Virginia City Bank (Virginia City, NV)

Episode Information

Episode UID
94005271595
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9400527 routing
Routing Number
94-0052
Start Date
November 1, 1932
Location
Virginia City, Nevada (39.310, -119.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
862d64584eb6d0bb

Response Measures

None

Description

Bank was part of the Wingfield group; closed after the Nevada banking holiday and later placed in receivership.

Events (2)
1. November 1, 1932 Suspension
Cause
Government Action
Cause Details
Statewide business and banking holiday / moratorium proclaimed by Nevada (Lt. Gov. Griswold) covering Wingfield group banks.
Newspaper Excerpt
By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932.
Source
newspapers
2. February 28, 1934 Receivership
Newspaper Excerpt
Leo F. Schmidt... today was appointed receiver for seven closed state banks... the Virginia City bank ... The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932.
Source
newspapers

Newspaper Articles (11)
1. November 1, 1932 Reno Gazette-Journal Reno, NV

Article Text

GROUP OF BANKS The Wingfield group of banks in Nevada, with combined deposits of about sixteen million dollars and capital of $1,975,000 include: Reno National Bank and Bank of Nevada Savings and Trust Company, with deposits of $7,600,000 and capital of $800,000; Riverside Bank of Reno, capital $50,000, deposits approximately $1,060,000; United Nevada Bank of Reno, capital $400,000, deposits approximately $1,800,000; Tonopah Banking Corporation, capital $50,000, deposits approximately $325,000; Virginia City Bank, capital $25,000, deposits approximately $200,000; Wells State Bank, capital $25,000, deposits approximately $85,000; Henderson Banking Company of Elko, capital $200,000, deposits approximately $1,650,000; Churchill County Bank of Fallon, capital $75,000, deposits approximately $750,000; Carson Valley Bank of Carson City, capital $125,000, deposits approximately $850,000; Bank of Sparks, capital $25,000, deposits approximately $730,000; Winnemucca First National Bank, capital $200,000, deposits approximately $2,000,000. LEGISLATIVE SESSION Reports were current this morning that the calling of a special session of the Nevada legislature will be discussed with Governor Balzar on his return to the state as a considerable part of the state's funds, as well as the funds of counties, school districts, municipalities and the university are on deposit in the Wingfield banks. The legislative session, however, if one is called would not be held until late this month and during the next twelve days the proposed reorganization of the Wingfield banks may be effected, it was pointed out. The terms of present members of the legislature, excepting hold-over senators expire on November 8 and if the legislature is called in special session its membership will consist of those elected next Tuesday and the hold-over senators. GRISWOLD'S STATEMENT Lieutenant Governor Griswold issued a statement in addition to the moratorium proclamation setting forth in detail his reasons for taking the action. The statement follows: "To the people of the state of Nevada: By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932. My reason for so doing is the conviction that business, banks, bank depositors and the entire people of the state of Nevada will be best protected by this action. "While some of our banks are not to be considered as otherwise than sound in all particulars, those of our banking institutions which have particularly supported our agricultural interests are naturally most seriously affected by the collapse in prices of agricultural products, which occurred about three years ago. Only very slight recovery in such prices has been realized and in the meantime and before the price collapse, exceptionally adverse climatic conditions have further destroyed the ability of the livestock raisers and farmers to reduce their obligations to the banks. In fact, these banks, in the hope of carrying over to a period of better conditions, have been obliged to

2. May 29, 1933 Reno Gazette-Journal Reno, NV

Article Text

abilities, $804,807.60; owed to depositors exclusive of public deposits, $508,422.33; waivers signed $278,000. Virginia City Bank — Liabilities, $226,066.11; owed to depositors exclusive of public deposits, $145,519.74; waivers signed, $106,000. Bank of Sparks—Liabilities $712,254.48; owed to depositors exclusive of public deposits, $634,645.19; waivers signed $387,000. The essential parts of the complaint which is the same for all banks, follows: XII "That the said Edward J. Seaborn, as acting bank examiner and/or superintendent of banks, has heretofore caused notice to be given by advertisement in one or more newspapers published at ———, —in the County of ———, State of Nevada, for two successive months, notifying and requiring all persons having

