gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d0878969ed20fefc
Response Measures
None
Description
Closure ordered after death of the cashier and books sent for external audit by state authorities.
Events (1)
1.June 28, 1929Suspension
Cause
Government Action
Cause Details
State/Banking headquarters ordered closure pending a complete audit after the cashier's death; audit taken over by Richmond firm.
Newspaper Excerpt
Milford State Bank Ordered Closed For Audits Of Accounts
Source
newspapers
Newspaper Articles (3)
1.June 28, 1929The Daily News LeaderStaunton, VA
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Article Text
MILFORD IS CLOSED UP
Richmond, June State bank fol the death of Henry the Milford State bank Milford, ordered that the bank be closed pending complete was found fatal wounded room few days by his and drea. attracted the explosion shotgun been health period, family and friends bank headquarters plained their action closing the bank saying that they did order prevent run on bank, for the general protection of depositors.
2.June 28, 1929Evening Herald CourierBristol, TN
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Article Text
Milford State Bank Ordered Closed For Audits Of Accounts
RICHMOND. Va., June bank yesterday following the death of Henry D. cashies the Milford State ordered that the bank closed pending complete audit fits who has found fatally room few days ago by his wife and children were attracted by the explosion shot run. had been worrying over health for protracted family and friends State Bank officials explained their action closing the bank by saying that they did der prevent the bank" and for the general proter tion of depositors
3.June 28, 1929The Free Lance-StarFredericksburg, VA
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Article Text
MILFORD BANK IS CLOSED FOR AUDIT
Proceedings Unusual, Is Said. Banking Headquarters Say For "Protection of Depositors."
The State Bank. which Harry McWhirt was cashier. closed while the books of institution are being audited. according today McWhirt died Monday his home in Milford from flicted gun-shot wound The closing bank followed the Bank cashiers high bank officials die resign their positions and the closing. said. will last only until audit been made. M. Bristow. deputy State Bank Commission said the audit had been taken out of the hands of regular State bank examand placed in the hands the Richmond audit firm of Pullen Co. It about ten days complete the audit According to information here today not usual close banks during audits this At State bank headquarters Richmond the statement made that the closing was prevent run on the and for the general protection of depoOther information to the effect that it believed that the affairs the bank good shape The Union Bank and Trust Company. of Bowling Green was stated. owns practically 51 per cent of the stock the cern The Union Bank and Trust Company has large assets. The Milford Bank 500. had surplus of about and showed posits of Before his death Mr McWhirt. the former cashier. wrote three notes: One his wife anothThomas Blanton president of the Union Bank and Trust Comof Bowling Green and the third to Clarence Hicks, of Port Royal. close personal friend. The contents of the notes have never been made public but that the note to Mr. Blanton read meeting the directors the Union Bank and Trust Company and filed with the minutes the meeting.
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.