Richwood Banking & Trust Company (Richwood, WV)

Episode Information

Episode UID
69012771582
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
6901277 routing
Routing Number
69-0127
Start Date
October 2, 1931
Location
Richwood, West Virginia (38.224, -80.537)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
193616eb8de878f0

Response Measures

None

Description

Receiver paying dividends by 1934 confirms permanent closure and receivership.

Events (2)

1. October 2, 1931 Suspension
Cause
Government Action
Cause Details
Banks failed to open and were closed pending reorganization with state banking authorities involvement.
Newspaper Excerpt
RICHWOOD, W. Va., October 2 (AP), -This town of 6,000 population was without banking facilities today when the First National Bank of Richwood and the Richwood Banking & Trust Co., a State institution, failed to open for business. Notices posted on the doors announced the banks were closed pending reorganization.
Source
newspapers
2. * Receivership
Newspaper Excerpt
A 10 per cent dividend, totaling $31,000, was paid depositors of the Richwood Banking and Trust company... E Lawhead, bank receiver operating in the northern section of the state, Friday reported the following dividends had been paid
Source
newspapers

Newspaper Articles (2)

Article from Evening Star, October 2, 1931

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Article Text

SIX BANKS IN FOUR STATES CLOSE DOORS Two Philadelphia and Two West Virginia Houses Lead City Failures. By the Associated Press. PHILADELPHIA, October 2. - Two neighborhood trust companies in Philadelphia closed their doors today. They were the Oiney Bank & Trust Co., Fifth street and Tabor road, with two branches, and the Jefferson Title & Trust Co., at Twenty-ninth street and Girard avenue. Their affairs were placed in the hands of the State Banking Department. City Without Bank. RICHWOOD, W. Va., October 2 (AP), -This town of 6,000 population was without banking facilities today when the First National Bank of Richwood and the Richwood Banking & Trust Co., a State institution, failed to open for business. Notices posted on the doors announced the banks were closed pending reorganization. Last June 30 the Richwood Banking & Trust Co. reported deposits of $599,331 and capital stock of $50,000. The First National reported deposits of $533.770 and capital stock of $40,000. STEUBENVILLE, Ohio, October 2 (A).-The Union Savings Bank & Trust Co. of Steubenville suspended business today and was taken over for liquidation by Ira J. Fulton, State banking superintendent. Directors last night voted to ask the State to liquidate the institution to conserve assets which, they said, had been impaired by a heavy withdrawal of deposits during the past two weeks. The bank last June 30 reported total resources of $4,841,000. It was capitalized for $350,000 and reported a surplus of $275,000. Bank to Liquidate. MUSKEGON, Mich., October 2 (P).The Peoples' State Bank for Savings failed to open for business today. A notice stated that the bank was closed for reorganization or liquidation at the direction of the directors and the State banking department. The last financial statement showed total resources of $3,068,480, deposits of $2,286,938 and capital of $300,000.


Article Text

Two Nicholas County Banks Pay Dividends Dividends were sent out to depositors in two Nicholas county banks on Friday, it was announced by E. L. Morrison, A 10 per cent dividend, totaling $31.000, was paid depositors of the Richwood Banking and Trust company, bringing the total paid to 30 per cent. Depositors of the People's Bank of Camden- Gauley received their first dividend, of per cent. The payment totaled E Lawhead, bank receiver operating in the northern section of the state, Friday reported the following dividends had been paid: Bank Farmington, 15 per cent, about $48,000, total of 35 per cent to depositors; Union Bank of Benwood, per cent, about $4,300, total of 25 per cent, and Central Bank and Trust company, per cent, about $28,000, total of per cent. -Two dahlias grown by Mrs. R. T. Moore of Nashville, Tenn., are called the "Siamese twins" by her neighbors because they are joined together on one stem.