Broadway Bank & Trust Company (Richmond, VA)

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Bank President Said To Have Committed Suicide

RICHMOND, Va., Sept. Broadway Bank and Trust company whose president, Hoffman, was found dead his bedroom yesterday, was closed today for audit by the State Banking department. A notice signed M. BrisLow, commissioner of banking and Insurance, was posted on the closdoors stating the bank suspended until further notice for the purpose of having an made. Coroner M. Whitfield returned verdict that the cause of Mr. Hoffman's death was suicide by gas.

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RICHMOND BANK CLOSED

Richmond. Va., Sept. Broadway Bank Trust Company, whose president Hoffman, found dead in his bedroom yesterday, was closed today an audit by the state banking department. posted notice signed by Bristow, banking and said the bank was suspenduntil further notice for the purpose having an audit made. Coroner Whitfield returned verdict that the cause Mr. Hoffman's death suicide by gas.

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Richmond Bank Closed by State

RICHMOND. Sept 26 The Broadway Bank and Trust Company. whose president. found dead in his bedroom yesterday, was closed for audit by the State Bankday ing Department notice signed by M. BrisCommissioner of Banking and Insurance, was posted the closed doors stating the bank suspenduntil further notice for the of having audit made Coroner Whitfield returned verdict that the cause of Mr Hoffman's death suicide by gas. Bank examiners worked throughthe night in making an audit out and action on appointment receiver expected. The bank the last call statement, on June had $300,000 and undivided its $14,543 that time the bank had total deposits of $1,515,385 with checking counts and in savings accounts.

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RICHMOND BANK CLOSED Broadway Bank and Trust Company, whose President L. W. Hoffman was found dead in his bedclosed today M Bristow Commisioner of Bank and Insurance. said the bank suspended until further notice the of an audit for purpose made

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Virginia Bank Closed After President Kills Himself

Richmond, Va. Sept. The Broadway Bank and Trust company, whose president, W Hoffman, was found dead In his bedroom yesterday, was closed to day. notice signed by M Bris. of and insurance, was posted the ed doors stating the notice for the purpose having audit made Coroner M. Whitfield returnverdict that the of Hoffman's death was suicide gas

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President Dead, Bank is Closed

RICHMOND. VA., Sept. 26 The Broadway Bank and Trust Company, whose president, Hoffman, was found dead in his bedroom yesterday, was closed today. notice signed by M. E. Bristow, commissioner of banking and insurance, was posted on the closed doors stating the bank was suspended until notice for the purpose of having an audit made. Coroner M. Whitfield returned verdict that the cause of Mr. Hoffman's death was suicide by gas.

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Richmond Bank Closed By President's Suicide

The Broadway Bank & Trust company, whose president, L. W. Hoffman, was found dead in his bedroom yesterday, was closed today for an audit by the state banking department.

A notice signed by M. E. Bristow, commissioner of banking and insurance, was posted on the closed doors, stating the bank was suspended until further notice for the purpose of having an audit made. Coroner Whitfield returned verdict that the cause of Hoffman's death was suicide by gas.

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Virginia Bank Closed After President Kills Himself

Richmond, Va., Sept. 26. The Broadway Bank and Trust company, whose president, W. Hoffman, was found dead his bedroom yesterday, was closed to day. notice signed by M. E. Briscommissioner banking and was posted on the closdoors stating the bank until notice for the purpose of having audit made. Coroner M. Whitfield returnverdict that the Hoffman's death was suicide by gas.

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W. Hoffman, President of Institution, Was Found Suicide Friday

Va., Sept. 26. The Broadway Bank Trust Company, whose Hoffman, found dead his bedroom yesterday closed audit by the state banking posted notice signed by Bristow, commissioner banking and the bank suspended until further notice No purpose of having audit Coroner Whitfield returned verdict that Mr Hoffman's death suicide The Richmond clearing house which closed bank member. issued following statement the sudden the president Broadway Bank and Trust Company the clearing house association has had ficient time make detailed examination affairs bank evolve plan the tection the the banking department completes its investigaclearing house will promptly such interest positors although Mr. Hoffman secretary the association and leader the Virginia Methodist

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RICHMOND BANK CLOSED

Richmond. Va., September -The Broadway Bank and Trust Company, whose President L. W. Hoffman, was found dead in his bedroom yesterday was closed today. M. E. Bristow, Commisioner of Banking and Insurance, said the bank was suspended until further notice for the purpose of having an audit

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Receivers Allowed To Pay Court Costs

