gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5a3d91ca7ba3adbc
Response Measures
Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
33.0%
Date receivership started
1884-04-22
Date receivership terminated
1894-05-25
OCC cause of failure
Fraud
Share of assets assessed as good
59.7%
Share of assets assessed as doubtful
26.6%
Share of assets assessed as worthless
13.7%
Events (5)
1.February 20, 1864Chartered
Source
historical_nic
2.January 13, 1884Run
Cause
Rumor Or Misinformation
Cause Details
Unfavorable rumors about the bank's condition (examiner later said rumors unfounded) led to small withdrawals of $10,000–$15,000.
Measures
Bank prepared for expected run; directors issued notice of soundness and satisfied depositor demands; deposits returned later by some customers.
Newspaper Excerpt
The unfavorable rumors against the First National Bank ... The rumors resulted in a small run yesterday, some $10,000 being drawn out.
Source
newspapers
3.April 8, 1884Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insufficient funds to meet Boston drafts amid reported stock speculation and alleged cashier deficit by officers, prompting examiner to close the bank.
Newspaper Excerpt
The First National Bank was closed to-day by the examiner, there being insufficient funds to meet Boston drafts on Saturday.
Source
newspapers
4.April 22, 1884Receivership
Source
historical_nic
5.April 24, 1884Receivership
Newspaper Excerpt
The controller of the currency has appointed Hon. Daniel Roberts, of Burlington, Vt., as receiver of the First National bank of St. Albans, Vt.
The Depositors Will Not Lose Much. ST. ALBANS, Vr, August 7.-President Brainard, of the Trust Company, says the depositors will not lose much. The last statement showed 2100 depssitora with deposits of $600,000. Several railroad men, including Gov. Fairbanks, held a conference to-day at Barlow's residence. The statement that the Comptroller approved of the bank's loan to the Southeastern road was incorrect. The Comptroller said it was too large, and suggested or its reduction. The First N ational Bank prepared for an expected run, which did not take place.
2.August 8, 1883Daily RepublicanWilmington, DE
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Article Text
Busin The effect of the Barlow failures was very depressing on business in St. Albans, Vermont, yesterday. President Brainerd, of the Trust Company, says the depositors " will not lose much," but the depositors are less hopeful. The Company's last statement showed that it had 2,100 depositors with deposits aggregating $600,000. Several railroad men, among them General Fairbanks, bad a conference at Barlow's house. The First National Bank prepared for a run yesterday morning, but none trok place. Wright, Wooster & Co., wool deal. ers, of Boston, made an assignment yesterday. Their liabilities are supposed to be large. The firm was considered worth from $100,000 to $150,000. It stood well in repute, and the failure caused much surprise. W. C. & R M. Silesby, tanners, of Troy, New Hampshire, have failed as a consequence of the failure of Hersey, Whittier & Wyman, of Boston. E.M. McClure, tanner and currier, of Peabody, Massachusetts, has also failed. Several small boot and shoe firms of Lynn, Massachusetts, failed yesterday, in consequence of the suspension of Charles W. Clements, but it is thought their suspension will be only temporary. The Boston Traveler reports the failure of William B. Fowle, Treasurer of the Auburndale Watch Company, and says it will involve the Company. His liabilities are supposed to be small. There was a heavy run on Monday upon the Second National Bank of Elmira, New York, because its President, as reported, had lost $150,000 in pork speculations. As he was stated to have fully settled all the demands upon him, still retaining a large private fortune, the run upon the bank ceased yesterday. The Chicago and Alton Railroad Company has given notice of its withdrawal from the Chicago, and St. Louis freight pool. This action, a result of the recent cut in passenger rates, is regarded as portending " a general passenger and freight war betweu the points named." diseases of
3.January 14, 1884Daily Kennebec JournalAugusta, ME
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Article Text
FINANCIAL MATTERS. Unfavorable Rumors Against a St. AIbans Bank. ST. ALBANS. Vt., Jan. 13. The unfavorable rumors against the First National Bank prevailing for the past few days have no foundation so far as can be learned by inquiring of the officials. Bank Examiner Hendee says the bank is in good condition as far as he can discover from the recent investigation. The rumors resulted in a small run yesterday, some $10,000 being drawn out. President Sowles says the deposits are not now more than $300,000 and they are prepared for any emergency. A majority of the directors have issued a notice that the bank is sound and no alarm need be felt.
