State National Bank (Lynn, MA)

View Charter #12362 on SPMC View balance sheet

Episode Information

Episode UID
1236201584
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
123620 national
Charter Number
12362
Start Date
December 15, 1931
Location
Lynn, Massachusetts (42.467, -70.949)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
08b3dcc157fcfae5

Response Measures

None

Receivership Details

Depositor recovery rate
73.7%
Date receivership started
1931-12-23
Date receivership terminated
1940-08-16
Share of assets assessed as good
36.3%
Share of assets assessed as doubtful
50.8%
Share of assets assessed as worthless
12.9%

Description

Bank closed by controller as an affiliate of the Federal National Bank of Boston; receivership recorded later.

Events (4)
1. April 21, 1923 Chartered
Source
historical_nic
2. December 15, 1931 Suspension
Cause
Local Banks
Cause Details
Closed as an affiliate of the Federal National Bank of Boston after runs at the Federal National and its branches prompted controller action
Newspaper Excerpt
STATE NATIONAL BANK OF LYNN, A BRANCH, CLOSED Dec ... closed today and placed the hands of the Federal controller of the currency
Source
newspapers
3. December 23, 1931 Receivership
Source
historical_nic
4. December 23, 1931 Receivership
Newspaper Excerpt
Known receivership date: 1931-12-23 (government records referenced in bank information).
Source
newspapers

Newspaper Articles (20)
1. 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 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.)

2. December 15, 1931 Lansing State Journal Lansing, MI

Article Text

BANKS CLOSED BOSTON Institutions with Aggregate Deposits of 58 Million Fail to Open ONE HAD FIVE BRANCHES Four Were National and Five Were State Banks; Runs Start on Three BOSTON, Dec. 15 (P)-Nine Massachusetts banking institutions with aggregate deposits, according to latest statements, of $58,700,000 were closed Tuesday. 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 voted to ask the comptroller of currency take charge after runs at the bank and its branches Monday, had deposits, on September 29, of $28,The other banks and their latest statements of deposit were: the National bank, Lowell, $4,000,000; the State National bank, Lynn, the Gloucester National bank, the Bancroft Trust company, Worcester, the Lawrence Trust company, Lawrence, $9,555,926: the Inman Trust company, Cambridge, the Brockton Trust company, Brockton, the Salem Trust company, Salem, Three savings banks in East Boston and South Boston were experiencing small runs Tuesday They were independent of the group affected in Tuesday's

3. December 15, 1931 The Kokomo Tribune Kokomo, IN

Article Text

BANKING FIRMS EAST BUSINESS Boston, Dec. banking with aggregate deposits, according to the latest of $58,700,today. The were closed 000. cluded four national banks and five central figure in The state the closings the Federal NR. tional Bank of Boston, which has and with which city branches five institutions were all the other filiated. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the its branches yesterday, had deposits, on September 29, of $28.The other banks and their latest available statements of deposit were: The Middlesex National Bank. Lowell, $4,000,000; the State National Bank, Lynn. $2,013,565; the Gloucester National Bank, $1,600,000; The Trust cester, $5,876,474; the Lawrence Trust Company, Lawrence. $9,555,926: the Inman Trust Company, Cambridge, $3,808,412; the Brockton Trust Company, $1,508.753; the Salem Trust Company, Sa$2,115,530. Governor Joseph Ely, in statement from his home in Westfield, said that with proper measures, plan the speedy reopening of the Institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East (Continued on Page Thirteen)

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

Article Text

STATE NATIONAL BANK OF LYNN, A BRANCH, CLOSED Dec State Bank of Lynn, subsidiary of the Federal National Bank of closed today and placed the hands of the Federal controller of the currency, it known when Theodore M. president of bank, and Mahoney, issued statement morning. The statement follows: the curity market, because the fact that the Bank with the Federal of Boston, order the interests depositors, directors the State National to ask The State Bank said to deposits and ings, capital of $200,000 and surplus and one of the newest of Lynn's 15 banks.

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 The Los Angeles Times Los 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.

8. 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.

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 Boston Daily Globe Boston, MA

Article Text

STATE'S FUNDS IN CLOSED BANKS TOTAL $1,060,889 The State of Massachusetts has slightly more than $1,000,000 tied up in six of the banks that closed their doors given out yesterday by State Treas Charles Hurley Treas Hurley said that the State had no funds in the Brockton Trust pany, the Lawrenche Trust Company the Trust closed banks, all affiliated with the Federal National Bank of Boston, in which the State has funds, and the amount in each follows: Bancroft Trust Company Worcester. $45,000 Inman Trust Company, $72,000; National Bank, Low $76,000 State National Bank, Lynn, Federal National Bank, $773,889 Gloucester National in the closed banks totaled $1,060,889.

12. October 18, 1932 The Springfield Daily Republican Springfield, MA

Article Text

FILM DANCER ASKS DIVORCE Pittsburg, Oct. 17-(AP) Nancy of the talkLink, 21, specialty ing today filed divorce Billy Link, Hollywood. She charged cruelty. They married in Pittsburg April 1931. BANK RECEIVER FILES WRITS Oct. C. Boston, of State National of Lynn brought two writs of of property Gen Edward Logan and against Francis Logan, brothers, in federal district court.