Receivers for the Broadway Bank and Trust Company were given permission today by order of Judge Robert N. Pollard, of the law and equity court, to pay the court costs in the case of R. Powell. assignee, against the Virginia Carolina Rubber Company, et als, in which it was shown that the bank was primarily responsible for payment of the costs, as the Powell claim was the claim of the bank When the Broadway Bank and Trust Company went into receivership there was $24,564 on deposit in special account to the credit of the city circuit court of Richmond in the suit, and also $715.36 to the credit of the receivers for the rubber company and special account of $209.07 from the sale of properties of the Virginia Carolina Rubber Company. The receivers asked permission to pay the costs in order that they might apply the sum to their deposit liabilities. Judge Pollard's order, entered in the law and equity court on Saturday, provides that on pay ment of the costs. the three special funds now standing to the credit of the circuit court. all amounting to $25,489.35 be cancelled and $4,088.28 be credited to the circuit court on the book of the bank receivers.

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BANK RECEIVERS WILL PAY CLAIMS

Permission to Borrow Necessary Funds Granted by Judge Pollard.

Receivers for the Broadway Bank and Trust Company were authorized today by Judge Robert N. Pollard, in the law and equity court, to borrow not more than $25,000. to be used in the payment of certain preferred claims, and also to receive from the Fidelity and Deposit Comof Maryland, the sum of 585 in settlement of the company's liability on the depository bond of T. Todd. treasurer for Henrico county, on payment by the receivers of the amount of the Todd deposit. The court orders were based on receivers' reports, which showed that hen the Broadway Bank and Trust Company closed. T. J. Todd, as Henrico county treasurer. had deposited to his credit $9,515.51, secured by the bank with depository bond with the Fidelity and Deposit Company of Maryland in the sum of $10,000. and also by other bonds of a par value of $20,000, deposited by the Broadway bank with the Bank of Commerce and Trusts. when Mr. Todd said that his deposits might exceed $10,000. The deposits did not exceed that amount and the receivers asked court order authorizing the Bank of Commerce and Trusts to turn the bonds over to them. Authority was also asked to borrow $25 at the lowest obtainable rate of interest order to meet certain preferred claims and to pay from the loan the deposit liabilities of the Henrico county treasurer

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HOPE ABANDONED LOAN

Broadway Bank Receivers to Seek New Plan in Aid of Depositors.

Hope that the Reconstruction Finance Corporation act' favorably the request of the receivers of the Broadway Bank and Trust Company for loan of that might be given dividend has been practically abanwas today The application of the receivers was filed with the Finance Corporation in and has no indication the intention of acting the matter one way anothe, Leader the time the was collateral regarded than sufficient the $225,000 was deposited the Loans National Banks. The fact that thee loans advanced by the Finance Corporation almost invariably been that were in financial straits and seldom. banks already in receivers hands believed here militate against favorable action on the eloan to the Bank Trust Company The local bank state bank was receivership the loan was applied for, federal banks operating but shaky condition have been the recipient of loans under the policy of the Reconstruction Finance so far Meanwhile other plan for the bank depositors will sought the learned. The last general assembly enacted legislation under which the courts to apply for loans to the finance corporation, but the act was broad enough to give the the same power making loans from private banks.

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Bank Receivers' Bond Is Reduced

The bond given by the receivers for the Broadway Bank and Trust Company is reduced from $500,000 to $250,000 under an order issued by Judge Robert N. Pollard and entered in the law and equity court today. The reduction in the amount of the bond was granted in view of the fact that so many of the obligations of the bank have been paid off. The receivers are Latimer Gordon and Guy B. Hazlegrove.

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Bank Broadway Receivers Get Slash in Fees

Continued From First Page on notes, bonds and the Starke Founand Machine Company, and in 1933 they operated concern profit. Exclusive depreciation, they also operated the Broadway office building profit during 1933 "In my capacity as receiver am director the Lumber the States Investment and of regularly without am president and active the the and Ma"Mr. Hazelgrove and are receivers for Street Corporawhich owned 100 per the Broadway Bank and Trust Company, for our work in this connection. Mr. on to explain that and Mr. Hazelgrove aggregating for the the bank had of on the date and that has to dividends, off. took hold of ceivership which had to serof which matured paid with the loss the holders of the bonds, have talked to the larger denow hold the sum Decem1934 exception best interest that be not disposed list many foreign and bonds all being of business or the nature inflation would naturally securities more than it would if they Class To obtain additional revenue and the employ all sources the advantage, receivers recently in renting portion the main floor the bank building the Southern Bank Trust Company

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Receiver Sale Of B'way Bank Is Set Today

Fifteenth, Main Structure to Be Offered to High Bidder on Court Order

The Broadway Bank and Trust Company Building, Fifteenth and Main Streets, will go under the hammer this afternoon at 4 o'clock. The bank's receivers, by order of the court, are offering the structure at public auction to the highest bidder.

