gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
01296463fb22b654
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined
Description
Cashier's resignation disclosed and subsequent run precipitated suspension and winding-up; a receiver was named then liquidation was arranged.
Events (6)
1.May 4, 1889Chartered
Source
historical_nic
2.December 28, 1896Run
Cause
Bank Specific Adverse Info
Cause Details
Cashier J. C. Davenport resigned (Dec 20) and departure became known, triggering depositor panic and heavy withdrawals.
Measures
Directors closed the bank's doors; suspended payments.
Newspaper Excerpt
The failure ... was caused by a run on the bank yesterday. Cashier Davenport resigned on the 20th
Source
newspapers
3.December 29, 1896Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed the depositor run provoked by disclosure of the cashier's resignation and local speculation losses related to Roanoke boom.
Newspaper Excerpt
The Commercial National Bank closed its doors this morning ... has closed its doors and suspended payment.
Source
newspapers
4.January 4, 1897Receivership
Newspaper Excerpt
Major Samuel Griffin has been appointed receiver of the Commercial National Bank of this city, which closed its doors a week ago.
Source
newspapers
5.January 7, 1897Other
Newspaper Excerpt
Commercial National Bank ... has raised sufficient funds with which to go into liquidation without the intervention of a receiver.
Source
newspapers
6.February 16, 1897Voluntary Liquidation
Source
historical_nic
Newspaper Articles (23)
1.December 29, 1896Alexandria GazetteAlexandria, VA
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Article Text
Failure of a Virginia Bank. WASHINGTON, Dec. 29.-The failure of the Commercial National Bank of Roanoke, Va., was made known to the comptroller of the currency this morn ing, and Bank Examiner Sands was placed in charge. The failure is attributable to speculation incident to the Roanoke boom. Comptroller Eckels says the failure is not important. On November 21, the date of the last report on the condition of the bank, the assets were $263,704, including bonds to secure circulation; stock, $100,000; surplus, $25,000; undivided profits, $6,000; owing depositors, $75,000; other liabilities, $35,000. LATER --The failure of the Commercial Bank was caused by a run on the bank yes terday. Cashier Davenport resigned on the 20th inst. and turned over the books in good shape to his successor and returned to his old home in Charlestown, W. Va. This fact did not become known until yesterday and is said to be the cause of the run. It is believed that all liabilities will be paid in full. No other banks are in the least affected.
2.December 30, 1896The Portland Daily PressPortland, ME
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Article Text
Cause of Roanoko Failure. Roanoke, Va., Decembur 29.-The failure of the Commercial National bank which closed its doore this morning, was caused by a run on the bank yesterday. Cashier Davenport resigned on the 20th and turned over the bank's books in good shape to his successor. This fact did not become known until yesterday and is said to be the opuse of the run. It is believed that all liabilities will be paid in full. No other banks are affected.
3.December 30, 1896New-York TribuneNew York, NY
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Article Text
A ROANOKE BANK FAILS. THE COMMERCIAL NATIONAL CLOSES ITS DOORS ON ACCOUNT OF A RUN. Reanoke, Va., Dec. 29.-The - failure of the Commercial National Bank, which closed its doors this morning, was caused by a run on the bank yesterday. Cashier Davenport resigned on December 20. and turned over the bank's books In good shape to his successor, and returned to his old home in Charlestown, W. Va. This fact did not become known until yesterday. and is said to be the cause of the run. it is believed that all liabilities will be paid in full. No other banks are affected. Washington, Dec. 29.-The failure of the Commercial National Bank of Roanoke, Va., was made known to the Controller of the Currency by telegraph to-day and Mr. Eckels immediately instructed Bank Examiner Sands to take charge. inThe failure is attributed partly to speculation eldent to the Roanoke boom. Mr. Eckels says that the failure is not important.
