gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dfafa96361f84b2d
Response Measures
Full suspension, Books examined
Other: The bank closed its doors to protect depositors from a run. Following the closure, a receiver certified deposit books to allow depositors to borrow up to 50% of their frozen balances from a newly merged local bank (Citizens' National and Steuben Trust).
Receivership Details
Depositor recovery rate
82.0%
Date receivership started
1932-02-27
Date receivership terminated
1939-11-30
Share of assets assessed as good
24.6%
Share of assets assessed as doubtful
66.0%
Share of assets assessed as worthless
9.4%
Description
The bank closed following a run in Feb 1932; despite multiple reorganization and reopening attempts mentioned in later articles, the bank remained in receivership.
Events (6)
1.February 18, 1864Chartered
Source
historical_nic
2.February 12, 1932Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that the bank was to close were current in the city; later reports described the run as not warranted.
Measures
The board of directors ordered the bank closed to protect the interests of depositors and prevent preference.
Newspaper Excerpt
The bank was subjected to demands for deposits on the Friday preceding its closing. Saturday found the run increasing in size
Source
newspapers
3.February 13, 1932Suspension
Cause
Rumor Or Misinformation
Cause Details
Heavy run which directors claimed was not warranted but necessitated closing to protect depositors.
Newspaper Excerpt
The First National closed its doors Saturday, directors announced yesterday.
Source
newspapers
4.February 27, 1932Receivership
Source
historical_nic
5.February 27, 1932Receivership
Newspaper Excerpt
Horace Mizell of Washington D. C. was appointed receiver of the First National bank, Hornell, Sunday by the comptroller of the currency
Source
newspapers
6.July 28, 1932Other
Newspaper Excerpt
Plans for the reopening of the First National Bank, which suspended business Feb. 13, will be discussed at a meeting of the depositors' committee
Source
newspapers
Newspaper Articles (21)
1.February 15, 1932Evening StarWashington, DC
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Article Text
Banks Ordered Closed. HORNELL, N. Y., February 15 (AP).One bank suspended here over the week end and two others were merged. The First National closed its doors Saturday, directors announced yesterday. One of the oldest in this part of the State, it was capitalized at $300,000, with resources of approximately $3.000.000. The merger united the Steuben Trust Co. a State bank with resources of $2.500,000. and the Citizens' National with resources of about $3,000,000. SALT LAKE CITY. February 15 (AP). -The closing of the Desert Savings Bank was announced late last night simultaneously with announcement of the taking over of the Desert National Bank by the Security National Bank.
2.February 15, 1932The Buffalo NewsBuffalo, NY
Article Text
NEW YORK CURB
DIRECTORS CLOSE BANK AT HORNELL
Federal Examiner in Charge; Two Other Institutions Announce Merger.
Special the BUFFALO EVENING First National here did not busiopen for M. Sunday the notice was posted the door the Closed by order the board of This bank of National Bank The notice was dated Feb. 13. Following closing of the bank came official Bank merger between Trust the Citizens' National and the Steuben Trust The result is complete the banking complexion of While could add nothing to the at the that business will be done his jurisdiction except All been and the will retain pointed by the of J. W. Pole
Interests
Records assets and liabilities are being compiled cases usually takes from six months to President could not be reached where has been for three but the statement "It was deemed advisable by board of directors to close the bank order to the interests of depositors By this run on the bank will be and depositors preference Rumors that the First National to close were current the city urday and Sunday but nothing known officially until the notice posted upon the in front the bank Sunday night the The bank founded by the Adsit family. leading this and remained under their control til the death of Charles Adsit years
With Bank 30 Years.
President Bronson has been nected with the bank for 30 years and the has always been garded one of the strongest banks in this The of the bank include Fred and Merrill of Albany. N Y., state tax No new name has been chosen for the new bank resulting from the merger of the Citizens' National and the Steuben Trust as yet. Comoined the two banks are 087 ting the new bank the largest Steuben Merger of the two banks it was stated. would greatly protect the munity and they completely able to handle any situation prepared statement issued by the directors of the two said These enlarged banking facilities will enable the new render depositors and of the First National
Cars Bring Money In.
