First National Bank (Midland Park, NJ)

View Charter #12603 on SPMC View balance sheet

Episode Information

Episode UID
1260301599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
126030 national
Charter Number
12603
Start Date
March 4, 1933
Location
Midland Park, New Jersey (40.989, -74.141)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3fe7ba1afd74c775

Response Measures

None

Receivership Details

Depositor recovery rate
86.2%
Date receivership started
1933-09-15
Date receivership terminated
1938-06-29
Share of assets assessed as good
36.6%
Share of assets assessed as doubtful
56.7%
Share of assets assessed as worthless
6.6%

Description

Some OCR errors in articles corrected (dates/names); receiver appointment is clear.

Events (5)
1. November 29, 1924 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Bank was closed and placed under conservatorship in March 1933 (closed March 4, 1933) and operated under conservators since then; Comptroller oversight due to insolvency concerns.
Newspaper Excerpt
The bank closed March 4, 1933
Source
newspapers
3. September 15, 1933 Receivership
Source
historical_nic
4. September 15, 1933 Receivership
Newspaper Excerpt
John Kelly ... had been appointed by Comptroller of the Currency Washington, as receiver the bank. ... receiver who took charge on Sept. 15 last, the statement of condition ... John Kelly, the bank receiver who took charge on Sept. 15 last, the statement of condition ... receiver named of the bank on September 15, 1933. (articles naming appointment and receiver statements).
Source
newspapers
5. July 20, 1934 Other
Newspaper Excerpt
Dividend checks that will total being prepared the the closed First National Bank Midland Park. Receiver John Kelly stated yesterday ... pay sixty-five per cent of each individual depositors deposit at the bank and in total will amount to over $175,000. (dividend payment/liquidation activity).
Source
newspapers

Newspaper Articles (18)
1. September 19, 1933 The Ridgewood Herald Ridgewood, NJ

Article Text

Politician In of Midland Charge Park First National PARTY LEADERS BACK HIM Comptroller Currency Names dale Democrat To Replace ConLiquidation Follow? There was profound shock among the depositors of the First National Bank of Midland Park the yesterday result of announcement that John Kelly, New York lawyer living Allendale, had been appointed by Comptroller of the Currency Washington, as receiver the bank. Mr. Kelly prominent Democratic politician Allendale. He organized the Club last year and its first President. He worked campaign and the their largest vote the history of the Borough. His appointment receiver recommended Comptroller the Currency by Judge Hamilton Cross, who recognized the Democratic leader Bergen County; State Senator William Democratic leader Bergen County, John Breslin, Chairman the Bergen County Democratic Committee. Replaces Conservator Mr. Kelly received notice of his last Friday. He replaces William Gerdes of this Village, conservator, who named to that position successor Robof Ridgewood, died July. Mr. Robertson had been cashier the bank since organized. The bank has been operating under since March. Deposits been accepted no has money been paid out except on these new deposits. The appointment of receiver an that the of the bank are to be liquidated. Dr. Joseph Payne, of the said last night that Cogge. has been making trips to Washington during the past six weeks the interests of re-organization plan and getting things shape when word came that Mr. Kelly had been named receiver. meeting of the Board of Directors held Saturday night, but Mr. Kelly not attend for reason had not received his formal ap pointment. Up last night no meeting of the Directors had been called. Washington Gets Plan Under the reorganization plan subto raised by the depositors, subordinate per of their deposits in order to the bank opened regular business. Coggeshall, said, informed by Federal Banking Department that would be necessary have the bank work reduce by $50,000 on what termed An official the bank said last that the National bad shape. The bank has no outstanding mortgages on which no interest paid, said, nor understood that the ment Mr. Kelly indithat Washington not satisfied the re-organization plan. under said, the bank could re-opened under organization plan that acceptable Comptroller the Currency. Mr. Kelly was busy day yesterday the bank study of the assets of bank. He said that has not as yet ceived full instructions from the partment Currency Washington his duties, and such holding any changes that may made.

