gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bbffe3e81286ab06
Response Measures
None
Description
Contemporaneous reports show a run and heavy withdrawals followed by examiner-ordered suspension and appointment of a receiver; capital stock amounts vary across articles.
Events (3)
1.July 10, 1929Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals at the Port Norfolk branch and loss of confidence amid signs of the bank's weakness (no dividends, stock below par); later discovery of cashier's defalcation.
Measures
Bank suspended business with consent of state bank examiner to protect depositors; examiner sent to examine.
Newspaper Excerpt
large number of withdrawals deposits had been made from the Port Norfolk branch Tuesday and unusually heavy withdrawals had been made at the main bank
Source
newspapers
2.July 10, 1929Suspension
Cause
Government Action
Cause Details
State bank examiner advised temporary suspension pending on-site examination to protect depositors after heavy withdrawals.
Newspaper Excerpt
did not open for business yesterday morning ... the bank and its branch suspend business until he could arrive here and make an examination
Source
newspapers
3.July 13, 1929Receivership
Newspaper Excerpt
Frank D. Lawrence ... appointed ... receiver Portsmouth Bank ... took charge ... George Larkin ... arrested ... charged with defalcation of the bank's funds; apparent shortage of $120,000.
Source
newspapers
Newspaper Articles (20)
1.July 10, 1929Ledger-StarNorfolk, VA
Click image to open full size in new tab
Article Text
LOSS DEPOSITORS
Mayor Brooks Explains Emergency In Portsmouth State Institution's Difficulties
State Bank Portsmouth, located High street, did open bank dividends some and its stock has been selling below par. Bristow, chief state having heard applicaby small their from Port branch bank other applications withdrawal accounts, advised that the State Bank suspend until he could upon scene and make to be for the clearly that the State had not precipitated recent Affairs the bank into upon arrival Examiner Bristow, and statement depositors, public will likely forthcoming shortly. bank has capital stock Mayor Brooks' Statement Mayor Brooks, the city's banking circles, today issued following statement: mayor city of Portsmouth vitally all welfare and director in two institutions, by group représenting all the financial instituof the ment the pension the affairs State its Port last night group each financial institutions city concern themselves with the State There financial tution the which can back immediately upon demand money. This money, know, time, varying come every bor. rower back before all deposibe satisfied. the State Bank and Port Norfolk branch depleted these banks their on hand. protect its depositors and with consent the chief state bank examiner, bank and branch financial institution city in the distress of the State Bank and this plan financing these institutions hope that penny will be lost its depositors.
Miss Frances Shakerly, of Trigony, still paintings. She reads and writes without the aid glasses. has taught Sunday school continuously years.
2.July 11, 1929Danville Register and BeeDanville, VA
Click image to open full size in new tab
Article Text
Flood Of Withrawals Forces Closing Of Portsmouth Bank
PORTSMOUTH, July The State Bank financial concern did not its doors today. The bank has paid no dividends for some three years and its stock has been selling below
Bristow, chief state bank examiner, having heard application numerous small depositors withdraw accounts from the Port Norfolk branch of the bank terday and other applications for withdrawal of accounts, advised the state bank suspend until he could come upon and make thorough The action was said to for the protection depositors. It was clearly developed that the state bank had not been precipated by any Affairs the bank will into gone thoroughly upon arrival of Examiner Bristow, and to deposttors, stockholders public will likely be forthcoming shortly. The bank has capital stock of $50,000. Mayor Vernon Brooks, of Portsmouth in the city's banking circles, today issued the followstatement: mayor of the mouth and welfare and director in two of the financial have been requested by group representing all of the financial the city issue statement concerning the temporary suspension of the affairs the state bank and its Port Norfolk "There last night group representatives from the nancial institutions of the city concern themselves with the porary embarrassment of the State Bank. There financial institution in the world which can give back immediately demand the This you doubt know has been loan ed time varying from 30 to 20 days and make every pay back before could be satisfied. run the State Bank Port depleted banks of their cash on hand. protect its and with the consent of the chief state bank this bank and its branch has business "Every financial institution city the State Bank plan financing these in
3.July 11, 1929Richmond Times-DispatchRichmond, VA
Click image to open full size in new tab
Article Text
State Bank Of Portsmouth Closes Doors
Small Financial Concern Has Paid No Dividends For Some Three Years
PORTSMOUTH VA., July 10-(P)The State Bank of Portsmouth, small financial concern, did not open its doors today The bank has paid no dividends for some three years and its stock has been selling below par.
