State & City Bank (Roanoke, VA)

Episode Information

Episode UID
68058171599
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6805817 routing
Routing Number
68-0581
Start Date
March 14, 1933
Location
Roanoke, Virginia (37.271, -79.941)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3504b138b457910d

Response Measures

None

Description

Bank suspended March 14, 1933 (banking holiday) and was placed in receivership shortly afterward; liquidation and dividend proceedings followed.

Events (2)
1. March 14, 1933 Suspension
Cause
Government Action
Cause Details
Closed on March 14 banking holiday and did not reopen afterward.
Newspaper Excerpt
The bank suspended operations March 14, and has been unable subsequently to re-organize.
Source
newspapers
2. April 3, 1933 Receivership
Newspaper Excerpt
The state corporation today entered order authorising Bristow to apply for the State and City Bank. The bank suspended operations March 14... receiver was appointed; Mountain Trust named temporary receiver for the State and City Bank of Roanoke and began audit April 1933 and was placed in receivership yesterday by Judge Almond, Jr..
Source
newspapers

Newspaper Articles (17)
1. April 2, 1933 The Roanoke Times Roanoke, VA

Article Text

MOTION FOR BANK RECEIVER DENIED Request Made in Connection With State and City by Jas. P. Hart, Jr. IS SPECIAL COMMISSIONER Holds Receivership Ought Not to Be Had Merely on Bill's Complaint Motion of James Hart, Jr. that be the City Bank, which been closed denied by Judge Thurston Keister in circuit court yesterday receiver was filed The request by Mr. Hart his capacity as in the Gish. Tucker His bill of set forth that he the bank February 25 his account on and that there special balance of which he been unable to withdraw. The Decree. receiver for In refusing to appoint bank, court decreed that opinion "before should in this matter the bank, appointed creditors and other should notice be given present before portunity to to the propriety of court and that receivership receivership. not to be had merely this cause ought bill bill alleged that The the time "State and City Bank the the was insolvent. and unable meet the due court busiobligations known the and this was employes of the directors and The bill requests the requested reover the and City ceiver Investment by the bank, and colwhich owned included in the Fourteen counts are bill. first tell of his appointThe and the ment special in the bank. The depositing of funds the bank insolvent third alleges of the deposit and the time its officers. The this was known that as result this fourth holds holds this alleged trustee for the deposit as constructive trust by virture thereby created, and claims this titles the trust take precedence other deposits. in the bill charges The fifth count the officers and directors of the bank personally liable to the complainant the amount of the deposit. charge the remaining The owns the of the State and City that complainant 15 shares the common this corporation, asks be appointed to conthat receiver the the bank and wind serve up its affairs after liquidating its complainant also charges that and the to sell its assets such tempting damage to way special to stockholders and depositors unless receiver The bill was filed pursuant to written notice to the bank executed yesterday on L. Stevens, assistant cashier. The bank has been closed to deposisince March except for accepting on making change No withdrawals have and been allowed.

2. April 3, 1933 The World-News Roanoke, VA

Article Text

Receiver Is Sought For Local Bank State Corporation Commission Enters Order Authorizing M. E. Bristow, State To Make Application For State And City Bank. BULLETIN Judge Almond in Hustings Court this afternoon named the Mountain Trust Bank temfor the State City fixing $1,000. 000. The of the receiver came the State Corporation Commission had directed Holman Willis apply The officers the State City Bank agreed that temporary receiver was plans previous effort been made have receiver appointed and the Corporation Commission thought impossible accomplish anything for the depositors without outside parties attacking the institution Acting attorney for the State Holman following the entrance an order this morning authorizing the appointment of ceiver for State and City Bank that he will apply for the receivership Hustings Court here this afternoon or tomorrow morning. In statement he said that the meantime officials of the bank contemplated continuation their application for funds from the struction that subscription of stock had dropped R. Funds Funds from the C. would ento of their money said, the of the and repay the corporation Who the be could not be learned Mr. Willis said that his bill asking for the not mention receiver by name and that he favors some institution rather than an individual receiver This, of court will determine if the receivership granted. statement the commission attorney came after despatch been from Richmond stating that Bristow banking commissioner. had authorized secure appointment of receiver for the State City Bank to prevent receivership by an "outside interest Mr. Willis optimistic about the bank's application the Renconstruction Finance Corporation He said "We think probably worked Briefly Mr. Willis summed the situation, "The State Corporation Commission entered an me for the to ply in name commission receiver Application will be this tomorrow morning in Hustings Court Want Funds. "It is contemplated by the bank officials continue their application the The method which such this: the funds in some places pay off part of the receivers collect the assets of the bank and to repay the The method adopted order make available immediately the depositors think it probably will be worked out." Asks For Richmond. State today entered authorizing State to apply for receivership for the State and City Bank The bank suspended operations March 14, and has unable subsequently to re-organize The action. it explained. avoid receivership proceedings by an "outside interest

