gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e700fc450f8e1f6a
Response Measures
None
Description
Initial suspension followed an unusually heavy run during the 1907 financial crisis; later examiners discovered cashier defalcations and a receiver was appointed.
Events (3)
1.November 3, 1907Run
Cause
Macro News
Cause Details
Unusually heavy withdrawals during the 1907 financial crisis led to inability to secure sufficient cash to meet creditors.
Newspaper Excerpt
it could not secure sufficient cash at the time to meet an unusually heavy run of creditors.
Source
newspapers
2.November 3, 1907Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and later found insolvent due to defalcations/misappropriation of funds by the cashier.
Newspaper Excerpt
Peoples' Bank, of Portsmouth, suspending business...the depositors are calmly waiting the time for the institution to resume business.
Source
newspapers
3.November 11, 1907Receivership
Newspaper Excerpt
The People's bank of Portsmouth...went into the hands of a receiver tonight on petition of directors who gave out a statement that the bank had been made insolvent through defalcations of the cashier.
Source
newspapers
Newspaper Articles (15)
1.November 4, 1907The Times DispatchRichmond, VA
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Article Text
THE BANK SOLVENT Portsmouth Institution Expected to Resume Business Soon. [Special to The Times-Dispatch.] NORFOLK, VA.,- November 3.-Beyond the slight flurry of interest always occasioned by a banking institution closing its doors, there has been no excitement as a result of the Peoples' Bank, of Portsmouth, suspending business through the fact that it could not secure sufficient cash at the time to meet an unusually heavy run of creditors. The bank is believed absolutely solvent, with a credit that cannot be questioned, and the depositors are calmly waiting the time for the institution to resume business. Nobody doubts that every depositor will receive dollar for dollar, and the slight financial storm is expected to blow over within a few days.
2.November 12, 1907The Daily Morning Journal and CourierNew Haven, CT
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Article Text
CASHIER WRECKS BANK. Norfolk, Va., Nov. 11.-The People's bank of Portsmouth, which suspended several days ago, went into the hands of a receiver to-night on petition of directors who gave out a statement that the bank had been made insolvent through defalcations of the cashier
Receiver For Virginia Bank. Norfolk. Va., Nov. 11.-The - People's Bank of Portsmouth, which suspended several days ago, went into the hands of a receiver tonight on petition of directors who gave out a statement that the bank has been made insolvent through the speculations of the cashier.
4.November 12, 1907The Morning AstorianAstoria, OR
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Article Text
CASHIER BUSTED BANK. 1 NORFOLK, Va., Nov. 11-The Peoples' Bank of Portsmouth, which suspended several days ago, went into the hands of a receiver tonight on the petition of the directors, who gave out the statement that the bank had been made insolvent by the defalcation of the cashier.
BANK CASHIER IS DEFAULTER NORFOLK, Nov. 11.-The People's bank of Portsmouth went into the hands of a receiver tonight. The cashier had defaulted.
6.November 12, 1907The Marion Daily MirrorMarion, OH
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Article Text
Bank Wrecked by Its Cashier. Norfolk, Va., Nov. 12.-The People's bank, of Portsmouth, which suspended several days ago went into the hands of a receiver last night on petition of the directors, who gave out a state ment that the bank Is insolvent through a defaleation of the cashier.
RECEIVER THERE Cashier of Virginia Bank Which Closed Several Days Ago Misappropriated Funds. Norfolk, Va., Nov. 12.-The Peo. ple's Bank of Portsmouth which closed its doors temporarily several days ago following a run on it during the financial crisis went into a receivers hands last night after an inspection of examiners developed the fact that Cashier Alex Butt had misappropriated funds and falsified accounts. A meeting of the directors was called and the permanent closing of the bank on account of insolvency was posted on its doors. John T. Griffin, of the Merchants & Farmers bank of Portsmouth was appointed as receiver.
8.November 12, 1907Arizona RepublicanPhoenix, AZ
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Article Text
THE CASHIER TO BLAME. Norfolk, Va. Nov. 11.-The Peoples' Bank of Portsmouth, which suspended several days ago, went into the hands of a receiver tonight on the petition of the directors, who gave out a statement that the bank had been made insolvent through the defalcation of the cashier.
9.November 12, 1907The Birmingham Age-HeraldBirmingham, AL
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Article Text
Cashier Broke the Bank. Norfolk, November 11.-The Peoples bank of Portsmouth, which suspended several days ago, went into the hands of a receiver tonight upon petition of the directors, who gave out a statement that the bank had been made insolvent through defalcation by the cashier.
10.November 12, 1907The News-DemocratProvidence, RI
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Article Text
Cashier Went Wrong Norfolk, Va., Nov. 12.-The People's Bank of Portsmouth, which closed its doors temporarily several days ago following a run on It during the financial crisis, went into a receiver's hands Past night after an inspection of examiners developed the fact that Cashier Alexander Putt had misappropriated funds and falsified accounts. A meeting of the directors was called and the permanent closing of the bank on account of Insolvency was posted on its doors. John T. Griffin, of the Merchants and Farmers Bank of Portsmouth, was appointed as receiver.
Receiver For Portsmouth Bank. NORFOLK, Va., Nov. 12.-The People's bank of Portsmouth, which suspended several days ago, went into the hands of a receiver last night on petr tion of directors, who gave out a statement that the bank has been made insolvent through defalcations of the cashier.
12.November 14, 1907The Washington HeraldWashington, DC
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Article Text
Portsmouth, Nov. 13.-A. T. Butts, cashier of the People's Bank. which suspended payment ten days ago, is sick at his home. where he has been ever since the institution's doors were closed.
Norfolk Bank in Hands of Receiver. Norlolk, Va., Special.-The Peoples Bank, of Portsmouth, which suspended several days IS ago, went into the bands of a receiver Monday night upon petition of the directors who gave out & statement. that the bank has been made insolvent through defalen. tions by the
14.December 19, 1907New-York TribuneNew York, NY
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Article Text
VIRGINIA BANKER ARRESTED. Portsmouth, Va., Dec. 18.-Alexander - B. Butt, cashier of the People's Bank of Portsmouth, which suspended recently, was arrested to-day upon a warrant charging falsification in one count to the extent of $24,000.
15.July 13, 1911The Mathews JournalMathews, VA
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Article Text
VIRGINIA BRIEFS NORFOLK, VA.-Special. - Judge Bain, in Portsmouth, yesterday entered an order authorizing the receiver of the defunct People's Bank to accept $57,800 in settlement of all claims against the directors, who offered the sum mentioned as a compromise.
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.
