gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a34350ebce1036df
Response Measures
None
Description
The bank suspended due to frozen assets from the 1907 panic and bad loans; a crowd gathered at the doors following the closure.
Events (4)
1.August 9, 1909Run
Cause
Bank Specific Adverse Info
Cause Details
Agitation and gathering of depositors following the announcement of the bank's failure and liquidation.
Newspaper Excerpt
The closing of the bank's deors caused much excitement among depositors. A large crowd gathered about the bank's doors.
Source
newspapers
2.August 9, 1909Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unwise loans made during the Jamestown exposition period and inability to realize on paper (frozen assets).
Newspaper Excerpt
The Traders and Truckers' Bank... closed its doors today. announcing that owing to its inability to realize upon its paper the institution had been forced into liquidation.
Source
newspapers
3.August 10, 1909Receivership
Newspaper Excerpt
James Winston named as trustee... today applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank
Source
newspapers
4.June 13, 1912Other
Newspaper Excerpt
the depositors of two failed banks, the Traders and Truckers, at Norfolk... lost in actions brought against directors of the defunct institutions
Source
newspapers
Newspaper Articles (11)
1.August 9, 1909Evening StarWashington, DC
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Article Text
EXPOSITION LOANS BREAK BANK NORFOLK INSTITUTION UNABLE To REALIZE ON PAPER. Closes Doors-Expected to Pay Depositors in Full-Mayor Riddick Is Officer. NORFOLK, Va., August 9.-The Traders and Truckers' Bank, doing a large banking business here among "up-town" merchants and county truckers, closed its doors today. announcing that owing to its inability to realize upon its paper the institution had been forced into liquidation. The bank's officers are Terry B. Gordan. president: James G. Riddick and C. N. Whitehurst, vice presidents, and A. Newton Cruzer, cashier. Vice President Riddick is mayor of Norfolk. The closing of the bank's deors caused much excitement among depositors. A large crowd gathered about the bank's doors. A statement issued by President Gordan says that the institution has been struggling since the financial panic to place itself on a firm footing, but unwise loans made during the Jamestown exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation. To this end, he added, an assignment was made to James H. Winston, trustee. President Gordan and Vice President Riddick both express belief that the deposits, amounting to less than $80,000, will be paid in full. The bank's paid-in capitalization was $40,000. The failure is understood to affect no other banking institution in Norfolk.
2.August 10, 1909Daily PressNewport News, VA
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Article Text
NORFOLK BANK CLOSES DOORS TO LIQUIDATE Bad Paper Discounted During Exposition Period the Undoing of Traders' and Truckers.' NORFOLK, VA., Aug. 9.-The Traders' and Truckers' bank, doing a large banking business here among "up-town" merchants and county truckers, closed its doors today, announcing that owing to its inability to realize upon its paper the institution had been foreed into liquidation. The bank's officers are Terry B. Gordon, president; James G. Riddick ane C. N. Whitehurst, vice-presidents, and A. Newton Cruser, cashier. Vicepresident Riddick is mayor of Norfolk A statement issued by President Gordan, of the failed bank, says that the institution has been struggling since the finnacial panic to place itself on a firm footing, but unwise loans made during the Jamestown exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation and to this end an assignment was made at noon to James H. Winston, trustee. President Gordan and Vice-president Riddick both express the belief that deposits amounting to more or less than $80 000 at this time will be paid in full. The bank's paid in capitalization was $40,000. The failure affects no other banking institution in Noriolk.
NORFOLK BANK CLOSES DOORS Norfolk, Va., Aug 10.-The Traders and Truckers bank, doing a large banking business here among the nptown merchan-s and country truckers, closed its doors today, announeing that, owing 10 dts inability to realize upon its paper, the institution had been forced into liquidation. A statement Issued by President Gordon says the institution has been struggling since the financial panic to place itself on a firm footing, but unwise loans made during the Jamestown Exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation. To this end he ade that an assignment was mae to James H. Winston, trustee. Officials express the belief that depositors will be paid in full. The failure, it is understood, affects no other banking Institution in Norfolk.