3. April 4, 1933 The News and Advance Lynchburg, VA

Article Text

Will Ask Receivership For Bank In Roanoke Richmond, April 3 (AP)-The state corporation today entered order authorising Bristow. to apply banking for state for the State and City Bank of Roanoke The bank suspended operations March 14, and has been unable subsequently to reorganize. The action

4. April 4, 1933 The Daily Progress Charlottesville, VA

Article Text

FOR ROANOKE BANK State banking division today ancounced that the Mountain Trust Company, of Roanoke, had been named temporary receiver for the State and City Bank of Roanoke as result of receivership action authorized Commission by the State Corporation The division said the condition of the bank was set forth in a bill of particulars filed in the Roanoke

5. April 4, 1933 The World-News Roanoke, VA

Article Text

Audit Will Be Made Of Bank's Books Mountain Trust Becomes Receiver For State And City-$60,000 From Latter Withdrawn Prior To Banking HolidayHalf Million On Deposit. An audit of the books of the State and City Bank, placed in receivership yesterday the Instance of the State Corporation Commission, was begun today by Brown and Company certified public retained by the Mountain Trust which was appointed the receiver on million-dollar bond without surety by Judge Almond, Jr., of the Hustings Court. Retain Employes. Retaining all except two employees of the State and City Bank. the receivers spent four hours last night conducting preliminary audit of cash on hand and making cursory examination the books they took This morning R. Adams officer of the Mountain Trust Bank, was placed in charge the State and City Bank with questions of policy to be dictated by the board of directors and finance committee the receivers and by the State banking department All matters pertaining to the bank will handled at the bank. further Today Holman Willis acting as attorney for the State Corporation Commission, which authorized application receivership, was preparing another der for instruction to the ceivers and was expected that counsel for the receivers will be named the yesterday telephoned instructions from Richmond In the meantime plans for settlement with depositors were progressing. lowing conference with Gardbanking examiner night There was information able to what percentage can worked out for settlement Three courses appeared. were un. officially menentioned: rumored merger of the Mountain Trust and and City banks. A liquidating loan from the Finance Corporation, and 3. within the bank. Small Small likelihood merger with the Mountain Trust Bank following statement R B. Gunn. president the Mountain Trust Ban. He said, There nothing to about No report had come today from the Finance relative an examination last week by aminer, of the State and Cilty bank with reorganization contemplated was understood that this reorganization was recommended Secretary of the Treasury William Woodin by M. Bristow, director of the banking and insurance division of the State corporation but Davis, of the and City bank. said at noon that the plans for dropped pending settlement the liquidating loan from the would make possible to proportion of their balances. Letters will be sent to the depositors the next two weeks notifying them of their payment the loan. against the best paper the tiated the partment the considered that will be longer time before depositors receive their money or proportion of ruling whether the amount N notes held by depositors the State and City offset deposits expected some this week. The are holding the property of the State and City Investment Corporation Closed Bank. Officials of the closed bank pointed to the strategy of saving money venting bankruptcies protecting borrowers agreeing the pointment of another bank receiver. Attorney's receivership are approximately five per cent, while likely sult receivership by an was said Stockholders of State banks in Virginia are not doubly liable found Legislation proposing the feature was never passed. Continued on Page Fifteen Column Four.)

6. April 14, 1933 The World-News Roanoke, VA

Article Text

STOCKHOLDER INVESTIGATION STATE, CITY BANK Demands Effort to Compel Recovery of Hundred Cents On Dollar to Depositors. James Hart, local attorney to the Mountain Trust Bank, receiver for the State and City letter certain demands receiverthe affairs of the State and City Bank asked The demands were filed by Mr Hart stockholder and State City Bank with effort compel recovery of one hundred the dollar all depositors set forth Mr April the pointment the State and City filed Judge Keister, the Roacity circuit that stance acted in his capacity special commissioner in chancery His petition receiver was Judge two days later the was Judge mond. court petition of the Corporation Commiswas understood that reply requested that bank officials answered the letter

