Middlesex National Bank (Lowell, MA)

View Charter #12343 on SPMC View balance sheet

Episode Information

Episode UID
1234301584
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
123430 national
Charter Number
12343
Start Date
December 15, 1931
Location
Lowell, Massachusetts (42.633, -71.316)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9c7be2a562eb099f

Response Measures

None

Receivership Details

Depositor recovery rate
53.0%
Date receivership started
1932-02-03
Share of assets assessed as good
19.7%
Share of assets assessed as doubtful
73.3%
Share of assets assessed as worthless
7.0%

Description

Closed Dec 15, 1931 as part of affiliated group whose lead bank (Federal National) experienced runs and asked the Comptroller to take charge.

Events (4)
1. March 31, 1923 Chartered
Source
historical_nic
2. December 15, 1931 Suspension
Cause
Correspondent
Cause Details
Closed as an affiliate of the Federal National Bank of Boston after runs on the Federal National and its branches led directors to ask the Comptroller of the Currency to take charge.
Newspaper Excerpt
MIDDLESEX NATIONAL BANK OF LOWELL CLOSED TODAY
Source
newspapers
3. February 3, 1932 Receivership
Source
historical_nic
4. February 3, 1932 Receivership
Newspaper Excerpt
Receiver for the closed Middlesex National Bank calls for submission of proof of all claims against the bank
Source
newspapers

Newspaper Articles (19)
1. December 15, 1931 Hickory Daily Record Hickory, NC

Article Text

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, 1931 Springfield Evening Union Springfield, 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 Reorganizątion. 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, 1931 Casper Star-Tribune Casper, 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.

4. December 15, 1931 The Boston Daily Globe Boston, MA

Article Text

MIDDLESEX NATIONAL BANK OF LOWELL CLOSED TODAY LOWELL, The Middlesex National Bank, of the Federal National Bank did open for the board tors last evening order the assets of the deemed not great bonds, condition and that the local bank the to bring about the Donnel:, president the bank, out the statement in of the three and The at Merrimac the Trust Company prior when affiliated with the Federal Boston National trol. Judge presibank is member the FedReserve its listed Only alterations made the bank building.

5. December 15, 1931 The Berkshire Eagle Pittsfield, MA

Article Text

FOUR NATIONAL AND FIVE STATE BANKS CLOSED Federal National Bank of Boston and Affiliated Institutions Involved Had Aggregate Deposits of in Last Statement BOSTON, banking institutions aggregate deposits, according to the latest statements of 000 were closed today. The list included four National Banks and State The central figin the closings was the Federal National Bank which has five city branches and with which all the other institutions were affiliated The Federal National whose directors voted to ask Comptroller Currency take on the bank had posits September $28,- Bank Deposits. The other and their latest Middlesex National Lowell, $4,000,000; the State National Lynn, the National Bank, Glouces$1,600,000; Bancroft Trust Company, the Trust Company, Lawrence Trust Lawrence, the Inman Trust Company, Cambridge, the Brockton Trust Company, Brockton, the Salem Trust ComSalem, Governor statement from home Westfield, said that the proper measures, for the speedy reopening could accomplished said he had structed Bank Arthur proceed with that view. Ely Hastens to left home Continued 19th Page

6. December 15, 1931 Fort Collins Coloradoan Fort 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 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (AP).-Nine Massachusetts banking institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

8. December 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

9. December 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

10. December 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (P).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

11. December 16, 1931 The San Francisco Examiner San Francisco, CA

Article Text

Nine Massachusetts Dec. Massachusetts banking institutions. aggregate deposits, according the latest of were closed The list included four National and five State banks. The central figure in the was the Federal National closings Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, rectors of voted to ask the Comptroller of Currency to take charge after runs on the bank and its branches yesterday, had deposits September 29 of $28,235,238 The other banks and their latest available statements of deposit Middlesex National Bank. Lowell, $4,000,000 National Bank, Lynn, Gloucester tional Bank, $1,600,000: Bancroft 474: Lawrence Trust Company. Lawrence, Inman Trust Company, Cambridge, Brockton Trust Company. Brockand Salem Trust Company, Salem, Governor Joseph Ely, in statement from his home in Westfield. said that with proper measures plan for the speedy opening of institutions could be accomplished, and further said he had instructed Bank Commissioner Guy to proceed with that end Daniel Mulloney president of the Federal National Bank. pressed the opinion that with careful handling resources depositors in his bank would receive 100 cents on the dollar

