Union City National Bank (Union City, NJ)

View Charter #12749 on SPMC View balance sheet

Episode Information

Episode UID
1274901580
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
127490 national
Charter Number
12749
Start Date
August 1, 1931*
Location
Union City, New Jersey (40.780, -74.024)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
67f8edd8ba440f2b

Response Measures

None

Receivership Details

Depositor recovery rate
72.8%
Date receivership started
1931-08-06
Date receivership terminated
1938-02-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
19.3%
Share of assets assessed as doubtful
79.6%
Share of assets assessed as worthless
1.1%

Description

Bank closed in August 1931 and placed in receivership; later reopening/merger plans did not result in resumption.

Events (12)
1. May 25, 1925 Chartered
Source
historical_nic
2. August 1, 1931* Suspension
Cause
Government Action
Cause Details
Bank suspended operations and was placed in federal receivership in August 1931 per court order
Newspaper Excerpt
The bank closed in August,
Source
newspapers
3. August 6, 1931 Receivership
Source
historical_nic
4. August 6, 1931 Receivership
Newspaper Excerpt
receiver of the Union City National Bank, Roger L. Jones, receiver of Union City National Bank, ... (receiver references and later substitution by Samuel Stock).
Source
newspapers
5. November 17, 1931 Other
Newspaper Excerpt
Depositors Sign The National Bank of North Hudson opened offices yesterday... plan for reopening the bank (discussions of trust funds and reorganization).
Source
newspapers
6. January 12, 1932 Other
Newspaper Excerpt
Hope for success the plan reopen the National Bank North Hudson and the Union City National Bank as one institution increased...
Source
newspapers
7. January 11, 1933 Other
Newspaper Excerpt
Kleffmann Widow And Cullum Sued By Bank Receiver ... suit has been filed In Federal Court by Roger L. Jones, receiver of Union City National Bank
Source
newspapers
8. March 11, 1933 Other
Newspaper Excerpt
New Bank Receiver Takes Over 17 Suits ... Stoch, new receiver the closed Union City National ... substituted plaintiff in the suits filed against the institution.
Source
newspapers
9. April 14, 1933 Other
Newspaper Excerpt
Bank Receiver Sues More Stockholders ... Samuel Stock, receiver of the Union City National Bank, started suit ... The bank closed in August, 1931.
Source
newspapers
10. May 25, 1933 Other
Newspaper Excerpt
Full assessments on banks upheld ... dismissing the appeal of three stockholders in New Jersey. They had been assessed 100 per cent on their holdings by the receivers of the Union City National Bank...
Source
newspapers
11. March 20, 1934 Other
Newspaper Excerpt
Modarellis Sued By Bank Receiver ... Samuel Stock, receiver for the bank, sued defendants for unpaid collateral and assessments.
Source
newspapers
12. September 19, 1934 Other
Newspaper Excerpt
Bank's Receiver Gets a Levy on Modarelli's Pay ... execution obtained in U. S. District Court by Samuel Stock, federal receiver for the bank.
Source
newspapers

Newspaper Articles (12)
1. November 17, 1931 The Jersey Journal Jersey City, NJ

Article Text

DECKER REFUTES RECK ON BANKS No Cash Under Liquidation For Two Years, He Says. William E. Decker, counsel for the stockholders and amalgamation and positors seeking of the National Bank of reopening North the Union City National Bank. today took issue with Jacob Reck's that Lawyer the Union City National depositors Bank could paid almost immedithrough The group have Union branch of larger institu- leading depositors of the Reck smaller to the of the Bank Reck that can made totalthat building, fixtures, collateral notes, on and $300,000 against the stockholders. Agreeing that Reck's figures posthat are Reck wrong the time that the depositors under would take Separate Trust Funds of the Union City National Bank branch National Bank North Hudson in the former bank penny what coming Decker Assets of bank would be kept separate said. And the proposed trust funds would kept he conDue the of the Union City trust fund all pay according This, to the cash would would 100 the dollar, the posed per cent. in stock in the bank Denying that he would be trustee the trust fund of either bank under reorganization Decker been that the would be named trustee Depositors Sign The National Bank of North Hudopened offices yesterday give chance sign of the bank the the for day. The the day those reopening the bank The payment the old depositors cent. in cash, 7½ per cent. in stock of the proposed new bank, 32% participation ficates trust fund which would assets the new be take held last night by the of the opposition will held St. John's Parish Hall, 157 North St., Jersey stockholders' committee. of which Decker seeks have Bank North Hudson and the Union National Bank under with the bank branch of the The for receiving approvals being every day.

