gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
20550d83806a7ace
Response Measures
Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
45.0%
Date receivership started
1931-12-15
Share of assets assessed as good
37.3%
Share of assets assessed as doubtful
52.9%
Share of assets assessed as worthless
9.9%
Events (5)
1.March 20, 1923Chartered
Source
historical_nic
2.December 15, 1931Receivership
Source
historical_nic
3.December 15, 1931Receivership
Newspaper Excerpt
voted to ask the Comptroller of the Currency to take charge after runs at the bank and its branches; receiver Herbert Pearson later handled liquidation/dividends
Source
newspapers
4.December 15, 1931Run
Cause Details
A run at the Manhattan branch precipitated runs at other branches of the same bank.
Measures
Directors voted to ask the Comptroller of the Currency to take charge after heavy withdrawals.
Newspaper Excerpt
runs at the bank and its branches
Source
newspapers
5.December 15, 1931Suspension
Cause
Government Action
Cause Details
Board requested the Comptroller to take charge and the bank closed its doors; part of a group closing of nine affiliated institutions.
Newspaper Excerpt
directors voted to ask the Comptroller of the Currency to take charge
CLOSE
All Affiliated With Federal National, Of Boston
BOSTON, Dec. banking tions, with aggregate cording the latest were The list included four banks and five State central figure the closing the Federal National bank which has five city with which the institutions were affiliated. The Federal National whose directors voted to comptroller currency to charge after runs the and its branches deposits, September The other banks and available statements of The Middlesex National Lowell, $4,000,000; the State tional bank, Lynn, the Gloucester National $1,600,000; the croft Trust company, $5,876,474; the company, the Inman Trust bridge, $3,808,412; the Trust company, Brockton, 753; the Salem Trust $2,115,530. Governor Joseph B. Ely, his home field, said that with proper plan for the ures, the institutions opening Three savings banks Boston south Boston experiencing small runs today.
2.December 15, 1931Springfield Evening UnionSpringfield, MA
Article Text
Nine Banking Institutions in' Massachusetts Fail Open Doors for Business
Federal National Bank of Boston and Eight .Affiliated Firms Are Closed Runs Start on Three Independent Greater Boston Institutions Gov. Ely Foresees Rapid ReorganizΔ tion.
BOSTON Nine banking with according the latest statements, of were closed today. The list included four national banks and state banks. Deposits $28,235,238. National Bank, whose the Comptroller Currency take charge after and its branches yes. had deposits Sept. 29 of The banks their latest other and available statements of deposit were The Middlesex National Bank. Lowell, $4,000,000: the State National Bank, Lynn, the Gloucester tional Bank. Gloucester. the Bancroft Trust Company. WorLawrence Trust Company the Inman Trust Company Cambridge, the Brockton Trust Company. Brockton. the Salem Trust $2,115,530. Gov. Joseph B. Ely in statement
[Continued on Nineteenth Page.)
3.December 15, 1931Baker City HeraldBaker City, OR
Article Text
NEW ENGLAND
9 Boston Houses May Be Reopened; Run Wrecks Bank Founded in 1796 ton banking institutions with aggregate deposits, according to the last statements of $58,700,000 were closed today The list included four national banks, and five state banks. The central figure in the closings was the Federal National bank of Boston which has five city branches and with which all the other institutions were affiliated Governor James B. Ely issued statement in which he said that with proper measures, a plan for speedy reopening of the institutions could accomplished. "I have directed Bank Commissioner Guy to proceed with that end in view," he said. founded in 1796 and one of the oldest financial institutions in the United states. voluntarily closed its doors today after heavy demands for withdrawals. It is associated with the Federal National bank of Boston.
4.December 15, 1931Casper Star-TribuneCasper, WY
Article Text
BANKS CLOSED
Four National Institutions Included
BOSTON, Dec. (AP) Massachusetts banking institutions, with aggregate deposits, the latest of 000, were closed today The list cluded four national banks and five state banks. The central figure the the Federal National bank of Boston, which has five city and with which other institutions here were affiliat-
The Federal National bank, whose directors voted to the comptroller of currency to take charge after runs at the bank and its branches had deposits on Sept. 29 yesterday, of The other banks and their latest available statements deposit were: The Middlesex National Bank, Lowell, the State National bank, the Gloue ter National bank. the Bancroft Trust company, Worcester, 474; the Lawrence Trust company, $9,555,926: Inman Trust Cambridge, 412: the Brockton Trust company, the Salem Trust company, Salem $2,115,530.
