Citizens & Manufacturers National Bank (Waterbury, CT)

View Charter #2494 on SPMC View balance sheet

Episode Information

Episode UID
249401584
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
24940 national
Charter Number
2494
Start Date
December 24, 1931
Location
Waterbury, Connecticut (41.558, -73.051)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
103a9aba6032f6f3

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

Receivership began Dec 24, 1931; bank remained in receivership and did not resume normal operations.

Events (4)
1. October 25, 1880 Chartered
Source
historical_nic
2. December 24, 1931 Receivership
Newspaper Excerpt
appointment of receiver for the Merchants Trust company... the Citizens Manufacturers National bank Waterbury was appointed temporary... since the inception of the receivership on December 24, 1931 (article references).
Source
newspapers
3. December 24, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Excessive immediate demands and heavy withdrawals that exhausted the bank's available cash leading to distress and receiver appointment
Measures
None specified beyond subsequent appointment of a receiver
Newspaper Excerpt
Excessive and immediate demands placed on the bank and heavy withdrawals made by depositors, thereby depriving the institution of an available cash
Source
newspapers
4. December 24, 1931 Suspension
Cause
Government Action
Cause Details
Court appointment of a receiver and related restraining orders by state authorities leading to suspension of normal banking operations
Newspaper Excerpt
the receiver... since the inception of the receivership on December 24, 1931
Source
newspapers

Newspaper Articles (16)
1. December 30, 1931 The Waterbury Democrat Waterbury, CT

Article Text

RECEIVERS TO GUARD DEPOSITS Reasons for Naming Those Receivers for Local Banks Were Mainly to Protect All the Creditors and Depositors Excessive and immediate demands placed on the bank and heavy withdrawals made by depositors, thereby depriving the innstitution of an available cash the appointdered ment of receiver for the Merchants Trust company, the petition of State Banking to which was filed the superior court here today. The petition heard last Thursday by Superior Court Judge Emest A. Inglis in Middletown. At that hearing. the Citizens Manufacturers Nationa' bank Waterbury was appointed temporary The date the .rmation of the was set for Jan The same reasons were advanced for the appointment of the Waterbury National bank as for Sanditz Traurig Co., Inc., Kezemekas when the hearing day for the confirmation of the Waterbury Na. tional bank as receiver was set for The petitions regarding the three local banks state assets non-liquid condition. The court is asked in the petition to confirm the receivers and dissolve the corporations. Commissioner Bassett in his ap. plication unsafe the banks continue because their assets were in danger of being dissipated or and that in to preserve the assets and protect depositors from loss he was obliged to issue restraining order against the de(Continued on Page 7.)

2. March 3, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 3, 1932

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Article Text

BANK ALLOWED TO BORROW SUM OF ONE MILLION Judge Peasley Renders Decision in Merchants Trust Co Case - Lewis S. Reed and Thomas F. Moore Will Leave for Boston to Get Loan / Judge Frederick M. Peasley granted the petition of the Citizens & Manufacturers National Bank to borrow a million dollars for reorganization purposes for the Merchants Trust Co in a decision handed down to-day. Lewis S. Reed, vice president of the Citizens & Manufacturers National Bank and Thomas F. Moore, in charge of receivership at the Merchants Trust Co will leave to-morrow morning for Boston to enter negotiations for the loan with the Reconstruction Finance Corp representative there. Mr Reed and Mr Moore will formally file the loan application with Harry A. Saunders, manager of the New England committee of the Reconstruction Finance Corp. The application is a 300 page document in which the local representatives will be required to list the collateral that is to be offered as security for the loan. A. duplicate application will be forwarded to-day to Congressman Edward W. Goss at Washington so that he may file it with the Reconstruction Finance Corp headquarters, according to the form required in such cases. It is expected that decision on (Continued on Page 4.)