Armored cars brought large mount of currency into city Sunday night. estimated at upward of quarter million and learned that any necessary addition was immediatel by airplane Frank Storms of the Citizens bank and W. G. Hollands heads the Trust Both banks have had steady and sound growth for many years. At meeting Hornell Chamber of Commerce Sunday night. held result of the closing the First Na. tional bank and merger of the other two city every Hornell pledged himself make deposits in bank Monday Four meetings were held Sunday in the Erie railroad shops Huguet Silk company, Merrill hostery mill and Merrill silk with addresses by Frances and W. L. representin the Chamber of Commerce The speakers the groups an abundance of cash was on hand in the merged bank and that directors of the new bank have announced that as soon as accounts in First National bank are certified. loans up to 50 per cent. of the deposits will be available
3.February 15, 1932The Roanoke TimesRoanoke, VA
Article Text
BANK CLOSES DOORS
Hornell. Feb. the First closed its today. one the this part and was of approximately The also announced today united the Trust Company, resources and the with name which the largest Steuben county. The merger will become tive tomorrow morning.
4.February 29, 1932The Buffalo NewsBuffalo, NY
Article Text
RECEIVER is APPOINTED FOR BANK IN HORNELL
Special the EVENING NEWS. HORNELL Feb. 29.-Horace Mizell of Washington D. appointed receiver of the First National bank. Hornell, Sunday the comptroller of the Cole Mr. Mizell is due here this week and over the affairs the from O'Connor, federal bank examiner who has been in charge since the bank closed Feb. 14. In addition liquidating the bank the receiver will certify deposit books so that depositors can borrow up to per cent. of their deposits in the First National from Hornell's bank formed by the Citizen's National and the Steuben Trust.
5.February 29, 1932The Buffalo NewsBuffalo, NY
Article Text
RECEIVER IS APPOINTED FOR BANK IN HORNELL
Special to the EVENING HORNELL. Feb. 29.-Horace Mizell of C., was ceiver of the First National bank. nell. by the comptroller the Cole. Mr Mizell due here this week will take over the affairs the bank federal bank examiner, who has been in charge since the bank closed Feb. 14. In addition liquidating the bank the receiver will certify books so that depositors can up per cent. their deposits in the First National from Hornell's bank formed of the Citizen's National and the Steuben Trust.
6.February 29, 1932The Buffalo TimesBuffalo, NY
Article Text
RECEIVER TO CERTIFY DEPOSITS AT HORNELL
Times HORNELL, Feb. Mizell, of Washington, D. C., was appointed Theater receiver- of the First National bank, Hornell, Sunday by Comptroller of the Currency J. W. Mizell is due here this week and Lind will take over the affairs of the bank Secs from T. J. federal bank exReg aminer, who has been in charge since the bank closed Feb. 14. Utilities In addition to liquidating the bank, the receiver will certify deposit books Sup rts so that depositors can borrow up to 50 per cent of their deposits in the First National from Hornell's new bank, formed by merger of the Citizens' National and Steuben Trust.
7.March 3, 1932The Potter EnterpriseCoudersport, PA
Article Text
BANK RECEIVER NAMED the Currency James Pole of has appointed Horace Mizell of receiver of the First Bank of Hornell which was closed by the comptroller February 15. He arrived there Monday morning and examiner Thomas 'Connor who had been in Hornell for weeks working heroically but several vainly to keep the bank from closing and who remained in charge until Monday, left for Syracuse, headquarters of the examiners.
8.May 2, 1932Democrat and ChronicleRochester, NY
Article Text
BANK PRESIDENT BANKRUPT
Hornell, May Bron 141 Seneca Street, the First National suspended business Feb. petition Federal District Court Buffalo Saturday. lists his and
9.May 15, 1932Democrat and ChronicleRochester, NY
Article Text
JUDGE ORDERS ACCOUNTING IN FOODY ESTATE
Grants Petition of Receiver for Two Banks in Hornell
Hornell, May Horace Mizell, receiver for the First tional Bank and the Citizens tional Bank Trust both of which are closed. petitioned Court have Mrs Lela Babcock executrix the estate her the late James Foody attorney, banker and file an account ing According to Mr. Mizell, the late Foody's indebted to the First National Bank, of which the of This itemized follows Direct maker of notes. due unpaid, indirect indorser notes of protested unpaid assessment stock in bank as stockholder, $49. not yet Mizell in his petithat Mr. Foody died Apr. and no further had since Apr. 27, 1931 when his widow executrix. added Harold and Claude Babcock were by the has filed nor any had by the on her behalf or any account Mizell recites in his petition: for your petitioner to of what this estate monies, securities come the hands the said executrix since the death Surrogate John Wheeler direct that the petition be complied Mr. Foody for number of years law practice in County and about years before his death became dent of the First National Bank, institution founded 1848 Frank E. Bronson president of the bank for many years the time the bank suspended, Feb. Mr. Bronson recently filed bankruptey proceedings in Buffalo, listing liabilities more than $193,000 his assets at $125.