M E Brintow chief State bank examiner, having heard of by to withdraw from the Port Norfolk branch of the bank yesterday and of other applications for withdrawal of accounts advised that the Stat Bank suspend until he could come upon the scene and make thor. ough examination Protect Depositors The action was said to be for the protection depositors. It was clearly that the State Bank had not been precipitated by any recent Affairs of the bank will be gone into thoroughly upon arrival of Examiner Bristow, and statement to depositors, stockholders and public will likebe forthcoming shortly The bank has a capital stock of Mayor Vernon A. Brooks, of Portsprominent in the city's banktoday issued the statement 'As Mayor of the city of Portsand vitally mouth all of its and in and director in two as have been the financial by all requested group of the financial institutions of the city statement concerning the issue temporary suspension of the affairs of the State Bank and its Port Norfolk branch.
Loaned on Time last night group of "There representatives from each of the finan institutions of the city to concern themselves with the barrassment of the State Bank There financial in the world which give back immediately upon demand all the depositors money This money as you no doubt know has been loaned on time varying from thirty to ninety and would become necessary make borrower back before all depositors could be pay The run on the State Bank and Port Norfolk depleted these banks of their hand To its depositors and with the con sent of bank examiner this bank and branch have porarily suspended business Every financial in this city necessarily concerned in the distress of the State Bank and this moment working on plan financing these th will be lost by the penny depositors
4.July 11, 1929The Virginian-PilotNorfolk, VA
Click image to open full size in new tab
Article Text
THE STATE BANK REMAINS CLOSED FOR EXAMINATION
Mayor Brooks Issues Statement Saying Depositors Will Not Lose
The State Bank of Portsmouth, one of the smaller financial institutions of Portsmouth, with capital of $75,000. and having its main office at 336 High street and branch at 400 Broad street, Port Norfolk, did not open for business yesterday morning. M. E. Bristow, deputy commissioner of the State Bureau of Insurance and Banking, consented late Tuesday to suggestion that the bank and its branch suspend business until he could arrive here and make an examination. This action was determined upon in the interest of the depositors after large number of withdrawals deposits had been made fro mthe Port Norfolk branch Tuesday and unusually heavy withdrawals had been made at the main bank. Mr. Bristow was sent to Portsmouth to take charge of the bank's affairs pending the appointment of receiver, which was ordered by the State Corporation Commission Mr. Bristow is expected to issue a statement to depositors, and the public as soon as his examination of the bank has been completed. Mayor Brooks, in statement issued after conference of group all the financial institutions in the city, confidence that in the bank would not lose penny. The mayor's follows "As mayor of the city of Portsmouth, and therefore vitally interested in all of its interests and welfare. and, as director in two its financial institutions, have been requested by group representing all of the financial institutions of the city to issue statement the suspension the aiffairs the State Bank and its Port Norfolk branch. "There met last night a group of representatives from each of the financial institutions of the city to concern themselves with the temporary of the State Bank. There is no institution in the world which can give back immediately upon all of the depositors' money. This money, as you no doubt know, has been loaned on time varying from thirty to ninety days, and it would become necessary before to make every borrower to pay back all be satisfied. run on the State Bank and its Port Norfolk branch depleted these banks of their cash on hand. To protect its depositors and with the consent of the chief State bank examiner this bank and its branch has temporarily suspended business. "Every financial institution in this city is concerned in the distress of the State Bank and are at this working on plan financing these institutions in hope that not penny will be lost to its depositors.'
5.July 13, 1929Daily PressNewport News, VA
Click image to open full size in new tab
Article Text
BANK CASHIER CONFESSES THEFT OF
George Larkin Arrested on Warrant Obtained by Chief Examiner Bristow; State Bank Closed.
RECEIVER TO BE NAMED TO WORK OUT PROBLEM
Official's Confession Comes at Conference of Committee to Save Depositors.
George Larkin. years old, cashier the closed State Bank Portsmouth. which suspended arrested tonight Sergeant the police held by M. tow, chief bank examiner, charged with of bank funds the sum of $120,000. Discovery the facts which sulted confession Cashier Larkin and his arrest came while working today Chief Bristow, looking what be done relief protection of the State bank deposiThe Larkin confession and velations following made clear that the defalcation alone caused the closing of the State bank. outcome will now be the early for State bank work out and such dividends to positors as be forthcoming. The pointment probably will be made morrow. Chief Bank Examiner Bristow night gave out the following solution of the State Bank, has been large shortage has developed. The cashier, Larkin, responshaving made complete confession. substance of the latter is the following 'Realizing that the rent audit of the State Bank Portsmouth by reason shortage about $120,000. confess that embezzled that more person persons are involved had any participation this shortage. this statement of my own free will and accord. statement then signed and sworn to as of this date. corporation commission on Wednesday authorized for which be proceeded on without delay.'
