gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6ce7f2d8a71787ad
Response Measures
None
Description
State bank commissioner closed the bank; irregular operations by the treasurer are cited in petitions.
Events (4)
1.January 3, 1921Suspension
Cause
Government Action
Cause Details
Closed Jan 3 by the State Bank Commissioner citing depreciation of securities and lack of quick assets; examiners had been at work.
Newspaper Excerpt
The Shelton Bank & Trust Co. did not open its doors today. State Bank Commissioner Everett Sturges took charge.
Source
newspapers
2.January 12, 1921Other
Newspaper Excerpt
An application for the appointment of a receiver for the Shelton Bank and Trust Company, which was closed a week ago, was filed in superior court here today by Attorney General Frank E. Healy and State Bank Commissioner E. J. Sturges.
Source
newspapers
3.January 13, 1921Receivership
Newspaper Excerpt
Judge John E. Keeler ... appointed former Governor Marcus H. Holcomb as receiver for the Shelton Bank and Trust Company, of Shelton, which was closed January 3 by the State Bank Commissioner.
Source
newspapers
4.September 1, 1921Other
Newspaper Excerpt
Affairs of the Shelton Bank & Trust Company, which went into the hands of Former Governor Holcomb as receiver, were wound up in superior court.
Source
newspapers
Newspaper Articles (21)
1.January 3, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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Shelton Jan. 3-The Shelton Bank & Trust Co. did not open its doors today. State Bank Commissioner Everett Sturges took charge. Examiners under Deputy Commissioner Bissland began work on the accounts last Thursday. The cause of suspension is given in a statement issued this noon a depreciation of securities held by the bank owing to market conditions, and a lack of securities which may become quick assets. W. W. Radcliffe is president of the institution and Edward W. Kneen, secretary-treasurer The latter was
2.January 10, 1921Norwich BulletinNorwich, CT
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State Bank Commissioner E. J. Sturgis informed a depositors' committee that unless finial aid was forthcoming at once a receiver would have to be appointed for the Shelton Bank and Trust Co.
3.January 11, 1921Norwich BulletinNorwich, CT
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ULTIMATUM BY DEPOSITORS TO SHELTON BANK AND TRUST CO. Shelton, Conn., Jan. 10.-Three hundred and sixty-five depositors of the Shelton Bank and Trust Co. met in Arcanum hall tonight to listen to the report of the committee appointed to recommend action, following the closing of the bank. and after a long session it was voted to give t heofficers and directors until tomorrow to produce $500,000. This sum. the depositors believe, will guarantee them against serious loss in the event of a large number of withdrwals. If the sum me ioned is not on hand, the depositors, through their committee will ask for a receiver in the superior court. Attorney Frank Kenna of New Haven, who is attorney for the committee, explained the pocedure in such an event and the depositors voted that in the event of an appeal to the courts for a receiver r. Mr. Kenna should be named for the position. Everett J. Sturges. the state bank bank commissioner was in consultation today with Attorney General 1 Frank E. Healey and it is understood that he is ready to take action if the proposition proposed tonight to the directors and officers is not accepted.
4.January 12, 1921Norwich BulletinNorwich, CT
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APPLICATION FOR RECEIVER FOR CLOSED SHELTON BANK Bridgeport, Conn., Jan. -An application for the appointment. of a receiver for the Shelton Bank and Trust Company, which was closed a week ago, was filed in superior court here today by Attorney General Frank E. Healy and State Bank Commissioner E. J. Sturges. Judge John E. Keeier set next Thursday as the date for a hearing in the case. In the application Attorney General Healy says that the Shelton institution is insolvent and that its charter should be forfeited. Attorney General Healy also says that the condition of the bank is largely due to acts of Edward W. Kneen, secretary and treasurer of the institution. He further says that the bank has been doing an illegal business as many loans were not approved by the directors and that the bank received illegal deposits. In asking for forfeiture of its charter, the attorney general says "the depositors are in danger of being defrauded." No figures are mentioned in the petition, but it says the deficit in the commercial department "is considerable," while the savings department funds are intact. Mr. Kneen is said to be in New York trying to obtain funds to meet the bank's deficit. He will be summoned to appear at Thursday's hearing. He is a former mayor of Shelton, former member of the legislature, a member of the republican state central committee and treasurer of Fairfield county. Attorney General Healy said that he and Commissioner Sturges favor the appointment of former Governor Marcus H. Holcomb as receiver, while a committee of depositors wants Frank Kenna, a New Haven attorney, named receiver if such action, is necessary.