3. March 4, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 4, 1932

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Article Text

$38,618 in Foreclosures $27,141 Largest Single Award of Court To-day Foreclosure judgments totaling $38,618.81 were granted at the short calendar sessions of the common pleas and superior courts today. The largest judgment was entered against Theresa D'Ambrose in the amount of $27,141.10. Property involved is located on East Main street. Other foreclosures were entered in the cases of Elizabeth Winestine against Frank Slomowitz in the amount of $3,690.70. City of Waterbury against John Hagen, in the amount of $435.88; Israel Karp against Harry Shapiro in the amount of $665.30 and Bertha P. Noble against Grace E. Morsehead in the amount of $2,089.83. The above judgments were entered in the common pleas court before Judge Edward J. Finn. In superior court before Judge Frederick M. Peasley, a foreclosure in the amount of $4,596 was entered in favor of Arthur Theroux against Joseph F. Collins. Frederick G. Rowe was appointed receiver for the collection of rents in the case of the Citizens & Manufacturers National Bank. trustee for the American Legion Home fund, against Mary G. Colucci.

4. April 20, 1932 The Waterbury Democrat Waterbury, CT

Article Text

Deposits Are Worth Dollar For Dollar from Page 1) and securities market the mainder should easily be realized. The appraisal of the stocks, bonds and securities made of the market was as on last December 23, the date the bank suspended business. The market at that time was very low. The statutes of the state of Connecticut provide that certain assets shall be segregated for the prior protection of savings depositors and if these assets are first applied to savings deposits and if the unpaid remainder of savings deposits share equally with the commercial deposits in the remaining assets, the result would be that savings deposits would be worth 98 per cent on the dollar and commercial deposits worth 90 cents the dollar, as determined by the appraisers' values. The funds set aside to secure savings deposits are appraised by the appraisers at approximately 84 per cent of the amount of deposits in the savings department, and the total commercial assets are appraised as being worth 115 per cent of the commercial deposits, but- as the shortage in savings shares with the excess in the commercial department as above stated, the corrected computation would indicate 98 per cent values in savings and 90 per cent commercial accounts. In other words, the 84 cent values in the savings department is balanced by the 115 per cent value in the commercial department. statement of the appraisers, report, says, accompanying "In arriving these values have considered the present omic condition fact that they well under receivership be collected and not as assets of going conbeing an important cern, determining their tor reads as follows: appraisCompany, of herewith submit our report follows: We have examined each indivfiled the receiver and placed upon item its present fair value. In arriving at these values considered the present omic conditions of the country well as the fact that they receivership and not going concern, this being important factor their value. We examined financial and credit statements filed Inspected offsets, exrowers. amined collateral and placed figure value such collateral, both collateral which listexchanges unlisted collateral. We examined each piece of real estate which curity for sulted with directors officers officers employes of the Citizens and Manufacturers National Bank. the receiver. We have tained opinions of individuals certain matters and own Information determining value of listed collateral we carefully examined of the companies and ments made inquiry on and sale value present time of each of these items collateral. In cases which we had some doubt as the mortgages, we called in real tate have the with them have matter sidered their opinions in arriving figures. The present low values in the course, cause stock market, large losses stocks bonds owned, the any be reflected ability to realize substanfiled with the receiver detailed appraisal all items set forth in the inventory Pursuant to the direction of the with our appraisal in the form of schedule. Dated at Waterbury, this 20th day of April, The Appraisals The the ventory the at the time closed with upon the book values, compared the appraisal value down by the appraisers, Commercial Department discounted Demand notes unsecured Industrial loans loans 88,912.82 Second Mortgage attached) 644,951.65 (schedule attached) from reserve agents 21,264.45 hand clearings 83,744.92 6,394.80 funds (schedule Stocks aside for trust 11,255.00 trust funds (schedule aside 37,104.95 attached attached) 68,300.00 Real owned (schedule Overdrafts Furniture fixtures 70,000.00 70,000.00 City of Waterbury $2,670,110.34 Savings Department Mortgage loans Collateral Promissory notes Bonds (schedule Stocks (schedule attached) Deposits Due from 285,000.00 estate (schedule attached) commercial assets 3,649,533.58 3,054,204.06 savings $5,724,414.40 Grand total 20th day of Subscribed sworn to before Waterbury, April, A. D. 1932. THOMAS Notary Public.

