Cashier John M. Ashby confessed an $8,000 shortage (defalcation/embezzlement). State examiners/board temporarily closed the bank and directors asked the state bank to assume charge. The articles report a suspension by state examiners (government action) tied to embezzlement; no later reopening is mentioned in these pieces, so I classify as suspension_closure but the permanent outcome is not reported.
Events (2)
1.March 15, 1927Other
Newspaper Excerpt
Cashier John M. Ashby ... was in jail today on charge of being short $8,000 in his counts. Directors ... said Asby's bond of $10,000 was expected to cover the shortage.
Source
newspapers
2.March 15, 1927Suspension
Cause
Government Action
Cause Details
State examiners closed the bank after the cashier confessed an $8,000 shortage (embezzlement/defalcation).
Newspaper Excerpt
closed by State Examiners til the affairs of the bank can be ... Directors of the bank asked state bank to assume charge temporarily
Source
newspapers
Newspaper Articles (2)
1.March 15, 1927Daily PressNewport News, VA
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Article Text
STAFFORD CASHIER CONFESSES SHORTAGE OF $8,000
March Confessing about of the People's Bank Stafford charge of embezzlement and lodged in county jall The of the bank were im in session their closed by State Examiners til the affairs of the bank can be Ashby made full confession the defalcation while bank examingoing the books morning While telling them his he pistol and the exploded. the bullet the stated that had accidentially. Ashby had cashier of the bank for four years
2.March 15, 1927Evening Herald CourierBristol, TN
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Article Text
Shortage In Va. Banker's Counts
15 (AP)-John M Ashby cashier of the People's Bank of Stafford, was in jail today on charge of being short $8,000 in his counts. Directors of the bank asked state bank to assume charge temporarily, issuing a statement saying that Asby's bond of $10. 000 was expected to cover the shortage.
