Bank of Benwood - Benwood, WV

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 9, 1925
Location: Benwood, West Virginia (40.018, -80.734)

Metadata

Model: gpt-5-mini
Short Digest: 4eaac3a6

Response Measures

None

Description

Article (Belington Progressive, 1925-09-10) reports indictments of bank officials and identifies Hays Picklesimer as deputy banking commissioner and receiver for the bank, indicating the bank was placed in receivership (permanent closure). No run is described in the text. Wrecking of the Bank of Benwood and criminal indictments point to bank-specific adverse actions/fraud leading to failure.

Events (2)

1. September 9, 1925 Receivership

Newspaper Excerpt: Hays Picklesimer, deputy banking commissioner, who is the receiver for the bank.
Source: newspapers

2. September 9, 1925 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Indictments for wrecking the bank; alleged criminal actions by bank officials led to bank being placed in receivership.
Newspaper Excerpt: Will S. Leach and Joseph F. Ward are each indicted on fourteen counts growing out of the wrecking of the Bank of Benwood... Hays Picklesimer, deputy banking commissioner, who is the receiver for the bank.
Source: newspapers

Newspaper Articles (1)

1. September 10, 1925 Belington Progressive Belington, WV

Article from Belington Progressive, September 10, 1925

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Article Text

BENWOOD BANK OFFICIALS INDICTED WHEELING, Sept. 9-Will S. Leach and Joseph F. Ward are each indicted on fourteen counts growing out of the wrecking of the Bank of Benwood. The indictments were returned yesterday by the Marshall county grand jury and in all probability Leach and Ward will be brought into court this afternoon to plead to them when the criminal docket is called. The indictments were returned, it is presumed, mainly upon the testimony of Daniel W. Quinn, auditor in charge at the bank and Hays Picklesimer, deputy banking commissioner, who is the receiver for the bank. Both men spent some time before the jury yesterday afternoon. Leach and Ward, both in jail adjacent to the court room manifested but little curiosity during the day concerning the activities of the grand jury. They inquired early in the morning from the jailer if they were to be taken into court during the day, but did not mention the subject 7gain.