Newspaper accounts (Feb 26, 1931) report a 'freak' run caused by a depositor misinterpreting a foreclosure notice. Later coverage (Aug 10, 1931) indicates the First National Bank remained closed (reference to closure in June), suggesting the bank suspended and remained closed. OCR errors corrected (e.g., 'Mechanicsville' -> Mechanicville). The June suspension date is inferred from the Aug article mentioning closure since June; no exact day given.
Events (4)
1.May 1, 1884Chartered
Source
historical_nic
2.February 26, 1931Run
Cause
Rumor Or Misinformation
Cause Details
Depositors misinterpreted a foreclosure announcement posted near the bank as meaning the bank would close, triggering withdrawals.
Random Run
Yes
Random Run Snippet
Depositors misinterpreted foreclosure notice as bank closing; false rumor
Measures
Bank officials characterized the withdrawal as a 'freak' and assured the public the bank was in sound condition; no special suspension or formal measures reported in these accounts.
Newspaper Excerpt
Nearly 200 depositors, mistaking a foreclosure announcement for a statement that the First National Bank of Mechanicville would close, withdrew their savings in wild scramble yesterday.
Source
newspapers
3.June 1, 1931*Suspension
Cause Details
Article (Aug 10, 1931) states the bank remained closed and references the bank being closed in June; the exact trigger for suspension is not specified in the text provided.
Newspaper Excerpt
That institution remains closed and its affairs ... The National Bank on June ... That institution remains closed
Source
newspapers
4.July 9, 1931Receivership
Source
historical_nic
Newspaper Articles (6)
1.February 26, 1931The Washington Daily NewsWashington, DC
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Article Text
(Turn to Page 2)
SIGN IN FIELD IS THE CAUSE OF FREAK RUN ON BANK
By United Press MECHANICVILLE, N. Y.-Nearly 200 depositors, mistaking a foreclosure announcement for a statement that the First National Bank of Mechanicville wou'd close, withdrew their savings in wild seramble yesterday. The announcement, displayed on a lot near the bank, said that the bank was foreclosing on the property of Gilbert de Luccia. Apparently a depositor misinterpreted it and spread the news to others, bank officials said.
2.February 26, 1931Press and Sun-BulletinBinghamton, NY
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Article Text
Misinterpreted Notice Starts "Freak" Run on Bank in Mechanicville
Mechanicville, Feb. (United 200 depositors, mis taking foreclosure for statement that the First tional Bank of withdrew their savings in scramble yesterday displayed on lot the said that the on the property Gilbert positor and spread news to others, bank officials Robert Moore, characterized withdrawal He said the bank is in condition
3.February 26, 1931The Daily TimesMamaroneck, NY
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Article Text
False Rumor Causes Run On Mechanicville Bank
200 mistaking foreclosure ment that the First National Bank would close, withdrew their savings wild yesterday The displayed lot near the bank. said that the bank the property Gilbert De Luccia Apparently depositor misinterpreted and spread the news to bank ficials Robert cashier, terized the withdrawal as He said the bank is sound dition.
4.February 26, 1931The Buffalo NewsBuffalo, NY
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Article Text
RUN ON MECHANICSVILLE BANK IS CALLED "FREAK"
MECHANICSVILLE N Y., Feb. 26 200 mistaking for statement that the First National Bank Mechanicsville withdrew their in wild scramble yesterday The announcement. on near the bank. said that the bank on the propof Gilbert De Luccia. Apparently it spread the to others, bank officials Robert C. Moore cashier. characterized the withdrawal as "freak. He said the bank in sound dition.
5.February 27, 1931The Buffalo NewsBuffalo, NY
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Article Text
RUN ON MECHANICSVILLE BANK IS CALLED "FREAK"
MECHANICSVILLE N. Y., Feb. 26 200 mistaking announcement for statement that the First National Bank Mechanicsville would close. withdrew their savings in scramble yesterday The announcement displayed on a lot near the bank. said that the bank was the property of Gilbert De Luccia Apparently and spread the news to others, bank officials said Robert Moore cashier, characterized the withdrawal as "freak He said the bank is in sound condition.
RUN ON BANK IN MECHANICVILLE
Second Demand by Depositors Keeps Hot Foot the in front The up 12 custom Most interest withdres from a as as and $6000 frequent violated own in The money night from the thought the of the them that and The when The earlier began morning and lasted 45 in the hour Bank to reveal persons had how had been withdrawn believed to have been The by persons recognized A M started Douglas federal rived the bank Friday periodic of the books Douglas face become residents of with the ing of the National Bank on June
That institution remains closed and its affairs of Ref Pardon C Rickey from depositors of deposit the First National Bank with figures on the There that bank may be and ready to reopen within three
