Richwood Banking & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: October 2, 1931
Location: Richwood, West Virginia (38.224, -80.537)

Metadata

Model: gpt-5-mini
Short Digest: 6ac45d96

Response Measures

None

Description

Article (Evening Star, 1931-10-02) reports the Richwood Banking & Trust Co., described as a state institution, failed to open for business and had notices posted that it was closed pending reorganization. The article does not describe a depositor run or specify a reopening or receiver; I classify this as a suspension that appears to be a closure (no reopening mentioned).

Events (1)

1. October 2, 1931 Suspension

Cause Details: Article gives no specific cause; notice only states banks closed pending reorganization.
Newspaper Excerpt: RICHWOOD, W. Va., October 2 (AP), -This town of 6,000 population was without banking facilities today when the First National Bank of Richwood and the Richwood Banking & Trust Co., a State institution, failed to open for business. Notices posted on the doors announced the banks were closed pending reorganization.
Source: newspapers

Newspaper Articles (1)

1. October 2, 1931 Evening Star Washington, DC

Article from Evening Star, October 2, 1931

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Article Text

SIX BANKS IN FOUR STATES CLOSE DOORS Two Philadelphia and Two West Virginia Houses Lead City Failures. By the Associated Press. PHILADELPHIA, October 2. - Two neighborhood trust companies in Philadelphia closed their doors today. They were the Oiney Bank & Trust Co., Fifth street and Tabor road, with two branches, and the Jefferson Title & Trust Co., at Twenty-ninth street and Girard avenue. Their affairs were placed in the hands of the State Banking Department. City Without Bank. RICHWOOD, W. Va., October 2 (AP), -This town of 6,000 population was without banking facilities today when the First National Bank of Richwood and the Richwood Banking & Trust Co., a State institution, failed to open for business. Notices posted on the doors announced the banks were closed pending reorganization. Last June 30 the Richwood Banking & Trust Co. reported deposits of $599,331 and capital stock of $50,000. The First National reported deposits of $533.770 and capital stock of $40,000. STEUBENVILLE, Ohio, October 2 (A).-The Union Savings Bank & Trust Co. of Steubenville suspended business today and was taken over for liquidation by Ira J. Fulton, State banking superintendent. Directors last night voted to ask the State to liquidate the institution to conserve assets which, they said, had been impaired by a heavy withdrawal of deposits during the past two weeks. The bank last June 30 reported total resources of $4,841,000. It was capitalized for $350,000 and reported a surplus of $275,000. Bank to Liquidate. MUSKEGON, Mich., October 2 (P).The Peoples' State Bank for Savings failed to open for business today. A notice stated that the bank was closed for reorganization or liquidation at the direction of the directors and the State banking department. The last financial statement showed total resources of $3,068,480, deposits of $2,286,938 and capital of $300,000.