7. April 19, 1933 The Roanoke Times Roanoke, VA

Article Text

OFFICERS LIABLE FOR ALL DEPOSITS (Continued From Page One.) the assets of the State and City Bank of trust for the benefit of stockholders of set plainant owner of shares the stock of the State and City Bank: your complainant advised and alleges that the officers and direchave guilty gross and gross negligence in the and City and for all they occasioned: your has made demands Mountain Trust Bank. acting receiver of the State City although plainant said proceeding nothing he do will ter which filed Exhibit and prayed to as fully set in among demands in complainant demanded that the receiver proceed the officers and the said also the against the officers for having City Investment violation of Section 4149 Code of the paragraph allowing banks fifty thousand population put fifty per capital surplus or buildings being lation and the benefit of the State and City complainant alleges that Section the 1930 under which the State City Investment Corporation pur chased by State and City Bank makes the directors State and City Bank personally for capital purchase said That the the the said in said the and the cost the said which last of the paragraph said which exempt banks of compliance was benefit and City Roanoke and the for stock bank That the officers the State and City Bank Lawrence Charles officer Edward and the M D. R. Inge RosenThomas Tudor your : appear that ing the letter April 14. copy of which filed marked Trust Bank indefinite apparently the by in order to be clear in

8. June 9, 1933 The Roanoke Times Roanoke, VA

Article Text

AUDIT INDICATES PAYMENT CLOSED BANK (Continued From Page One) including interest, totaling besides capital surplus books Total All said yesterday. transferred to the Mountain Trust except the Department. negotiations for the sale of which are now the liquidation will end the history of the and City the Day Night Bank for business the following March 313 South ferson Its charter provided for minimum and capital of $100,000 and respectively. Moved In The bank was moved May. 116 West Haley Later was presiwhich Mr. Haley the year by had become The changed to the State City November 27. 1925 large expansion place. meeting which the 2,000 shares the capital and $200,000. respectively. The present purchased from the Colonial National Bank April The purchase actually by the and City vestment Corporation the valued an of owned either by bank its In the annual statement as the capital stock shown and the stock holders had capital stock from $300,000 $275,000. understood that approximately $60,000 was withdrawn from deposit during months preceding national when holidays being declared the and and diswere decreased Official Statement Mr Adams' statement follows: assume that the two things in which the public is most interested are what amount the depositors receive and when disbursements It difficult for the receiver these with any degree certainty. "According the auditors' report there margin book assets over liabilities, which indicate that the From will be greatly duced due to bankruptcies and shrinkage in values. The auditors were directed to list the assets the values carried by the and not supposed go the the collectibility of the and undertake collect in short notes and would acute credit situation Roanoke. The amount be realized on the assets and the within which can collected large extent be contingent upon pick up and an but not too will to the mean the ference between their per 40 per cent or perhaps twice that amount. WIII Be Developed. to the depositors will delayed longer than normally would the fact the City Bank had borrowed prior the For these loans the had pledged collateral portion notes. In protect equity this collateral be the best interest the for the ceiver to pay these before any disbursement is to the deposiOur first interest being to see that the the to hold the expense of liquidation mum. of receiver effected saving premium of addition, succeeded having due the State remitted are skeleIn order further assets moved the Trust Bank with exception of the Mortgage Loan Be Vacated. pending now for the sale this and, the sale completed and proved the banking ters the State and City Bank will that the audit has been comthe will ask to the Reconstruction Corporation liquidating loan accordance this granted. used to the bank and pay dend to depositors Reconstruction Finance Corporation may approve." MORTGAGE LOAN Estate Bonds 4D 6,150.00 Estate Note 4E Other Notes 4F NOTES PLEDGED Finance Corp. 4G First Nat'l 4H Bank Virginia Surety Co., Roanoke 4J 10,600.00 TOTAL ASSETS 6,118.67 TOTAL LIABILITIES The detailed statement the audit of the affairs of the State and City Bank for the of the bank of April The audit began the morning of April ASSETS CASH IN BANKS SCHEDULE New York 1,724.04 First Bank, Roanoke, Va. 4,404.97 CASH AND CASH ITEMS: SCHEDULE Actual Items Cash Due from Other Sources 4,216.07 16,159.25 225.00 LOANS SCHEDULE BANKING Loans Discounts 4A Demand Loans 4B Industrial Loans 4C 7,281.50 343,904.38 624,483.73 STOCKS ETC.: SCHEDULE HELD BY BANK City Corp. Shares Capital Other Bonds, Etc. 18,418.00 $246,418.00 PLEDGED TO SECURE DEPOSITS 8,000.00 Treasurer Virginia Treasurer of Roanoke City 5D 280,212.50 Real 16,217.10 SCHEDULE New Insurance Loans Bonds and Other Loans 7B 4,304.38 4,688.78 83.02 Furniture Schedule 4,509.91 New York Life CompanyReal Estate Loan 10 10,000.00 NOTES PAYABLE Schedule 11 First Nat'l Virginia 55,900.00 Roanoke $1,300.00 $202,575.00 ACCRUED ACCOUNTS: SCHEDULE 12 215.94 Revenue Stamps for Certificates Salaries 100.10 Bank Treasurer Virginia Treasurer Roanoke City 147.76 559.20 SCHEDULE Demand Saving Christmas 13C Certificates 13D Certified Checks Cashier's Checks 1,788.52 448,729.78 ACCOUNTS SCHEDULE Life Company Loans 3,144.05 Bonds and Other Loans 7B Miscellaneous Payable 7C 506.65 OTHER SCHEDULE Drafts Chemical Bank & Trust Unpaid Dividend TOTAL LIABILITIES $658,087.65 known Liabilities on April 1933 Shares Capital Stock by 5,200.00 (Capital Stock hands of Public Surplus and Reserves 66,732.08 TOTAL $311,532.08