2. September 27, 1933 The Morning Call Paterson, NJ

Article Text

MIDLAND PARK Bank Receiver Calls Meeting Of Board of Directors Friday Has Made Study of Institution and Will Make His Recommendations Depositors to Meet Oct. John Kelly, Allendale lawyer, Since receiver the First Na- the tional Midland operating since March last night called of the the herein. for Friday banking house Godwin Cross position Kelly has been charge of the bank since Sept. when close, notified his appointment comptroller has Washington,

3. October 4, 1933 The Record Hackensack, NJ

Article Text

260 Depositors Pledge Support Proposed Waiver Of Funds COMMITTEE NAMED Two hundred and sixty depositors First National Bank MidPark, in deposits, 50 per cent, signed asking O'Connor, Comptroller of take immediate reopen the bank for unrestricted committee to the the petition. since the President's of March under when John Kelly, Allendale named receiver. On the named negotiwith Washington Thomas Meidama, James Krote, Hartman, John Jacob Olthuis, John Fogg. Garret Smith and Elsie Smith. group's request, set forth in the resolution, that receivership be terminated expeditiously possible this institution merged with larger the vicinity branch the same, bringing strength both, in the alternathat the be terminand the bank placed the the one of the banks in the vicinity, Finance Corporation the Federal Reserve that program upon the which the bank be licensed for unrestricted business." WOULD END SECRECY Backing its request for promight and asking all regarding its plan, the group cites steps the depositors license. cent the petition says, pressed their their and have pledged not porthe remaining per has large of doubtful by acceptable colDespite these accomplishments, the complains in its petition, has been placed in charge this The also complains that been impossible "obtain authoritative information from any source intentions the government respect either licensthis Daniel chairman of the meeting LeRoy Speakers the appointed appointed the Mayor and Assemblyman Thomas Doughty Friday night at the Municipal Building.

4. October 19, 1933 Ridgewood Herald-News Ridgewood, NJ

Article Text

Depositors' Final Plans Committee in Charge of Af. fairs of Midland Park Bank Meets TO PUBLISH FACTS Members of the depositors committee chosen meeting of the depositors of the First National Bank of Midland October the public met Monday night the municipal building their third meeting since their tion They made statement to the press the conclusion of the meeting that they have "formulated finite plans the details of which will be announced Judge Hamilton Cross. attorney for John Kelly, Allendale lawyer and bank receiver, present and talked informally with the committee. He said ready to cooperate any the committee to reach an equitable solution of the problem. Many items of importance discussed and the cided meet again Monday October 23, the municipal building when reports of ious committees will be received.

5. December 8, 1933 The Record Hackensack, NJ

Article Text

IN DEFENSE QUIETNESS Depositors' Committee 'Anger,' 'Rumor' NOTES LOSS FACED In the face of criticism of the parent publicity actions the First National Bank Midland Park, the hands ceiver and March the chairman last issued the following statement: the Depositors First Midland Park, devolves upon make statement activities up this the situation the bank aiming its affairs. held Each meeting definite the the depositors the not "Rush to Press' the details its plans and doing would thwart the pose which it was "The Committee finally arrived directors) that no further progcould made figures the bank actually and finally at this writing that both the the tee have by receiver, Kelly, the figures the about placed United States Comptroller receiver's Judge exact obtained the condition bank. The figures be revealed short that the Directors, Depositors Committee approached angle the situation; up everything done; the have been asleep. concerned pushed important things interests of interested in the Bank. things emerging from. all the which must recognized inevitable: The first receivers wield unlimited the laws constituted. only the powers which appointed them. second apears that opened basis, certain be stone will place before government the strongest kind appeal the good people Borough will not suffer The circulation unfounded rumors; the making angry not get time and constructive planning.'

6. December 8, 1933 The News Paterson, NJ

Article Text

Liquor Licenses Issued in Borough Max Goodman, Morris Pochettini Get Permits for Sales Borough Clerk L. Yonkers issued two liquor licenses yesterOne went Max Goodman 253 Park avenue and the other Morris Pochettini, Vreeland The fee the first retail distribution license, $300 year and the second. retail $600 The licenses year. are good until February Yonkers said he granted the licenses under authority Monday night the mayor and borough coun- REV. FENN MAKES REPORT ON BANK CONDITIONS Francis R. Fenn, minister Trinity Reformed church, and chairman of the Depositors committee closed First tional Midland Park issued the following statement last chairman of the Depositors committee National Bank Midland Park. devolves upon statement pertaining committee's activities this date. and the the bank -aiming the solutions of its The committee held eight each held with view of some definite To the of the committee could press' the details and doing would the very purpose for which organThe finally arrived the conclusion conjunction with directors) that no ther could made until the figures of the bank were actually and up. writing that both the and depositors committee been informed the bank Mr. Kelly that the actual of the bank about be placed before the United States Ter by Judge Cross No exact on