5. May 5, 1932 Hartford Courant Hartford, CT

Article Text

Waterbury Bank to Pay Accounts Under $25 Waterbury. May ment 5401 accounts of $25 or less in both the savings and commercial departments the Merchants Trust Company was authorized today Judge Jennings in Superior Couurt. The payment these counts will made once. The sum of will the Last the Citizens Manufacturers National Bank. the asked for the stating would be money saver when payment of dividends start.

6. November 17, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, November 17, 1932

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Article Text

Attorney Reeves Is Granted Allowance (Continued from Page " chants Trust Co, pursuant to an orAttorney Reeves submitetd an itemized account of the work he der of this court, employed Judge has done as counsel for the CitiFrancis T. Reeves of Waterbury zens & Manufacturers National as counsel and he has performed bank, receiver, and explained that all of the duties incident to the em$2,000 of the $16,000 sought, comployment of counsel since the inprises extra expense such as typeception of the receivership on Dewriter purchase, extra clerical cember 24, 1931. The very great help, stationery, etc. volume of work is indicated by the Judge Baldwin states in his defile. Because of the volume and cision: "The receiver of the Merimportance of the work. counse] found it necessary to increase his Home Made Bomb

7. March 6, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 6, 1933

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Article Text

FIVE MOTIONS ON CLAIMS AGAINST MERCHANTS TRUST They Were Filed in the BANKS OF STATE Superior Court To-day By the Receiver of the TO OBEY ORDERS Be Will Co Trust OF PRESIDENT Heard on Friday Five motions, relating the report Will Comply With the Four on the claims against the Merchants Trust Co. as outlined by Day Holiday and Re= State Referee Isaac Wolfe, were spect Command Issued filed in superior court today by the receiver for the Merchants Trust From White House Co. All motions will come up for consideration before Judge FredHartford. Conn, March 6.-(UP) erick M. Peasley at the short cal -Connecticut's banks and savings enlar session on Friday. institutions were closed to-day unChief among the motions is the der the terms of the state legal one asking that a more specific holiday ordered by Lieut-Governor statement be filed in support of the Roy C. Wilcox and the federal claim of the People's Bank & Trust closing order issued by President Co in the amount of $171,419.70 Roosevelt. The others motions include the While many banks did not heed acceptance of the state referee's the holiday proclamation Saturday. report; motion for allowance and except to place restrictions on disallowance of claims in accordwithdrawals of cash. none was beance with the referee's report: mo. lieved to have remained open totion for determining the status of day. the claims reported on by the state Clearing House associations in referee: motion seeking instructions the large centers had decided over as to the agreement with the Peo the week end it was necssary to pe's Bank & Trust Co. and its close banks until the free movement stockholders. of currency was reestablished, and In relation to the People's Bank the federal order from Washington & Trust Co., which incidentally the at midnight ended all doubt that largest of all the claims, the receiv the moratorium would be in full efer points out that the claim is feet in the state to-day. simply a brief statement that that In Hartford and New Haven the $171,419 is due under the terms bankers were prepared to carry of a merger agreement with the along with scrip. issued through Merchants Trust Co. The facts upthe clearing houses, So that the on which the claim is based. are normal flow of business would not not set up, the receiver states. be hindered In relation to the motion seekAt Waterbury the clearing house ing status on the claims. the reestablished a center where change ceiver asks the court to set a time and small bills were exchanged for and place for hearing all the claimbills of large denomination. ants so that the status may be finPossibility that the state holiday ally determined as to whether or would be extended also was seen not they are depositors in the Merto-day. Emergency legislation chants Trust Company or merely which will vest power over the general creditors. commissioner, was expected to be As to the motion on the agrees Continued on Page 8) ment between the People's Bank and Trust Company and the Merchants Trust Company, the receiver BACK AGAIN points out that the said agreement was entered into in January and IN HOSPITAL February of 1931, under the terms of which the banking business of the People's Bank and Trust CoinNorwalk, Conn Mar -(UP)pany and that the complete perIt's getting to be a habit with Dall. formance of the agreement must iel Flanagon of Fall River. Mass. be carried out by the contracting Six months after he was disparties in April of 1933. The recharged from Norwalk hospital afceiver asks whether it and the ter recovering from severe autoMerchants Trus Company should mobile injuries. he was back again carry out all of the agreements -the same trouble. His condition mentioned in the terms of the cong was regarded as good by hospita tract. authorities today.

