Mount Holly National Bank (Mount Holly, NJ)

View Charter #1356 on SPMC View balance sheet

Episode Information

Episode UID
135601599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
13560 national
Charter Number
1356
Start Date
March 6, 1933
Location
Mount Holly, New Jersey (39.993, -74.788)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8669eb29d6f2424b

Response Measures

None

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1933-08-04
Date receivership terminated
1939-11-30
Share of assets assessed as good
45.0%
Share of assets assessed as doubtful
40.8%
Share of assets assessed as worthless
14.1%

Description

Articles state closure during the 1933 national bank holiday, a brief reopening under a conservator, then placement in receiver on Aug. 4, 1933.

Events (7)
1. June 28, 1865 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Closed during the federal (national) banking holiday declared by President Roosevelt in March 1933.
Newspaper Excerpt
The bank closed during the national bank holiday decreed by President Roosevelt.
Source
newspapers
3. August 4, 1933 Receivership
Source
historical_nic
4. August 4, 1933 Suspension
Cause Details
Closed again after conservatorship and placed in receivership following alleged irregularities revealed by examinations.
Newspaper Excerpt
Former Prosecutor George M. Hillman, of Mt. Holly, receiver for the bank since Aug. 4, 1933
Source
newspapers
5. June 1, 1934 Other
Newspaper Excerpt
FEDERAL GRAND JURY INVESTIGATES CLOSED MOUNT HOLLY BANK ... Investigation into alleged irregularities at the closed Mt. Holly National Bank has been opened by the Federal Grand Jury at Trenton.
Source
newspapers
6. August 25, 1934 Other
Newspaper Excerpt
George W. Dading, former cashier of the Mt. Holly National Bank, was sentenced ... on charges of misapplying $10,000 of the bank's funds.
Source
newspapers
7. * Reopening
Newspaper Excerpt
It reopened under a conservator, then closed again, and now is in the hands of Hillman as receiver.
Source
newspapers

Newspaper Articles (4)
1. February 9, 1934 The Central New Jersey Home News New Brunswick, NJ

Article Text

POWERS MEASURE HITS AGE LIMIT Plans to Eliminate Discrimination Against Employes Over 40 By The Associated Press WASHINGTON, Feb. Repre sentative D. Lane Powers of Tren ton said yesterday he was holding daily conference with members of Federal Employes organizations and American Federation of Labor representatives to gain facts to support a bill he intends to introduce this session to eliminate discrimination against employing persons more than 40 years of age because of age alone. The contemplated measure is along the same lines, he said, as the bill he introduced in the New Jersey Assembly in 1928 prohibiting discrimination against the same age group in filling State positions. Details of the bill are not yet complete but are in the formative state, powers explained, but said it would affect not only the government employes of one section, but throughout the entire nation. Powers also said he was continuing efforts through the office of the comptroller of the currency to procure reorganization of the Mount Holly National Bank. He wrote the comptroller, J. F. T O'Connor, several days ago urging the acceptance of the plan submitted by the depositors' committee headed by Mark Reynolds. Yesterday he wrote the comptroller he was informed the bank's receiver was securing many makers and endorsers of notes. He asked that the receiver be requested to withhold such actions pending the outcome of the proposed reorganization plan. He said these actions were causing hardship to those who assumed obligations with the expectation of relaying them over a period of two years.

2. June 1, 1934 Courier-Post Camden, NJ

Article Text

Jury Probes Bank at Mt. Holly (Continued from One) gation report by national bank Former George Holly, receiver for the since Aug. 1933, one of eral county before the jury, he knew no iner appeared at the Mt. Holly Names, Details Withheld Asked prompted the probe, Hillman said through an investigation by the Justice The bank declinreveal names of other Burwitnesses appeargrand jury. Both he and details the bank, or the amount involved. Evidence in the investigation the federal grand from Attorney Benson, according to Arrowsmith denied that any indictments had been returned declined to many persons may be involved the probe. reported that 20 persons, bank ers Tuesday that five were called, among them Hillman, The bank the national bank holiday decreed President Roosevelt. under closed again. and the hands of Hillman as ceiver. TO CANCEL LOAN Shanghai. drafting celling the flour of Finance poration's wheat China, was learned reliably today. IN PITMAN CRASH PStman, Carl Prickett, bruised the head and today when car struck Seneca avenue and Broadway. The "butcher is

3. June 1, 1934 Evening Courier Camden, NJ

Article Text

FEDERAL GRAND JURY INVESTIGATES CLOSED MOUNT HOLLY BANK Charges of Irregularity Are Made After Examination NATIONAL OFFICIAL SUBMITS REPORT Receiver Refuses to Give Any Details on Situation Investigation into alleged irregularities at the closed Mt. Holly National Bank has been opened by the Federal Grand Jury at Trenton. Reports of the inquiry were confirmed by Thomas Arrowsmith, U. S. attorney, over long-distance telephone. Arrowsmith said the grand jury probe resulted after a report by a national bank examiner. Witnesses were heard Tuesday. "Why was the inquiry opened?" Arrowsmith was asked. "Because of alleged irregularities," Arrowsmith replied. "The investigation is a result of a report by a national bank examiner." Former Prosecutor George M. Hillman, of Mt. Holly, receiver for the bank since Aug. 4, 1933, one of several Burlington county witnesses appearing before the grand jury, said he knew of no national bank examiner having appeared at the Mt. Holly institution. Names, Details Withheld Asked what prompted the probe, Hillman said it came about through an investigation by the Department of Justice. The bank receiver declined to reveal the names of other Burlington county witnesses who appeared before the grand jury. Both he and Arrowsmith also declined to reveal details of the alleged irregularities at the bank, or the amount involved. Evidence in the investigation was presented to the federal grand jury by an assistant from the office of U. S. Attorney Harlan Benson, according to Arrowsmith. Arrowsmith denied that any indictments had been returned to date in the case. He also declined to say how many persons may be involved in the probe. It was reported that 20 persons, including bank employes, stockholders and depositors, had been subpoenaed Tuesday but that only five were called, among them Hillman. The bank closed during the national bank holiday decreed by President Roosevelt. It reopened under a conservator, then closed again, and now is in the hands of Hillman as receiver.

4. August 25, 1934 Courier-Post Camden, NJ

Article Text

EXAMINERS BY JUDGE IN MT. HOLLY CASHIER Dading Gets 2 Years as Counsel Insists He Only Tried to Save Bank Trenton, Aug. -George W. Dading, 48, former cashier of the Mt. Holly National Bank, was sentenced to two years in the Federal penitentiary today by Judge John Boyd Avis on charges of misapplying $10,000 of the bank's funds. the penalty Judge Avis when he learned that their reports showed shortages far back as 1931 "I can't understand why bank examiners cannot find out these ages when they occur. When they are found the be closed right away Some day the bank exwill wake plea exoneration of Dading on that he the money "save the bank" and took none of the money for himself, was by Dading's counsel, John H. Cafes. "Profits were built up falsely the bank was money, said Cafes that dividend to the stockholders could continue. Mr. Dading was virtually captain who trying "to save sinking ship. He took none of the money for himself Harold O. Schroder, special agent for the Division of Investigation, that Dading stole collateral of by the bank and put the proceeds into his own count, and that he also took money from accounts of depositors to buy back the securities given as collateral. some cases, the notes "were altoDading came the bank in 1924 from Philadelphia. bank placed August, 1933. Dading was indicted June last, and arrested in Washington, D. two weeks later.