All bids received will be subject to approval, however, by Judge Robert N. Pollard of Law and Equity Court. The court recently rejected a private offer for the building, considering the price bid too low. The structure and its fixtures are carried at a book value of $232,990.60. Under the real assessment recently made, the building is assessed at $62,000 and the land at $18,220, a total of $80,220.

The main floor of the building is now occupied by a branch of the Southern Bank and Trust Company. Report of the receivers shows the building has been operated at a loss of $1,067.46 since the receivership was ordered in 1931. The receivers are R. Latimer Gordon and Guy B. Hazelgrove.

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Only $26,000 Bid For Bank Building

Receivers for the Broadway Bank and Trust Company building at Fifteenth and Main streets will lay before Judge Robert N. Pollard in law and equity court today a cash offer of $26,000, the highest bid received at the public auction yesterday of the bank building, together with the real estate, furniture and fixtures.

Between seventy-five and a hundred persons, among whom were many of the largest depositors in the defunct bank, attended the sale, but took no part in the bidding. The offer of $26,000 was made by the Southern Bank and Trust Company. Another bid of $25,000 was made by a bidder whose identity was not made known.

Receivers for the bank, R. Latimer Gordon and Guy B. Hazlegrove, expressed their disappointment over the bids received, which are understood to be far below another offer now before the court. The building and the real estate are carried on the city assessment books at $80,200, or $54,200 more than has been offered for the property at public sale.

Henry hall. OWLS—Richmond Nest, No. 1566, Massey building, 800 East Broad street. W. B. A. OF M.—Women's Benefit, Richmond Review, No. 3, Labor temple. P. O. S. OF A.—Washington Camp, No. 31, Henry hall. I. O. O. F.—Patrick Henry Lodge, No. 116, Foushee and Grace street; Highland Springs Lodge, No. 78, at Highland Springs; Union Lodge, No. 7, Foushee and Grace streets. REBEKAHS—Church Hill Lodge, No. 47, meets second and fourth Tuesday. DEGREE OF POCAHONTAS—Golden Eagle Council, No. 9, at Corprew hall, 2408 East Broad street.

UNIONS—Women's Benefit Association, No. 3, at 8 P. M., in Hall No. 1, Labor temple; Stereotypers and Electrotypers, No. 66, at 5:15 P. M., in Hall No. 2, Labor temple; Journeymen Barbers, at 8 P. M., Hall No. 2, Labor temple; Elevator Constructors, at 8 P. M., in Hall No. 3, Labor temple.

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$26,000 Tops Auction Bids On Bank Building

Broadway Trust Receivers Will Request Court Not to Approve Public Sale

An offer of only $26,000 was made for the Broadway Bank and Trust Company Building at Fifteenth and Main Streets yesterday when it was put up to the highest bidder at public auction.

Disappointed over the $26,000 bid, which was made by the Southern Bank and Trust Company, the Broadway Bank receivers, Guy B. Hazelgrove and R. Latimer Gordon, announced they would report the bid to Judge Robert N Pollard of Law and Equity Court, with the recommendation that it not be approved by the court.

"The sum is entirely inadequate," Mr. Hazelgrove stated.

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Defunct Bank To Pay $77,967 To Depositors

Judge Pollard Orders Broadway Trust to Make Payment

Depositors of the closed Broadway Bank and Trust Company here will receive a 10 per cent dividend, aggregating $77,967.19, on December 10, under an order entered yesterday by Judge Robert N. Pollard of the Law and Equity Court.

Checks in excess of $1 will be mailed to approximately 6,000 depositors, most of whom reside in this city and Henrico, New Kent and Charles City Counties. The bank's receivers, Guy Hazelgrove and R. Latimer Gordon, were instructed by the court that checks amounting to $1 or less should not be mailed, but should be called for at the receivers' offices, 1444 East Main Street, on or after December 10.

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Bank Receivers Send Out $78,000

Broadway Depositors to Get New Dividend

Dividend checks aggregating $78,000 will be received today by depositors of the defunct Broadway Bank and Trust Company, representing a 10 per cent dividend payment ordered by Judge Robert N. Pollard of Law and Equity Court upon recommendation of the receivers, Guy B. Hazelgrove and R. Latimer Gordon.

Checks amounting to $1 and less must be called for at the bank headquarters, 1444 East Main Street, under court order. Larger amounts were placed in the mails last night. Depositors not receiving checks are asked to get in touch with the bank headquarters.

The payment is the third made by receivers and will be shared by some 6,000 depositors. The receivers have now paid 62 per cent of all the bank's deposits, of which 35 per cent has gone to unsecured depositors. The preferred claims have been paid in full.

The total amount of deposits liquidated by the receivers is $831,286, including the $7,967.19 to be received in the mails today.