6.July 13, 1929Ledger-StarNorfolk, VA
Click image to open full size in new tab
Article Text
Lawrence Is Named State Bank Receiver
Cashier Larkin, Accused Of Defalcation Of $120,000 "More Or Less" By Examiner Is Released On $10,000 BailHearing July 23
Frank D. Lawrence, cashier of Bank of Portsmouth, today appointed Judge Bain, of the Portsmouth Court of Hustings, receiver Portsmouth Bank, which has been closed several He gave of $100,000 with Na. tional Company surety, and took charge On warrant out by M. bank George Larkin, 36, cashier the of State Bank of was rested o'clock last night Police Officer charged defalcation of the bank's Larkin at o'clock this morning Justice Cuthrell on ball His case set in in Portsmouth on July Virgil Dunford appeared as bondsState Senator James Barron as for Larkin. Issued by Mr. placed amount bank's shortage $120,000 quoted what to written confession cashier shortage of that amount The State Bank failed doors Wednesday advice of Insurance Banking in Richmond, pending arrival department for an examination bank's Request the of the presence department's representative had been made following demands the State Bank's Port Norfolk branch for withdrawal of deposits Mr. Bristow arrived Wednesday afternoon assisted in his examination of State by committee. Due to Defalcation Alone
Discovery of the alleged defalcalight late yesterday. Bristow quoted saying that "the Larkin defalcation alone caused the closing of the State Mr. Bristow last night issued the following statement: "The contemplated solution of the difficulties the State Bank been found impossible. large developed. The cashier, Mr. Larkin, is sponsible, made complete confession. substance of the latter is following: that the current audit of State Bank useless by reason of my shortage about twenty thousand ($120,000.00) dollars, hereby confess embezzled that less. person or Involved had any participation this this statement of my own free and accord. "His statement is then signed sworn of this Corporation on the which will with withfurther delay."
7.July 14, 1929Evening StarWashington, DC
Click image to open full size in new tab
Article Text
Virginia Cashier Held. PORTSMOUTH, Va., July 13 (P).George Larkin, cashier of the closed State Bank of Portsmouth, was arrested here today on a warrant sworn out by M. H. Bristow, State bank examiner, charging defalcation of the bank's funds. He was bailed in the sum of $10,000 and his case set for hearing July 23. Mr. Bristow said the books of the bank showed an apparent shortage of $120,000. The bank was closed Wednesday on advice of the State bank examiner, pending an examination of its affairs following a run on its Norfolk branch. The capital stock of the bank was listed at $50,000.
8.July 16, 1929The Richmond News LeaderRichmond, VA
Click image to open full size in new tab
Article Text
Portsmouth Bank Change Announced
PORTSMOUTH. Va., July 16.-(A) The American National bank has pur. chased the assets and assumed the hability to the depositors of the First National bank of Portsmouth. it was announced by Frank D. Lawrence, president of the former institution The announcement was made shortly after midnight after " series of conferences which had been under way for seevral The First National bank was the parent institution of the State Bank of of Portsmouth, which recently was closed by state bank examiners and the cashier of which, George Larkin, was arrested on charge defaulting with approximat $120,000 of its funds The closure of the State bank resulted in "run" on the parent bank. which was withstood. although the bank's ready supply of cash was materially reduced
9.July 16, 1929The Virginian-PilotNorfolk, VA
Click image to open full size in new tab
Article Text
Receiver of Bank Asks for Pass Books
The State Bank of Portsmouth will be open this morning to receive pass books of depositors, according to statement made by Receiver Frank D. Lawrence yesterday. In order to tablish accurately the status of the bank's affairs at it is necessary for all depositors to turn in their books for examination as soon as possible, he said. The bank will open at the usual Now TIVOLI hour, and depositors' books will be Playing handled with the least possible delay. The Greatest Picture Months: VIVID Mr. Lawrence, who was appointed to "MY LADY'S DRAMA! the receivership by Judge Thursday Bain, in the Court of Hustings, emDaneing, SCANDALS Talking! OF 1929" phasized in his statement that it will be impossible to get definite estimate of the bank's condition every passbook has been examined.