8. March 8, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 8, 1933

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Article Text

Payroll Checks Issued To-day (Continued from Page 1) bury banks will issue scrip remains to be determined. Austin L. Adams president of the Colonial Trust Company returned to Waterbury today from New York, where he arranged for the issuance of scrip to the local clearing house if needed. He is one of the committee of three bankers chosen at Monday's meeting to make all necessary arrangements for a substitute for currency, if the occasion warrants it. No decision will be given out until congress convenes tomorrow. Whether scrip will never be used in this city and whether the banks will reopen for general business Friday, Saturday or next Monday morning will be known within the next 24 or 48 hours. The Merchants Bureau of the Chamber of Commerce were notified today again as to what was expected of them. They are expected to accept factory payroll checks and those issued by the city of Waterbury up to a reasonable amount in exchange for merchandise or in payment of a bill. They are to be provided with sufficient fluid currency to carry on their business. They will be able to obtain cash daily during the emergency at the Menchants Trust company, but it will be a cash-for-cash proposition. No checks will be accepted for cash. To co-operate with the merchants the city of Waterbury and the factories issue checks ranging from $1 to $20. Most of the checks, however, are $1, $5 and $10. Merchants are expected to return the checks as change in any transaction. The whole arrangement is expected to be only of a few days duration. All banks are expected to be open for general business not later than Monday and they will take over the task of cashing of all payroll checks. The question has been asked thousands of times to the effect, what does a person receive for change if he makes a purchase and gives a check for $1 to a storekeeper in payment of an article valued at 30 cents. He will receive 70 cents back in quarters nickels, dimes or what the merchant has conveniently at hand. He is not obliged to take any credit slip or a specially devised scrip for use only in that particular store. If a merchant wishes to carry on business he is expected to carry sufficient change and to be reasonable in his dealings. The New Haven railroad owing to the conditions resulting from the bank holiday has announced a curtailment of service throughout New England. Busses running between Waterbury and New Haven on the New England Transportation company's lines are also affeeted.

9. March 13, 1933 The Waterbury Democrat Waterbury, CT

Article Text

Bank Receiver Files Petition In Reference to Property on East Main Street Instructions as to the Installation of an oil separator on called property" Main street over which petition filed in today the Citizens & Manufacturers National Bank. The petition states that City Ordinance recently passed requires the installation such separators garages and such might drain into the The title property is vested Tracy Bros. Co., which Cost of such an installation is $175.

10. March 27, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 27, 1933

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COMMISSIONER OF BANKS WILL HAVE CHARGE Will Take Over Receiverships of Banks If Bill Passes - This City and Naugatuck Affected The bill which provides for the state bank commissioner's taking over the operation of all bank recelverships In the state, was rellably reported today to be assured of passage by the state legislature within the next two weeks. The bill In now before the legislative committee on banks. If the bill is passed. bank recelverships in Waterbury and Naugatuck will be affected. It will mean the resignation of the Citizens & Manufacturers' National Bank of (Continued on Page 2)