4.December 30, 1896The Norfolk VirginianNorfolk, VA
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Article Text
N BANK FAILS. The Commercial Closes Its Doors-All Liabilities will Be Paid. Roanoke, Va., Dec. 29.-The Commerelal National Bank closed its doors this morning. The failure was caused by a run on the bank yesterday. Cashier Davenport resigned on the 20th instant and turned over the books in good shape to his successor, and returned to his old home in Charlestown, W. Va. This fact did not become known until yesterday, and is said to be the cause of the run. The deposits were slightly over $50,000. and it is believed that all liabilities will be paid in full. Bank Examiner Sands Is en route here to take charge. No other banks are in the least affected. Washington, D. C., Dec. 29.-The failare of the Commercial National Bank of Roanoke. Va., was made known to the Comptroller of the Currency by telegraph this morning; and Comptroller Eckels immediately wired Bank Examiner Sands to take charge. The failure is attributed partly to speculation Incident to the Roanoke boom. Mr. Eckels says the failure is not important. On November 21st, the date of the last report on the condition of the bank, the assets were $263,704, in-
5.December 30, 1896The Scranton TribuneScranton, PA
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Article Text
Virginia Bank Fails. Roanoke, Va., Dec: 29.-The failure of the Commercial National bank, which closed its doors this morning, was caused by a run on the bank yesterday. It is believed all liabilities will be paid in full. No other banks are in the least affected.
6.December 30, 1896The San Francisco CallSan Francisco, CA
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Article Text
SMALLER FAILURES. The Roanoke Commercial National Bank Closes. ROANOKE, VA., Dec. 29.-The Commercial National Bank of this city closed its doors to-day. WASHINGTON, D. C., Dec. .-The failure of the Commercial Bank of Roanoke, Va., was made known to the Comptroller by telegraph, and he immediately wired Bank Examiner Sands to take charge. The failure is attributed partly to speculation incident to the Roanoke boom. Eckels says the failure is not important. SIOUX CITY, Iowa, Dec. 29.-On application of W. T. Honsinger, vice-president and a large shareholder in the Farmers' Trust Company of this place, G. H. Hollister was to-day appointed receiver for the institution. The tightness of the money market made it impossible for the company to meet its debentures. Receiver Hollister estimates assets of $238,000 and liabilities of $135,000.
DEPOSITORS WILL NOT LOSE A Henvy Run Causes a Roanoke Bank to Close Its Doors. ROANOKE, Va., Dec. 29-The Commercial National Bank, of this city, closed Its doors this morning by order of the board of directors. The cause or the trouble was a heavy run on the bank yesterday by the depositors. On December 9. J. C. Davenport. cashier. resigned and his successor was elected. The matter was kept quiet until Sunday night, when Davenport left the city for his home in Charleston, W. Vn., and It is stated that as soon as this became known, " general run was made on the bank. and It was compelled to go to the wall. The officials say that depositors will be paid in full.
ECKELS ON THE SITUATION. He Feels No Apprehension on Account of Recent Failures. Washington, December 29.-Comptroller of the Currency Eckels said this afternoon that he feels no apprehension over the bank failures which have occurred of late. Two more failures, the Commercial National bank of Roanoke, Va., and the Columbia National bank of Minneapolis, were added to the list today. They were comparatively small institutions, however, and under ordinary circumstances their failure, it is said, would attract only passing attention. Mr. Eckels when asked today by a representative of the Associated Press as to the general banking situation said: "Of course bank failures are more of less disquieting, but those which have 00curred recently. have little or no general significance attached to them. They were due largely to local causes, wholly unconnected with the general condition of the banks through the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation, every depositor being paid in full. The two failures today were of minor import$200,000. ance, in each case the assets being only "As against these failures, based on local causes, the general condition of the banks is excellent. The reports received under the last call, that of December 17, are uniformly favorable and show an average reserve held of considerably above the 25 per cent required by law. "One of the last reports, that of the Brooklyn banks, show the average reserve held to be 34.02 per cent and most of the reports run 5 or 10 per cent above the 10gal requirements. "In each case the assets in detail make an entirely satisfactory showing as compared with the liabilities. On the whole it is evident that the National banks today are as stable as they ever were, and the sporadic failures of a bank here and there through defects poculiar to the failing bank is of little importance and wholly without general significance. I am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned."