3. November 2, 1933 Nevada State Journal Reno, NV

Article Text

Announcing his candidacy for the post of district attorney of Manhattan on the independent Democratic ticket headed by Joseph V. McKee, mayoralty candidate, Ferdinand Pecora, above, dynamic inquisitor in the U. S. senate banking committee's investigation, ernoon preparing the order and mailing it to every newspaper in a town where there is a closed Wingfield bank. Preference Suits Pending "We will hear all matters regarding receiverships or new plans Wednesday, November 15, at 10 a. m.," Judge Guild ordered. Griswold said he had no objection to the show-cause order. Judge Guild said that he still had jurisdiction of the case and expected to make final disposition of the bank problem. There are 10 suits for preference pending, one in Elko, one in Reno, three in Tonopah, three in Carson, one in Virginia City and one in Wells. Trial of the Wells State bank preference claims was set for next Monday, the Virginia City case for Tuesday and the industrial commission suits against the Carson Valley bank next Wednesday. The answers and cross-complaints asking receivership filed yesterday included the Tonopah Banking corporation, H. R. Cooke petitioner; Bank of Sparks, Agnes Brown, John Gunn, Herbert L. Covington, M. E. Bowman, William Schipper, August Bernacini, Frank Cantlon and A. J. Christensen petitioners; Virginia City bank, George H. Niemeyer petitioner; Carson Valley bank, Gertrude Church and the Zephyr Cove Properties company petitioners; United Nevada bank, Neph Adamson petitioner, and Bank of Nevada Savings and Trust company, Joseph A. Tacchino petitioner. The petitioners in the Riverside action included Mrs. J. La Rue Robinson, P. E. Groesbeck, Eliza Hill, Roger Bernard and L. B. Jenkins.

4. February 10, 1934 The Los Angeles Times Los Angeles, CA

Article Text

Bank Receivers' Naming Upheld CARSON CITY The right District Judge Guild for Nevada State banks, which the defunct George Wingbanking group, upheld unanimous decision the Nevada Supreme Court today Institutions affected the Bank Nevada Savings and Trust pany, the United Bank and Riverside Bank, all Reno: Bank Sparks, the Carson Valley Carson City, the Virginia City Bank and the TonoBanking Corporation.

5. February 10, 1934 The Salt Lake Tribune Salt Lake City, UT

Article Text

Bank Receiver Action Upheld CARSON CITY, Nev., Feb. 9 (JP)The right of District Judge Clark J. Guild to appoint receivers for seven Neveda state banks, all of which were members of the defunct George Wing. field banking group, was upheld in a unanimous decision of the Nevada supreme court today. Institutions affected by the ruling are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all of Reno; the Bank of Sparks, the Carson Valley bank at Carson City, the Virginia City bank and the Tonopah Banking corporation.

6. March 1, 1934 The Salt Lake Tribune Salt Lake City, UT

Article Text

Receiver Named For Seven Closed Banks in Nevada CARSON CITY, Nev., Feb. 28 (AP) Leo F. Schmidt, assistant cashier of the First National bank of Lovelock, Nev., today was appointed receiver for seven closed state banks in Nevada. The institutions, all of which members the group controlled by George Wingfield, Reno capitalist. are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all Reno: the Bank of Sparks, the Car son Valley bank, the Virginia City of bank the Tonopah Banking cor poration. District Judge Clark J. Guild, after appointing Schmidt, fixed his salary at $500 per month and "named the law firm of Samuell Platt and John Sinai of Reno to act as his attorney The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932. two Wingfield banks the Reno National and the First Na tional of Winnemucca, are being liquidated by national receivers. The remaining Wingfield state banks, Churchill County bank, been over corporations.

7. March 15, 1934 Nevada State Journal Reno, NV

Article Text

Schmitt Takes Over Two Banks Bank Receiver Leo F Schmitt yesterday took over the United Nevada and Riverside banks Roy J Frisch, Schmitt's assistant in charge of the affaus of the Riverside bank, today will finish moving the assets of the Riverside into the United Nevada bank, where the Reno banks are being administered Schmitt yesterday issued a report showing the condition of the seven state banks which he has taken over as follows Bank of Nevada Cash $127,358 16 Liabilities 3,228,132 36 Assets (book value) 3,373,557 29 Bank of Sparks Cash $30 324 97 Liabilities Assets (book value) 642,242 17 United Nevada Cash $14,541 71 Liabilities Assets (book value) 2,251 297 32 Riverside Bank Cash $30,138 Liabilities 616 774 06 Assets (book value) 765,106 81 Tonopah Bank Cash $24,920 73 Liabilities 677,297 Assets (booy value) 749,485 93 Virginia City Bank Cash Liabilities 195,368 03 Assets (book value) 219,049 27 Carson Valley Bank Cash $41 976 3 Liabilities 860,240 60 Assets (book value) 994 476 30

8. October 6, 1934 Nevada State Journal Reno, NV

Article Text

SALARY COSTS CUT; DEBTORS FACING SUITS Lax Borrowers Who Do Not Cooperate Hit by Administrator The small percentage of persons who are indebted to the seven closed state banks and who, in the opinion of Leo F. Schmitt, receiver for the institutions, are not making the proper effort to liquidate such indebtedness may, in the near future, find such indebtedness reduced to judgment with a levy to issue on any of their assets. This suggestion was contained in a letter written by Schmitt to Judge Clark J. Guild, and which accompanied his quarterly report of the seven banks, Riverside bank of Reno, United Nevada bank of Reno, Bank of Nevada Savings and Trust company, Reno; Bank of Sparks, Carson Valley bank, Virginia City bank and the Tonopah Banking corporation.