5.December 15, 1931The Boston Daily GlobeBoston, MA
Article Text
PRES MULLONEY HOPES TO PAY DEPOSITORS IN FULL The closing of the Federal National Bank decided upon late last night by the board of directors of the bank. Daniel Mulloney, president, issued the following statement:
"Because of extraordinarily heavy directors the Federal National Bank, in order to the interests of the depositors, voted to ask the Comptroller the Currency to take charge of the bank. "Pres Mulloney states that with careful handling of the assets the depositors will receive 100 cents on the dollar. The branches affected include the Back Bay office, East office, Maverick sq: Fish Pier Northern South Boston office, Broadway, Mattapan, 891 Cummings highway
6.December 15, 1931Fort Collins ColoradoanFort Collins, CO
Article Text
9 Banks Close Massachusetts
Boston. (AP) Nine Massachusetts banking aggregate deposits, to the latest of closed today. The list included four national and five state banks. The central figure in the closings 12t-195G was the Federal bank Boston, which has five city es and with which all the other 3t-199G stitutions were affiliated. before
The Federal National bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and had posits, on 29, of 3t-199G The other banks and their available statements of deposit were: The Middlesex National bank. 3t-200G Lowell, $4,000,000; the State National bank, Lynn, $2,013,565; the GlouNational bank, $$1,600,000; See the Trust Worcester, $5,876,474 the Trust company, Lawrence, $9,555,926; the 5t-200G Cambridge, $3,808,412; the lyn Trust Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530.
7.December 15, 1931Colton Daily CourierColton, CA
Article Text
Boston Banks Close in Face of Heavy Runs
By Associated Press) ton banking Institutions with aggregate deposits of $58,000,000 were clos ed today. The list includes four Na tional banks and five state banks. The central figure in the closings was the Federal National which has five city branches. and with which all the other institutions were affiliated. The decision to close the Federal Bank followed run on the Manhattan Branch that brought about small er runs on the other branches. Small runs started on three independent sav ings banks also, two in East Boston and one in South Boston.
8.December 15, 1931The Daily OlympianOlympia, WA
Article Text
BANKS
BOSTON, Dec. (AP) banks failed to open today. The largest Federal bank of Boston which has five in Boston and had, on September 29, deposits of $28,235,Directors of the Federal National bank voted ask the comptrolof currency to take charge after runs at the bank and its branches yesterday. Gov. Joseph B. Ely. in statement from home in Westfield, said that with proper measures, plan for the speedy re-opening of institutions could be accomplishand further said he had instructBank Commissioner Arthur Guy proceed with that end in view. President Daniel Mulloney of the Federal National bank expressed opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.
9.December 16, 1931The Los Angeles TimesLos Angeles, CA
Article Text
Group of Banks in Boston Fail Doors to Open
BOSTON, Dec. Boston banking with aggreaccording to the last gate deposits statements of were closed list included four natoday. The banks, and five State banks. tional The central figure the closing was the Federal National Bank of Bosfive city branches ton which with the other institutions were affliated. The Federal National Bank. whose directors voted ask the Comptroller of Currency take charge after runs the bank and its branches yesterday. had deposits, September 29. of The other banks and their latest available statements deposit were: The Middlesex National Bank, $4,000,000; State National Bank, Lynn, $2,013,565; the Bank, Gloucesthe Bancroft Trust ter. the Lawrence Lawrence, Inman Trust Company Cambridge, Trust the Salem Trust Company, Salem, $2,115,530.
10.December 16, 1931The Sioux City JournalSioux City, IA
Article Text
Nine Massachusetts Banks Are Forced to Close Doors
Massachusetts institutions, with aggregate according latest $58,700,000, were included five state banks. The central figure closings was the Federal National Bank of Boston, which has five city branches and with which the other were affiliated. The Federal National bank, whose of directors to ask the controller currency take charge after runs at the bank branches, had deposits on September 29 of Gov. Joseph B. Ely, in statement from his home Westfield, said that with proper measures, plan for the speedy reopening of the institutions could be accomplished and further said he had instructed Bank Arthur Guy to proceed with that end in view.
11.December 16, 1931The Ogden Standard-ExaminerOgden, UT
Article Text
FUTURES five state banks. The central figure in closings Federal National bank of Boston, which and with which all the other institutions afwere filiated The Federal National bank, whose directors voted to ask comptroller to take charge after runs att he bank and branches had deposits, on September 29, of Governor Joseph B. Ely, in from his in Westfield, said that measfor the ing of the could be complished and further said he had instructed Bank Guy to proceed with that in view.
Dec. Wheat: Open. High. Low. Close. Dec. Mar. May July Corn: Dec. Mar. May 43% Oats: Dec. May 26% Rye: Dec. 43 Mar. 45% May 47% 48% July .48 48% Lard: Dec. 5.75 5.75 5.60 5.72 5.75 5.67 5.70 Bellies: May 6.05 6.05
12.December 17, 1931The Boston Daily GlobeBoston, MA
Article Text
SALEM TRUSTCOMPANY OPEN TO RECEIVE PAYMENTS DUE SALEM, Dec 16-The Salem Trust Company, affiliated with the closed Federal National Bank of Boston, was opened this morning, only for payment on notes, interest and mortgages. State Examiner F. F. Bursley is still in charge. Holders of safety deposit boxes who have urgent reasons for visiting their boxes must have his before being permitted to do so. This last restriction is imposed only on the ground that the presence of safety deposit vault patrons might hamper the memhis staff working upon the panly's books, papers and accounts.
