23062. Ritchie County Bank (Harrisville, WV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 17, 1911
Location
Harrisville, West Virginia (39.210, -81.052)

Metadata

Model
gpt-5-mini
Short Digest
d315c873

Response Measures

None

Description

Multiple contemporary reports (Oct 17–24, 1911) state the Ritchie County Bank went into the hands of a receiver after a U.S. circuit court decision and/or was closed by the State Commissioner of Banking for impaired capital. Depositors reportedly were paid in full. No run or depositor crowding is mentioned in the articles.

Events (2)
1. October 17, 1911 Receivership
Newspaper Excerpt
L. R. Snodgrass was appointed receiver. The Ritchie County Bank, of Harrisville, today went into the hands of L. R. Snodgrass, as receiver. Depositors will be paid in full, while the stockholders will get about 42 per cent. The bank's capital is said to be impaired. (The Calhoun Chronicle adds: closed last Tuesday by the Commissioner of Banking, on account of impairment of the capital stock)
Source
newspapers
2. October 17, 1911 Suspension
Cause
Government Action
Cause Details
Decision in U.S. circuit court precipitated the bank going into receivership; Commissioner of Banking closed the bank for impaired capital stock.
Newspaper Excerpt
A decision rendered recently in United States circuit court against the Ritchie county bank of Harrisville, is the cause, it is said of the bank's going into the hands of a receiver.
Source
newspapers

Newspaper Articles (7)
1. October 18, 1911 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, October 18, 1911

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Article Text

Decision of Court against Institution Forces It into Receiver's Hands. PARKERSBURG, Oct. 17.-A decision rendered recently in United States circuit court against the Ritchi county bank of Harrisville, is the cause, it is said of the bank's going into the hands of a receiver. The bank's liabilities are said to be $60,000 and assets about $22,000. It is stated depositors will be paid in full, but the stockholders will recover only about forty-two per cent. L. R. Snodgrass was appointed receiver. E. M. Carver was cashier of the bank, which is the oldest in Ritchie county.

2. October 18, 1911 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, October 18, 1911

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Article Text

BANK CLOSED Decision of Court Against Harrisville Institution Forces It into Re. ceiver's Hands. Spécial Diepatch to the Intelligeneer PARKERSBURG W. Va., Oct. 17A decision rendered recently in United States circuit court against the Ritchie county bank of Harrisville, was the cause, It is said of the bank to-day going into the hands of a receiver. The bank's liabilities are said to be $60,000 and assets about $22,000 It is, stated depositors will be paid in full, but the stockholders will recover only about forty-two per cent. L. R. Snodgrass yas appointed receiver E. M Carver was cashier of the bank. which is the oldest in Ritchie county

3. October 18, 1911 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 18, 1911

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Article Text

Bank Falls. Harrisville-The Ritchle County Bank, of Harrisville, the oldest bank in Ritchie county, today went into the hands of a receiver. L. R. Snodgrass who has been assistant cashier of the Institution was named as receiver to take charge of its affairs. E. M. Carver is the bank's cashier. The bank's capital has, It is said, been impaired through losses and it is stated that while the depositors will be paid in full the stockholders of the bank will collect only about 42 per cent.

4. October 19, 1911 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, October 19, 1911

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Article Text

BANK CLOSES Decision of Court against In-, stitution Forces It into Receiver's Hands. PARKERSBURG, Oct. 17.-A decision rendered recently in United States circuit court against the Ritchio county bank of Harrisville, is the cause, it is said of the bank's going into the hands of a receiver. The bank's liabilities are said to be $60,000 and assets about $22,000. . It is stated depositors will be paid in full, but the stockholders will recover only about forty-two per cent. L. R. Snodgrass was appointed receiver. E. M. Carver was cashier of the bank, which is the oldest in Ritchie county.

5. October 21, 1911 Martinsburg Herald Martinsburg, WV
Article from Martinsburg Herald, October 21, 1911

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Article Text

RECEIVER FOR RITCHIE BANK. Depositors in West Virginia Institution May Get All Back. Parkersburg, W. Va., Oct. 18.-The R'tchie County Bank, of Harrisville, the oldest bank in Ritchie county. today went into the hands of L. R. Snodgrass, as receiver. It is stated that the bank's depositors will be paid in full, while the stockholders will get about 42 per cont. The bank's capital is said to be impaired. Its resources are $22,000 and liabilities $60,000. A recent decision of the United States Circuit Court by which the bank lost heavily, it is said, precipitated the receivership.

6. October 24, 1911 The Calhoun Chronicle Grantsville, WV
Article from The Calhoun Chronicle, October 24, 1911

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Article Text

Another Bank Closed. The Ritchie County Bank, of Harrisville, was closed last Tuesday by the Commissioner of Banking, on account of impairment of the captal stock, L. R. Snodgrass has been appointed receiver of the bat. k and has taken charge of its affairs. It is thought that depositors will be paid in full, but the stockholders will lose quite heavily. E. M. Carver, well known to many Calhoun County people was cashier of the defunct bank. As there was only a comparatively small amount due to other banks, the failure of this small bank, which has been in a condition for a long time, will not affect bank-interests in this section.

7. January 5, 1912 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, January 5, 1912

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Article Text

W. VA. BANKS HAD A VERY GOOD YEAR. CHARLESTON, W. Va., Jan. 5. The report of Banking Commissioner S. V. Mathews for the year 1911 has just been issued and covers the State banks and trust companies only. The report shows an increase in the number of banks from 179 to 189. There were, however, 14 State banks started during the year. but two institutions changed to National banks and two banks closed. These were the Fidelity Bank and Trust company of Bluefield, which is now in the hands of a receiver and the officials of the bank have been indicted. The other was the Ritchie County Bank of Harrisville. The affairs of the latter have been closed up and the depositors have received their money without loss. The increase in deposits was $3,632,261.27, while the net increase in resources was $5,353,049.33. The total resources of the State banks are $85,198,056.51, while the total deposits subject to check are $28.f 991,940.22 and in savings deposits the amount is $11,410,858.01. The surplus funds of all banks, total $5,618,708.87.