9. October 6, 1934 Nevada State Journal Reno, NV

Article Text

SUSANVILLE SLAYER HANGED AT SAN QUENTIN PRISON Receiver Issues Report on Closed State Banks SALARY COSTS CUT; DEBTORS FACING SUITS Lax Borrowers Who Do Not Cooperate Hit by Administrator The small percentage of persons who are indebted to the seven closed state banks and who, in the opinion of Leo F. Schmitt, receiver for the institutions. are not making the proper effort to liquidate such indebedness may, in the near future, find such indebtcdness reduced to judgment with a levy to issue on any of their assets. This suggestion was contained in R. letter written by Schmitt to Judge Clark J. Guild, and which accompanied his quarterly report of the seven banks. Rivers:de bank of Reno, United Nevada bank of Reno, Bank of Nevada Savings and Trust company, Reno; Bank of Sparks, Carson Valley bank. Virginia City bank and the Tonopah Banking corporation. Face Court Action Schmitt emphasized that he did not wish to cause undue embarrassment to borrowers, but felt that a few of the persons indebted to the banks were not making any effort to co-operate with the institutions in paying off obligations: A receiver's duty is to the depositors of the banks, according to Schmitt, and for this reason, after an investigation has been made into the financial condition of such delinquent borrowers, the matter will be taken up legally During the quarter extending from June 30 to September 29 Schmitt collected a total of $270,403. despite the drought and handicaps suffered by ranchers and livestock men, who constitute the largest percentage of the bank's debtors. This brings his total collections from March in the seven trusts to $1,199,970.09. Depositors Get Cash Of this amount, according to the report, the depositors have received $544,737.27 and secured creditors (Continued on Page 10)

10. December 13, 1934 Reno Gazette-Journal Reno, NV

Article Text

CHECKS AVAILABLE ON SATURDAY AND MONDAY SAYS SCHMITT Riverside, United Nevada, Virginia City, Sparks Banks Included Depositors' dividends in four closed banks amounting to $591,424 will be distributed by Leo F. Schmitt, bank receiver, next Saturday and Monday, and the checks are now being prepared. The payments include: United Nevada Bank, 30 per cent, $458,058. Riverside Bank, 10 per cent, $61,677. Bank of Sparks, 10 per cent, $56,060. Virginia City Bank, 8 per cent, $15,629. The Bank of Sparks dividend checks will be available next Monday at the office in Sparks. The Virginia City checks will be mailed to the depositors Saturday morning while the checks for the United Nevada and Riverside depositors will be available Saturday morning at the headquarters in the United Nevada Bank building. If Schmitt is successful in securing a letter this week from Esmeralda county officials stating that no appeal will be taken from the decision of Judge H. W. Edwards that county funds on deposit in the Tonopah Banking Corporation have no preference, he will mail depositor checks amounting to $81,699 to depositors of the Tonopah Banking Corporation on Saturday. Authorization of the dividend payment was given Schmitt today by Judge Clark Guild in the Ormsby county court. Schmitt received a check today from the RFC for $431,664, representing money borrowed for the United Nevada Bank to pay the dividend. The loan application, made two months ago was for $483,058 but about $52,000 was collected in the meantime by Schmitt and he reduced the loan accordingly. Four per cent interest is paid on the money borrowed from the RFC. Including the payments to be made Saturday and Monday the closed banks for which Schmitt is the receiver, will have paid the following amounts in depositors' dividends: Riverside—$513,985 out of a deposit liability of $822,392. Bank of Sparks—$230,470 out of a deposit liability of $622,893. Bank of Nevada—$160,754 out of a deposit liability of $3,215,080. Virginia City—$15,629 out of a deposit liability of $195,593. United Nevada—$458,058 out of a deposit liability of $1,526,856. Dividends for the Carson Valley Bank and the Tonopah Banking Corporation are being delayed pending final action in preference suits.

11. December 19, 1934 Reno Gazette-Journal Reno, NV

Article Text

OVER $200,000 PAID OUT BY 4 BANKS Over $200,000, representing depositor dividend payments by four closed banks, went into circulation during the last four days, according to figures released today by Leo F. Schmitt, bank receiver. The United Nevada Bank had paid out $150,411.41 at the close of business yesterday out of a dividend of $457,597 while the Riverside Bank had paid out $20,602 out of $61,583.41. On a percentage basis the Bank of Sparks set the best record for distributing the dividend money, having paid out $33,000 or fifty-nine per cent of the $56,000 dividend. About fifty per cent of the checks mailed to Virginia City bank depositors have been cashed amounting to nearly $8000. Only a few of the checks sent to Tonopah bank depositors had been returned to the Reno office for payment up to noon today but it was expected a considerable part of the $81,699 dividend had been placed in circulation in Tonopah. The Riverside Bank receiver still has $16,000 worth of uncalled-for checks issued for the first, second and third dividends from that bank while the Bank of Sparks still has $8000 from previous dividends that he would like to get rid of as soon as possible.