10.July 16, 1929The Virginian-PilotNorfolk, VA
Click image to open full size in new tab
Article Text
APPOINTED ATTORNEYS COLONY NOW SHOWING FOR RECEIVER OF BANK A. A. Bangel and Vincent L. Parker "THE GHOST TALKS" were yesterday appointed in the Court of Hustings as attorneys for the reAn Comedy Vitaphone Acts, Comedy and News ceiver of the State Bank of Portsmouth.
11.August 5, 1929The Virginian-PilotNorfolk, VA
Click image to open full size in new tab
Article Text
WILL DISTRIBUTE BANK PASSBOOKS
Receiver Accomplishes Task Of Writing Them Up In Remarkably Short Time
Wrank D. 'Lawrence, receiver of the State Bank of Portsmouth, tomorrow morning will begin distribution of passbooks of the bank. which were called in a few days after his appointment about three weeks ago to liquidate the affairs of the bank Mr. Lawrence and his staff have accomplished in a remarkably short space of time the rather laborious task of writing up the many passbooks of the bank, completing the work in three weeks' time. That is regarded as somewhat of record for the completion of th work, and means that the receivership of the closed State Bank is proceeding rapidly with the work of liquidation. The distribution of the books will begin at o'clock tomorrow morning. Mr. Lawrence announces, with the presentation by depositors of the receipts given to them when the books were placed in his hands.
12.October 1, 1929Ledger-StarNorfolk, VA
Click image to open full size in new tab
Article Text
BANK RECEIVER
Asks Court For Power To Bring Suit To Collect All Sums Due
The first report of Receiver Frank D. Lawrence, of the State Bank of Portsmouth, which closed its doors July was placed in the hands of Judge K. Bain Court Hustings yesterday Vincent Parker. attorney for the receiver. expected that report entered some time this afJudge Bain stated today that the the failed bank, but he at length the prescourt contains, he said, the receiver be authorized bring against persons alleged indebted to The Judge Bain's lasted until after consequently Judge Bain had opportunity amine before entering the faces full trial docket to-
13.October 13, 1929The Portsmouth StarPortsmouth, VA
Click image to open full size in new tab
Article Text
Be Tried Thursday
Former State Bank Cashier To Face Nine Charges of Defalcation of Funds.
George "Pat" Larkin, former cashier of State Bank closed its doors by order Brischief bank examiner, July 10, scheduled trial the Court Hustings Tuesday this week. original date of Larkin's trial for last Tuesday, but owing the inability Bristow to the city that time continugranted until Tuesday. alleged to have confessthe of the period of years during he was in the Instituthe Bristow after the examiner had been called Portsmouth by directors the The bank was ordered closed after the books by Bristow Larkin arrested two after, on July 12, released under $10,000 bond furnished by his friends. appeared in the police court July but through his attorney, Senator Barron, waived examination without ball for the September grand jury, who indicted him on several counts. His trial in the Court of Hustings expected create wide attention. The State Bank did large busiwith the class, due the fact its open nights, yard workers, of the shops and other an opportunity of attending to their banking affairs person. Larkin maintained silence since has all for the shortage. Frank of the American National Bank, ceiver.
14.October 26, 1929The Virginian-PilotNorfolk, VA
Click image to open full size in new tab
Article Text
DEPOSITORS MOVE TO RECOVER FUNDS
File Petition In Court of Hustings Against Receiver of State Bank
A decree was entered by Judge Bain. in the Court of Hustings, yesterday making Frank D. Lawrence, receiver for the defunct State Bank of Portsmouth, defendant to petition presented by R. and M. D. Savage, the return of deposit of 83,606 made July 8, last, day prior to the last day the bank was open. less $482.01 withdrawn July last, with interest on the grounds that the deposit was received by officers of the bank knowing its insolvency, which made them trustees ex maleficio and the deposit separate and apart from the funds and assets of the bank. The decree requires the receiver to answer the petition on or before November next. Messrs. Torbert and Savage averred in their petition that they had deposited in the State Bank through the Fort 8, 1920, and withdrawn $482.01 the They declared that the deposit was made in reliance on the implied of solvency of the bank and its ability to pay back the amount deposited. They stated that a run on the bank was in progress at the time the deposit was made and claim that its officers should have known was so that it became their duty to this information to the petitioners and refuse the deposit. They allege the deposit was accepted with intent to Gedefrauded fraud, and that the depositors were The petition alleges further that the actual deposit was made in the Port Norfolk branch by Mr. Torbert, who inquired of one of the bank's officers as to the financial condition of the institution and was advised that it was in good and solvent The alleges that the funds deposited by the never became the property cf the bank and that acceptance of the deposit created a trust ex maleficio.