13.December 17, 1931Tulare Daily TimesTulare, CA
Article Text
BOSTON BANKS CLOSE IN ONE DAY
BOSTON, Mass., Dec. 16. (AP)Nine Boston banking institutions, with aggregate deposits of $58.000,000, closed Tuesday. The list included four national banks and five state banks, all affiliated with the Federal National Bank, whose directors' asked the comptroller of currency to take charge after runs at the bank and branches. Governor Ely said that with proper measures, plans for speedy reopening of the institution could be accomplished. The president of the National Federal Bank expressed the opinion depositors in his bank will receive dollar for dollar.
14.December 18, 1931Santa Cruz SentinelSanta Cruz, CA
Article Text
ANOTHER BOSTON BANK SUSPENDED
BOSTON, Dec. 17 (U.P.)-The Boston Continental National bank with deposits of more than $7,000,000 failed to open today. It is the second national bank to close in Boston this week. The larger Federal National closed Tuesday. The Continental bank president, T. M. Ragan, said the closing was caused by the unusually heavy withdrawals. The bank has two down town and two suburban branches.
15.January 22, 1932Fitchburg SentinelFitchburg, MA
Article Text
Can Sell Securities Held By Closed Bank
BOSTON, Jan. 22 (AP) Judge James A. Lowell in federal court today authorized the receivers for the closed Federal National Bank of Boston to sell in the open market, $125,000 worth of securities held by the bank. The receiver, Herbert Pearson, was given authority to sell the bonds at such time as he deemed best.
16.August 20, 1932Times UnionBrooklyn, NY
Article Text
MONEY FOR DEPOSITORS
Boston, Aug. of the closed Federal National Bank soon receive cent. The ordered by the Pole. Some depositors will
17.March 25, 1933The Springfield Daily RepublicanSpringfield, MA
Article Text
HUB BANK RECEIVER FACES LARGE SUITS
(Continued from First Page) been issued for certain the closed Federal Nationbank company, the bank, State bank Meanwhile, government officials interest affairs Federal National bank which had when States torney Frederick today Federal National bank have fully known department and department of justice several
18.May 6, 1933The Fresno BeeFresno, CA
Article Text
California Copper Mine Is Sold For $1,000
May copper was sold Boston to-day the Shasta King Mine over eight ago closed Federal Na. tional Bank Boston when It went bankruptcy Federal Judge Hugh McMillan to-day authorized the sale of the mine Richard J. Burton of Boston. The sold in the process liquidating the the bank by Receiver Herbert Pearson
19.May 6, 1933The Oakland Post EnquirerOakland, CA
Article Text
$1000 Paid for Copper Mine
BOSTON, May 5 (INS).-A Callfornia copper mine was sold in Boston today for $1000. It wa sthe Shasta King mine at Reading, Calif., taken over eight years ago by the now closed Federal National Bank of Boston, when it went into bankruptcy. Federal Judge Hugh D. McClellan today authorized sale of the mine to Richard J. Burton of The mine was sold in the process of liquidating the assets of the bank by Receiver Herbert Pearson.
20.July 31, 1933The Boston Daily GlobeBoston, MA
Article Text
AUTHORIZED TO LOAN FEDERAL NATIONAL
Bank Receiver Does Not Anticipate Using It
An Associated Press Washington that among the dispatch today by the Finance during June was one the the National Bank Boston. Federal National Bank said that the not borrowed from the has Finance Corporation and not intend to made for the loan, has did needed the money We not anyyet and do not having to
CHICAGO MARKETS
Corn:
21.August 23, 1933The Boston Daily GlobeBoston, MA
Article Text
CLOSED BANK RECEIVER AUTHORIZED TO SELL LAND Judge James A. Lowell, in the United States District Court yesterday, authorized Herbert Pearson, receiver for the closed Federal National Bank of Boston, to auction the onestory brick building and 5288 feet of land at 130-132 Jersey The income from the property is $1920 annually. Mr Pearson says an offer of has been made him for the property.
22.November 23, 1933Springfield Weekly RepublicanSpringfield, MA
Article Text
THIRD FEDERAL NATIONAL DIVIDEND WILL BE PAID
Washington, Nov. 22 The office of Representative McCormack (D, Mass.) announced today that treasury officials had reported third dividend soon would be paid to depositors of the closed Federal National bank, of Boston. office was informed by of the the Reconstruction Finance tion had approved the bank to make payment of the dividend before ChristWithin short time, they said, checks per cent vidend would be sent to 35,000 depos-
23.November 15, 1934The Springfield Daily RepublicanSpringfield, MA
Article Text
UNSCATHED BY FIRE
No Valuable Records of Closed FedBank Destroyed Boston, Nov. valuable the closed tional bank ment fire the bank this bank receivoffice said tonight. They said damage mostly had been feared that the $2000 fire had some the records pending indictments by juries against officials of the bank.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.