12. March 15, 1932 Commercial Bangor, ME

Article Text

Overnight Features By The Associated Press Hopewell, N. J.—Police arrange to question Frank Berg, who figured in Phillips kidnaping case, as 13th day ends without clue to kidnapers of Lindbergh baby. Washington—Payne reports to Hoover that applications for 5,675,000 pounds of free flour from farm board wheat have been received from ten states. Bismarck, N. D.—Roosevelt and Murray forces line up for North Dakota presidential preference primary today. Washington—Hoover appeals to Congress to appropriate $60,000,000 for river and harbor improvement to "avoid unemployment." Washington—New Manchurian state seeks United States recognition. Pawtucket, R. I.—Police disperse crowd of 25 persons who gathered at Pulaski hall to hear Ann Burlak, assistant national secretary of the National Textile Workers' Union. Lowell, Mass.—Receiver for the closed Middlesex National Bank calls for submission of proof of all claims against the bank. Cambridge, Mass.—Psychology clinic at Harvard has received 50 letters reporting dreams of the kidnaping of Charles A. Lindbergh, Jr. Boston—A $1,000,000 bill in equity filed against the U. S. Trust Securities Corporation, U. S. Trust Company, and the trustees under a declaration of trust executed in 1929. Boston—Three men with revolvers rob drug store and sub-postal station in the Roxbury district and take narcotics, money order blanks and $300 in cash. railroad strike, and who since has defended nearly a thousand persons, mostly poor, has never yet had a client lost to the death penalty. Albany, N. Y., March 15—(AP)—James Reilly picked the wrong bit of the ould sod. On the carpet before Justice Edward Rogan for manhandling, he said he was a "broth av a broy from Gorey, County Wexford." Then he proceeded to describe Gorey. Justice Rogan, whose grandmother lives there, called him an "unmitigated liar," and clapped him into jail.

13. March 15, 1932 Commercial Bangor, ME

Article Text

Pawtucket, R. I.—Police disperse crowd of 25 persons who gathered at Pulaski hall to hear Ann Burlak, assistant national secretary of the National Textile Workers' Union. Lowell, Mass.—Receiver for the closed Middlesex National Bank calls for submission of proof of all claims against the bank. Cambridge, Mass.—Psychology clinic at Harvard has received 50 letters reporting dreams of the kidnaping of Charles A. Lindbergh, Jr. Boston—A $1,000,000 bill in equity filed against the U. S. Trust Securities Corporation, U. S. Trust Company, and the trustees under a declaration of trust executed in 1929. Boston—Three men with revolvers rob drug store and sub-postal station in the Roxbury district and take narcotics, money order blanks and $300 in cash.

14. March 15, 1932 Biddeford-Saco Journal Biddeford, ME

Article Text

MARCH TRADE SHOWS GAINS EXPERT STATES Fundimentals Better Than Above Surface. Cleveland, Ohio, March conditions are better in March than they were in December, January or February, says Colonel Leonard Ayres, vice president of the Cleveland Trust company and nationally known economist. adds Colonel Ayres, "despite the fact business activity not greater now than it was then. improvement," he explains, in the rather than on the surface. present fact, though to but slight degree reflected in the figures. recent weeks there has been long series of developments that either directly conductive business improvement or are safeguards against continued decline. Even partial list of them makes impressive array. Reconstruction Finance Corporation in effective operation, and made considerable number of loans railroads financial institutions. The bill has been enacted into law, and has increased the flexibility the federal reserve system. The voluntary wage adjustments of the railroad ployes have been into effect. put Bank suspensions have greatly decreased. hoarding of money has only been checked, but the movement has been reversed, and funds that were being held out of circulation are being returned the banks. Bond prices have been rising steadily for month, and stock prices have shown renewed strength. decline in commodity prices has been less and ing recent weeks the numbers of advances in the lists have the numbers of the declines. The duction pig iron increased in February and four additional blast furnaces were blown in. There has been small but well distributed increase railroad freight loadings. There were increases February in the production textiles, leather goods, cement and tobacco products, after making allowance seasonal changes. Lowell, for the closed Middlesex National bank calls for submission of claims against the bank. Cambridge, clinic at Harvard has received reporting dreams the kidnapping of Charles Lindbergh,

