23086. First National Bank (New Cumberland, WV)

View Charter #6582 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6582
Charter Number
6582
Start Date
April 12, 1930
Location
New Cumberland, West Virginia (40.497, -80.607)

Metadata

Model
gpt-5-mini
Short Digest
7174cc64

Response Measures

None

Receivership Details

Depositor recovery rate
16.4%
Date receivership started
1927-11-21
Date receivership terminated
1936-08-27
OCC cause of failure
Fraud
Share of assets assessed as good
17.3%
Share of assets assessed as doubtful
24.1%
Share of assets assessed as worthless
58.6%

Description

Articles from 1930–1931 describe litigation involving the cashier (Brandon) and refer to a receiver for the First National Bank, New Cumberland, WV. A 1936 federal Controller report states the First National Bank, New Cumberland, was liquidated (receivership finally settled) in August 1936. No explicit contemporaneous report of a depositor run is present; the trigger appears to be bank-specific malfeasance (misappropriation by the cashier).

Events (4)
1. January 16, 1903 Chartered
Source
historical_nic
2. November 21, 1927 Receivership
Source
historical_nic
3. April 12, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Litigation alleges cashier James Brandon and relatives misapplied or stole funds from the bank; bank placed in receivership as a result of these losses.
Newspaper Excerpt
appeal ... the American Surety New York against Philip of First National Bank New Cumberland. W. Va., which had started Thursday ... the suit involved cashier's for Brandon ... the receiver.
Source
newspapers
4. August 1, 1936* Receivership
Newspaper Excerpt
The First National Bank, New Cumberland, W. Va., is the only one liquidated in the fifth Federal Reserve district during the month ... the final settlement being far from 100 per cent.
Source
newspapers

Newspaper Articles (4)
1. April 12, 1930 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, April 12, 1930

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Article Text

Appellate Court Considering Cases Arguments Heard on Three Appeals by U. S. Bench Conference on cases already argued but not will occupy the judges the United States Circuit Court Appeals today. the sibility will be handed down in The yesterday on appeals, cluding that James Brandon and the American Surety New York against Philip of First National Bank New Cumberland. W. Va., which had started Thursday William Simpson, attorney for Brandon the surety contended that the kins, W Va.. had made finding fact on the and any proved admitted fact had in recting against his on the evidence submitted The nivance Brandon with his sons steal from the bank claimed the receiver. was not established the evidence appellants The suit involved cashier's for Brandon on the was G. Bambrick Thank Offering Service Jimmie O'Connors and Spike are The thank offering their New town on will held Grace and Holy Trin- York to Cuba dusty Ity Church on May at M. the to but can't O'Connors appeared for the appellee George Thorpe P.-T. A. vet of the Spanish- row and Argument was also the The meeting the George Thorpe lives his most eventful life upon the the Jupollo Public Service cases of Parent- Teacher Association will pension received for being hero and others against Company on April H. This San Juan he valorous administratrix of the was Georgia due to the conflict of the to his estate Fred case grade just dog. Not plain the ing of last month will given for it has one of and might tion have resulted in pug adversary after trial: and Maryland Casualty Scott. Ann dark. Jimmie says he'll write us along pany M. Burnett. Elizabeth Per- the the Bank of Ivanhoe Va. In the latway sons. Maurice Cosby, Fred Collins Jr. Ruth Mildred Wiltshire. among on Little Orphan Annie cational Friday Baltimore 300 and This tour was by the Market Vealers calves HONEST$8 THE LOSS WAS NOTHING Harry Craver New York is the HA! HA! CAN'T UNDERSTAND IT AT 300 guest of his nephew Dr R. Blair 50 Market Bulk Ginter AFTER HER calves of ALL-1 WON'T PROSECUTE W Jackson of Detroit Mich $13 ANNIE- SPITE THE ROBBING has to Jersey EVIDENCE CAN'T BELIEVE HIM- AND Mrs. T. H. and directs Mar Veal ranged $12.50 ter. Mrs. C. Chappell of Edgewood SHE DID SHE'S HE CALLS $14 for quality sold HER AN HONEST GIRLMr. and Mrs H. Biggerstaff of HONEST Barton after QUITE visiting Mrs. Kirby of Spartanburg, Mr and Mrs. William R. Bartling accompanied by Mrs New guests last week Mr and Tolson Miss of Avenue friends and relatives in New York City Mission Study Class The Woman's Society of Barton Heights Methodist hold regular monthly misoclock in the ladies' classroom

