23117. First National Bank (Sutton, WV)

View Charter #6213 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6213
Charter Number
6213
Start Date
August 27, 1914
Location
Sutton, West Virginia (38.665, -80.710)

Metadata

Model
gpt-5-mini
Short Digest
6764b7a8

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1914-08-29
Date receivership terminated
1934-05-07
OCC cause of failure
Fraud
Share of assets assessed as good
74.1%
Share of assets assessed as doubtful
19.3%
Share of assets assessed as worthless
6.5%

Description

Articles describe an internal embezzlement/shortage by Vice President Homer H. Dean who fled in August 1914, after which a receiver was appointed (late August 1914) and the bank remained in receivership with subsequent suit actions and dividend distributions. No newspaper text describes a depositor run; the cause of suspension is bank-specific adverse information (embezzlement/defalcation).

Events (4)
1. April 17, 1902 Chartered
Source
historical_nic
2. August 27, 1914 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large unauthorized shortage/embezzlement by Vice President Homer H. Dean who fled Sutton, leaving the bank short (reports cite about $30,000 shortage) leading to failure and appointment of a receiver; bank examiner investigation precipitated his flight and the bank's failure/suspension.
Newspaper Excerpt
this makes a total of seventy per cent paid in dividends aggregating $244,731 since the failure of the bank, August 27, 1914.
Source
newspapers
3. August 29, 1914 Receivership
Source
historical_nic
4. August 29, 1914 Receivership
Newspaper Excerpt
On Aug. 29th, Joseph M. Logan of York, Pa., national bank examiner, was appointed receiver, to protect the assets of the bank until it is decided what will be done at a meeting of the stockholders which is called for next week. (Belington Progressive, 1914-09-17).
Source
newspapers

Newspaper Articles (10)
1. September 17, 1914 Belington Progressive Belington, WV
Article from Belington Progressive, September 17, 1914

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Article Text

Dean Left No Clue According to a report in the Braxton Central, published at Sutton, no trâce has b en discovered of Homer H. Dean, vice president of the First National Bank of that place, who last week made his escape from the town leaving the bank his unauthorized creditor for more than $60,000. "Reports have come in of his being seen in several places since his departure," the story recites "Thus far, however, he has evaded officers of the law, and is keeping himself in good hiding wherever he is, and just when and where he will be apprehended is a question at which no one ventures a guess. The method by ywhich he made his getaway from the town is also a mystery. "That he left practically emptyhanded is the opinion of those who were th eclose st to him, one authority stating positively that he did not have more than $60 in cash on bis person, if that much. The fact that his flight was. hastened by the investigation of the bank examiner seems to be settled. A considerable amount of money was within easy reach of him and known only to himself (not being in the vault) but the fact that it, was not taken would indicate hat he was frightened away before he intended to leave. "So far as can be learned from reliable sources, Dean'. shortage is about as follows: First National Bank, $30,000; conting liabilities, for which the First National Bank claims it is not responsible, $13,000: personal securities, outside of bank, and considered good, $17,000. "The way in which Dean manipulated the business was by personal deals with other banks, which he succeeded in keeping hidden from the officials of the First National. "On Aug. 29th, oseph M. Logan of York, Pa., national bank examiner, was appointed receiver, to protect the assets of the bank until it is decided what will hi done at a meeting of the stockholders which is called for next week."

2. January 20, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, January 20, 1915

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Article Text

Treasury Department officials have ruled that the receiver of the First National Bank at Sutton may move to Charleston, holding that he can best straighten up the affairs of the unfortunate bank there. However, they inform Congressman Moss. who protested against the removal on behalf of W. F. Morrison and other citizens of Sutton. that they are willing to be convinced otherwise if the citizens of Sutton have stronger and more plausible arguments in support of their position. Otherwise, the headquarters of the receiver may be at Charleston, as he has elected.