4.August 11, 1909The Montgomery AdvertiserMontgomery, AL
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Article Text
Asks To Be Receiver. Norfolk, Va., Aug. 10-James Winston named as trustee in the deed of assignment made yesterday by the tailed Traders' and Truckers Bank, today applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vice president of the bank. said he had no object. ion to the creation of a receivership but requested a continuance until to. morrow. which was granted,
5.August 11, 1909The Birmingham Age-HeraldBirmingham, AL
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Article Text
Receiver Not Appointed. Norfolk, Va., August 10:-James Winston, named as trustee in the deed of assignment made yesterday by the Traders and Truckers bank today applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vice president of the bank, said he had no objection to the creation of a receivership, but requested a. continuance until tomorrow, which was granted.
WNTS TO BE RECEIIVER. Norfolk, Va., Aug. 11.-James Winston, named as trustee in deed of assignment of the failed Traders and Truckers Bank, today applied to Judge Hanclel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vicepresident of the bank, said The had no objection to the creation of a receivership, but requested a continuance until tomorrow, which was granted.
7.August 12, 1909The Washington HeraldWashington, DC
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Article Text
STOCKHOLDERS ASK RECEIVER. Charge Made that Traders and Truckers' Bank Was Mismanaged. Norfolk, Va. Aug. 11.-At a meeting this evening of the stockholders of the Traders and Truckers' Bank, which closed its doors Monday, a resolution was adopted asking the court for the appointment of a received for the institution, and the charge was made that the failure of the bank was due to the mismanagement and inefficiency of the bank's officers.
8.August 13, 1909The Washington HeraldWashington, DC
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Article Text
UPHOLDS TRUSTEE WINSTON. Judge Refuses to Remove Him for Appointment of Receivers. Special to The Washington Herald. Norfolk, Va., Aug. 12.-Judge Hanckel to-day denied the petition of 300 depositors of the failed Traders and Truckers Bank for the removal of Trustee Winston of the institution, and the appointment of receivers in his stead. There was nothing before the court to show Trustee Winston is incompetent, and the court held that the affairs of the bank should be administered at a minimum of cost, which could be best done by the trustee. The court will to-morrow be asked to enjoin Winston from acting further. The petition of the depositors declared that the affairs of the bank are in a chaotic condition.
9.April 14, 1910Evening StarWashington, DC
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Article Text
RIGHTS OF DEPOSITORS. May Sue Bank Directors to Make Losses Good. NORFOLK, Va., April 14.-Judge Hanckel has decided that the depositors of the failed Traders and Truckers' Bank could sue the directors of that institution upon their personal estates to make good losses that assets collectible by the receivers of the bank will not meet. The court dismissed the action, however, in so far as it was against the estates of deceased former directors, holding that whatever liability may have rested against the directors ceased with their death.
10.April 28, 1910The Mathews JournalMathews, VA
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Article Text
DIRECTORS ARE HELD RESPONSIBLE FOR DEPOSITS NORFOLK, VA.- Special.-Reversing a former decision made by himself, Judge Hanckel Friday held that the estates of dead directors of the defunct Traders' and Truckers' Bank could be subjected to action by depositors for recovery of losses sustained as a result of the failure of the institution. Judge Hanckel, since deciding that the right of action by depositors of the bank for recovery of losses against the personal estates of directors became extinct with the death of the directors, found that the weight of authority law in favor of the depositors. Application for appeal was filed by the defendants on the ground that the suit could be brought only by the receivers of the insolvent bank, and that the right of action did not lie with the depositors.
11.June 14, 1912The Times DispatchRichmond, VA
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Article Text
Depositors Lose. Norfolk, Va., June 13.-By the decision of the Supreme Court at Wytheville to-day, the depositors of two failed banks, the Traders and Truckers, at Norfolk, an dthe Bank of Mecklenburg. at Boydton, Va., lost in actions brought against directors of the defunct institutions for alleged neglect of duty. In both cases depositors had sued the directors on their own account. The court held that suit should have been brought by trustees and receivers, respectively. for the benefit of the trusts, and that depositors had no right to sue personally until they had applied in court to have the trustees and receivers sue and the latter had declined so to do. In the case of the Bydton failure, It was said to-day that the statute of limitations would prevent any new suit.
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.
