National Bank (Bellows Falls, VT)

View Charter #1653 on SPMC View balance sheet

Episode Information

Episode UID
165301599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
16530 national
Charter Number
1653
Start Date
March 6, 1933
Location
Bellows Falls, Vermont (43.133, -72.444)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5cb21391b35bfe44

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1934-01-15
Date receivership terminated
1940-04-30
Share of assets assessed as good
70.6%
Share of assets assessed as doubtful
25.8%
Share of assets assessed as worthless
3.6%

Description

Receivership date (1934-01-15) is the known government-record date and matches article references to the bank being in receivership.

Events (6)
1. June 12, 1866 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Closed under the national/state banking holiday and not licensed/reopened immediately afterwards (listed Apr 6, 1933 as not yet opened).
Newspaper Excerpt
National Bank of Bellows Falls; listed among national banks not yet opened
Source
newspapers
3. January 15, 1934 Receivership
Source
historical_nic
4. January 15, 1934 Receivership
Newspaper Excerpt
The Bellows Falls National bank, placed in a receivership following the so-called holiday, has already paid its depositors 74 per cent
Source
newspapers
5. November 24, 1934 Other
Newspaper Excerpt
has already paid its depositors 74 per cent, with good prospect of making up the balance before long.
Source
newspapers
6. December 3, 1934 Other
Newspaper Excerpt
a second dividend will be paid to depositors Tuesday... the 24 per cent distribution, amounting to $100,000
Source
newspapers

Newspaper Articles (3)
1. April 6, 1933 Vermont Standard Woodstock, VT

Article Text

26 NATIONAL BANKS OPEN IN STATE, 19 STILL CLOSED Boston. — Twenty-six national banks in Vermont have been licensed and are open said Federal Reserve District headquarters here Thursday, and 19 have not been licensed. The list is as follows: National banks opened in Vermont: County National Bank, Bennington; First National Bank, Bennington; First National Bank, Brandon; Howard National Bank & Trust Company, Burlington; Merchants National Bank of Burlington; National Bank of Chester, Chester; Caledonia National Bank, Danville; National Bank of Derby Line, Derby Line; Allen National Bank, Fair Haven; First National Bank, Fair Haven; Factory Point National Bank, Manchester Center; National Bank of Middlebury, Middlebury; First National Bank, North Bennington; Northfield National Bank, Northfield; First National Bank, Orwell; Randolph National Bank, Randolph; Richford National Bank, Richford; Killington National Bank, Rutland; Rutland County National Bank, Rutland; First National Bank, Springfield; First National Bank, St. Johnsbury; Merchants National Bank, St. Johnsbury; National Bank of Vergennes, Vergennes; National Bank of Newbury, Wells River; First National Bank, White River Junction; Woodstock National Bank, Woodstock. National Banks not yet opened in Vermont: People's National Bank, Barre; National Bank of Bellows Falls; National White River Bank, Bethel; Bradford National Bank, Bradford; Brandon National Bank, Brandon; Vermont-People's National Bank, Brattleboro; First National Bank, Bristol; National Bank of Orange county, Chelsea; First National Bank, Enosburg Falls; Island Pond National Bank, Island Pond; First National Bank, Montpelier; Montpelier National Bank, Montpelier; National Bank of Newport, Newport; Citizen's National Bank, Poultney; National Black River Bank, Proctorsville; Central National Bank, Rutland; Clement National Bank, Rutland; Welden National Bank, St. Albans; State National Bank, Windsor. Between 1815 and 1918, no less than 44 distinct wars had been fought for the sake of nationalism.

2. November 24, 1934 The Brattleboro Reformer Brattleboro, VT

Article Text

Unexplained Banking Problem. (Randolph Herald.) The Bellows Falls National bank, placed in a receivership following the so-called holiday, has already paid its depositors 74 per cent, with good prospect of making up the balance before long. The suspicion grows that a good many banks that were pushed over the brink by severe requirements at that time, really were not insolvent and if given a reasonable chance could have worked out of their predicament with little or no loss to depositors or stockholders. No one has ever explained why national banks were compelled to do so much more to "fortify" than state banks, and especially mutual savings banks were required to do under greatly modified regulations later.

3. December 3, 1934 The Brattleboro Reformer Brattleboro, VT

Article Text

Bellows Falls News Another National Bank Dividend. Receiver B. P. O'Connor of the old National Bank of Bellows Falls announced last night that a second dividend will be paid to depositors Tuesday. Funds to pay the 24 per cent distribution, amounting to $100,000 have been received, and checks will be paid tomorrow. B. P. O'Connor driving south near Putney last night suffered considerable damage to his car when a hit and run driver coming north crashed against the rear end and sped away. Officer N. T. Fitzsimons said that the identity of the driver was still unknown this morning. Week-end visitors included James F. Mulcahy of Springfield, Mass., Mr. and Mrs. Richard Long of New York city, Robert Gray of Washington, D. C., Mrs. Elizabeth Connors and son, Joseph, of Auburndale, Mass., Katherine Healey of Springfield, Mass., Edward Nolan of Ware, Mass., Edward Stack