3. January 21, 1915 The West Virginian Fairmont, WV
Article from The West Virginian, January 21, 1915

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Article Text

Receiver Moves From Weston to Capital WASHINGTON, D. C..Jon. 21-The Treasury Department officials have ruled that the receiver of the First National Bank ot Sutton may move to Charleston, holding that he can best straighten up the affairs of the unfortunate bank there. However, they inform Congressman Moss, who protested against the removal on behalf of W. F. Morrison and other cit izens, that they are willing to be convinced otherwise if the citizens of Sutton have stronger and more plausble orguments in support of their postion. Otherwise, the headquarters ot the receiver may be at Charleston, as he was elected.

4. June 29, 1915 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, June 29, 1915

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Article Text

BANK SEEKS TO FORCE THANSFER OF STOCK (Special to The Times-Dispatch.) LYNCHBURG, VA., June 28.-F. E. Wagner, receiver of the First National Bank of Sutton, W. Va., has instituted a suit in the Federal District Court here against the Colonial Bank and Trust Company of Roanoke, in which the receiver 18 seeking to compel the defendant concern to transfer seventyfive shares of stock to the credit of th West Virginia bank. The bill alleges that in August, 1914, the Colonial Bank and Trust Company sold seventy-five shares of its stock to E. W. Mallohan, now a resident of the District of Columbia, which subsequently came into possession of the First National Bank of Sutton, and which has never been transferred to its present holder, although, the bill recites, requests that this be done have not been acceded to. The prayer of the bill is that the Roanoke concern be required to transfer the stock to the First National Bank of Sutton, and that it be required to disclose under oath the amount of dividends that have been paid upon the stock since January 15, 1914.

5. June 30, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, June 30, 1915

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Article Text

ner, receiver of the First National Bank of Sutton against M. E. Dennison, J. C. Dennison and J. M. Dennison on a protested negotiable note for $1,500 given by the defendants before the failure of the bank and the receiver was appointed. United States Marshal Ned Smith said yesterday that the Elkins term of court, which convenes July 6, promises to be rather large. Among the more important cases will be that of Viraldi, the Bellaire Italian charged with white slavery, and that of Joe May of this city, also charged with the same offense. There are about a half dozen speakeasy cases to be heard by the grand jury. Mr. Smith expected to have taken several foreigners of this community to Elkins this week who were arrested charged with bootlegging but as these are awaiting trial by the state the Federal charge will likely be dropped in the majority of cases.

6. July 2, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, July 2, 1915

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Article Text

RECEIVER WAGNER Of First National Bank of Sutton, Files Declaration Against Parkersburg Institution. Yesterday a declaration was filed in the federal court through Commissioner George E. Boyd in the case of P. E. Wagner, special receiver for the First National Bank of Sutton, against the Central Bank and Security company of Parkersburg, for $9,732.73, actual amount alleged to be due the

7. July 10, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, July 10, 1915

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Article Text

FEDERAL COURT Suits Against Several Parties by Sutton Bank Discharged Gordon Matter Filed. In the recently instituted suits filed by P. E. Wagner, receiver for the First National Bank of Sutton. against L. E Drummond, J. P. Bodkins and others, of the southern part of the state, in the United States District Federal court. an order was entered yesterday morning by Judge A. G. Dayton, and

8. February 2, 1916 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, February 2, 1916

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Article Text

CHARLESTON: Announcement is made by the comptroller of the currency to P. E. Wagner, receiver of the First National Bank of Sutton, that the fourth five per cent dividend to creditors of the bank, whose claims have been allowed is ready for distribution. This makes a total of seventy per cent paid in dividends aggregating $244,731 since the failure of the bank, August 27, 1914.

9. April 1, 1916 Martinsburg Herald Martinsburg, WV
Article from Martinsburg Herald, April 1, 1916

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Article Text

CHARLESTON. - Five assumpsit suits have been brought in United States district court here by P. E. Wagner, receiver for the First National Bank of Sutton against endorsers of notes held by the defunct institution. The defendants are John A. Crose, Fred L. Fox. L. H. Kelly, J. E. Ctulip, E. W. Hefner and J.L. Fisher. The claims range - from $1,000 to $3,500.

10. April 6, 1916 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, April 6, 1916

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Article Text

CHARLESTON: Involving $20,000 a suit in equity has been brought in United States district court here by Howard W. Showalter against P. E. Wagner, receiver for the First National Bank, of Sutton. The suit is the outgrowth of complications in the business affairs of the bank.