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Negro Bank In Receiver's Hands
Petersburg, April 10.—(By The Associated Press.)—The People's Bank of this city, a negro banking institution, has been taken over today by a receiver. What other steps may be taken in the closing of the bank are as yet problematical.
Following investigation of the bank's affairs by Chief Bank Examiner M. E. Bristow, of the State Corporation Commission, the State Corporation Commission late yesterday filed a bill before Clerk Bass in Hustings Court, asking for the appointment of a receiver.
Robert Gilliam, Jr., was named receiver, and, after giving bond in the sum of $30,000, took over the bank's affairs.
The People's Bank of Petersburg was organized here three years ago. According to Mr. Bristow resources of the bank total $76,000, while $47,000 is held on deposit. The capital of the bank is $25,000. Undivided profits amount to a little less than $500, and bills payable to $3,500.
The officers and directors of the bank are all negroes.
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