10.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions to the $300,on the of the First National Bank Hornell Federal Wednesday Horace Mizell, receiver of the bank In his petitions seeking judgments against residents Canisteo, Receiver Mizell pointed out that the ordered rate of each order to pay off the the stockholders, he notified they must pay May but the three defendants had failed and refused do Defendants in the action and the sought $5000: Whiting. Claude Latham $5000.
11.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions recover the $300.000 on the stockholdthe defunct First National Bank Hornell begun Federal Wednesday by Horace Mizell, receiver the bank petitions Receiver Mizell pointed out that the ordered $50 share stock order the the institution. stockholders, said, notified they must pay May but three defendants had failed and refused Defendants in the action and the sought from them $5000; Whit-
12.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions recover $300.000 the ers of the First National Bank of Hornell were Federal by Horace Mizell, receiver of the bank petitions seeking judgments against residents Canisteo, Receiver Mizell pointed out that sessment was ordered rate of stock the the stockholders. he notified May but the had failed and refused Defendants in the action and the amounts sought Whit-
13.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions recover the 000 the stockholdthe defunct First National Bank Hornell Federal Horace Mizell, receiver the petitions judgments three residents of Receiver Mizell pointed out that the sessment ordered the rate of $50 for share stock in order to pay the indebtedness the institution All stockholders, he said. notified they but failed and refused do Defendants in the action and the sought them Simpson, $5000: Glenn Whiting, $2500 and Claude Latham, $5000
14.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions recover on the $300.000 the on ers First National Bank Hornell were begun Federal court Wednesday by Horace Mizell, receiver the bank In his petitions seeking judgments against residents Canisteo, Receiver Mizell pointed out that the sessment was rate of $50 for share stock in to the indebtedness All stockholders, he said were notified they must pay by May the defendants had failed and refused to Defendants in the action and the sought LevGlenn Whitand Claude $5000
15.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions to recover the $300.000 assessment on the stockholders the defunct First National Bank Hornell begun Federal by Horace Mizell receiver the bank. petitions seeking judgments against of Receiver Mizell pointed that the out sessment ordered the rate $50 for share stock in order to off the indebtedness of the institution All notified they must May but the had failed and refused to Defendants in the action and the amounts sought $5000: Glenn WhitIng. $2500, Claude Latham, $5000
16.June 16, 1932The Buffalo NewsBuffalo, NY
Article Text
HORNELL BANK RECEIVER SEEKS $300,000 IN COURT
First actions recover on the $300.000 the ers the defunct First National Bank Hornell begun Federal Wednesday by Horace Mizell, receiver of the bank petitions seeking judgments of Receiver Mizell pointed out that the sessment ordered rate $50 for share order pay off the indebtedness All he notified must pay by May but the defendants had failed and refused to Defendants in the action and the sought $5000: Whiting, $2500, and Claude Latham, $5000.
17.July 28, 1932Elmira Star-GazetteElmira, NY
Article Text
Hornell Bank's Opening Talk Of Depositors
Hornell—Plans for the reopening of the First National Bank, which suspended business Feb. 13, will be discussed at a meeting of the depositors' committee Friday evening. It is expected the committee soon will have a proposal ready for the action of the comptroller of currency.
Reorganization efforts are being the taxable property of the district, $8,500. The amount to be raised by taxation is $500 less than was raised in 1931, when the tax rate was $11.91 per thousand. Avoca has one of the lowest tax rates in this section and much lower than many of the schools of similar size.
