Falls National Bank (Niagara Falls, NY)

Episode Information

Episode UID
1148901599
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
114890 national
Charter Number
11489
Start Date
March 4, 1933
Location
Niagara Falls, New York (43.094, -79.057)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
35f25d795135209f

Response Measures

None

Receivership Details

Depositor recovery rate
88.6%
Date receivership started
1933-10-26
Date receivership terminated
1940-12-06
Share of assets assessed as good
23.0%
Share of assets assessed as doubtful
76.7%
Share of assets assessed as worthless
0.3%

Description

Suspension began with the March 1933 moratorium; subsequently efforts to reorganize failed and the bank entered receivership.

Events (5)

1. October 24, 1919 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State moratorium/two-day holiday proclaimed by Gov. Lehman (New York Clearing House telegram).
Newspaper Excerpt
Among the financial institutions in Niagara county affected are ... the Falls National bank of Niagara Falls.
Source
newspapers
3. August 17, 1933 Suspension
Cause
Government Action
Cause Details
Bank remained closed after the March/national holiday; depositors meeting to consider reorganization and raise capital.
Newspaper Excerpt
BANK OPENING FALLS ... More Than 300 Gather for Discussion of Proposal to Reorganize Financial Institution Closed During Recent Holiday.
Source
newspapers
4. October 26, 1933 Receivership
Source
historical_nic
5. October 26, 1933 Receivership
Newspaper Excerpt
Judgment ... in favor of Falls National Bank by receiver (article later references a receiver).
Source
newspapers

Newspaper Articles (3)

Article Text

Taken in Good Humor. For the most part they turned away without comment, or laughingly joked about the situation. Bank creditors, too, were interested, for the holiday postponed their payments. "The holiday is mandatory," George F. Rand, president of the Marine Trust company and president of the Buffalo Clearing House association, declared as he reached his desk early Saturday. He held a telegram in his hand from the New York Clearing House association conveying the official report of the moratorium proclaimed by Gov. Lehman. Besides Mr. Rand, the officers of the Clearing House association are: George G. Kleindist, president of the Liberty bank, vice president; Lewis G. Harriman, president of the Manufacturers & Traders Trust company, treasurer, and Edward W. Miller, a vice president of the Manufacturers & Traders Trust company, secretary. Other Buffalo banks affected by the moratorium are the Niagara National bank, the East Side National bank, the Lincoln National bank, the Seneca National bank, the Erie County Savings bank, the Buffalo Savings bank and the Western Savings bank. County Banks Affected. Erie county institutions, which also must observe the two-day holiday, include the State Bank of Kenmore, the First National Bank of Kenmore, the Bank of Williamsville, the American Bank of Lackawanna, the Lackawanna National bank, the Bank of Lancaster, the Citizens National Bank of Lancaster, the Bank of Hamburgh, the Peoples Bank of Hamburg and the First Trust Company of Tonawanda. Among the financial institutions in Niagara county affected are the State Trust company of North Tonawanda, the Union Trust company of North Tonawanda, the East Side bank of Niagara Falls, the Falls National bank of Niagara Falls, the Lockport Exchange Trust company, the Niagara County National Bank & Trust company of Lockport and the Farmers & Mechanics Savings bank of Lockport.


Article Text

BANK OPENING FALLS More Than 300 Gather for Discussion of Proposal to Reorganize Financial Institution Closed During Recent Holiday. BUFFALO EVENING NEWS. NIAGARA FALLS, than the Falls NaHoly Trinity consider for reorganizing the bank submitted committee of the bank's depositors depositors asked to the papers they the plan. The open for that purpose during the during the evening. planned have the proposition for the bank submitted to the banking authorities in Washington The Wednesday evewas its form the mittee and the bank which latter agreed to raise $50.000 per cent. the capital required in the plan to relinquish their claims to the old stock bank The bank closed since the national According the depositors raise cent. the capital stock required, the will be sought from outside sources. The committee gave three reasons favored than liquidation the closed bank These were: That the ultimate dividends in the case liquidation would and undetermined date, whereas the reorganization successful the depositors will receive their sooner That the liquidation would be in fact That the interest the genpublic Niagara Falls to more bank doing ultimate dividend under liquidawas estimated per the deposiper cent of their the meeting Wednesday the last general depositors which committee will call. Persons wishing discuss any matters pertaining the bank from now the building, East Falls street Portage road, announced.


Article Text

Niagara County (Special to Buffalo Daily Law Journal) LOCKPORT, N. Dec. following business papers were filed at the office of the county clerk: DEEDS Andrew W Kinzly & one to James Skellenger et al. City of Lockport. James Skellenger to Fay Kinzly. City of Lockport. Niagara County National Bank to Fay Kinzly City of Lockport. Otto Greiner to Robert S Nesbits one. Niagara Falls. Robert S Nesbitt to Marion N Neff. Niagara Falls. Alice Loveland et al to Marie B HolCity of Lockport. Thomas Buyers to Odd Fellows Home. Niagara Falls. Harold Bradley etc to Albert F Wendt. City of Lockport. Mary M Kain to Catharine B Collins. Niagara Falls. Federal Land Bank to Norman D Jobse & one Lewiston. Caus Fields one to Wm Webber one. Niagara Falls. MORTGAGES Norman D Scott & one to Land Bank Same to Federal Land Bank $2,600. William H one to Home Owners Loan Corp $2,800. Giuseppe Cicco & one Same $6,160. Louis Moses one to Same Catharine B Collins to Mary M Kain $2,500. George Kargatgis one to N P Savgs & Loan Assn $505. Marion N Neff to Niagara County Savgs Bank $1,300. Kinzly to James Skellenger al $1,500. Helen M Daly & one to John Adams one $1,500. Stanislaw Mazur & one to Home OwnLoan Corp LIS PENDENS John A Wichterman vs Frederick Miller one. Anna Hartnett vs Walter Bennett one. JUDGMENTS Stanley Gozdowiak in favor of Falls National Bank by receiver Columbia Casualty Co Inc in favor of Bloomington Limestone Co $105.82. Herbert W Hofert and W P Gosch in favor of Edward Moeloth & one Albert Eashak in favor of Theodore Gram CERTIFICATE OF ASSUMED NAME Kay Vagnozzi Entertainment Bureau Katherine and Louis Vagnozzi, Niagara Falls,