9.December 30, 1896The Providence NewsProvidence, RI
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Article Text
NOT APPREHENSIVE. Comptroller of the Currency Says National Banks Are All Right. Washington, Dec. 30.-Comptroller of the Currency Eckels said yesterday afternoon that he feels no apprehension over the bank failures which have occurred of late, Two more failures-the Commercial National bank of Roanoke, Va., and the Columbia National of Minneapolis-were added to the list yesterday, They are comparatively small Institutions, however, and under ordinary circumstances their failures, it is said, would attract only passing attention. Mr. Eekels, when asked as to the general banking situation, said: "Of course bank failures are more or less disquieting, but those which have occurred recently have little or no general significance attached to them. They were due largely to local causes wholly disconnected with the general condition of the banks to the country at large. The case of the Atlas bank was not a failure at all, but was a mere voluntary liquidation, every depositor being paid in full. The two failures yesterday are of minor importance. As against these few failures, based on local causes, the general condition of the banks is excellent. The reports received under the last call-that of Dec. 17-are uniformly favorable and show an average reserve held of considerable above the 25 per cent required by the law. One of the last reports, that of the Brooklyn banks, shows the average reserve held to be 34.02 per cent, and most of the reports run 5 or 10 per cent above the legal requirements. In each case, too, the assets in detail make an entirely satisfactory showing as compared with the liabilities. On the whole it is evident that national banks are as stable as they ever were, and the sporadic failure of a bank here and there through defects peculiar to the failing banks is of small importance, wholly without significance. I am advised from Minneapolis that the failure there has occasioned no disturbance beyond the institution concerned."
10.December 31, 1896The Sauk Centre HeraldSauk Centre, MN
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Article Text
Failure at Roanoke. WASHINGTON, Dec. 30.-Controller Eckels was wired notice that the Commercial National bank of Roanoke, Va., has closed its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution.
11.January 1, 1897The Columbia HeraldColumbia, TN
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Article Text
Virginia Bank Fails. ROANOKE, va., Dec. 29.-The Commercial National Bank closed its doors this morning. The failure was caused by a run on the bank yesterday.
12.January 1, 1897Little Falls Weekly TranscriptLittle Falls, MN
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Article Text
Failure at Roanoke. WASHINGTON, Dec. 30.-Controller Eckels was wired notice that the Commercial National bank of Roanoke, Va., has closed its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution.
13.January 2, 1897Spirit of the AgeWoodstock, VT
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Article Text
Caused by a Run on the Bank. ROANOKE, Va., Jan. 1-The - failure of the Commercial National Bank, which closed its doors recently, was caused by a run on the bank. Cashier Davenport resigned Dec. 20, and turned over the bank's books in good shape to his successor.
14.January 2, 1897Chicago EagleChicago, IL
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Article Text
Virginia Bank Suspends. Comptroller of the Currency Eckels has telegraphic notice that the Commercial National Bank of Roanoke, Va., has closed its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution.
15.January 5, 1897Spirit of JeffersonCharles Town, WV
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A Failure at Roanoke. ROANOKE, Va., Dec. 29.-The Commercial National Bank of Roanoke closed its doors this morning by order of the directors. The cause of the trouble was a heavy run on he bank yesterday by depositors. J. C. Davenport, the cashier, resigned December 9 and a successor was elected. This was kept quiet until Sunday night, when Mr. Davenport left the city for his home in Charles Town, W. Va. It is stated that as soon as this became known a general run was made on the bank. Mr. Davenport had been in the employ of the bank some years and his books were. correct in every particular, Officials say that depositors will be paid in full. The liabilities are about $65,000 and the assets are estimated to be worth double that amount.
16.January 5, 1897Richmond DispatchRichmond, VA
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the MAGIC CITY. Hustings Coart-The Defunct National Commercial Bank. ROANOKE, VA., January 4.-(Special.) The January term of the Hustings Court began to-day, Judge J. W. Woods, presiding. The grand jury has several cases before it. but as yet no indictments have been made. J. H. Morris, the man accused of shooting at John Holliday, a barber, last Saturday night, was fined $10 in the Police Court to-day for carrying concealed weapons, and sent on to await the action of the grand jury on the charge of attempting to shoot the barber. Major Samuel Griffin has been appointed by Comptroller Eckels receiver of the Commercial National Bank of this city, which closed its doors a week ago. It is understood that an effort will be made on the part of the directors of the bank to negotiate the assets of the concern, and arrange to pay off the depositors and wind up the institution themselves. This action, if it is taken at all by the board, will probably be taken tomorrow or Wednesday. The reason assigned for this proposed course is that the Board of Directors can wind up their own affairs at less cost than by letting the settlement go through the regular channels. The Southwest Virginia Trade and Labor Council, composed of all the union organizations of Roanoke, was organized here last Sunday afternoon, with C. E. Gray, president.