5.January 12, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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EXPECT CLASH OVER SHELTON BANK RECEIVER An interesting situation is expected to develop as the result of an application for receivership for the Shelton Bank and Trust company which is to be heard tomorrow afternoon at 2 o'clock at the court house here.
6.January 14, 1921New-York TribuneNew York, NY
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Connecticut Ex-Governor Named Bank Receiver BRIDGEPORT, Conn., Jan. 13.-Judge John E. Keeler, in Superior Court here this afternoon, appointed former Governor Marcus H. Holcomb as receiver for the Shelton Bank and Trust Company, of Shelton, which was closed January 3 by the State Bank Commissioner. The bank's deficit was estimated at $160,000 by John Byrne, chief examiner of the State Bank Department. The appointment of former Governor Holcomb as receiver was recommended by Attorney General Frank E. Nealy in his application to the court. Depositors of the bank favored Frank Kenna, a New Haven lawyer, for receiver, but the Rev. Andrew Plunkett, spokesman for the depositors, said there was no objection to the naming of Mr. Holcomb. Attorney General Healy and State Bank Commissioner Sturges said later that they would urge the appointment of Mr. Kenna as attorney for the bank under the receivership.
MONEY IS REMOVED Thousands of Dollars in Cash is Taken From Vaults At Shelton Bank and Removed to New Haven. Shelton, Conn., Jan. 20.-Cash funds aggregating thousands of dollars, with no official statement as to the exact amount, were taken from the vaults of the Shelton Bank and Trust Co. today and removed to several banks in New Haven, and one in Derby. This action was taken by order of former Governor Holcomb, receiver for the local bank. which was closed January 3 by the state bank commissioner. It was reported here today that Edward W. Kneen, secretary and treasurer of the Shelton Bank and Trust Co., has resigned as treasurer of Fairfield county.
8.January 21, 1921Putnam PatriotPutnam, CT
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SHELTON BANK IS IN RECEIVER'S HANDS Following the report of State Bank Examiner John Byrne of this city, who examined the Shelton Bank and Trust Company recently, the bank was closed and now former Governor Marcus B. Holcomb has been appoint. ed receiver. Depreciation and doubt ful character of some of the bank's assets made the action necessary safeguard depositors' interests.
9.January 28, 1921Norwich BulletinNorwich, CT
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ARE MAKING EFFORT TO REORGANIZE SHELTON BANK Shelton, Conn., Jan. 27.-Steps looking toward a reorganization of the Shelton Bank and Trust Company, in the hands of a receiver, were taken at a meeting of stockholders of the bank here today. W. W. Radcliffe, president of the bank, presided, and all of the directors were present. A financial statement on the bank's condition was presented by Receiver Marcus H. Helcomb and showed that the capital and surplus, amounting to $168,000 was wiped out. The stockholders appointed a committee of five to make an investigation of the financial condition of the bank and to make recommendations for the resumption of business.
10.January 28, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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Would Buy Up Shelton Bank Stock Stamford Man Offers to Purchase Control at $150 a Share President W. W. Radcliffe of the closed Shelton Bank & Trust Co., announced today that he had received an offer from Harry Frost of Sound Beach, Stamford, who is understood to be in business in New York, to buy the stock of the local Trust company at $150 per share if he can secure enough of the stock to obtain control of the bank and its management. (Mr Frost has been asked to go to Shelton and confer with the bank-officials By an order made today in the Superior court by Judge John E. Keeler, deposits in the Shelton Bank and Trust company will be applied by the receiver as credits to all obligations in which the bank has credit and debit accounts of the same person. The effect of the order will be to permit the credit of large sums on deposit by the Shelton Lumber company against notes of the company held by the bank. The rule of course will follow in all other similar cases, but the amounts in other instances are much smaller. Receiver Marcus H. Holcomb was in court when the order was made and immediately left for Shelton to start the next step in untangling the bank's afairs. So far as could be learned today Treasurer Edward W. Kneen has not yet raised the amount he had hopes of getting.