4.January 14, 1884New-York TribuneNew York, NY
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Article Text
A RUN ON A ST. ALBANS BANK. A FALSE ALARM-EXAMINER HENDEE SAYS THE BANK 18 SOUND. [BY TELEGRAPH TO THE TRIBUNE.) BOSTON, Jan. 13. -A small run was begun Saturday on the First National Bank of St. Albana, and, under the pressure of the false alarm, about $15,000 was withdrawn. A dispatch to The Journal says the alarm was probably due to the fact that Bank Examiner Hendee was making an official examination. Hendee says there is nothing in the condition of the bank to cause alarm, and has taken all necessary precautions to compel the directors to give ample security for the creditors of the bank. On Monday a notice will be posted, informing depositors that the bank is perfectly sound and ready to meet every liability. The capital stock of a bank la $100,000, of which $80,000 is owned by the Bellows estate, and the president, Edward A. Sowles. The deposits, prior to the run, were $300,000, and the amounts due other banks $95,000, making the total liabilities $495,000. The cash on hand. amounts due from other banks, and bonds, notes etc., amount to $508,000.
The St. Albans Bank Flurry. The Messenger says that there was a little run on the First National bank Monday morning, but the bank men seemed to be fully propared for the emergency and satisfied the demands of every depositor. Deposits began to come in after 12 o'clock, and until the close of business the deposits were much in excess of calls. Some who drew out their funds on Saturday returned the amounts, saying that that they were satisfied there was no truth in the unfavorable reports in circulation.
6.April 8, 1884The Evening CriticWashington, DC
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Article Text
A National Bank Closed. ST. ALBANS, VT., April 8.-The First National Bank was closed to-day by the examiner, there being insufficient funds to meet Boston drafts on Saturday. The bank will be examined and will either be reopened or will go into voluntary liquidation. The trouble is said to have been caused by stock speculation by President Sowles. There is a very panicky feeling on the street.
7.April 9, 1884New-York TribuneNew York, NY
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Article Text
BANKS CLOSING THEIR DOORS. THE FIRST NATIONAL BANK OF ST. ALBANS, VT., AND MONMOUTH, ILL., IN TROUBLE. ST. ALBANS, Vt., April 8. - -The First National Bank announeed this morning that its doors would be closed to-day. Bank Examiner Hendee closed the institution because there were not sufficient funds to pay drafts in Boston on Saturday. President Sowles took the Saturday night train for Boston to arrange for the payment of these drafts and on account of disappointment in receiving expected funds the bank was unable to meet the demands made upon It on Monday. More than usual was drawn out by the depositors on that day and the bank was without funds this morning. Mr. Hendee thought best not to have the bank opened for business to-day and it may be that the institution will not be open again at all. The trouble with this bank began about two months ago when a run was made upon it, and public confidence in the institution has been declining ever since. Soon after that run ex-Governor Hendee prevailed upon E.A. and Albert Sowles to put into the bank for its first benefit collateral of the nominal value of about $110,000, worth in cash probably $80,000 to $100,000, The deposits in the meantime, it is said, decreased and the assets have been made better. The cause of the trouble is currently reported to be unfortunate speculation in stocks by the Sowles brothers, both of whom have lost heavily. The deposits amount to about $215,000. The last statement of the bank showed nominal assets of $578,856; liabilities $542,855, including capital stock $100,000. Examiner Hendee will at once make a complete examination, and, if it is not feasible to continue business, the bank will go into voluntary liquidation. The news of the suspension causes considerable excitement in Swanton, Vt., and a run is being made on the Union Bank in consequence. The officers say that the bank has enough funds to pay all depositors. The Vilas National Bank of Plattsburg, N. Y., is also closely connected with the St. Albans bank. CHICAGO, April 8.-A dispatch to The Daily News from Monmouth, Ill., says: The First National Bank closed its doors at 11 o'clock this morning. The cause assigned is speculation by the cashier, B. T. O. Hubbard, whose deficit is estimated at $100,000. The bank is expected to resume in a day or two, as the stockholders, who are all moneyed men, are liable.
