Union National Bank - Fairmont, WV

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 9645
Charter Number: 9645
Start Date: December 1, 1930*
Location: Fairmont, West Virginia (39.485, -80.143)

Metadata

Model: gpt-5-mini
Short Digest: de34d4ea

Response Measures

Full suspension, Books examined

Other: Board ordered closing; plans for complete liquidation mentioned.

Receivership Details

Depositor recovery rate: 90.1%
Date receivership started: 1930-12-16
Date receivership terminated: 1941-07-22
Share of assets assessed as good: 56.2%
Share of assets assessed as doubtful: 36.1%
Share of assets assessed as worthless: 7.8%

Description

Multiple contemporaneous articles (Dec 16–18, 1930) report a heavy run that began the prior week and that the Union National Bank of Fairmont closed its doors Dec 16 after inability to liquidate assets to meet withdrawals. The board ordered the closing and the examiner investigated; newspapers state efforts would be made to complete liquidation of the bank. Thus sequence: run → suspension/closure with liquidation (permanent). Dates taken from article reporting (Dec 16, 1930).

Events (5)

1. January 26, 1910 Chartered

Source: historical_nic

2. December 1, 1930* Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals that the bank could not meet; run began the week before closure prompting inability to liquidate assets quickly enough.
Measures: Board investigated, national bank examiner called; attempts made to arrange plans to take care of depositors and to liquidate the bank.
Newspaper Excerpt: A run on the bank began last week.
Source: newspapers

3. December 16, 1930 Receivership

Source: historical_nic

4. December 16, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to liquidate assets rapidly enough to meet heavy withdrawal demands due to the run; board ordered closing and examiner investigated; liquidation to be carried out.
Newspaper Excerpt: The Union National Bank of Fairmont closed its doors shortly before noon today. Inability to liquidate assets rapidly enough to meet demands for withdrawals was given as the cause for the closing.
Source: newspapers

5. December 18, 1930 Other

Newspaper Excerpt: Inability of a national bank examiner, carrying a charter authorizing a new bank, to make his way in an automobile through a snowstorm in time to arrive ... indirectly brought about the closing yesterday of the Union National Bank of Fairmont, officials said. A run on the bank began last week.
Source: newspapers

Newspaper Articles (6)

1. December 17, 1930 Chicago Tribune Chicago, IL

Article from Chicago Tribune, December 17, 1930

Click image to open full size in new tab

Article Text

11 MORE BANKS CLOSE DOORS IN NORTH CAROLINA Two More Shutdowns in Rural Illinois. Charlotte, C., Dec. in Eleven banks in North Carolina closed their doors today. Four banks in Gaston four the Asheville area of western North Carolina, one in one in and one in Bertie shut doors county First National bank of The was the largest of the with of $3,066,072 on Sept. 24. The Peoples bank of in with capital of $5,000 and resources of $111,338, shut its doors. The Clayton Banking company of capitalized $75,000 and with resources of did not The Bank of Aulander capital of $80,125 and of also did not resources open. Three Small Banks Close. The other three banks, the Gaston Loan and Trust of the Bank of Dallas, and the Peoples bank of West Gastonia comparatively small totaled Closing of the Bank of Franklin, Macon left that town in out financial The a were listed at The deposits Citizens' bank, which merged with the Franklin last month, had deposits of Bank of Swannanoa, with of and the Bank of posits with deposits of failed to after withstanding runs The Bank of Henderson closed in the of heavy remaining open an hour and half. Its deposits were listed at $103,500. Two in South Carolina. S. Bank of York county, closed its doors Lee president the First National bank of Gastonia, failed to this is open president of the Clover tion. The bank had resources of about Golconda Bank Closes. of the Pope County State bank at Golconda for examination and adjustment announced today by State Auditor The bank capitalized at The first of this the had total deposits of $314,216.41. Loans totaled $244,286.79. Another Illinois Bank. a heavy run last week the First National bank of Kansas, this morning failed to open its doors for business. The bank was capitalized at $50,000. Kentucky Bank Reopens. Ky., Dec. (AP) The Farmers bank, which closed here Nov. 26 because of heavy withdrawals, opened today with approval of the state banking department. Depositors have agreed to a deferred payment plan to conserve assets but Christmas savings will be distributed immediate ly. The bank has deposits of W. Virginia Bank Closes. Charleston, W. Va., Dec. The state department of banking today the closing of the Bank of Hillsboro, in Pocahontas county. The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746. And Another. Fairmount, W. Va., Dec. The Union National Bank of Fairmount closed its doors today. Inability liquidate assets rapidly enough to meet demands for withdrawals was given as the cause for the closing. One in Nebraska. Lincoln, Neb., Dec. closing of the State Bank of Niobrara, at Niobrara, Neb., today was nounced here by the state department of trade and commerce. The bank had deposits of approximately $275,000. One in Salt Lake. Salt Lake City, Utah, The Columbia Trust company of this city was placed in the hands of the state today. Frank said: bank is not insolvent, having 20 per cent reserve at the close of business and it is the opinion of the board that every depositor will be paid Total deposits Total assets are $1,175,590.98." SAVED FROM DEATH BY James from at kidnaped by about shoot when other