11.February 3, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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Discover Big Overdraft On Sheltnn Bank Holcomb's Supplemental Report Shows $11,230.29 Wasn't Turned In In a supplemental report of the Shelton Bank and Trust Company filed in the Superior Court today by Receiver Marcus H. Holcomb, overdrafts of $11,203.29, not previously reported, are shown as assets. Of this amount $10,276.28 were overdrawn assets. Of this amount $10.276.28 was overdrawn by Charles H. Davis, of 1188 Main street, Bridgeport, well known as treasurer of the Wilkenda Land Company and president of the Dace Auto Wheel Equipment Co. The report also shows an item of $14,000 in French government bonds previously reported as having been an error and the amount is changed to $2,000. Employes of the county paid by the County Commissioners and County Sheriff Pease with checks drawn upon the Shelton Bank just prior to the disclosure of the bank's condition, were inconvenienced by having the cashed checks returned with the notice that the bank had closed. In all instances employes were immediately given new checks on other banks in which county funds were deposited. Some of the checks went to the New York Clearing House for collection and as a result of the Shelton bank's closing were returned to original endorsers with protest fees. All such fees have been made good by county officials. The valuation of New York securities on loans made by former Treasurer Kneen is expected to be determined tomorrow, according to the committee in charge of this phase of the investigation. Meanwhile the committee is continuing its work of probing other loans which were made in Shelton and nearby cities. TODAY'S PROFILE.
12.February 11, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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SELL SHELTON BANK PROPERTY Governor Marcus H. Holcomb appeared before Judge John E. Keeler in the Superior court today as receiver of the defunct Shelton Bank and Trust company and was given permission to sell property of the bank in Shelton. The property in question was bought in November 1920 by Treasurer E. W. Kneen and Receiver Holcomb will realize $1,000 above the purchase price.
13.February 18, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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SELL TWO PIECES OF BANK PROPERTY Shelton.-The receiver of the Shelton Bank & Trust Co. today sold two pieces of property owned by the bank here which were purchased last December for $2,500 to Wm. J. HurThe property is loley for $1,100. cated in the business section of the city.
DEPOSITORS MEETING. Shelton, Feb. 22.-A meeting of the depositors of the Shelton Bank and Trust Co. has been called for tomorrow night to take action on the question of advisability of taking action against the officers and directors of the bank. Receiver Marcus Holcomb has been asked to attend to explain the financial condition of the bank.
15.February 24, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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BRIDGEPORT BRIEFS Four hundred depositors in the bankrupt Shelton Trust Company were assured last night by ex-Governor Marcus H. Holcomb that while he was receiver their homes would never be mortgaged and mortgages of $920,000 would never be foreclosed. Receiver Holcomb announced he has a new plan whereby persons with accounts in the savings department may be able to float the mortgages.
