Coast National Bank - Seaside Heights, NJ

Episode Information

Episode UID: 1235401585
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 123540 national
Charter Number: 12354
Start Date: January 14, 1932
Location: Seaside Heights, New Jersey (39.944, -74.073)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 8edece4950cade7e

Response Measures

None

Receivership Details

Depositor recovery rate: 6.5%
Date receivership started: 1932-02-03
Date receivership terminated: 1937-11-17
Share of assets assessed as good: 11.7%
Share of assets assessed as doubtful: 58.7%
Share of assets assessed as worthless: 29.7%

Description

Used published closure date (Jan. 14) and known receivership date; more articles could confirm exact sequence.

Events (4)

1. April 11, 1923 Chartered

Source: historical_nic

2. January 14, 1932 Suspension

Cause: Government Action
Cause Details: Bank closed Jan. 14 and state was asked to take over its affairs the next day.
Newspaper Excerpt: When the shore bank closed Jan. 14 the West Orange Trust asked the state to take over its affairs the following day.
Source: newspapers

3. February 3, 1932 Receivership

Source: historical_nic

4. February 3, 1932 Receivership

Newspaper Excerpt: President of the closed Coast National bank, Seaside Heights, ... have been named in judgments ... When the shore bank closed Jan. 14 ... (closed Coast National bank referenced).
Source: newspapers

Newspaper Articles (1)

1. April 8, 1932 Asbury Park Press Asbury Park, NJ

Article Text

SIMS MUST PAY NOTE President of Closed Shore Bank Named With Judge Van Riper In Judgment. NEWARK, April 8.—Robert W. Sims, president of the closed Coast National bank, Seaside Heights, and Judge Walter D. Van Riper, president of the defunct West Orange Trust company, have been named in judgments for more than $20,000 for notes given to the North Park and Dodd Trust company. Sims was secretary and treasurer of the West Orange Trust. He resigned last August to become president of the Seaside Heights bank. When the shore bank closed Jan. 14 the West Orange Trust asked the state to take over its affairs the following day.