18.July 30, 1932The Buffalo NewsBuffalo, NY
Article Text
New York Curb Market
Stock Sales, 100,000.
Special to the BUFFALO EVENING NEWS. stocks and bonds the Curb sales the When only one cates at Figures the first are sales except preceded star. actual Bond sales are $1000 units
Bond Sales, $2,000,000.
COMMODITIES
TORONTO MINING
BUSINESS NAMES
Roofins George G. R. E. Scott. 19 471 Ellicott street,
PLAN REORGANIZE Sales Low 50 130 Pow 36% Illum Agree to Consider Plan Pre90% 90% pared by Stockholders of Ed 1th Ed 82% Hornell Institution. 83 Ed 73% Stocks. Special the BUFFALO EVENING NEWS 98 50 HORNELL July 30.-Four hundred Abitiba P&P 53 depositors of the First National bank Acetol took the first step reorganizaAla 90 90 tion of the bank at meeting Friday 94% night when they appointed deposiAllied Mills 39 39 tors committee consider the plan of reorganization prepared by stockholders' committee which has been working on the matter for several Dept 87 Contrary to expectations the plan 63% was not to but will Founders 80% be at second 70% 70% ing following approval by the depostcommittee The committee appointed includes Power Francis Cameron S. Copeland, Edward O'Connor, Charles Wineberg and Gas Gas Robbins. SUMMARY OF MARKETS Fed 34 35 MARKETS GLANCE Corp war Pow STOCKS steel Fla BONDS- Germans rally Bell Loan profit-taking absorbed. 67 67 FOREIGN EXCHANGES sterling Hill *25 COTTON Steady: trade buying; firm Can Mare Wirel : SUGAR Closed Ut Wat 77% CHICAGO. 30 78 WHEAT bullish crop Serv firmness stock CORN Steady movement Illinois Lts Nor steady market Fire 66 67 60 AGGREGATE MARKET VALUES NEW war 16 32 30 York Stock exchange 49% Saturday Friday Pow&Lt Rey Pow&Lt WHAT THE STOCK MARKET DID Sat 65 68 52 Number advances Number Deere & Co issues traded 42 TOTAL STOCK SALES (by A.P.) 58 58 Saturday 58A Previous day 2,101,874 ago Pow Ky Util Fageol Mot Two years ago Kop TOTAL BOND SALES (By Kop 3% 3% Saturday 2026 67% B Previous day ago Year 80 Goldman Manit Pow 3214 Year ago years ago DOW JONES AVERAGES Guenther Rud 32% 32% 74 Saturday Hecla 97 Bay M&S 2 89% Month Insull Util 26% ago 91 Eq Irving Ch 105 Leonard 6% 48% (Copyright, Lib Long Saturday Merritt-C Previous Pet 25% Util years 123 73 Mount Ohio Pow Oh Pow Nat Am Co 48A Avia High 1930 Pac G&E Low 1930 99% AVERAGES 103 103% Bradford Invest July Eng Pow pf Newmont Min 9% 10 Saturday Merchise Previous PeoGasL&C Transit 4% Month 12 11% years Niles-Bem-P 68 68 years Nor States 52 52 Ohio Brass 22 21% High 1930 Mot 69 BUFFALO EVENING AVERAGES Pilot for Buffalo Roch Pow July 30 18 Plymouth Ry Saturday Polymet Ut Hold high Pug Year aso low Pure Oil 80 48 49 Radio Prod Rep COTTON Regis Pap 2% Cal NEW July 30 21 Nat to higher. Spot quiet, midCr Selected 59 59% High October Singer Mfg Stand G & E 6 35 53% December Southern January Southland Roy Ind 47% 47% 3.55 6.55 Oil Ky Mot Am 10 Standard 42% 43% Superpow 64% 65 High Swift 11% 11% August Swan Finch Oil 12% Syracuse 96% September Swiss-Am October Tenn Pow November 70 December Technicolor 76 76 January Transcont Air 2 2 February Tubize corp 30% COPPER Unit Futures 1% Union % High September December 3.90 Un Pow 17 May 4.30 SILVER Futures steady. 000 ounces. 79% High Low Close 39 40 September Venezuel October Pet Wagner Elee January 27.81 5% March 27.95 Wenden Virg Ltd Waldorf WestTexUtil 17 42 43 Domestic Bonds. York Rys 82 81 Quotations by H. B. Dennison Co.) 82 Ala Pow 30. Foreign Bonds Stock Last AmEl&Pow 29 2028 78% Baldwin Bidgood 3% 42 53 Hollinger 5.50 5.40 5.40 99 99 Kirkland Lake 29. 20.00 Neranda Premier Hardw Sherritt Gordon 32 32% Sudbury Basin 42 25 Sylvanite Asso Nippon Wright 2.85 93 UNLISTED Hudson Bay 2.35 Bkyn Un 98% 46 46% Ventures 52 33 Un The of Illinois will re-enter the with an issue 750,000 revenue carrying 30 coupons any time after 29 for tirement the final portion of & $20,000,000 for relief purposes.