7. January 13, 1934 The News Paterson, NJ

Article Text

MIDLAND PARK National Bank Receiver Relates Condition of Local Institution John Kelly, in Public Statement, Cites Fact That Much of Assets Are Worth Half of Book Liquidation Best Plan John Kelly. receiver for the closed First National bank, condition of the stitution. issued yesterday, reveals for the first time publicly that although the assets of the book value, about more the fact that much of the about 50 per cent. their book value, showing that reality and will time before assets might more valuable, the best plan resort the statement, the date value, not and liabilities Of the assets listmuch bonds and notes. reported that the only bonds that are their full value today are Liberty and other States securiOf the assets the bank neither this type the list. list the bank does hold said on their price least Many of the notes held by the bank are from residents way can clear which pay off the obThese two types of assets (bonds and notes down the actual value of the assets large percentage. Just how large not revealed. that part the the statement bonds Kelly declined to make statement with release the statement other than the "figures speak themasked by the writer the bank, in figures, had enough assets than take liabilities. Kelly said that he wished explained thoroughly that figure of the value" only, and does not take injo consideration the that the bonds and notes held by bank off value least 50 other he one case where figures do Included in the statement the cost which has cost since September Operation of the bank under the conservators from March amounted to report shows. The report, full, follows: Assets Assets at date suspension (book value, not actual), $506.assets acquired since suspension (book value. not total, Total assets to be accounted for: Cash collected from cash collected from additional assets, $32.32: total cash collected from assets stock assessment, $88,442.63. Offsets allowed on assets, $16.400.15. Losses charged On assets, Uncollected assets, $394,795.89: uncollected additional assets, $76.84; maining uncollected assets, $394.872.73. Total assets accounted for Liabilities Secured liabilities date of suspension, Unsecured liabilities date of suspension, total liabilities this Secured and preferred liabilities offset. unpaid secured liabilities (both paid and unpaid) unsecured liabilities paid or proved. total liabilities counted for Collections Collections from all sources: collected from assets stock above includes assets of conservacash collected from interest, premium and rents. cash collected by held trustee for total collections to be accounted for. Disbursements every character: Secured and preferred liabilities paid (including dividends), receivership. penses cash in hands of ceiver and $35.collections counted for. JOHN KELLY, Receiver.

8. January 13, 1934 The Morning Call Paterson, NJ

Article Text

MIDLAND PARK Receiver Issues Statement On Condition of Closed Book Value of Assets Exceed Liabilities, But Kelly Explains That Much of Assets Is Only Worthy Fifty Per Cent. of Par. Release of "statement of condition" of the closed First National bank of Park today, shows for the first time publicly that though the assets the bank, are about the the fact much of the are worth much than their book value shows the reality "in the red" and will be some time assets might become more valuable. John Kelly, the bank receiver who took charge on Sept. 15 last, the "statement of condition" assets at date of suspension (book value, actual) of $506.and liabilities Of the assets listed much bonds and notes. reported the only that are up to their full value today are Liberty and other United curities. Of the assets of the bank in bonds neither of type included the list. The the bank are said to be far below their par value. Of the notes held by the bank many of them are from residents who cannot off the obligations. These two types so-called "assets" alone, said, cuts down the actual market present day value "assets" by very great percentage, how great not revealed. felt, however, that much the in collected assets" in the statement in bonds and notes. Receiver Kelly would make no statement conjunction with the release the statement other than that "the figures speak for themselves." In answer to question propounded this paper's reporter in figures, would appear that the bank enough assets to more than take care its liabilities. Kelly said he wished plained that the figure the assets "book value" and as such does take into conthe fact that bonds and notes held the bank are off in value least fifty per cent. "In other words, said, "here one where figures do interesting to note in the statement that the of receivership Sept. 15 and this will to put rest in the borough many rumors that the receivership the bank would costly. stated federal receiverships have never case been some noteable state receiverships, in this section. That the expense of receivership reasonable shown in that the expenses of the two conservators since March last when the bank closed listed at $4,What release of the statement will mean was asked Receiver Kelly stated that merely to show the condition of the bank as of Dec. 30, 1933. Midland Park pupils at Ridgewood high school football and awards during chapel, yesterday. Letters for football went to John Taylor Stagg manager of the team, and Football went to Walter and James Wehrell. Mr. and Mrs. Vaecava, of the are the proud parents son, Donald, born Monday, Christ Chapel Boys' club will give prty the Girls' club members tonight in the parish house. Mrs. R. W. Maurer. of La Grange, Ill., has returned home after here with parents, Mr. Mrs. George Jackson, Center street. meeting the congregation the Midland Episeochurch called for Tuesday, Jan. 30, the minister, Rev. R. The will elect lay member and member for the annual Three trustees term of three to be Arthur Jacob replacing Kleiand Lambert Klopman. board stewards elected take the place Charles Archer, Miss Fleta Christopher, Miss Virginia Evans, Ryer Flaker. Mrs. Ryer Flaker. Mrs. Barton Green, Hartman, Lawrence McGuill, Mrs. Lawrence McGuill, Snyder, Warren Terhune. and Warren Officers of the board of trustees and the official board will also occur.