9. June 10, 1933 The Roanoke Times Roanoke, VA

Article Text

City of Roanoke Has Recovered $25,000 Deposit In Closed Bank Sum Was Secured by Bonds Pledged by the Bank and by Surety Purchased Bonds for Its Sinking Deposit of $22,675 Also Was Secured in Full in Same Manner. The city Roanoke has already covered full the had State and City Bank city last night. Frantz explained that the entire deposit city and the surety the item the city the bonds for its sinking fund was in excess sum due city principal and interest its the excess returned the bank. The surety bond guaranteeing the city the $10,000 has been paid Frantz The fact city had $25,000 examination of detailed report the the bank's affairs made Brown and Company This completed audit handed the Mountain Trust Bank for the State and the audit listed book 532.08 the Trust menting fact pointed out that margin be greatly duced through values and which will prevent Besides the the audit the of and City Bank April day work of auditing This account bonds and the surety was Gunn, presithe Mountain Trust Some the figures dealing with stock and by the detailed report the Number Total stock Largest block (or individuals excluding Total, excluding old Number deposits on old, inactive Total, Inactive Ledger Inactive ledger from one cent Following figures exclude old ledger. State and City including benefit fund; also 000 of City Roanoke fund, and sinking fund: John M. treasurer of the Commonwealth demand of one less one dollar, exclusive old Savings Number including 21 listed Ford and Travel Total Largest Smallest savings of one Number savings accounts less than clubs, listing also balances former Total Christmas club Largest Smallest- cents

10. June 10, 1933 The Roanoke Times Roanoke, VA

Article Text

RECEIVER'S STATEMENT. audit the affairs of the State Although Bank shows book assets indicating and City eventual of depositors in full, it payment well to bear mind the point stressed by in Adams, trust officer for the Mountain Trust Bank, receiver the closed institution. for the margin of that from practical standpoint assets over liabilities will be greatly reduced through shrinkage values. was not the auditors, Mr. Adams explains, to duty of the go into the collectibility of loans and discounts. Depositors in the closed bank are restless and uneasy, quite naturally, but they will do well to bear mind Mr. Adams' declaration that "an orderly, but not too hasty, liquidation will increase the amount available to greatly pay the depositors, may mean the difference between their receiving 30 per cent cent or perhaps twice that amount." per To to collect in short time over $600,000 of notes and loans would. as the ceiver points out, cause an acute credit situation in Roanoke. not too hasty liquidation clearly in the interest of the borrowers from the closed bank, the depositors and the community alike. Loans from other banks. for which the State and City Bank had put the portion of its notes as must be repaid before any disbursement made to the depositors, order to protect the bank's equity in this collateral. This not only necessary but obviously in the interests of the depositors themselves. Meantime the depositors should be reassured by the statement that it making every effort to hold the expense of liquidation to minimum. The receiver's intention of making application for liquidation loan from the Reconstruction Finance under the terms of recently enacted banking legislation, will noted with interest by the depositors, for, if granted, the proceeds of the loan will available pay the outstanding bank loans. amount realized the assets and the time within which can be collected,' says Adams, speaking on behalf of the receiver, "will to large extent be contingent upon pick-up in employment and business in Roanoke." This can understood without difficulty and by bearing in mind depositors can answer for themselves the question every one of them doubtless wants answered, viz., when will the State and City Bank be in position pay the depositors something, and how much? Mr. Adams' statement, issued on behalf of the Trust Bank, acting as the ceiver for the State and City Bank, published in full in this newspaper yesterday, with detailed statement of the audit appended. was singularly clear, straightforward and comprehensive explanation the present status the closed bank's affairs. Needless say, was of very general interest throughout the community and was read by business men generally, well as by depositors in the State and City Bank. with keen attention. It warrants the belief that the affairs of the State and City Bank are in competent hands and being wound up with view to making the best possible settlement, under the circumstances, for the depositors whose funds were tied up when the bank failed to reopen after the banking holiday in March. How much the depositors will get back, and how soon, depends as much on an early improvement in general business conditions in Roanoke on anything receiver institution doing its best for them: with that assurance they must perforce be content for the time being.