2. April 1, 1931 The Culbertson Progress Culbertson, NE
Article from The Culbertson Progress, April 1, 1931

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Article Text

BrandonAppeal Begun Before Circuit Court Federal Court Will Hear Argument Today in Case of Bank Bond Judgment Argument was concluded yesterday the Lucille Kilmer James against the Norfolk and Railway Company before the States Circuit Court Appeals in and court commenced the hearing of appeal Brandon and others from $10,000 judgment in favor of Philip receiver for Bank of New Cum The appeal from directed verdict for railcompany in District Court at where the tiffs were seeking from the damages railroad the result accident near The argument centered around the question of negligence on the part railroad and tributory negligence on the part of the Seek Judgment Reversal. In the Brandon which surety bond The amount of Brandon's bond as cashier of the First National Bank Cumberland in the District Court at Elkins It claimed the bank's receiver that Brandon and relatives of his misapplied funds of bank the extent of about William Simpson of Wheeling is arguing the appeal for Brandon and the American Surety Company D. and G. L. Bambrick are the torneys for the Argument on the appeal is expected be concluded after which the court will take up the case of the Jupollo Public Service Company and others against Mrs. Georgia administratrix of the estate of Fred lineman who was killed when electire light pole fell with while he was repairing The company appealing from judgment the administratrix in the District Court at Asheville, N. claims that an answer witness should brought about that Grant was victim of his own in not testing the before climbing Ivanhoe Bank The court has also scheduled for bearing today the of the Mary against M. Bank of who was awarded ment for in the District for the Western District of Virginia, the exception robbery The case as the growth of of there bank in February the casualty Mrs. was the work of The evidence struction of and she of allowed the of the to the

3. July 30, 1931 The Culbertson Progress Culbertson, NE
Article from The Culbertson Progress, July 30, 1931

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Article Text

Appellate Court Considering Cases Arguments Heard on Three Appeals by U. S. Bench Conference on cases already argued but not will occupy the judges the United States Circuit Court Appeals today. the sibility will be handed down in The yesterday on appeals, cluding that James Brandon and the American Surety New York against Philip of First National Bank New Cumberland. W. Va., which had started Thursday William Simpson, attorney for Brandon the surety contended that the kins, W Va.. had made finding fact on the and any proved admitted fact had in recting against his on the evidence submitted The nivance Brandon with his sons steal from the bank claimed the receiver. was not established the evidence appellants The suit involved cashier's for Brandon on the was G. Bambrick Thank Offering Service Jimmie O'Connors and Spike are The thank offering their New town on will held Grace and Holy Trin- York to Cuba dusty Ity Church on May at M. the to but can't O'Connors appeared for the appellee George Thorpe P.-T. A. vet of the Spanish- row and Argument was also the The meeting the George Thorpe lives his most eventful life upon the the Jupollo Public Service cases of Parent- Teacher Association will pension received for being hero and others against Company on April H. This San Juan he valorous administratrix of the was Georgia due to the conflict of the to his estate Fred case grade just dog. Not plain the ing of last month will given for it has one of and might tion have resulted in pug adversary after trial: and Maryland Casualty Scott. Ann dark. Jimmie says he'll write us along pany M. Burnett. Elizabeth Per- the the Bank of Ivanhoe Va. In the latway sons. Maurice Cosby, Fred Collins Jr. Ruth Mildred Wiltshire. among on Little Orphan Annie cational Friday Baltimore 300 and This tour was by the Market Vealers calves HONEST$8 THE LOSS WAS NOTHING Harry Craver New York is the HA! HA! CAN'T UNDERSTAND IT AT 300 guest of his nephew Dr R. Blair 50 Market Bulk Ginter AFTER HER calves of ALL-1 WON'T PROSECUTE W Jackson of Detroit Mich $13 ANNIE- SPITE THE ROBBING has to Jersey EVIDENCE CAN'T BELIEVE HIM- AND Mrs. T. H. and directs Mar Veal ranged $12.50 ter. Mrs. C. Chappell of Edgewood SHE DID SHE'S HE CALLS $14 for quality sold HER AN HONEST GIRLMr. and Mrs H. Biggerstaff of HONEST Barton after QUITE visiting Mrs. Kirby of Spartanburg, Mr and Mrs. William R. Bartling accompanied by Mrs New guests last week Mr and Tolson Miss of Avenue friends and relatives in New York City Mission Study Class The Woman's Society of Barton Heights Methodist hold regular monthly misoclock in the ladies' classroom

4. September 9, 1936 Evening Star Washington, DC
Article from Evening Star, September 9, 1936

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Article Text

RECEIVERS FINISH WORK IN 21 BANKS Six Institutions Pay Off Better Than 100 Per Cent in August. BY EDWARD C. STONE. Controller of the Currency J. F. T. O'Connor has just announced liquidation of 21 bank receiverships during August, six of the institutions paying off better than 100 per cent, two others 90 per cent, two from 80 to 90, and seven from 70 to 80 per cent. The First National Bank, New Cumberland, W. Va., is the only one liquidated in the fifth Federal Reserve district during the month, in this case the final settlement being far from 100 per cent. The total disbursements of the six banks which returned more than 100 per cent to all creditors amounted to $1,361,562. The August record of 21 receiverships liquidated makes a total of 441 receiverships finally closed or restored to solvency since the Nationwide bank holiday in March, 1933. Total disbursements, including offsets allowed depositors and other creditors, exclusive of 42 banks restored to solvency, aggregated $122,766,970, or an average return of more than 74 per cent of total liabilities, while unsecured depositors received dividends amounting to 58.98 per cent of their claims, the controller's report shows. Vass Starts for Convention. George O. Vass, vice president and cashier of the Riggs National Bank, will leave Washington tonight for the A. B. A. convention at San Fran-