16.March 18, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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HOLCOMB TO RESIGN AS RECEIVER Receiver Marcus H. Holcomb will resign as receiver for the defunct Shelton Trust company in the event that foreclosures are ordered on mortgaged property of the Shelton townsmen. The mortgages have been called in. and Ansonia and Derby banks are doing their best to take over as many as possible. Many
NEUTRAL AND ALLIED GOVERNMENTS BELIEVE GERMANY WILL A GREE TO PRESIDENT'S PLAN ON REPARA TION SHELTON BANK WILL PAY DEPOSITORS Harding Willing To Bri IN FULL AND LIQUIDATE ALL CLAIMS Matter To Attention Receiver Marcus Holcomb P romises That All Creditors Allies If Teutons Will Receive Their Money Within Next 60 Days. Draw Up Suitable P Bridgeport, April 22.-Liquidation declared by the bank's directors on December 20, 1920, 13 days before the of all claims against the bank and posals bank closed its doors. payment of 100 cents on the dollar to "I am pleased to report the settleall depositors and creditors of the ment of the Armstrong claim," RePRESIDENT NOT TO Shelton Bank and Trust company ceiver Holcomb declared in opening his arguments. "Last week I applied within 60 days was promised today by SERVE AS MEDIAT Receiver Marcus H. Holcomb. for permission to make an adjustment in this matter and I am here today to Receiver Holcomb appeared in the ask for the sale of mortgages and real superior court to present an applicaestate loans, to depositors in the comtion for permission to permit savings U. S. Determined Germ mercial and savings departments. department depositors and commer"We can liquidate this bank if we cial department depositors to use their Limit Must to Pay don't get the permission, but it will deposits to pay or purchase real estake two years to do it. By getting tate loans in those departments. Judge France Expresses S the permission we can sell all the Kellogg reserved decision in the motion and in another motion in which mortgages in 60 days. Under the law the received applied for an order deDisappointment at (Continue on Ninth Page.) termining the legality of a dividend American
18.April 23, 1921Norwich BulletinNorwich, CT
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100 CENTS ON DOLLAR FOR SHELTON BANK DEPOSITORS Bridgeport, April 22.-Liquidation of all claims against the bank and payment of 100 cents on the dollar to all ddepositors and creditors of the Shelton Bank and Trust' company within sixty days was promised today by Receiver Marcus H. Holcomb. Receiver Holcomb appeared in the superior court to present an application for permission to permit savings department depositors and commercial department depositors to use their deposits to pay or purchase real estate loans in those departments. Judge Kellogg reserved decision in the motion and In another motion in which the receiver applied for an order determining the legality of a dividend declared by the bank's directors on Dec. 20. 1920, thirteen days before the mank closed its doors. "I am pleased to report the settlement of the Armstrong claims." Receiver Holcomb declared in opening his arguments. "Last week I applied for permission to make an adjustment in this matter and I am here today to ask for the sale of mortgages and real estate loans to depositors in the commercial and savings depart. ments. "We can liquidate this bank. if we don't get the-permission, but it will take two years to do it. By getting the permission we can sell all the mortgages in sixty days. Under the law I am entitled to 1 per cent. of the $843,161 which we hold in real estate loans. and I am willing to sacrifice this fee to speed the affair up. I am absolutely sure we can liquidate the savings department with what we have now and with the $82,000 we got last night there is no doubt about liquidating the commercial department.
19.July 26, 1921Norwich BulletinNorwich, CT
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F. S. JEROME WILL PAY MILLION FOR SHELTON BANK Former Governor Marcus H. Holcomb, reeciver for the defunct Shelton Bank & Trust Company, has received from Franklin K. Jerome of Orange, Conn., formerly of Norwich a check for $850,000 to apply on the purchase price of approximately $1,000,000 which Mr. Jerome offered for the assets of the bank and which the receiver was authorized by the superior court to accept. The balance of the purchase price will be paid as soon as the exact interest accrument is determined, according to the receiver, who says that he expects to be able to pay off all the bank's depositors in full by the first of September. The receivership has been conducted without loss to the depositors and without any foreclosures of mortgages on homes. The purchaser of the bank's assets. Mr. Jerome. will open a new bank in Shelton in the near future.
20.September 1, 1921Norwich BulletinNorwich, CT
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Affairs of the Shelton Bank & Trust Company, which went into the hands of Former Governor Holcomb as receiver, were wound up in superior court.
21.September 9, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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BANK AFAIRS SETTLED. The affairs of the Shelton Bank & Trust Company were settled yesterday by the receiver, ex-Governor Marcus H. Holcomb, and with the final settlement the Fairfield county commissioners received a check for $44,707, the amount of the county funds that were on deposit when the bank was closed last January, upon the discovery of irregular operations carried on by the treasurer, Edward Kneen.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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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.
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