8.April 9, 1884The Daily DispatchRichmond, VA
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Article Text
Failure in Vermont. [By telegraph to the Dispatch.] ST. ALBANS, VT., April 8.-The First National Bank announced this morning that its doors would be closed to-day. Bank-Examiner Hendee closed the institution because they did not have sufficient funds to pay drafts in Boston on Saturday. Public confidence in the bank has been deelining since a run was made upon it two months ago. The cause of the trouble is said to be stock speculation by President Sowles and his brother. It is believed depositors will not lose anything.
9.April 10, 1884New-York TribuneNew York, NY
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EMBARRASSMENT OF BANKS. A PLAN FOR CONTINUING THE BUSINESS OF THE FIRST NATIONAL BANK OF ST. ALBANS. ST. ALBANS, Vt., April 9.-President Sowles, of the suspended First National Bank, published an open letter to-day ID which he says the bank has resources to pay all depositors and save its stockholders from loss if permitted to continue business. He suggests a plan to sell $25,000 of stock at such prices as may be fixed on by Bank Examiner Hendee, the bank to be reorganized by the choice of such new officers as is deemed proper, and business to be resumed at once. The letter 18 not favorably received. SWANTON, Vt.. April 9.-The National Union Bank opened this morning, but no money is being paid to depositors. The bank new owes its depositorsonly $52,000, and to meet this has $111,000 of good short-time paper. The officers are positive of the bank's solveney.
Failures of Last Week. There were 195 failures reported to Bradstreet's during the past week, against 143 in the preceding week, and 153, 111 and 98 in the corresponding weeks of 1882 and 1881 respectively. About 80 per cent. were those of small traders, whose capital was less than $5,000. Among the suspensions reported were-Hagen & Billing, bankers and special brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, III. Farmers' Bank of Covington, Ind. ; RobertJenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va. Henry S. Rosenthal, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, Pettingill & Everett, merchante, Boston.
Failures of Last Week. There were 195 failures reported to Bradstreet's during the past week, against 143 in the preceding week, and 153, 111 and 98 in the corresponding weeks of 1882 and 1881 respectively. About 80 per cent. were those of small traders, whose capital was less than $5,000, Among the suspensions reported were-Hagen & Billing, bankers and special brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, Ill. : Farmers' Bank of Covington, Ind. ; RobertJenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va. ; Henry S. Rosenthal, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, Pettingill & Everett, merchants, Boston.
12.April 17, 1884The SunMorris, MN
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Article Text
Failures of Last Week. There were 195 failures reported to Bradstreet's during the past week, against 143 in the preceding week, and 153, 111 and 98 in the corresponding weeks of 1882 and 1881 respectively. About 80 per cent. were those of small traders, whose capital was less than $5,000. Among the suspensions reported were-Hagen & Billing, bankers and special brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, III.: Farmers' Bank of Covington, Ind. ; Robert Jenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va.; Henry S. Rosenthat, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, Pettingill & Everett, merchants, Boston.
13.April 17, 1884River Falls JournalRiver Falls, WI
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Article Text
The failure of the First National Bank of St. Albans, Vt., caused a panic in Swanton and a run on the Union bank in that place.
The failure of the First National Bank of St. Albans, Vt., caused a panic in Swanton and a run on the Union bank in that place.
15.April 19, 1884The Greenville TimesGreenville, MS
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Busted Banks. [Special to the Globe-Democrat.] St. Albans, Vt., April 8.-The wildest excitement was created throughout all Northern Vermont to-day by the announcement that the First National Bank of St. Albana had suspended, and that two other banks were involved in its downfall. Monmouth, III., April 8.-The sensation of the day here is the closing of the doors of the First National Bank, which occurred at noon: The bank is one of the oldest of the kind in the West, and has always been regarded as perfectly sound. Tne trouble is said to be with its eashier, B. T. O. Hubbard, who, it is alleged, is short in his accounts over 8100,000, money which he is supposed to have lost in speculation in stock mining claims, cattle ranches and on the Board of Trade.
16.April 24, 1884Evening StarWashington, DC
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BANK RECEIVERS APPOINTED.-The controller of the currency has appointed Hon. Daniel Roberts, of Burlington, Vt., as receiver of the First National bank of St. Albans, Vt., and R. M. Stevenson, of Monmouth, III., to be receiver of the First National bank of the last named place.
