First National Bank (Somers Point, NJ)

View Charter #12559 on SPMC View balance sheet

Episode Information

Episode UID
1255901599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
125590 national
Charter Number
12559
Start Date
March 6, 1933
Location
Somers Point, New Jersey (39.318, -74.595)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5e2a163d3a76c6a8

Response Measures

None

Receivership Details

Depositor recovery rate
73.7%
Date receivership started
1933-10-13
Date receivership terminated
1937-12-14
Share of assets assessed as good
37.1%
Share of assets assessed as doubtful
56.7%
Share of assets assessed as worthless
6.2%

Events (4)
1. July 8, 1924 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Bank operated on restricted basis following the national banking holiday declared in March 1933
Newspaper Excerpt
had been on restricted basis since the National Bank Holiday, March
Source
newspapers
3. October 13, 1933 Receivership
Source
historical_nic
4. October 13, 1933 Receivership
Newspaper Excerpt
Somers Point Bank In Receiver's Hands; The First National Bank of Somers Point ... was placed in the hands of receiver for liquidation
Source
newspapers

Newspaper Articles (5)
1. October 16, 1933 The Times Trenton, NJ

Article Text

Somers Point Bank In Receiver's Hands SOMERS POINT. N. Oct. 16 The First National Bank of Somers had been operating on Point, which basis since the national restricted bank holiday, March was placed in the hands of receiver for liquidation bank did not open for business The this but was announced the by George that all guaranteed accounts accepted the bank holiday would be paid since either today or cashier of the side Trust Company Atlantic City, was named receiver by J. F O'Connor, comptroller of the in Washinfton on Saturday

2. October 16, 1933 The Record Hackensack, NJ

Article Text

BANK RECEIVER Somers Point Institution Closed; Guaranteed Accounts to Be Paid. Somers Oct. The First National Bank Somers Point, which had been on restricted basis since, the National Bank Holiday, March was placed in hands receiver for liquidation today. The bank did open for business George the bank holiday would be paid today cashier of the Seaside Trust Co., Atlantic by currency, in Washington, on

3. August 8, 1934 Asbury Park Press Asbury Park, NJ

Article Text

RFC REPORTS ON LOANS TO BANKS Avon National Got $65,000 and Ocean Grove $188,000 During May. FUNDS SUBSCRIBED FOR PREFERRED STOCK ISSUES WASHINGTON, Aug. 8. (AP)—The Reconstruction Finance corporation, in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust companies totaling $438,250, no part of which had been disbursed up to May 31. The authorized loans were as follows: First National bank in Avon-by-the-Sea, receiver, $75,000; Margate Trust company, $8,250; the Ocean Grove National bank, receiver, $188,000; the First National bank of Somers Point, receiver, $67,000, and the First National bank of West New York, receiver, $100,000. Three loans were authorized to the Manufacturers Loan company of Jersey City totaling $302,500; none of which were disbursed up to May 31. Authorization of funds for subscriptions for preferred stock in New Jersey institutions, none of which was disbursed up to May 31, were: Asbury Park National Bank and Trust company $300,000; the Atco National bank, $25,000; the First National bank of Bordentown, $50,000; West Jersey Trust company, $300,000; the Merchants National bank of Cape May, $100,000; the Dumont National bank, $50,000; the First National bank of Dunellen, $25,000; the First National bank of Englishtown, $12,500; the Peoples National bank of Keyport, $115,000; Merchantville National Bank and Trust company, $125,000; the First National bank of Milford, $125,000; Fidelity Union Trust company, $7,000,000; the Peoples National bank of New Brunswick, $250,000; the Second National bank of Paterson, $250,000; Citizens First National Bank and Trust company of Ridgewood, $400,000; the First National Bank and Trust company of Summit, $150,000; the Ventnor City National bank, $100,000, and the Woodstown National Bank and Trust company, $50,000.

4. August 8, 1934 The Central New Jersey Home News New Brunswick, NJ

Article Text

LOAN LIST Total Authorized in State For May, None Disbursed Associated Press Aug. construction Finance Corporation, report its activities in made public, revealed had authorized loans New Jersey banks trust totaling no which had been part disbursed 31. The authorized loans were First National Bank Avonreceiver, MarTrust Company, $8,250; The Ocean Grove National Bank, ceiver, $188,000; The First National Bank Somers Point, receiver, First National Bank West New York, receiver, $100,Three loans authorized the Manufacturers Loan Company Jersey totaling which was disbursed May Authorization of funds for subscriptions preferred stock New Jersey institutions, which up to May Asbury Park National Trust Company, The Atco National Bank, $25,000; First National Bank Bordentown, $50,000; West Jersey Trust pany, $300,000; The National Bank Cape May, $100,000: The National Bank, First National Bank Dunel$25,000; First National Bank Englishtown, $12,500; The Peoples National of Keyport, $115,000; Merchantville Bank Trust Co., $125,000; The First National Bank $125,000; Fidelity Trust pany, The Peoples National Bank New Brunswick, Second National Bank Paterson, Citizens First and Company $150,000; Ventnor National Woodstown National Bank Trust Company, $50,000.

5. August 8, 1934 The Millville Daily Millville, NJ

Article Text

R.F.C. HAS LOANED MUCH TO BANKS Report Shows Loans to Banks Total More Than $438,000 AUTHORIZED BONDS Washington, Aug. Reconstruction Finance Corporation. in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust totaling $438,250 no part of which had been disbursed up to May 31st. Included among the authorized loans were: The Ocean Grove National Bank, receiver. $188,000; first National Bank of Somers Point, receiver. $67.000. Authorizations of bonds for subscription for preferred stock in New Jersey none of which was disbursed up to May 31st, included: Asbury Park National Bank & Trust Co., $300,000; The Atco National Bank, $25,000; Merchants National Bank of Cape May, $100,000; Dumont