23052. Franklin Bank (Franklin, WV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 1, 1931*
Location
Franklin, West Virginia (38.648, -79.332)

Metadata

Model
gpt-5-mini
Short Digest
fbb520e4

Response Measures

Full suspension

Other: Receiver appointed (C. E. Lawhead) and business handled through Farmers' Bank of Pendleton; later small depositors to be paid in full.

Description

Newspaper articles state Franklin Bank (Franklin, W. Va.) was closed in December (last December, per Oct 1932 article) due to heavy withdrawals and had depleted reserves; a receiver (C. E. Lawhead) was appointed March 26, 1932 and operations/records handled through Farmers' Bank of Pendleton. Sequence: run (heavy withdrawals) -> suspension/closure -> receivership. Bank charter/type not specified in articles.

Events (3)
1. December 1, 1931* Run
Cause Details
Heavy withdrawals against the bank leading to closure (articles do not specify rumor or external trigger).
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
2. December 1, 1931* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed because of depleted reserves following heavy withdrawals; suspension appears to be permanent leading to receivership.
Newspaper Excerpt
The banks were closed last December because of depleted reserves.
Source
newspapers
3. March 26, 1932 Receivership
Newspaper Excerpt
Administration of the three closed banks of this county--Circleville Bank, Franklin Bank and Farmers' Bank of Pendleton County... has been placed in the hands of C. E. Lawhead of Clarksburg, receiver for closed banks in the northern part of the State.
Source
newspapers

Newspaper Articles (4)
1. March 26, 1932 Evening Star Washington, DC
Article from Evening Star, March 26, 1932

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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. March 26, 1932 Evening star Washington, DC
Article from Evening star, March 26, 1932

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Article Text

Washington Stock Exchange. SALES. Washington Gas 66 $1,000 at 103. Washington Rwy. & Elec. 82. Washington Gas 5s 100 1/2 Mergenthaler at BONDS. McKesson & Robbins. BALTIMORE, March 26 (Special) McKesson & Robbins, Inc., drug manufacturers and incorporated under the laws of the State of Maryland, pamphlet report of operations for 1931 net profits for the riod as with compared $2,629,196 for 1930 Combined net sales for the year toof $14,898,055, or per cent, from the total 1930 Net profits were equal to 1.17 times the preference stock dividend after deducting dividends the balamounted to 24 cents share on common. against Total share the year current $54 were against current liabilities of $10,724,421. ratio to Interisland aviation service has been extended in the Philippines, UNITED STATES. Sales. High. Close Kan City 48'60 84% 11:00. 558 14 32-47 1003 Kreug Toll Laclede Lautaro Nit 6s Myers 5s 28 46-56 Lorillard Lorillard 102 Lou Sales 36% uni Abitibi St McKes 54% 54% Alleghany Alleghany Am Intl Am Am Am Wat Argentine Argentine Arm Arm Del Atchis Atchison 48 Gulf& Atl Australia Australia Australia Austrian Bk Chile Pet Belgium Belgium Tel Benef Berlin Cy Berlin El Stl pm Bolivia 8s Bordeaux Bos CLOSED BANK RECEIVER Me ACTS IN WEST VIRGINIA Dev Brazil Bremen Special Dispatch to The Star. Elev FRANKLIN, W. March 26 -Ad- Bklyn ministration of the three closed banks Bklyn of this county Circleville Bank Franklin Bank and Farmers' Bank of Pendle- Buff ton County. the only three banks which B R Pitts county had and all of which were Calif Packing closed some months ago due to heavy Canada withdra been placed in the Canada 5s hands C. E. awhead of Clarksburg, Nat receiver for closed banks in the northern part of the State Business will be handled through Farmers Bank of Pendleton, to which all have been brought. Tabler of has been placed in active charge of affairs. Information was received today that State police had gone from Libby Mont., bring back Irving Ritchie, former the closed E&G Farmers' Bank of Pendleton, who indicted here on nine counts by the Cent grand jury, charging embezzlement and misappropriation funds. He was Corp rested Libby days ago and released there under bond pending action by West Virginia authorities Chi Grt Chi Chi Un Sta 5s Bid and Asked Prices. 66% PUBLIC UTILITY. Bid. Asked. 106 Vernon ColG&E STOCKS. Copenhag PUBLIC UTILITY Cuba Nor NATIONAL R Columbia Det Bk TRUST COMPANY Finland SAVINGS French French Go of Bethesda Washington Baking Com Cable Street Wash. Mechanics (20 Th FIRE INSURANCE Gov American Cent Cen Bk Cen TITLE INSURANCE MISCELLANEOUS Goodrich Goodyr Grand Grt Bell Tell 101% S&T 68 68 68 Lothrop dividend extra Unlisted Department. Rap Rap BONDS. Asked Navy Hydro Hotel Match Press Mer STOCKS Pap Franklin Bank Japanese Base Kan City Sou 1 62 62 62

3. March 28, 1932 Cumberland Evening Times Cumberland, MD
Article from Cumberland Evening Times, March 28, 1932

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Article Text

NAMED FOR THREE BANKS Franklin, W. Mar. the three closed Franklin Bank and Farmers Pendleton the which the county had of which closed due heavy withdrawbeen placed the hands Lawhead, closed banks the part the Business handled through Farmers

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

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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.