11. May 3, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, May 3, 1933

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ORDER OF NOTICE. STATE of CONNECTICUT. NEW HAVEN COUNTY, ss. WATERTERBURY. May 1st, A. D. 1933. UPON THE COMPLAINT of the said The Citizens & Manufacturers National Bank praying for reasons therein set forth for a judgment for $16,000, appointment of a receiver and foreclosure of a certain mortgage on property on the westerly side of Linden street, in said Waterbury, etc., made returnable before the Superior Court in and for New Haven County at Waterbury, to be held on the first Tuesday of June. A. D. 1933, it appearing to and being found by the subscribing allthority that certain of said defendants are of parts unknown; therefore, ORDERED, That notice of the pendency of said complaint be given by publishing this order in the Evening Democrat. a newspaper printed in said Waterbury, three days successively, commencing on or before the 15th day of May, A. D. 1933, by some proper officer or indifferent person who, with his doings thereon indorsed, shall make due return. GEORGE H. FREEMAN, Clerk of the Superior Court for New Haven County at Waterbury. STATE of CONNECTICUT, COUNTY of NEW HAVEN, ss. WATERBURY, May 2. 1933. The within and foregoing is a true and attested copy of the original Order of Notice in my hands for publication. Attest: JOHN L. GRAY. Deputy Sheriff. 5-2-3t

12. October 6, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 6, 1933

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Citizens Bank To. Accept Loan Bonds Receiver for Merchants Trust Co Authorized to Take Them in Part Payment for Property offered to accept a quit claim deed Several receivership matters from the receiver to void forewere considered by Judge Newell closure. Judge Jennings thought, Jennings at this morning's short inasmuch as the record showed the calendar session of the superior property to be highly listed, the court. In the Merchants' Trust foreclosure would best be the Co case the receiver, the Citizens answer. & Manufacturers National bank In the Hamilton Hardware Corp was authorized to accept $750 in receivership, Attorney John H. Home Owners Loan Corporation Cassidy was named receiver and bonds as part payment for a piece Attorney Francis P. Guilfoile, Euof property in Cheshire. Attorney gene N. Dietler of New Haven and Francis T. Reeves told the court J. L. Williams of Providence, were the receiver foreclosed the propnamed appraisers. A four months erty against Louis Jannetty, who period in which to operate the now comes forward with the Home business was granted. Attorney Loan bond proposition. In addiCassidy informed the court the retion to the $750 in bonds he will ceiver has $800 on deposit now, pay $50 cash. It cost the receiver whereas there was nothing in the $950 to foreclose it. bank when he took over the reThe court approved the comceivership. He said T. V. Meyer promise offer of St Patrick's dug down in his own pockets for church which asks the receiver to $200 with which to pay employes accept at 85 per cent discount its at the store. He brought a smile deposit of about $10,000 against a from Judge Jennings when he mortgage in the amount of about told the court he had insured the $19,000. plate glass window in the front of In the Kazemekas & Co receiverthe store, because of the crowd ship, the court gave permission to pressing against it in attempts to the Waterbury Savings bank to enter. He said the reason was start foreclosure proceedings because of a receivership sale in against the Waterbury National progress. bank, receiver for the Kazemekas In the case of the Waterbury company. The property involved Hotel receivership, the court oris the site formerly housing the dered a 20 per cent dividend paid bank in Brooklyn. The Wateron common claims, and instructed bury National has a $20,000 first Attorney John F. McDonough, remortgage and Sanditz & Traurig ceiver, to take the balance left out have a second mortgage of $23,of $3,000 after expenses are paid 000. The property was appraised for his services as receiver and as worth $32,000. Judge Jenreceiver's counsel. nings stated that from the record it appeared that the property was listed at book value as worth CCC MEN SIGN UP $100,000. Attorney L. Russell Carter, counsel for the receiver FOR 6 MORE MONTHS explained that the Kazemekas bank had a big mortgage on the property and the furniture was Boston, Oct 6-(UP)-The vast listed as worth $40,000. It was appraised at $2,000 and its sale majority companies of in men New grouped England in have 121 netted little more. signed up for another Bix months' He said the Waterbury Savings employment in the president's con-