17.January 5, 1897The TimesRichmond, VA
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ROANOKE'S BROKEN BANK, A Receiver in Charge-Will Pay Off Its Depositors-The Hustings Court. ROANOKE, VA., Jan. 4.-Special.-Mafor Samuel Griffin has been appointed receiver of the Commercial National Bank, which recently closed its doors. It is said that the board of directors of the bank will attempt to wind up its affairs by first paying off all depositors. The January term of the Hustings Court began to-day. The grand jury was sworn and instructed in the different degrees of murder and the felony cases before the court set for trial. The foreman of the grand jury is C. A. Moomaw, and there are two colored men on the jury.
18.January 7, 1897Eagle River ReviewEagle River, WI
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Virginia Bank Suspends, Comptroller of the Currency Eckels has telegraphic notice that the Commercial National Bank of Roanoke, Va., has closed its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution.
19.January 7, 1897Crawford AvalancheGrayling, MI
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Virginia Bank Suspends. Comptroller of the Currency Eckels has telegraphic notice that the Commercial National Bank of Roanoke, Va., has closed its doors and suspended payment. Bank Examiner Sands was sent to take charge of the institution.
20.January 8, 1897The Roanoke Daily TimesRoanoke, VA
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GOOD NEWS. Commercial National Depositors Will be Paid in Full. Washington, Jan. 7.-The comptroller of the currency has received information that the Commercial National Bank, of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver.
21.January 8, 1897The Saint Paul GlobeSaint Paul, MN
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RECEIVERS NAMED. Pending the Resumption of Suspended National Banks. WASHINGTON Jan. 7.-The comptroller of the currency has appointed Bank Examiner Blading temporary receiver of the First National Bank, of Sioux City, and Examiner Anheirr receiver of the Citizens National of Fargo, N. D. Both of these appointments are temporary, pending resumption. Bank Examiner Turtilot has been appointed receiver of the Second National Bank, of Grand Forks, N. D. The comptroller has re eived information that the Commercial National Bank, of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver. Denver, Col., Jan. 7.-The American National Bank reopened today under new management, with $600,000 cash on hand to meet the liabilities and conduct business. There remains but $200,000 of liabilities to be provided for out of all the other assets of the bank. Eau Claire, Wis., Jan. 7.-The Commercial Bank of Eau Claire, capital $30,000, closed today. The failure is due to the suspension of the Allemannia bank, of St. Paul. President Allen states that the Eau Claire institution will wind up affairs, and that depositors will be paid in full.
22.January 9, 1897The Roanoke Daily TimesRoanoke, VA
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A SETTLED FACT. The Commercial Depositors to be Paid Within Two Weeks. The depositors of the Commercial National Bank, of this city, are now assured that they will get all their money back dollar for dollar in the course of the next ten days or two weeks. It has been an open secret here for nearly a week that the National Exchange Bank and the First National Bank were making are rangements to purchase the assets of the Commercial National and assume enough of the liabilities to make good to depositors the payment of all the money they had in the bank when its doors were closed. This agreement has been reached between the officers of the two first mentioned banks and the directors and stockholders of the Commercial National: but as nothing could be done without the approval of Comptroller Eckels, it was necessary that he be made acquainted with the proposed arrangement before any further steps were taken. This was done and as was announced in the dispatch from Washington published in yesterday's Times, the proposal met with the approval of the comptroller, who has authorized that liquidation of the bank's affairs be commenced at once. According to the agreement, the National Exchange and the First National Banks have loaned the Commercial an equal amount each, with which to pay all depositors, and as soon as the papers have been signed, the depositors will be notified as to which of these banks will pay them their money. The securities given the other banks by the Commercial are believed to be ample to indemnify them against loss, but as the stockholders of the Commercial are responsible for the full amount of their stock until the entire obligation is discharged the investment is regarded as a perfectly safe one in all respects. It is not, however, believed that the stockholders will be called upon to help out the liquidation, as it is thought that the assets of the bank will be amply sufficient to meet all its obligations. As the Commercial National Bank had on hand when it closed its doors $22,000 in cash assets and good collateral, it would seem that there never was any reason for closing its doors in such a hurried manner. It developed the fact, however, that the management of the bank had
23.January 9, 1897The Roanoke Daily TimesRoanoke, VA
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The announcement from Washington that the Commercial National Bank, of this city, will go into liquidation without the intervention of a receiver is gratifying intelligence; but Is fully in accord with the information published heretofore in The Times. Those well informed concerning the matter predict that all depositors will be paid in full in a short time.
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.