19.September 2, 1932The Ithaca JournalIthaca, NY
Article Text
Hornell Bank May Reopen
Hornell—Indications pointed today to re-opening in the near future for the First National Bank, which suspended here Feb. 13. Under guidance of a Rochester law firm, and with the co-operation of J. W. Pole, comptroller of currency, plans have been proceeding for some weeks. Definite announcement is expected soon.
It is authoritatively stated that there is but one remaining official step, securing consent of the depositors. Present activity of those engaged in reorganizing and re-opening the bank centers about the personnel of the officers and directors.
20.September 2, 1932The Ithaca JournalIthaca, NY
Article Text
Hornell Bank May Reopen
Hornell—Indications pointed today to re-opening in the near future for the First National Bank, which suspended here Feb. 13. Under guidance of a Rochester law firm, and with the co-operation of J. W. Pole, comptroller of currency, plans have been proceeding for some weeks. Definite announcement is expected soon.
It is authoritatively stated that there is but one remaining official step, securing consent of the depositors. Present activity of those engaged in reorganizing and re-opening the bank centers about the personnel of the officers and directors.
It was reiterated again yesterday that affairs of the First National Bank are in splendid shape; that nearly $300,000 in cash is on hand.
Lucky He Received It At All
Binghamton—Montgomery Wood, meter setter in the Bureau of Water has some opinions about the postal service that good family newspapers don't print, according to his fellow workers. His sudden turn of mind, for he has always been a loyal booster for Uncle Sam, developed when he received a picture postcard which was placed in the mails on Jan. 10, 1910.
The card, more than 22 years late in arriving, was a birthday greeting, bearing the message, "Many happy returns of the day." It was signed "Jack". "Monty" is said still to be endeavoring to remember the full name of his friend "Jack." It was not explained where the card has been for so many years
21.January 24, 1933Elmira Star-GazetteElmira, NY
Article Text
Committee Plans Soon to Reopen Bank at Hornell
Depositors' Committee, Under Attorney Robbins, At Work on Proposal to Return First National Bank to Activity, More Than Enough Capital for Reopening Available—Former Directors Named
Hornell—The First National Bank of Hornell will be reopened as soon as the details of a carefully guarded plan are fully arranged.
This information, concerning one of the two Hornell banking houses to close its doors during the past year, comes from a group of men who have been at work to get the bank afloat after nearly a year in dry dock.
The First National Bank closed its doors on order of its directors Feb. 13, 1932, following a heavy run which, later events showed, was not warranted. The bank was subjected to demands for deposits on the Friday preceding its closing. Saturday found the run increasing in size and the closing order, issued to protect the bank from a serious situation, appeared on the doors Monday.
Receivers of the bank have been at work since the closing, and report the institution's affairs in excellent condition. Attorney Albert W. Robbins, chairman of a depositors' committee named three weeks ago, is at work with B. C. DeWitt, and Mr. Forrestel, a financier. The committee was instructed to prepare three plans for the re-opening of the bank. These plans were to be submitted to the depositors as a whole.
The details of the plans under consideration were not disclosed by Chairman Robbins, because the committee feels that until a definite decision has been reached, announcement might be detrimental to the committee's work.
It is understood that more than enough capital to re-open the bank is available and that many other obstacles heretofore standing between the re-opening have been removed.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
