13965. First National Bank (Columbus, NJ)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
13166
Charter Number
13166
Start Date
July 31, 1934
Location
Columbus, New Jersey (40.073, -74.721)

Metadata

Model
gpt-5-mini
Short Digest
ca5cdcdc

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-12-15
Date receivership terminated
1935-04-22
Share of assets assessed as good
38.8%
Share of assets assessed as doubtful
58.3%
Share of assets assessed as worthless
2.9%

Description

Newspaper items (Sept 1934) state the First National Bank of Columbus is 'receiver' and received an RFC loan authorization of $20,000 as of July 1934. No article mentions a depositor run; the bank was in receivership (government action) and therefore appears closed/failed.

Events (4)

1. January 13, 1928 Chartered
Source
historical_nic
2. December 15, 1933 Receivership
Source
historical_nic
3. July 31, 1934 Receivership
Newspaper Excerpt
The First National Bank of Columbus, receiver, $20,000; ... no part of which had been disbursed up to July 31 The First National Bank of Columbus, receiver, $20,000 (AP report).
Source
newspapers
4. July 31, 1934 Suspension
Cause
Government Action
Cause Details
Bank is already in the hands of a receiver as of July 1934; RFC loan authorized to the institution while in receivership.
Newspaper Excerpt
The First National Bank of Columbus, receiver, $20,000
Source
newspapers

Newspaper Articles (3)

Article from The Central New Jersey Home News, September 24, 1934

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Article Text

JERSEY BANKS Can't You Just Hear the Wedding Bells? NEW LOANED $481,000 Hightstown Trust Company Among Those to Sell Stock to RFC By The Associated Press WASHINGTON, Sept. 24.-The Reconstruction Finance Corporation announced today that for the month of July, 1934, it authorized loans totaling $481,000 to banks and trust companies in New Jersey. The following loans were authorized, no part of which had been disbursed up to July 31: The First National Bank of Columbus, receiver, $20,000; The First National Bank of Pleasantville, conservator, $360,000; The Pleasantville National Bank receiver. $35,000; The First National Bank of Port Norris, receiver, $50,000. and the Westmont National Bank, receiver, $16,000. A loan of $22,500 also was authorized to the Manufacturers Loan Company of Jersey City, no part of which had been disbursed up to the end of the month The corporation during the month authorized subscriptions for preferred stock in 12 New Jersey institutions, none of which had been disbursed up to July 31 They follow: The Dover Trust Company $175,000; The Gloucester City Trust Company, $60,000 The Haddonfield National Bank, $200,000: Hights town Trust Company, $50,000; The First National Bank of Marlton. $15,000; The Penn's Grove National Bank and Trust Company, $50,000; Plainfield Trust Company, $750,000; Princeton Bank and Trust Company, $300,000; South Orange Trust Company, $75,000; The First National Bank of Springfield, $25,000; The Swedesboro National Bank, $50,000. and the Tenafly Trust Company, $100,000.


Article from The Record, September 24, 1934

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Article Text

JERSEY BANKS TO GET R. C. FUNDS Tenafly Institution Among Those Receiving Federal Grants Associated ReconARE You struction Corporation announced that for the of July 1934. loans totaling banks and trusts companies New Jersey The following loans were author- Fully ized, part which had been bursed July The First National Bank Columbus, receiver $20,000 the First National Bank Protected? the Pleasantville National Bank. ceiver, $35,000 the First National Bank Port Norris, receiver $50,000 and the Westmont National Bank, reIF that fire should also was authorized the Loan occurCompany of Jersey City, no part of


Article from Press of Atlantic City, September 25, 1934

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Article Text

2 Pl'ville Banks GetR.F.C.Loans Allot $360,000 to First National and $35,000 for Pleasantville National WASHINGTON Sept. 24 (AP).The Reconstruction Finance Corporation announced today that for the month of July, 1924, it authorized loans totaling banks and trusts companies in New Jersey The following loans were authorized, no part of which had been disbursed up to July 31: The First National Bank of Columbus, receiver, $20,000; The First National Bank of Pleasantville, conservator $360,000; the Pleasontville National Bank, receiver, $35,000; The First National Bank of Port Norris, receiver. $50,000, and the Westmont National Bank, receiver, $16,000. loan of $22,500 also was authorized to the Manufacturers' Loan Company, of Jersey City, no part of which had been disbursed up to the end of the month. The during the month authorized subscriptions for preferred stock in 12 New Jersey institutions, none of which had been disbursed up to July 31. They follow The Dover Trust Company $175,000; The Gloucester City Trust Company, $60,000; the Haddonfield National Bank, $200,000; Hightstown Trust Company, $50,000; The First National Bank of Marlton, $15,000; The Pennsgrove National Bank and Trust Company, $50,000; Plainfield Trust Company, $750,000; Princeton Bank and Trust Company, $300,000; South Orange Trust Company. $75,000; The First National Atlantic City Hotels