9. January 25, 1934 The News Wyckoff, NJ

Article Text

BANK DEPOSITORS ARE ASSESSED The news coming officially from Washington relative to the plan to levy an assessment of 100 per cent on the par value of each share of stock held by shareholders of the First National Bank of Midland Park was a shock to many, although this had been discussed from time to time It was not believed it would actually occur. This will affect eighty-two stockholders who reside in the borough and in nearby municipalities, and that it will seriously affect some is certain. John J. Kelly who has been in charge of the bank as for the past few weeks, stated that he had received this order from J. F T. O'Conner, comptroller of the currency at Washington after an official and detailed statement had been sent him which satisfied him that the assets of the bank were not sufficient to pay its liabilities in full and that therefore it was necessary to levy this assessment against the stockholders. Stockholders have been informed that assessments are due and payable Feb. 13. 1934. but they were further informed that an ex. tension would be given to anyone of them who pays twenty per cent. of his liability under the assessment on or before that date and who gives written agreement satisfactorily guaranteed to pay this with an additional twentyfive per cent on or before March 13: a third on or before April 13 and the remainder on or before May 13, 1934 Failing to keep this agreement will give Mr. Kelly the right to start suit after Feb. 13, against any stockholder who omits payment.

10. January 26, 1934 The Record Hackensack, NJ

Article Text

POSTPONE BANK MEETING The meeting the insolvent First National Bank Midland Park, scheduled night Municipal Building in Midland Park, has been postponed stated this morning No date was set for another meetThe stockholders planned the John Kelly, 100 their by O'Connor, Comptroller of the Currency.

11. June 11, 1934 The Record Hackensack, NJ

Article Text

Midland Park Bank May Release Funds Shortly Depositors Of First National Can Look For Substantial Payment, Kelly Announces Depositors of the closed First National Bank of Midland Park can anticipate news as to the payment of a very substantial dividend this week, it was intimated today by John J. Kelly, bank receiver, and Hamilton Cross of Ridgewood, attorney for the receiver. AWAITS REPLY Cross has been in communication with Treasury Department Washington, in regard to payment depositors and he stated feels word from the Treasury officials will occur "within week, and the payment "will be a very substantial In the last "statement of condition" of the bank for the quarter ending March Kelly, showed cash on hand $52,315.10. This amount has now been augumented by sale about $75,000 bonds and the total amount has provided sum from which first payment in the liquidation proceedings will be paid. bank closed March 4, 1933 and John W. Robertson was When Robertson died William H. W. Gerdes replaced him Then Sept. 15. 1933, John Kelly of Allendale named as receiver. and Gerdes went back to his position cashier. Hamilton Cross was named attorney. Since that time Kelly has gone over the bank records completely and after first three months at the bank issued report the Department D. On the basis of this report the Comptroller the Currency, decided that the bank be liquidated. In order to bring in money to make up fund for protection of depositors, he ordered 100 per cent levy on the $50,000 stock held by eighty some odd stockholders large of this has come and the for final payment has passed, suits are being prepared against those still in default Kelly has paid off number of preferred creditors in his eight months at the bank and has everything in shape that payment dividend depositors is now possible.

12. July 20, 1934 The Record Hackensack, NJ

Article Text

PREPARE CHECKS FOR DEPOSITORS Midland Park Bank Receiver Announces Initial Dividend Dividend checks that will total being prepared the the closed First National Bank Midland Park. Receiver John Kelly stated yesterday supplies received from Treasury and the undertaken by the bank staff. will take least two weeks do job, said. When these checks are ready deposwill call for them the bank Godwin and Cross date to set by Kelly and announced through the The checks be for sixty-five each individual's deposit total at the bank. WALDWICK COUNCIL TO MEET The Waldwick Mayor Borough Council will meet tonight Council room the MuniciBuilding for their meeting. special committee, comprising Councilmen Rafferty, and Lightell will change the by-laws which will three Councilmen and the Mayor, Councilmen in the absence of the Mayor, The matter of progress on improvework on Borough streets will gone reports heard by Councilman Bush. chairman the read committee.