St. Albans Financial Affairs. Part of the money which was deposited in the First National bank of St. Albans on Monday, the day before the institution closed, has been refunded by Receiver Roberts. The cash so paid back includes deposits made by seven individuals at a late hour on Monday, which deposits were set aside to be returned and were not reported to the bank examiner as among the assets of the bank. The refunded deposits amount to $856. The receiver has not yet finished his inventory of the bank's accounts SO that no definite ideacan be given as to prospects, though it is currently reported that they are favorable,
18.March 3, 1885The Indianapolis JournalIndianapolis, IN
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Bank Directors Sued. Sr. ALBANS, Vt., March 2.-As a result of the failure of the directors of the First National Bank to pay the assessment on stock ordered by the Comptroller, Receiver Roberts has sued them for $200,000 and attached all their property.
19.August 30, 1885New-York TribuneNew York, NY
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REMOVAL OF A BANK RECEIVER. Sr. ALBANS, Vt., Aug. 29. - Receiver Roberts, of the First National bank, has been removed by Controller Cannon. The cause of his removal has not fully developed, but it is understood to be the result of efforts on the part of O. A. Burton and Sowles Brothers, directors of the defunct bank.
20.September 11, 1885The Middlebury Register and Addison County JournalMiddlebury, VT
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THE Democratic Brattleboro Reformer agrees with its Republican exchanges for once when it says: "The worst appointment that has been made thus far in Vermont, so far as grounds for it can be learned, is that of C.W. Witters of Milton to be the receiver of the wrecked First National bank of St. Albans."
21.September 18, 1885The Middlebury Register and Addison County JournalMiddlebury, VT
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THE Montpelier Argus has in this week's issue a two-column St. Albans letter about the removal of Hon. Daniel Roberts from the receivership of th First national bank, which the Free Press calls "a compilation of misiepresentations." It is now in order for Comptroller of the Currency Cannon to explain his action, if he can.
UNITED STATES COURTS, District and Circuit, Convene at Rutland -- -Vermont Atterneys Present. RUTLAND, Oct. 4. -- The United States Circuit and District Courts convened here at 2:30 o'clock this afternoon. Judge Hoyt Wheeler presiding. The officers of the court present were: George E. Johnson, clerk; Frank Plumley, district attorney; Rollin Amsden, marshal; Thomas Failey, N. S. Stearns and L. N. Sprague, deputies. Among the members of the bar present were: Hon. C. W. Witters, Col. Willard Farrington, E. A. Sowles and H. C. Royce, St. Albans: Franklin Scott, North Bennington; llon. Gilbert A. Davis, Windsor; Gen. F. E. Alfred, Newport; B. C. Stickney, Bethel; George it. Fuller, Fair Haven: H. N. Deavitt, Winooski; Henry A. Harmon, T. W. Moloney, Hon. J. C. Baker, Judge F. M. Butler, Rutland. The proclamation was made for the grand jury, who were then called, sworn and briefly charged. The court then re. tired for deliberation. John Robinson of Bennington was appointed Amarshal. Proclamation was then made for the potit jury and they were thereupon called. The dockets were then called and no "cases being ready for trial by jury they were discharged until Tuesday next at 9 a. m. In the case of Willis E. Heaton, receiver, vs. Charles W. Thatcher, administrator, the order heretofore entered stating bill per confesso for want of an answer was ordered stricken off the record and the orator has leave to file an amended bill on or before October 10th. The caso of W. F. Thayer VS. Mississquoi railroad, et als. was entered and discontinued as per stipulation; case of Edwin R. Whitney vs. Franklio Fairbanks et als, orator was ordered to file cost bonds in the sum of $200 within 30 days. On motion of the orator's counsel the case Harley C. White vs. Henry S. Walbridge, Henry A. Harmon of Rutland appointed special master to take the accounting. The case of acting receiver VS. Bradford Savings Bank and Trust company was assigned for trial on Tuesday next at 9 a. m. Hearings in the various cases of the First National bank of St. Albans were deferred until Tuesday next, pending efforts to compromise now in progress. Court adjourned until 10 o'clock to-morrow morning.
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.
