on December might Plan Halloween Party. officially part in the annual the first in A Halloween party be given in the parish of Mary's Church Va. Bank Receiver Named Goochland County The Saturday October 31 The Comptroller of the Currency today being given under announced appointment M. the of Mary's Booker of attorney Mrs. Arden Howell general chairthe the Planters and Merchants National Bank of South BosObserve Special Service. There be celebration of the Don't call anything until you Holy at 11 this have tried Dispatch morning at Grace and Holy Trinity and Found' ad. Church.