11. June 22, 1933 The World-News Roanoke, VA

Article Text

BANK RECEIVER IS ALLOWED TO REDUCE INTEREST Hustings Court Decree Also Permits Renewal of Bonds. On petition the Mountain Trust receiver for the closed and City Bank allowing the ceiver to reduction in terest State and Bluefield College bonds entered court the State Commission against the State and City yesterday petition the court set forth State City prior the receiver was the and legal the the bond being expires 1933 propknown Broadway New The petitioners had been reTanager ConCorporation 1933 property the safety the that urged the of the bonds consent reduction from 1-2 per that holders until January 1938 any payments for the principal retirement reference the Bluefield College $500 and seven BlueCollege dated 1928 payable the authorized to requested said reinterest the rate per the security therefor remain same as that by the receivers The receivers they were advised Bluefield the was unable to discharge the which bonds held the difficult period through which the college stated that the Baptist General of Virginia has made provision the payment of interest on bonds for the renewal

12. August 25, 1933 The World-News Roanoke, VA

Article Text

HOME LOAN BONDS WILL BE ACCEPTED BY BANK RECEIVER Will Be Taken in Settlement of Certain Debts, Says Court Decree. Four per cent bonds of the Home Owners' Loan Corporation will be accepted by the receiver for the State and City Bank in settlement of certain debts, the result of decree entered inHustings Court today directing such action. The decree was in the case of the Corporation against the State City Roanoke, which itigation instituted last March. the receiver was appointed. In the order eoday, was represented that the receiver holds notes and other evidences of debt, secured by deeds of trust on real estate of value, and that the debtors in stances are unable discharge the debts the usual Several debtors have expressed desire to refinance the indebtedness provided by the Home Owners' Loan Act of 1933 and have requested the receiver accept in settlement of debts the bonds the Home Owners Loan The court has thorized the receiver. its any cases where the refunding can be consummated, to accept the bonds the face value of the existing lien Moses Nackley VS. Rosa Thomas et al. Decree giving Rosa Thomas leave file Charles Stewart was ordered released from custody today under writ of corpus after hearing. Stewart had petitioned that was being illegally detained in jail on nonsupport charge on which he had been tried in the Juvenile and Domestic Relations Court. His petition alleged that the local court had no jurisdiction in the matter because he was resident of Botetourt county.

13. January 19, 1934 The World-News Roanoke, VA

Article Text

Order Is Entered For Receiver Fees An order was entered in Hustings yesterday afternoon directing the Mountain Trust Bank as receiver for the State and City Bank to pay self and its attorneys fees totaling by Judge cree for as from April 1933, February 1934, and month thereafter for the next year bank is have $2,500 for operating expenses for the next year. Willis and torneys for the receiver, allowed for to February 1934, given the State City Bank prior to apThe order followed letter vised the by committee of six torneys advise the court what considered fair reasonable fees. After hearing the matter presented Tuesday, attorneys then submitted They were called back by Judge Almond for and revised their report slightly. the chief being for the year beginning they first fixed flat rate for receiver and specified that all should be taken out of this compensation.