13. July 22, 1934 The Sunday News Ridgewood, NJ

Article Text

BANK STARTS ON DIVIDEND CHECKS Making out of dividend checks to depositors of the closed First National Bank of Midland Park has been started by the bank staff Receiver John J Kelly announced Thurdsay The checks will be made out to pay sixty-five per cent of each individual depositors deposit at the bank and in total will amount to over $175,000. It will take about two weeks to make out these checks it is indicated. To secure them it will be necessary for depositors to call at the banking house, Godwin and Cross avenues. When to start calling for the checks will be announced by Mr. Kelly through the press he has indicated.

14. July 26, 1934 The Morning Call Paterson, NJ

Article Text

MIDLAND Statement Issued Bank Receiver By Shows $32,375 Collected From Stockholders Of Institution John Kelly, receiver the closed First National Bank land Park, yesterday released for the third statement of the bank of June 1934. bank suspended March 1933. Kelly named receiver of the bank on September 15, 1933. The shows that the $50,000 stock the bank stockholders, the collected Suits instituted many cases force collection of the out. The collections accounted for, show figure of

15. August 9, 1934 Ridgewood Herald-News Ridgewood, NJ

Article Text

KELLY OF BANK'S DIVIDEND Midland Park Bank Receiver Explains How He Collected Debts for Bank On invitation of Stanley Stanof the program committee, the Rotary Club heard John Kelly Allendale, receiver of the Midland Park National Bank, tell something the story of operation the regular meeting Tuesday modestly but quite frankly and welcomed questions which put to which answered promptly and opening Kelly said felt that he might appearing under colors. banking job, The receiver collect and collect money and possiHe acknowledged that he was fortunate obtaining services of Hamilton Cross who acted his attorney. He told who had $2,000 deposited in the (Please Turn To Page Three)

16. August 10, 1934 The Ridgewood Herald Ridgewood, NJ

Article Text

Midland Park Bank Receiver Talks to Rotarians EXPLAINS POLICY AND PLAN Says Collections Have Flowed Will Soon Received of Their Money, Amounting to $175,000 The story of how the affairs of the losed Midland Park National Bank been liquidated as to make possible payment first dividend to the positors outlined before the RoClub by John Kelly, of Allen the the Tues the Club. The speaker Stanley Stanton, member the Program To begin with, Kelly explained hat the receiver's job not the the banker's. The receiver collect money quickly and cheaply possible He said he fortunate being able the services Judge Hamilton of his counsel this task. He went on to show the closed bank has ragedy the lives many humble Midland One eighty had deposited is completely stranded. The same was true of -Iderly woman who had put all her savings in the bank, and had no other fall back These and other similar cases fur hished an incentive for him to do his Thrifty But Unfortunate The average mechanic and carpenMidland Park he had found more thrifty than others around here. Many them, instead of hiring to boss contractors other em ployers, have attempted to run independently and doing have occasion money from bank. When the building trades slumped in the depression these men were unable meet their obligations. This formed nother factor the banking situ ation that The speaker (who was made last September) admitted perturbed the number of first mortgages the bank held. On his advise, practically all of prop encumbered. applied the Home Loan Corporation for help, and Continued Two

17. August 25, 1934 The Record Hackensack, NJ

Article Text

BERGEN BANK 1 OF OBTAIN R. F. C. Authorizes $65,000 For Midland Pk. First National NO DISBURSEMENTS 25-The struction nouncing activities for June reports authorizations for loans five New Jersey banks and trust companies totaling $631 The authorizations follow The First National Bank of Midland Park ceiver. $65,000; the Palmyra National Bank Hudson and receiver. the Union City tional Bank. and First National Bank and Woodbridge With the of that First National Bank and Trust Com. pany of Woodbridge. part the amounts had been disbursed June 30. inclusive The Industrial Mortgage Loan Corporation of Trenton, was thorization for three loans in amounts $90,000 and $50,000 none of which had been disbursed June 30 The Corporation authorized loans preferred three New Jersey institutions Orange In. vestment Inc. East on the Savings Investment & Trust of East Orange: the Llewellyn Cor. poration. Montclair. on the preferred stock of the Bank Mont. clair and the Bay Shore Realty Com. pany. South Amboy $100.000 the preferred stock the First National Bank of South Amboy No part of had been disbursed up to June

18. December 17, 1934 The Record Hackensack, NJ

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SLATED Midland Park Bank Granted Pay Authority pay depositors of the Bank by John Kelly, he Kelly attorney Judge Cross Ridgewood, tried hard this payment made Christmas but although they authority to the cent Comptroller the Currency Washington, have not the release This payment of 10 per cent the Aug. per an amount $175,000. Realizing that there may be some dire dend for the Christmas season, stated he will be the Godwin and Cross Avenues day to matter over him.