13. March 25, 1933 The Morning Union Springfield, MA

Article Text

Officers of Closed Bank Face Writs Federal National Officials Sought in Connection with Lynn Suit. officials tonight said writs had been issued for on certain officials of the closed Federal National Bank in connection with suit filed against the Federal National Company, affillate of the bank, by the closed State National Bank of Lynn. Meanwhile government officials continued to manifest an Interest affairs the National Bank which of $30,000,000 when closed in 1931 U. S. Frederick Tarr said today "the transac of the Federal National Bank have been fully known to the Department of the Treasury and the Department of Justice for several years. The suit by the Lynn bank was brought last fall by its receiver rethe value note allegedly given by the Federal National Company Robert C. Baldwin, receiver for the

14. March 28, 1933 The Boston Daily Globe Boston, MA

Article Text

FEDERAL NATIONAL SUITS BEGIN TODAY Officers of Company Sued by Lynn Bank Receiver Hearings suits brought against Federal National Company officers, some whom the closed Federal National Bank, scheduled to begin today the Federal District Court. nine in number, are being brought by the receiver the closed State National Bank in Lynn, and notes and assessments totalling approximately $137,000. motion was granted yesterday by Judge James Lowell to permit the substitution of the name John B. Cunningham the State National for Robert Baldwin, on March the were filed. Baldwin to another bank and Mr who has of the Continental Company, in the State as Witnesses who have been to testify the various suits today include Theodore Logan, Arthur SomerMorrissey Waban and Daniel closed Federal National Bank of BosThe several suits brought by the closed State National Bank through Mulpresident of the closed Federal National Bank; Edward Loof Court, Brady, Donahue, Francis E. Mullen, of Judge Logan, George H. Ball, the George Ball Comand the Federal National Company.

15. May 2, 1933 The Daily Item Lynn, MA

Article Text

SUIT ON NOTE OF JUDGE LOGAN SET FOR MAY 9 State National Bank Receiver Seeks Settlement of Loan Made in 1929 Assignment of May 9 as the date for the hearing of the suits of Receiver John B. Cunningham of the State National bank of Lynn. against Judge Edward Logan of South Boston, Francis V. Logan and Emma Mullen. sister-in-law was announced in the Federal District court in Boston today. Atty Harry D. Linscott represents the Lynn bank. The suit is to recover sums of money allaged to be due the bank by the defendants. The three suits are brought in behalf of the receiver and are based on notes the defendants alleged to be held by the closed Lynn bank. The promissory note Judge Logan alleged to be for $25,000, dated Oct. 31, 1929, on which the balance due is $24,850.

16. June 22, 1933 The Daily Item Lynn, MA

Article Text

SUIT TO COLLECT STATE BANK NOTE Through its receiver. John B. Cunningham, the State National bank of Lynn today filed in the United States district court the Eigley Investment Harry Eigner, administrator of the estate of the late Joseph Eigner and Patrick F. Crowboth of Lynn, petition seeking to collect the sum of $2036 allegedly due note. The plaintiff, according the suit filed by Harry D. Linscott, counsel for bank's reseeks to have for the amount ordered against all three defendants In the declaration, the bank sets forth that on Dec. 6. 1932, Harry Eigner administrator of the Eigner and estate, as they were the Eigley Investment Co. On Dec. 1931. the investment which is characterized as doing business in real estate mortgages, endorsed a note to the State National bank in the sum of $5000. The note, an asset of the closed bank there remains unpaid of $2036 96, which the plaintiff seeks to collect, plus interest. The bill is returnable July 10.

17. September 13, 1933 Transcript-Telegram Holyoke, MA

Article Text

CUNNINGHAM QUITS BOSTON BANK RECEIVER BOSTON, Sept. Cunningham, for the BostonContinental National Bank of Boston, and the State National Bank Lynn since they closed in December, 1931, announced his resignation today, effective upon appointment of LINDY THRILLS CROWD WITH STUNTING STOCKHOLM. Sweden, Sept. Col. Charles Lindbergh, testing military airplane of the type which two Swedish officers killed recently, thrilled large crowd yesterday with an hour's stunt flying.

18. September 14, 1933 Fitchburg Sentinel Fitchburg, MA

Article Text

Closed Bank Receiver Sends in Resignation BOSTON, Sept 14 (P)-John B. Cunningham, since Dec. 22, 1931, receiver for the closed Boston Continental National bank, has announced he has forwarded his res. ignation to the comptroller of the currency. At the same time he resigned as receiver for the State National bank of Lynn, a position he took over several months ago.

19. September 15, 1933 Springfield Evening Union Springfield, MA

Article Text

Marston Leads Munger, Up Philadelphia Veteran Has Edge at End of First 18 Holes. KENWOOD COUNTRY CLUB, Cincinnati, Sept. Making comeback on the home Max R. Marston Philadelphia, veteran former title holder, gained lead two up over young Jack Munger of Dallas, Tex., after their first 18 holes of their 36-hole semifinal match in the Golf By side hill the finished the first 18 holes up on W. Lawson Little. of San Francisco. The New birdie broke up engagement for the time being. Named Bank Receiver. WASHINGTON, Sept. 15 (AP) James H. Brennan today was named receiver for Boston Continental National Bank and the State National Bank Lynn, succeeding John B. Cunningham. resigned.

20. September 16, 1933 The Morning Union Springfield, MA

Article Text

Named Bank Receiver. James H. Brennan today was named receiver for the Boston Continental National Bank and the State National Bank of Lynn. Mass, succeeding John B. Cunningham, resigned. California has more airports and landing fields than any other state, 214. The home of Schuyler Colfax. ones vice of the United States has been razed at South Bend. Ind