Palmyra National Bank (Palmyra, NJ)

View Charter #11793 on SPMC View balance sheet

Episode Information

Episode UID
1179301599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
117930 national
Charter Number
11793
Start Date
March 1, 1933*
Location
Palmyra, New Jersey (40.003, -75.035)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
581850d31f9f9b6e

Response Measures

None

Receivership Details

Depositor recovery rate
53.4%
Date receivership started
1934-01-06
Date receivership terminated
1940-02-24
Share of assets assessed as good
31.0%
Share of assets assessed as doubtful
44.6%
Share of assets assessed as worthless
24.4%

Description

Receivership date 1934-01-06 (bank records) explains later litigation to compel reopening.

Events (5)
1. July 23, 1920 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank placed under a conservator and suspended operations (article references operating under a conservator and earlier March closure).
Newspaper Excerpt
Palmyra National Bank, which is operating under a conservator, will meet in Palmyra High School tomorrow night.
Source
newspapers
3. January 6, 1934 Receivership
Source
historical_nic
4. January 6, 1934 Receivership
Newspaper Excerpt
Charge Reopening Bank Blocked ... filed bill of equity federal court ... against James controller of currency, the bank's receiver and the bank proper. (articles discuss receiver and comptroller involvement.)
Source
newspapers
5. June 21, 1934 Other
Newspaper Excerpt
Charge Reopening Bank Blocked - Equity Suit Alleges Malicious Interference In Palmyra National Plan. ... filed bill of equity ... to aid in the reopening ... the bill asked that ... be restrained interfering with the payment liquidating ...
Source
newspapers

Newspaper Articles (4)
1. August 10, 1933 Evening Courier Camden, NJ

Article Text

DEPOSITORS TO MEET IN PALMYRA TOMORROW Palmyra, Aug. 10.—Depositors and stockholders of the Palmyra National Bank, which is operating under a conservator, will meet in Palmyra High School tomorrow night. Any residents interested in the local bank's affairs have been invited to attend the meeting. It was called by the recently-organized local depositors' committee, a part of the national organization representing depositors in restricted banks. A summary of the work done by the committee to date will be submitted, according to Wilbur F. Crane, vice chairman.

2. June 21, 1934 Asbury Park Press Asbury Park, NJ

Article Text

CHARGE REOPENING BANK BLOCKED Equity Suit Alleges Malicious Interference In Palmyra National Plan. TEST CASE WILL AID IN OPENING CITIZENS' BANK Press) NEWARK, June licious interference by national bank authorities with attempts to reorganize the Palmyra National bank, Lester Leonard, Red Bank, who has directed moves for the reopening of the institution, yesterday filed bill of equity federal court before Judge William Clark against James controller of currency, the bank's ceiver and the bank proper. The bill states that the complainants represent percent the depositors and 85 percent of the deposits and that the bank can pay percent claims, that this payment has prevented thru the conduct Gibbs Lyons, deputy controller Lyons charged "negligently and deliberately failing to appraise' Controller O'Connor the and conditions surrounding the Leonard, instrumental in the reopening the Asbury Park and Ocean Asbury Park, and who directing reorganizaefforts the National bank, Long Branch, and the Mount Holly bank, this suit test brought would aid in the reopening the Long Branch Mount institutions The bill asked that and his agents be restrained interfering with the payment liquidating (Continued on Page Two)

3. June 21, 1934 Evening Courier Camden, NJ

Article Text

DEPOSITORS COMPTROLLER Charge Fraud in Injunction Move to Force Reopening of Palmyra Bank Injunction proceedings charging fraud Deputy Comptroller of the Currency will come up court in Newark next Monday as the of taken depositors of the Palmyra National Bank. The action taken of the applans for the The proceedings filed in and will come before Judge William will be asked to grant prèliminary injuncThis injunction would restrain James O'Connor, William Rorary the bank's and the bank holding because 85 percent deposits been signed by depositors three tees depositors reorganization Although the action an Initial step the Lester the committee, neither bank officials those named the action obtainable make any of the reopen the March of last year, bank now has of percent of more than required the government for opening, that the committee's finance would give the bank Page

4. August 25, 1934 The Record Hackensack, NJ

Article Text

BERGEN BANK 1 OF OBTAIN R. F. C. Authorizes $65,000 For Midland Pk. First National NO DISBURSEMENTS 25-The struction nouncing activities for June reports authorizations for loans five New Jersey banks and trust companies totaling $631 The authorizations follow The First National Bank of Midland Park ceiver. $65,000; the Palmyra National Bank Hudson and receiver. the Union City tional Bank. and First National Bank and Woodbridge With the of that First National Bank and Trust Com. pany of Woodbridge. part the amounts had been disbursed June 30. inclusive The Industrial Mortgage Loan Corporation of Trenton, was thorization for three loans in amounts $90,000 and $50,000 none of which had been disbursed June 30 The Corporation authorized loans preferred three New Jersey institutions Orange In. vestment Inc. East on the Savings Investment & Trust of East Orange: the Llewellyn Cor. poration. Montclair. on the preferred stock of the Bank Mont. clair and the Bay Shore Realty Com. pany. South Amboy $100.000 the preferred stock the First National Bank of South Amboy No part of had been disbursed up to June