Johnston & Cheek (Danville, VA)

Episode Information

Episode UID
5890136191332
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
589013619 hash
Start Date
December 16, 1910
Location
Danville, Virginia (36.586, -79.395)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e853b231cb216d51

Response Measures

None

Description

Owners executed a deed of assignment to a trustee; failure linked to insolvent major debtor.

Events (2)
1. December 16, 1910 Receivership
Newspaper Excerpt
filed a deed of assignment, conveying all of the assets of the institution to John F. Rison, trustee.
Source
newspapers
2. December 16, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure precipitated by announcement that the Sutherlin-Meade Tobacco Co. (a large debtor) was insolvent, coupled with recent failure of Swain & Wyllie tobacconists.
Newspaper Excerpt
The banking house of Johnston & Cheek, private bankers, closed its doors in Danville yesterday and filed a deed of assignment, conveying all of the assets of the institution to John F. Rison, trustee.
Source
newspapers

Newspaper Articles (2)
1. December 17, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 17, 1910

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Article Text

VIRGINIA NEWS. The banking house of Johnston & Cheek, private bankers, closed its doors in Danville yesterday and filed a deed of assignment, conveying all of the assets of the institution to John F. Rison, trustee. The owners of the bank-Charles L. Holland and Edmund B. Meade-assigned all of their real estate, including their homes and personal property, to the trustee, for the benefit of the creditors. The failure of the bank was brought about by the announcement yesterday that the Sutherlin-Meade Tobacco Company was insolvent. This concern was largely indebted to Johnston & Cheek, and has practically no assets.

2. December 20, 1910 The Free Lance Fredericksburg, VA
Article from The Free Lance, December 20, 1910

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Article Text

# BANKING HOUSE IN DANVILLE FAILS It Was Founded By a Former Fredericksburg. The banking house of Johnston & Cheek, of Danville, has failed with deposits of $150,000. It is claimed the assets amount to $200,000 and the bank will pay out. The owners, Charles L. Velland and Edmund B. Meade, assigned all their real estate, including homes and personal property, to the trustees for the benefit of the creditors. The failure of the bank was brought about by the announcement by attorneys representing the Sutherlin & Meade Tobacco Co., Inc., that this company was insolvent. This concern was largely indebted to Johnston & Cheek, with practically no assets, which, coupled with the recent failure of Swain & Wyllie, tobacconists, precipitated the crash. This bank was the oldest in Danville and was founded by W. F. Cheek in 1860, who was for 30 years a prominent merchant of Fredericksburg and a member of the firm of Cheek & Alexander, who did a large grain and flour business in the storehouse at corner of Commerce and Winchester streets, now occupied by Mr. Geo. E. Jacobs.