13. October 11, 1933 The Waterbury Democrat Waterbury, CT

Article Text

LATE REALTY NEWS The following real estate transactions were filed to-day at the town clerk's office: Mortgage Releases Waterbury Finance Corp to Max Stein. Harry Brownstein to the Citizens & Manufacturers National bank, receiver Quit Claim Deeds: The Waco Realty Co, Inc. to the Citizens & Manufacturers National Bank. Marriage Intentions Ernest R. Mangini of 36 Park Place and Svea Severson of Naugatuck. Anthony J. Renkun of 178 Tudor street and Jennie M. Pomaski of

14. December 20, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 20, 1933

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A suggestion to those depositors of the Merchants Trust Co., who desire to exchange their deposits for Home Loan bonds to take immediate steps was offered today by Attorney Francis T. Reeves, counsel for the receiver for the closed bank, the Citizens & Manufacturers National bank. Attorney Reeves stated that up to today the receiver has taken in $217,750 worth of these bonds. The receiver has received applications for $158,849.19 worth of the bonds from depositors. Attorney Reeves explained that the receiver will have about $300,000 worth of bonds available by Jan 1st, the date set for the closing of books against bids. Since there is only about $60,000 worth of bonds left at this writing, it is felt that some of the depositors who have been putting off their applications might be out of luck when they do bid for the bonds vecause the bonds will all have been applied for by Jan 1. Attorney Reeves pointed out it is an advantageous offer for depositors. They will turn in their deposits which will be accepted at 85 per cent of their face value for bonds at par value. In other words if a depositor has $100 on deposit in the closed bank, he can purchase $85 worth of bonds. Because the bonds are only issued in lenominations of $25, the depositor will have to add the necessary cash to his deposit to make the application balance with the bonds. In other words, if the depositor has $100 and buys $100 worth of bonds, he will have to add $15 i ncash to his deposit to get a $100 bond, or four $25 bonds. Attorney Reeves explains that while the government at this writing only guarantees payment of interest on the bonds, the congress

15. March 16, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 16, 1934

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Attorney Francis T. Reeves, counsel for the receiver, explained that this sum represents the payments made by the Citizens Manufacturers National bank in the operation of the receivership since last September. It has been the practice of the receiver to come Into court each six months and asit for reimbursement of moneys paid, Attorney Reeves said. The mortgage trust plan where. in small depositors of the Merchants Trust Co would be paid pe. riod interest payments, was pre. rented with the court reserving de+ cision. Under this plan, mortgages would be assigned to a Waterbury bank to be held in trust and the income from the mortgages, dis+ tributed at such periods as the court fixes, to depositors who as. sign their deposits to the receiver.

16. June 13, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, June 13, 1934

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(THE END) Jennie Corve: Waterbury Savings Bank VM Samuel Zacks: Waterbury Savings Bank VN Mary Sweeney. Waterbury Savings Bank VS Samuel E. Winestine: Waterbury Havings Bank VA Julia DeBonia: Waterbury Hoospital VH Represenentives. etc. Samuel A. Winestine; Prudential Insurance company V8 Antonio Ventresca: Waterbury Havings Bank VM Michael Rinaldi; Wa. terbury Savings Bank VH Max R. Jones; Waterbury Savings Bank VN Representatives. etc. Thomas Heaton: Mabel L. Atwood VM W.J. Higney; Thomaston Savings Bank VH Antonio Clario: Thomaston Savings Bank VN Antonio Clario; James W. Sweeney VN Lillian Luria: Thomaston Havings Bank VA Citizens & Manufacturers National Bank, recelver, VR J. E. Spurway; Citizens & Manufacturers National Bank, receiver, VH Matthew Murphy: Elizabeth B. Peasley VN Mary Ricel: Michael A. Pomponio VS Vincenza Lerz, administratrix; J. E. Smith Co. Inc. VN Florence Simpson; Citizens & Manufacturers National Bank, receiver, VH Joseph Singer; Citizens & Manufacturers National Bank, receiver, VR Anna Tannenbaum; Waterbury Building and Loan Association, Inc. VA Burr Smith: Joseph H. Carney VH Henry McLaughlin, administrator; Frederick W. Smith VR Harold A. Barnacle.