23035. Circleville Bank (Circleville, WV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 1, 1931*
Location
Circleville, West Virginia (38.671, -79.491)

Metadata

Model
gpt-5-mini
Short Digest
a07b11c0

Response Measures

Full suspension

Description

Articles state Circleville Bank was one of three county banks closed 'some months ago' (by Dec 1931) because of heavy withdrawals and later placed in receivership; small depositors being paid in Oct 1932. No explicit reopening — permanent closure with receiver.

Events (4)
1. December 1, 1931* Run
Cause Details
Heavy withdrawals (run) depleted reserves, leading to closure; no specific misinformation or external correspondent failure cited.
Newspaper Excerpt
all of which were closed some months ago due to heavy withdrawals
Source
newspapers
2. December 1, 1931* Suspension
Cause Details
Closed because of depleted reserves following heavy withdrawals; subsequently placed in receivership and business handled through Farmers' Bank of Pendleton.
Newspaper Excerpt
the only three banks which the county had and all of which were closed some months ago due to heavy withdrawals
Source
newspapers
3. March 26, 1932 Receivership
Newspaper Excerpt
Administration of the three closed banks ... has been placed in the hands of C. E. Lawhead ... receiver for closed banks in the northern part of the State. Business will be handled through Farmers' Bank of Pendleton, to which all records have been brought.
Source
newspapers
4. October 7, 1932 Other
Newspaper Excerpt
All creditors and depositors of Farmers' Bank of Pendleton and Franklin Bank ... and Circleville Bank ... whose accounts are less than $5 ... will be paid in full ... The banks were closed last December because of depleted reserves.
Source
newspapers

Newspaper Articles (2)
1. March 26, 1932 Evening Star Washington, DC
Article from Evening Star, March 26, 1932

Click image to open full size in new tab

Article Text

CLOSED BANK RECEIVER ACTS IN WEST VIRGINIA Special Dispatch to The Star. FRANKLIN, W. Va., March 26.-Administration of the three closed banks of this county-Circleville Bank, Franklin Bank and Farmers' Bank of Pendleton County, the only three banks which the county had and all of which were closed some months ago due to heavy withdrawals-has been placed in the hands of C. E. Lawhead of Clarksburg, receiver for closed banks in the northern part of the State. Business will be handled through Farmers' Bank of Pendleton, to which all records have been brought. R. A. Tabler of Madison has been placed in active charge of affairs. Information was received today that State police had gone from Charleston to Libby, Mont., to bring back Irving Ritchie, former cashier of the closed Farmers' Bank of Pendleton, who was indicted here on nine counts by the grand jury, charging embezzlement and misappropriation of funds. He was arrested in Libby 10 days ago and released there under bond pending action by West Virginia authorities.

2. October 17, 1932 Evening Star Washington, DC
Article from Evening Star, October 17, 1932

Click image to open full size in new tab

Article Text

WEST VIRGINIA BANKS WILL PAY DEPOSITORS Special Dispatch to The Star. FRANKLIN, W. Va., October 7.-All creditors and depositors of Farmers' Bank of Pendleton and Franklin Bank, located here, and Circleville Bank at Circleville, this county. whose accounts are less than $5 in either of the three banks will be paid in full, it was announced by R. A. Tabler, assistant receiver, speaking for all three banks. The banks were closed last December because of depleted reserves. Payments are being made through the officers of Farmers' Bank of Pendleton, here.