15.January 4, 1930Ledger-StarNorfolk, VA
Click image to open full size in new tab
Article Text
Portsmouth Courts
COURT OF HUSTINGS Judge Bain Petitions in Bank Suits Petitions have been presented to Judge Bain in the Portsmouth Court Hustings by three depositors the State Bank, asking for directing bank's receiver. to pay to the petithe the that the officers of the bank its hopelessly insolvent condition, and in accepting the deposits fraud, which the deposits separate trust funds in hands the The Sears, the Betty and Boy Babyclaim for $388.93 Portsmouth Lodge 1075, with claim $139.91, Kline and Isaac Kline, whose claim is $100.
Bill of Sale
The Velia Polcari for which secured by trust, the and the Hotel Monroe barber shop, Court property was purchased by the Portsmouth Improvement Company at high constable's on December
An Argentine railway has placed for $2,500,000 stock or rolling Britain.
16.November 9, 1930The Portsmouth StarPortsmouth, VA
Click image to open full size in new tab
Article Text
APPLICATION OF LARKIN
Attorneys For Receiver To Petition Judge Coleman For Order Nov. 21. made Judge Coleman, the Norfolk County Court, for an order appoint trustee purpose selling certain owned by George ("Pat") Larkin, sentenced prison charge embezzlement funds the defunct State Bank Portsmouth, while cashier of that bank. This announcement was made last night by Bangel. who Vincent Parker torneys for Frank D. Lawrence, State Bank receiver property be sold is valued approximately $3,500 and cated Bangel stated. probable that other property said owned by Mr. Larkin will be sold to help pay the alleged been embezzled. the attorney stated. The realized from the sale of this property will be turned over Receiver help pay the the Bank time doors closed. These depositors already celved per cent their losses the result able of the trust Receiver Lawrence the Bank
17.March 19, 1931The Virginian-PilotNorfolk, VA
Article Text
Directors Demur To Suit Brought By Bank Receiver general demurrer entered by counfor the directors of the defunct State Bank of Portsmouth the that has been by F. Lawrence, receiver for the bank, for the recovery of $200,000 claimed to be to the depositors other and crediof bank as result of alleged in the affairs of the prior to closing summer 1929 was yesterday before Judge White in the City Court. In points the demurrer was sustained and the plaintiff was given leave to amend his Judge White took the matter under and render an opinion later.
18.July 11, 1931The Portsmouth StarPortsmouth, VA
Article Text
FILED
Judge White Hears Argument In Receivers' Suit Against Bank Directors.
White in the Judge Portsmouth after Court argument today overruled part sustained the and part the suit of murrer Lawrence, receiver, against the defunct State directors Bank Portsmouth. Attorneys the receiver granted amended bill and hear argument amended suit claims against directors amounting not the whole the greater The hold the rectors liable under of negBangel Robert receiver Murran and Maupin and H. the Brinkley the defendants in today's proceedings.
19.August 16, 1933The Portsmouth StarPortsmouth, VA
Article Text
REPORT ON
Special Master Triplett Holds Directors Not Liable For Shortage.
Directors of the failed State for the shortage which sulted closing of that according report by Special Master Triplett. and filed city circuit was brought against the $220,000. the covery amount required off the bank's other debtedness following the failure closing after dis. covered defalcation George penitentiary term. holds the The rectors negligent manner they responsible the complainant in damages in any amount.
Like Jury Verdict. The special commissioner's like jury verdict lies for common During that the ten plaintiff action may file exWhite. the circuit Portsmouth consideration and action. are filed to the report, then the stands and instance action brought the rectors will fall and be disPortsmouth attorneys in the case were The Vincent Parker Bangel, State Bank receiver. William Maupin and Brinkley for defendant directhe State Bank of Portsmouth. commissioner's report in the The Bank case lengthy of the defunct covered phases relations thereto of the officers and direccommissioner reports the the defendants damages any plainant in amount. large dence was before the commissionrecords the bank and into the evidence. The report legal pages. CommisImportant Report. "Negligence has been specifically attributed the defendant Continued Page Four
20.May 13, 1934Daily PressNewport News, VA
Article Text
PETITION FOR WRIT ERROR FILED BY BANK RECEIVER
RICHMOND, Va., May petition for writ error from the judgment of the circuit court Portsmouth denying relief against G. Weaver and other former directors of the State Bank of Portsmouth was filed in the state supreme court of appeals today by Frank D. Lawrence, receiver of the bank. The case raised directly for final the liability to In this case the claimed that owing to negligence of the the depositors of the bank suffered losses totaling $200,000.
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.
