Farmers Bank of Pendleton (Franklin, WV)

Episode Information

Episode UID
6097476591584
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
609747659 hash
Start Date
December 1, 1931*
Location
Franklin, West Virginia (38.648, -79.332)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
740276887dcf2434

Response Measures

None

Description

Closed by the State Banking Department and placed in receivership; deposits later being paid in part by receiver.

Events (4)
1. December 1, 1931* Run
Cause Details
Heavy withdrawals / depositor panic (unspecified origin) leading to liquidity crisis
Newspaper Excerpt
closed some months ago due to heavy withdrawals
Source
newspapers
2. December 1, 1931* Suspension
Cause
Government Action
Cause Details
Closed by the State Banking Department after depleted reserves
Newspaper Excerpt
closed last December because of depleted reserves
Source
newspapers
3. March 26, 1932 Receivership
Newspaper Excerpt
have been placed in the hands C. E. Lawhead of Clarksburg, Nat receiver for closed banks in the northern part of the State
Source
newspapers
4. June 11, 1932 Other
Newspaper Excerpt
Chancery suits have been entered ... against C. E. Lawhead, receiver for the Farmers' Bank of Pendleton ... seeking to recover ... allegedly left there for safe keeping
Source
newspapers

Newspaper Articles (3)
1. March 26, 1932 Evening star Washington, DC
Article from Evening star, March 26, 1932

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Article Text

Washington Stock Exchange. SALES. Washington Gas 66 $1,000 at 103. Washington Rwy. & Elec. 82. Washington Gas 5s 100 1/2 Mergenthaler at BONDS. McKesson & Robbins. BALTIMORE, March 26 (Special) McKesson & Robbins, Inc., drug manufacturers and incorporated under the laws of the State of Maryland, pamphlet report of operations for 1931 net profits for the riod as with compared $2,629,196 for 1930 Combined net sales for the year toof $14,898,055, or per cent, from the total 1930 Net profits were equal to 1.17 times the preference stock dividend after deducting dividends the balamounted to 24 cents share on common. against Total share the year current $54 were against current liabilities of $10,724,421. ratio to Interisland aviation service has been extended in the Philippines, UNITED STATES. Sales. High. Close Kan City 48'60 84% 11:00. 558 14 32-47 1003 Kreug Toll Laclede Lautaro Nit 6s Myers 5s 28 46-56 Lorillard Lorillard 102 Lou Sales 36% uni Abitibi St McKes 54% 54% Alleghany Alleghany Am Intl Am Am Am Wat Argentine Argentine Arm Arm Del Atchis Atchison 48 Gulf& Atl Australia Australia Australia Austrian Bk Chile Pet Belgium Belgium Tel Benef Berlin Cy Berlin El Stl pm Bolivia 8s Bordeaux Bos CLOSED BANK RECEIVER Me ACTS IN WEST VIRGINIA Dev Brazil Bremen Special Dispatch to The Star. Elev FRANKLIN, W. March 26 -Ad- Bklyn ministration of the three closed banks Bklyn of this county Circleville Bank Franklin Bank and Farmers' Bank of Pendle- Buff ton County. the only three banks which B R Pitts county had and all of which were Calif Packing closed some months ago due to heavy Canada withdra been placed in the Canada 5s hands C. E. awhead of Clarksburg, Nat receiver for closed banks in the northern part of the State Business will be handled through Farmers Bank of Pendleton, to which all have been brought. Tabler of has been placed in active charge of affairs. Information was received today that State police had gone from Libby Mont., bring back Irving Ritchie, former the closed E&G Farmers' Bank of Pendleton, who indicted here on nine counts by the Cent grand jury, charging embezzlement and misappropriation funds. He was Corp rested Libby days ago and released there under bond pending action by West Virginia authorities Chi Grt Chi Chi Un Sta 5s Bid and Asked Prices. 66% PUBLIC UTILITY. Bid. Asked. 106 Vernon ColG&E STOCKS. Copenhag PUBLIC UTILITY Cuba Nor NATIONAL R Columbia Det Bk TRUST COMPANY Finland SAVINGS French French Go of Bethesda Washington Baking Com Cable Street Wash. Mechanics (20 Th FIRE INSURANCE Gov American Cent Cen Bk Cen TITLE INSURANCE MISCELLANEOUS Goodrich Goodyr Grand Grt Bell Tell 101% S&T 68 68 68 Lothrop dividend extra Unlisted Department. Rap Rap BONDS. Asked Navy Hydro Hotel Match Press Mer STOCKS Pap Franklin Bank Japanese Base Kan City Sou 1 62 62 62

2. June 11, 1932 Evening Star Washington, DC
Article from Evening Star, June 11, 1932

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Article Text

Suits Follow Bank Closing. FRANKLIN, W. Va., June 11 (Special).-Chancery suits have been entered in Circuit Court here against C. E. Lawhead, receiver for the Farmers' Bank of Pendleton, closed some months ago by the State Banking Department, seeking to recover from the bank assets, in the form of money and bonds, allegedly left there for safe keeping, and which, the petition says, have not been accounted for. One suit is that of Mrs. Dovie M. Bowers against the receiver, another by Joe E. Heavener and a third by Mrs. Bessie Phares. Another suit, involving a substantial sum, was filed this week by Mary Anderson Pugh, next of friend to Frank Anderson, against Irving Ritchie, committee for Frank Anderson, and National Surety Co., in which the plaintiff will seek to surcharge and falsify the report of the committee. The plaintiff is represented by Lowry N. Coe of Washington and H. G. Muntzing of Moorefield, W. Va. Ritchie was cashier of the closed Farmers' Bank and is now under indictment for alleged embezzlement and mishandling of funds.

3. October 17, 1932 Evening Star Washington, DC
Article from Evening Star, October 17, 1932

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Article Text

WEST VIRGINIA BANKS WILL PAY DEPOSITORS Special Dispatch to The Star. FRANKLIN, W. Va., October 7.-All creditors and depositors of Farmers' Bank of Pendleton and Franklin Bank, located here, and Circleville Bank at Circleville, this county. whose accounts are less than $5 in either of the three banks will be paid in full, it was announced by R. A. Tabler, assistant receiver, speaking for all three banks. The banks were closed last December because of depleted reserves. Payments are being made through the officers of Farmers' Bank of Pendleton, here.