14. January 24, 1934 The Roanoke Times Roanoke, VA

Article Text

HUSTINGS JUDGE Approves Receiver's Petition Giving Depositors 25 Per Cent RFC LOAN SECURED Schedule of Amounts Owed General Creditors Is Filed in Court Payment depositors and other general creditors of the closed State and City Bank of dividend of 25 per cent by entered by Judge Almond, Jr., Hustings Court late yesterday. The dividend will amount to approximately according petition filed by the Mountain Trust Bank, receiver for the receiver directed to pay the creditors per but was said that few would necessary to pare distribute the checks. was ordered by the court the payments made by check and the celled instruments held as vouchers the receiver. First Payment. This will be the first money received general creditors the bank since closed doors last March for National banking holiday. The State and not permitted to reopen when on April the Mountain Trust styled State ComState and City Bank. schedule of gencreditors was filed yesterday receivers follows: accrued $376,220.51; certificates deposit, certified checks, cashier's checks, $704.reduced by offsets amounting This leaves claims general 25 represents the approximate dividend will distributed. All general creditors participate United Fidelity and Company. At the request the the that this to the titled. amount to which the company is enThe decree revealed that the ceiver applied Finance Corporation liquidating $310,000. that the RFC proved $243,000 and this later was Payments collateral pledged for the tween application the loan and its approval and the that $2,500 in approxiestate securing part the These two items for the duction in the loan as originally proved. free the necessary collatthe Reconstruetion the First National Bank Lynchburg and the ColonialNational Roanoke prior the court approved payment of these liens from the pro- (Continued on Page Seven.)

15. March 12, 1934 The World-News Roanoke, VA

Article Text

Mortgage Co. Buys Loan Files Of State, City The sale of all loan files correspondence and negotiate the Mortgage Loan Department of the State and City Bank with the exception of New York ship, Life loans the Roanoke Bond and Mortgage Company for $400 was authorized in Hustings Court Saturday an order examined today showed. The order resulted from the petition of the Mountain Trust Bank, receiver But loan and other records "pertaining to real estate loans negotiated through said departand now held by the New York Life Insurance were cepted. The audit of the State and City Bank that appeared in the WorldNews showed that the New York Life Company real loan agency value of B. Adams trust officer of the it said the and status of the New York Life account could not be learned. It an asset in which depositors, awaiting future payments, are Claude L. Guerrant now with the government Washington, president the to of the files also over by the State and Ctiy's Mortgage Loan Department from the Roanoke Securities Corporation, was authorized dent and Edward H. Ould secretary and treasurer court said the price appeared to be and reasonable ROBBERS GET $4,000 Tenn March Brandishing pistols. Two men forced Cashier C. B Gattis into vault and robbed the First National Bank Huntland of an estimated $4 000 here today

16. May 22, 1934 The Roanoke Times Roanoke, VA

Article Text

FAVOR TWO FOR STORE Use Morris Plan Bank May Building If Bank Moves to New Quarters OTHER SITE ON CHURCH Room Formerly Occupied by Horne's Milinery, Believed Suitable Reliable reports current here yeater. effect that the buildday were by the Morris Plan ing now occupied Bank the southeast corner Jefferson street and Luck aveSouth the north side nue and opposite the of Church bus are the Greyhound of state likely store the liquor colored patrons will vacant store the North Henry street about from the Henry street railway bridge. May Move. Use of the building South ferson street course contingent removal of the Morris Plan another The understood interested the and City Bank building posthis report was be had yesterday The State and City bank closed process doors the spring of 1933 The building the property of the State Investment stock of the and City The ground structure was possible building the Morris Plan either offices this Mountain Trust bank, receiver for the State and City Nevertheless reports persisted that one the cated the now that Etheridge estate director the Beverage Control board inspected the property while week and favorably impressed with the location understood that the bank has lease on the property expire time An adjustreported one the involved the church ave. which has also been prominently likely site for liquor formerly by Horne's Millinery The structure damaged by fire some months ago.

17. May 29, 1934 The Roanoke Times Roanoke, VA

Article Text

COURT APPROVES LEASE FOR BANK Rental of State and City Quarters to Morris Plan Is Authorized the The form occupy the Morris ground the State and City building entered the lease was petition the Mountached to Trust receiver for the Bank asking the and City approved receiver thorized The granted the petitioner's In order the court approved sale the receiver Home Owners Loan corporation bonds now held by price net than There are three parties the of namely Morris Bank and City and the tain Trust The State and City holds title the and City the of the the owned the State and and over the institution of the assets City Bank The property rented includes addition the the ground floor the 311 space elsewhere in the building for storage purposes was set forth in the order that the lease the the court's decree May 23 thorizing the receiver proceed negotiate the The terms profor an annual for period June for the of five years on the The Colonial American National holder on State and City building filed the statement to the effect that any foreclosure under the mortwould be subject to the Morris The Morris Bank lease gives the option the year for years expiration of the five-year