Alderson National Bank - Alderson, WV

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9523
Charter Number: 9523
Start Date: September 1, 1931*
Location: Alderson, West Virginia (37.726, -80.642)

Metadata

Model: gpt-5-mini
Short Digest: e2673d1a

Response Measures

None

Receivership Details

Depositor recovery rate: 68.5%
Date receivership started: 1931-09-28
Date receivership terminated: 1941-07-25
OCC cause of failure: Governance
Share of assets assessed as good: 74.1%
Share of assets assessed as doubtful: 18.7%
Share of assets assessed as worthless: 7.2%

Description

Article (Apr 21, 1932) states Alderson National Bank closed its doors last September after the death of its president and a receiver (U. S. Seal) was appointed. No run or depositor panic is described. Closure appears permanent with receiver in possession of assets.

Events (4)

1. August 28, 1909 Chartered

Source: historical_nic

2. September 1, 1931* Receivership

Newspaper Excerpt: Mrs. Dreama R. Gwinn has begun action ... against U. S. Seal, receiver of the Alderson National Bank, which closed its doors last September ... The receiver took in his possession as assets of the bank ...
Source: newspapers

3. September 1, 1931* Suspension

Cause: Government Action
Cause Details: Bank closed after death of president and receiver (U. S. Seal) was appointed and took possession of assets.
Newspaper Excerpt: the Alderson National Bank, which closed its doors last September after the death of O. D. Massey, the bank's president.
Source: newspapers

4. September 28, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. April 21, 1932 The Independent-Herald Hinton, WV

Article from The Independent-Herald, April 21, 1932

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Article Text

Suing Bank Receiver Mrs. Dreama R. Gwinn has begun action in detinue in the Greenbrier county circuit court against U. S. Seal, receiver of the Alderson National Bank, which closed its doors last Sep' tember after the death of O. D. Massey, the bank's president. The suit is as administrator of the estate of Josephine Gwinn. Mr. Massey was executor of the estate of deceased, and after his death plaintiff was appointed ad: ministratrix to close the estate. The suit is to recover two United States bonds of $1,000 each, which the receiver took in his possession as assets of the bank to secure an ostensible debt against the estate and which alleged debt, plaintiff claims does not exist.