15. March 2, 1933 The Rutland Daily Herald Rutland, VT

Article Text

ASK ACCOUNTING BY BANK RECEIVER Middlesex National Seeks Repayment of $200,000. BOSTON, March 1 (AP). — William J. Roelker, receiver of the Middlesex National bank of Lowell, filed a suit in equity in Federal court today for an accounting against the Bancroft Trust company of Worcester and State Bank Commissioner Arthur Guy, seeking repayment of approximately $200,000 on notes alleged to be worthless or valued far less than the purchase price. An accounting is sought to determine the amount of the indebtedness the Bancroft Trust company owed the Lowell bank on December 15, 1931, when Commissioner Guy took charge of both institutions. The litigation was instituted in Federal court as the result of rejection of the claims of the Lowell bank by Commissioner Guy. The suit was brought at the direction of the comptroller of the currency. Counsel through whom the suit was brought tonight said: "The suit challenges various transactions which occurred in 1931 when both the Middlesex and the Bancroft were under the control of the federal national bank group. These transactions appear to have been entirely unfair to the Middlesex, and we are seeking to recover from the Bancroft the funds it received from the Middlesex as a result of these transactions, most of which were sales of notes originally held by the Bancroft Trust company."

16. March 14, 1933 The Boston Daily Globe Boston, MA

Article Text

LOWELL BANK RECEIVER FILES BILL AGAINST GUY William Roelker, for the Middlesex Bank Lowell, has filed bill in equity in the United States district court against the Inman Company Cambridge and Arthur Guy, asking to void all sales of loans to the Middlesex National Bank by Inman Trust Company made in 1931 and accounting all sums paid by the bank to the Trust Company in the sales. The bank is made party to the suit because he now charge the trust company. The value of the on Dec 15, 1931, the day the company was closed. was $57,191.10.

17. October 23, 1933 The Boston Daily Globe Boston, MA

Article Text

SUES INMAN, BANCROFT TRUST COMPANIES Bank Commissioner Guy Also Named in Action Brought by Lowell Bank Receiver Arthur Trust defendants brought receiver the Middlesex National Bank Lowel! nearly from tangled $60,000,000 Federal the two president of the Frank Farrell and John directors the National the transactions for which he is now seeking with the State the Inman listed named appears institutions are following the colthe the Controller of Currency declaration filed suit, from of the Mid. trust, and controlled Danpresident of the director the Inman Trust. that and August, the Middlesex National Inman Trust for certain notes, worth1929 notes 1931, the date which Federal and the affiliates closed their doors. these transactions, which breaches trust the persons Middlesex National, receiver seeks accounting and asks that the Bank the claims the Middlesex, which he thus far Hall & the the Middlesex these suits. Both Farrell and Mulloney, whose appear these suits, are under criminal the eral Grand for alleged banking irregularities.

18. February 7, 1935 The Republican Springfield, MA

Article Text

ATHOL NATIONAL BANK ALLOWED $300,000 LOAN Washington, Feb. 7—The Athol National Bank of Athol, Mass., has been authorized a loan of $300,000 at 4 per cent interest by the Reconstruction Finance corporation under section 5 of the reconstruction finance act. Accounting adjustments in December, 1934, resulting in loan authorization previously reported bring to the Middlesex National bank (receiver) of Lowell, Mass., a loan of $20,090.60 at the same rate of interest. The Plymouth County Mortgage Loan company of Brockton, with a loan of $540,000; the Charlestown Mortgage Loan company of Charles-

19. February 7, 1935 The Springfield Daily Republican Springfield, MA

Article Text

ATHOL NATIONAL BANK ALLOWED $300,000 LOAN Third National of Springfield Has $20,000 R. F. C. Preferred Stock Subscriptions Canceled By Will P. Kennedy Special Correspondent of The Republican. Washington, Feb. 6—The Athol National Bank of Athol, Mass., has been authorized a loan of $300,000 at 4 per cent interest by the Reconstruction Finance corporation under section 5 of the reconstruction finance act. Accounting adjustments in December, 1934, resulting in loan authorization previously reported bring to the Middlesex National bank (receiver) of Lowell, Mass., a loan of $20,090.60 at the same rate of interest. The Plymouth County Mortgage Loan company of Brockton, with a loan of $540,000; the Charlestown Mortgage Loan company of Charlestown, with a loan of $625,000; and the Moody-street Mortgage Loan company of Waltham, with a loan of $810,000, all at 4 per cent interest, were some of the mortgage loans companies who were the recipients of the RFC's aid. Authorizations for loans from July 21, 1932, to November 30, 1934, which were withdrawn or canceled in full during December, 1934, no part of the proceeds being disbursed, included the Ames Safety Envelope company of Boston, $6000 canceled; the Mount Bowdoin Fuel company of Dorchester, $5000 canceled; the Gardner Upholstered Furniture company of Gardner, $10,000 canceled; and Cutler & Saleeby, inc., of Springfield, $9000 canceled. The Third National bank of Springfield had $20,000 worth of subscriptions for preferred stock in the RFC canceled.