2. January 12, 1932 The Jersey Journal Jersey City, NJ

Article Text

MORE CONSENT TO BANK PLAN Two-thirds of Depositors Approve Opening, Committee Says. Hope for success the plan reopen the National Bank North Hudson and the Union City National Bank as one institution increased towhen the depositors' reorganizaapproval of the plan from slightly than the banks. Bank North Hudthe suspension and the Union City National Bank, $800,000. sudden increase the number depositors are agreeable the plan due the efforts of 75 canvassers who been making on people either being headed by John the month with the hope that number up for the plan that the may open by Feb. the latest, the committee The of depositors in the Union City National Bank who are for the slightly than North Hudson National Bank.

3. January 11, 1933 The Jersey Journal Jersey City, NJ

Article Text

Kleffmann Widow And Cullum Sued By Bank Receiver (Special The Jersey Journal) suit has been filed In Federal Court by Roger L. Jones, receiver of Union City tional Bank, in connection with the Theckla Kleffmann, 4183 Boulevard, North Bergen, and Commissioner Paul North Bergen, made defendants the suit yesterday by the through his attorneys, Rinaldi Shanley, of Union The suit directed against both parties spectively, of the estate of BouleCommissioner Theodore Kleffmann, who died Nov. 14, them collect 200 shares of stock Union City National which by Federal Judge William In like litigations will result, in the filing number suits against other stockholders.

4. January 11, 1933 The Jersey Journal Jersey City, NJ

Article Text

Kleffmann Widow And Cullum Sued By Bank Receiver (Special Journal) suit has filed in Federal Court by Roger Jones, receiver of Union City tional Bank, in connection with Theckla Kleffmann, 4183 Boulevard North Bergen, Paul Cullum, of North Bergen, made the suit yesterday by the through Rinaldi Shanley, Union The suit la directed against parties and executor, spectively, of the estate BouleTheodore Kleffmann. died The suit directed them collect on 128 shares of stock Union National which City was purchased by Kleffmann. recent decision of Federal Judge William Clark like litigations result, expected, filing number suits against other bank stockholders.

5. February 13, 1933 The Jersey Journal Jersey City, NJ

Article Text

2 More Sued for Bank Stock Levy Two suits against stockholders the closed Union City National today are file in Court connection with levy made by the bank's receiver, Roger The defendants are August Miller Eldorado Bergen. Max Miller, 301 35th St., North suit against August Miller, owner of 578 shares, the mands payment the suit against Max owner 144 receiver demands of $3,600. The suits were filed through attorRinaldi & Shanley, Union

6. March 11, 1933 The Jersey Journal Jersey City, NJ

Article Text

New Bank Receiver Takes Over 17 Suits Stoch, new receiver the closed Union City National in an order signed by Judge William Clark, has been substituted plaintiff in the suits file against the institution. On Feb. the receiver took from Roger Jones, receiver. The suits filed connection stock litigation brought Jones against the the plaintiff the tained from Judge Clark by Rinaldi pearing the Those defendants the suits include Henry Cianfrone HarTheckla Kleffmann, Paul Cullum, executrix and cutor of the estate Theodore Theckla Kleffmann, and Irene Arthur Mahon, Charles August Miller, Charles Howard Samuel and Harry Prashker.

7. April 14, 1933 The Jersey Journal Jersey City, NJ

Article Text

Bank Receiver Sues More Stockholders TRENTON. (P)-Samuel Stock, receiver of the Union City National Bank, started suit in Federal Court today against Thomas H. and Amelia M. McCaffrey, 012 16th St., Union holders. City, for $500 liability as shareStock asserted they owned 20 shares. 1931. The bank closed in August,