2. December 17, 1930 The Baltimore Sun Baltimore, MD

Article from The Baltimore Sun, December 17, 1930

Click image to open full size in new tab

Article Text

BOOM FOR JACKSON TO BE HEARD ON AIR Fairmont (W. Va.) Bank Closes Doors After Run Move Taken After H. F. Stokes, National Examiner, Makes Speeches At League Dinner Tonight To Be Broadcast Over WCBM MOVIES TO BE SHOWN Decision On Date For Presenta- tion Of Petitions For Mayoralty To Be Made Accused Harford County Jury Of Approaching Sheriff Investigation Fairmont, W. Va., Dec. 16-The Mrs. Katherine M. Broseene Union National Bank of Fairmont closed its doors today by order of its board of directors, after a heavy run on the institution during the last few days. An effort is being made to complete HAD PAID TWO FINES plans whereby all the depositors may be taken care of fully and the complete liquidation of the bank carried Mrs. Rose Grimes, Who Said She through immediately. Was Attacked, Is Charged H. F. Stokes, national bank examiner, arrived this morning and after With Bigamy an investigation by him the bank was closed. The Union National Bank was A broadcast tonight, between 7.30 formed some months ago by merger Charged with attempting to bribe and 8 o'clock, of the speeches at the of the old People's National Bank, the the Sheriff of Howard county, Mrs. Home Savings and the Fairmont Trust Jackson-for-Mayor Indorsement League Katherine M. Broseene was indicted Company. dinner will be heard over Station yesterday by the county grand jury at WCBM, the committee in charge of Ellicott City. Mrs. Broseene conducts Princess Anne Plans arrangements announced last night, the Plateau Inn, near Waterloo. Christmas Celebration The affair will begin at 6.30 P. M. James Clark, State's Attorney, said at the Southern Hotel, and more than Will Be Held Tuesday Under the charges grew out of a raid by 300 persons are expected to attend, Auspices Of Merchants-Pa- county officers on the inn on the night that number having accepted invitarade To Be Feature of December 1, a half hour before tions, according to officials of the Princess Anne, Md., Dec. 16-Mer- John H. Hardy relinquished his post league. chants of Princess Anne have arranged as Sheriff.

3. December 17, 1930 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, December 17, 1930

Click image to open full size in new tab

Article Text

the Bank of Alabama showed its affairs to be in excellent shape. FULTON, KENTUCKY. BANK REOPENS FULTON, Ky., Dec. 16. The Farmers Bank, which closed here November 26 because of heavy withdrawals. reopened today with approvof the state banking department Depositors have agreed to deferred payment plan to conserve assets but Christmas savings will be distributed immediately. The bank has deposits of $395,000. WEST VIRGINIA BANK SUSPENDS CHARLESTON. W. Va., Dec. 16. The state department of banking today announced the closing of the Bank of Hillsboro, in Pocahontas county. An announcement said that negotiations for taking over the institution were being made by the Bank of Marlington. The Bank of Hillsboro on September 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746. WITHDRAWALS FORCE ANOTHER TO CLOSE FAIRMONT, W. Va.. Dec. 16.-(P) The Union National Bank of Fairmont closed its doors shortly before noon today. Inability to liquidate assets rapidly enough to meet demands for withdrawals was given as the cause for the closing.

4. December 17, 1930 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, December 17, 1930

Click image to open full size in new tab

Article Text

11 NORTH CAROLINA BANKS FAIL TO OPEN Gastonia First National, with $3,066,072 Deposits, Is Largest. By Associated Press. CHARLOTTE, N. C., December 16. -Eleven in North Carolina closed their doors today. Four banks in Gaston County, four in the Asheville area of Western North Carolina, one in Cleveland County, one in Johnston County and in Bertie County closed. The First National Bank of Gasthe largest. with deposits of $3,066,072. The People's Bank of Waco had resources of $111,338.26. The Clayton Banking Company of Clayton, capitalized at $75,000. had resources of $393,731.36. The Bank of Aulander, with capital of and resources of $385,896.95, also did not open. By Associated Press. State Department of Banking today the closing of the Bank of Hillsboro, in Pocahontas County The announcement said the bank was closed on Friday "to conserve assets.' and that negotiations for taking over the institution were being made by the Bank of Marlinton. By Associated. FAIRMONT W. VA., December 16. -The Union National Bank of Fairmont closed its doors shortly before noon today Inability to liquidate assets rapidly enough to meet demands for given as the cause for the closing. Dells Made in Saline. MO., December 16.Big, little, fat and dolls, tall, short, old and young dolls, and boy and girl and papa and mama dolls. about 500 of them, have been made this summer by the Women's Extension clubs Saline County, and will be shipped at once to various and institutions in Missouri. The dolls are to be given the children for Christmas presents.

5. December 18, 1930 Evening Star Washington, DC

Article from Evening Star, December 18, 1930

Click image to open full size in new tab

Article Text

BANK CLOSING HELD DUE TO SNOWSTORM Failure of Examiner to Arrive With Charter for New Institution Causes Shut Down. By the Associated Press. FAIRMONT, W. Va., December 18.Inability of a national bank examiner, carrying a charter authorizing a new bank, to make his way in an automobile through a snowstorm in time to arrive from Washington by 9 o'clock Tuesday morning indirectly brought about the closing yesterday of the Union National Bank of Fairmont, officials said. A "run" on the bank began last week.

6. December 18, 1930 Evening star Washington, DC

Click image to open full size in new tab

Article Text

BANK CLOSING HELD DUE TO SNOWSTORM Failure of Examiner to Arrive With Charter for New Institution Causes Shut Down. By the Associated Press FAIRMONT, W. Va., December Inability of national bank examiner, carrying a charter authorizing new bank, to make his way in an automobile through a snowstorm in time to arrive from Washington by 9 o'clock Tuesday morning indirectly brought about the closing yesterday of the Union National Bank of Fairmont, officials said. A "run" on the bank began last week.