Peoples Bank - Stuarts Draft, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 14, 1929
Location: Stuarts Draft, Virginia (38.030, -79.034)

Metadata

Model: gpt-5-mini
Short Digest: 2fb7c45f

Response Measures

None

Description

Article (Evening Star, 1929-03-14) reports the People's Bank at Stuarts Draft is closed and that an application to the Augusta Circuit Court for appointment of a receiver is pending. Examiner cited frozen loans and a shrinkage in deposits as reasons; he said there is no shortage. No run is described. Classified as a suspension leading to closure/receivership.

Events (2)

1. March 14, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Examiner cited frozen loans and a shrinkage in deposits as reasons for closing; bank reported no shortage.
Newspaper Excerpt: The People's Bank at Stuarts Draft is closed. Pending application to the Augusta Circuit Court for the appointment of a receiver.
Source: newspapers

2. * Receivership

Newspaper Excerpt: Pending application to the Augusta Circuit Court for the appointment of a receiver.
Source: newspapers

Newspaper Articles (1)

1. March 14, 1929 Evening Star Washington, DC

Article from Evening Star, March 14, 1929

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Article Text

COUNTY BANK IS CLOSED. Financial Institution at Stuarts Draft Suspends Business. STAUNTON, Va., March 14 (Special). Pending application to the Augusta Circuit Court for the appointment of a receiver. the People's Bank at Stuarts Draft is closed. J. H. Kendig is president of the People's Bank and Lawrence C. Scott cashier. Frozen loans and a shrinkage in deposits were given by Examiner Woodward as reasons for clesing. There 1s no shortage, he said.