8. May 26, 1933 Evening Star Washington, DC
Article from Evening Star, May 26, 1933

Click image to open full size in new tab

Article Text

FULL ASSESSMENTS ON BANKS UPHELD U. S. Appellate Court Calls Authority of Controller Absolute. By the Associated Press. PHILADELPHIA, May 25.-Authority of the controller of the currency to levy 100 per cent assessments on stock in closed national banks is absolute, the United States Circuit Court of Appeals ruled today. Only in case of obvious error, mistake or fraud will the courts interfere, it decreed in dismissing the appeal of three stockholders in New Jersey. They had been assessed 100 per cent on their holdings by the receivers of the Union City National Bank and the National Bank of North Hudson. The court's opinion added that it was not an adequate defense to plead that a bank is solvent and that the controller did not have sufficient facts to warrant closing it. Written by Judge Joseph Buffington, senior member of the court, the opinion upheld the ruling of Judge William Clark of the Federal District Court for New Jersey, that the defense was

9. June 23, 1933 The Jersey Journal Jersey City, NJ

Article Text

Has No Assets, Says Parentini Former Assemblyman Arthur Parentini of Union City testified that automobile and uncollected judgment of $400 are his when questioned proceedings to mine the of stockholders the closed Union City Na. tional The questioning of stockholders against whom receiver for the secured judgments being the offices George P. Moser, Master in ChanOtto Koenemund, against whom the obtained ment $546 and Domenico Geneagainst whom ment of $420, were to examined today. yesterday's hearing realed the bank has ment against

10. March 20, 1934 The Jersey Journal Jersey City, NJ

Article Text

Modarellis Sued By Bank Receiver Assistant Prosecutor Alfred Modarelli Union City his father, Michael, and director closed Union City National Bank, named defendants suits filed District Trenton, by Samuel Stock, receiver for the bank, through Edward counsel for Stock Michael Modarelli sued for unpaid collateral amounting plus Alfred Modarelli sued for $3,525 assessments principal and interest on notes.

11. May 22, 1934 The Jersey Journal Jersey City, NJ

Article Text

LOANS TOTAL $788,000,000 Banks of N. J. Allowed Total of More Than Sixteen Million. Jesse H. chairman the nance Corporation disclosed today that $788,000,000 of money has been closed banks and companies relief of and general liquidation connection frozen These authorizations, Mr announced, were made tutions embraced The period involved from 1932, through May 18, Receivers banks in New York State authorizations amounting list of to about to in New Jersey follows Receivers People's $25,000 East Orange, First National $425,000. Collingwood, Collingwood $84,000. Long Branch, Citizens' Long Beach, Mount Ephraim, Mount Ephriam Newark, Nat. Bank and Trust Newark, $1,770,000. Newark, National Bank and of Newark, Newark, Nat. Bank and Newark, $123,000 $425,000. Ocean Grove, Ocean Grove $145,000. Red Bank Broad Bank., $455,000. Sea City First Nat Isle City, National Sea $30,000 Union City National Bank of Hudson, Union City National Bank Hudson, $1,000,000 Union City, Union City National, $70.000. Union City, Union City $85,000. Westmont $25,000. Westmont, Westmont $61,000. West Paterson, Westside National of W. Paterson, $100,000. Whitehouse First National Whitehouse Stn., First Bank and Trust Woodbridge, First and Trust Woodbridge Woodlynne, Woodlynne Nation $12,000. Woodlynne, Woodlynne Conservators Carlstadt, Carlstadt Collingswood, Collingswood $65,000. East Rutherford East People's wood, $262,220. Lyndhurst, First Nat Ocean City, Ocean $40,000. Ocean City, Ocean City Nat, $40,000. Orange, Orange Nat. First Nat of antville, 561,000. Secaucus, First Nat West York, West New York, West West New York, Total $7,937,220 Supplementary List Matawan, Matawan 000. City, First City, Mortgage Loan Companies for Paterson, Broadway of State Title & Mtge anty Co., $84,000

12. September 19, 1934 The Jersey Journal Jersey City, NJ

Article Text

Bank's Receiver Gets a Levy on Modarelli's Pay Execution against the salary of Alfred E. Modarelli of Hudson to collect judgments of more than $60,000 arising out of his obligations the North Hudson National Bank. Union City, has been obtained in the U. District Court, by Samuel Stock, federal for the bank. The judgment for unpaid stock collateral Stock, receiver of the closed Union City National Bank, of which father dent, holds other against the but tion has been taken these