gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
209cf27abc477796
Response Measures
None
Events (2)
1.August 9, 1909Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unwise loans made during the Jamestown Exposition period and inability to realize on discounted paper forced liquidation.
Newspaper Excerpt
The Traders and Truckers' Bank ... closed its doors today, announcing that owing to its inability to realize upon its paper the institution had been forced into liquidation.
Source
newspapers
2.August 10, 1909Receivership
Newspaper Excerpt
an assignment was made to James H. Winston, trustee. James Winston ... applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction.
Source
newspapers
Newspaper Articles (10)
1.August 9, 1909Evening StarWashington, DC
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Article Text
EXPOSITION LOANS BREAK BANK NORFOLK INSTITUTION UNABLE To REALIZE ON PAPER. Closes Doors-Expected to Pay Depositors in Full-Mayor Riddick Is Officer. NORFOLK, Va., August 9.-The Traders and Truckers' Bank, doing a large banking business here among "up-town" merchants and county truckers, closed its doors today. announcing that owing to its inability to realize upon its paper the institution had been forced into liquidation. The bank's officers are Terry B. Gordan. president: James G. Riddick and C. N. Whitehurst, vice presidents, and A. Newton Cruzer, cashier. Vice President Riddick is mayor of Norfolk. The closing of the bank's deors caused much excitement among depositors. A large crowd gathered about the bank's doors. A statement issued by President Gordan says that the institution has been struggling since the financial panic to place itself on a firm footing, but unwise loans made during the Jamestown exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation. To this end, he added, an assignment was made to James H. Winston, trustee. President Gordan and Vice President Riddick both express belief that the deposits, amounting to less than $80,000, will be paid in full. The bank's paid-in capitalization was $40,000. The failure is understood to affect no other banking institution in Norfolk.
2.August 10, 1909Daily PressNewport News, VA
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Article Text
NORFOLK BANK CLOSES DOORS TO LIQUIDATE Bad Paper Discounted During Exposition Period the Undoing of Traders' and Truckers.' NORFOLK, VA., Aug. 9.-The Traders' and Truckers' bank, doing a large banking business here among "up-town" merchants and county truckers, closed its doors today, announcing that owing to its inability to realize upon its paper the institution had been foreed into liquidation. The bank's officers are Terry B. Gordon, president; James G. Riddick ane C. N. Whitehurst, vice-presidents, and A. Newton Cruser, cashier. Vicepresident Riddick is mayor of Norfolk A statement issued by President Gordan, of the failed bank, says that the institution has been struggling since the finnacial panic to place itself on a firm footing, but unwise loans made during the Jamestown exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation and to this end an assignment was made at noon to James H. Winston, trustee. President Gordan and Vice-president Riddick both express the belief that deposits amounting to more or less than $80 000 at this time will be paid in full. The bank's paid in capitalization was $40,000. The failure affects no other banking institution in Noriolk.
NORFOLK BANK CLOSES DOORS Norfolk, Va., Aug 10.-The Traders and Truckers bank, doing a large banking business here among the nptown merchan-s and country truckers, closed its doors today, announeing that, owing 10 dts inability to realize upon its paper, the institution had been forced into liquidation. A statement Issued by President Gordon says the institution has been struggling since the financial panic to place itself on a firm footing, but unwise loans made during the Jamestown Exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation. To this end he ade that an assignment was mae to James H. Winston, trustee. Officials express the belief that depositors will be paid in full. The failure, it is understood, affects no other banking Institution in Norfolk.
4.August 11, 1909The Montgomery AdvertiserMontgomery, AL
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Article Text
Asks To Be Receiver. Norfolk, Va., Aug. 10-James Winston named as trustee in the deed of assignment made yesterday by the tailed Traders' and Truckers Bank, today applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vice president of the bank. said he had no object. ion to the creation of a receivership but requested a continuance until to. morrow. which was granted,
5.August 11, 1909The Birmingham Age-HeraldBirmingham, AL
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Article Text
Receiver Not Appointed. Norfolk, Va., August 10:-James Winston, named as trustee in the deed of assignment made yesterday by the Traders and Truckers bank today applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vice president of the bank, said he had no objection to the creation of a receivership, but requested a. continuance until tomorrow, which was granted.
WNTS TO BE RECEIIVER. Norfolk, Va., Aug. 11.-James Winston, named as trustee in deed of assignment of the failed Traders and Truckers Bank, today applied to Judge Hanclel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vicepresident of the bank, said The had no objection to the creation of a receivership, but requested a continuance until tomorrow, which was granted.
7.August 12, 1909The Washington HeraldWashington, DC
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Article Text
STOCKHOLDERS ASK RECEIVER. Charge Made that Traders and Truckers' Bank Was Mismanaged. Norfolk, Va. Aug. 11.-At a meeting this evening of the stockholders of the Traders and Truckers' Bank, which closed its doors Monday, a resolution was adopted asking the court for the appointment of a received for the institution, and the charge was made that the failure of the bank was due to the mismanagement and inefficiency of the bank's officers.
8.October 26, 1909The Washington HeraldWashington, DC
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Article Text
BANK FAILURE TO BE PROBED Grand Jury Will Investigate Affairs of Norfolk Institution. Commonwealth's Attorney Wishes to Know Causes of Traders and Truckers Closing Doors. Special to The Washington Herald. Norfolk, Va., Oct, 25.-Scenting alleged misconduct in the recent failure of the Traders and Truckers' Bank, Commonwealth's Attorney John G. Tilton has instituted an investigation into the affairs of the bank. To testify in the matter before the grand jury in November, Tilton has directed the summoning of Tench F. Tilghman, B. A. Banks, and James H. Winston, receivers of the bank; A. E. Letch, Bailey Atwood, and L. H. McCaleb, expert accountants, and the entire board of directors. T. B. Gordon is president of the bank and J. G. Riddick and C. N. Whitehurst vice presidents. Riddick is mayor of Norfolk. The bank was a comparatively small one, so far as capital stock goes, but many poor people lost most of their savings in it. Commonwealth's Attorney Tilton said of the investigation: "I propose to ask the grand jury that sits on Monday to inquire if any false statements as to the bank's condition have been made to the State corporation commission; if there have been any false entries made in the bank's books; if any of the bank's funds have been embezzled, and if any money has been received from depositors when it was well known that the concern was insolvent. If It was an honest failure, the investigation can result in harm to nobody. If it was a criminal one, the parties guilty should be in jail."
9.April 14, 1910The Richmond VirginianRichmond, VA
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Article Text
DUB MIOTIONI aux TO way, has been appointed roadmaster of the Dry Fork branch of that road. DANVILLE, VA., April 14.-In the United States Court here Wednesday, Judge Henry C. McDowell presiding, Dolly Spangle, white, of Patrick county, was given thirty days in jail and fined $100 for selling liquor without a license. Sentence was suspended until November 16 owing to her child needIng the care of a mother and In order to allow the woman time to harvest her crop. The woman is alleged to have operated the "blind tiger" at her home. FREDERICKSBURG VA., April 14. A destructive forest fire has been raging in Stafford county for several days, but is at last under control. It burned over hundreds of acres of timber land and destroyed thousands of dollars' worth of young growing timber, cordwood and sawed timber. ROANOKE, VA., April 14.-George A. Kent, chief engineer of the Virginia Iron, Coal and Coke Company, was brought here Wednesday and taken to the Jefferson Hospital for a surgical operation as a result of injuries received on Toms creek by a car running back on him. NORFOLK, VA., April 14.-Judge Hanckel has decided that the depositors of the falled Traders and Truckers' Bank could sue the directors of that institution upon their personal estates to make good losses that assets collectable by the receivers of the bank will not meet.
10.April 28, 1910The Mathews JournalMathews, VA
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Article Text
DIRECTORS ARE HELD RESPONSIBLE FOR DEPOSITS NORFOLK, VA.- Special.-Reversing a former decision made by himself, Judge Hanckel Friday held that the estates of dead directors of the defunct Traders' and Truckers' Bank could be subjected to action by depositors for recovery of losses sustained as a result of the failure of the institution. Judge Hanckel, since deciding that the right of action by depositors of the bank for recovery of losses against the personal estates of directors became extinct with the death of the directors, found that the weight of authority law in favor of the depositors. Application for appeal was filed by the defendants on the ground that the suit could be brought only by the receivers of the insolvent bank, and that the right of action did not lie with the depositors.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
