gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
59d589e30bc3082e
Response Measures
None
Receivership Details
Depositor recovery rate
37.9%
Date receivership started
1894-02-26
Date receivership terminated
1901-01-24
OCC cause of failure
Fraud
Share of assets assessed as good
42.9%
Share of assets assessed as doubtful
30.5%
Share of assets assessed as worthless
26.6%
Description
Contemporary reports refer to the place as 'Watkins' (Watkins Glen).
Events (4)
1.September 14, 1883Chartered
Source
historical_nic
2.February 9, 1894Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier John W. Love absconded with reported $50,000 (embezzlement/defalcation).
Newspaper Excerpt
The First National bank of Watkins suspended today. The failure was caused by the absconding of the cashier, John W. Love.
Source
newspapers
3.February 26, 1894Receivership
Source
historical_nic
4.February 26, 1894Receivership
Newspaper Excerpt
The controller of the currency today appointed John W. Warner ... receiver of the First National Bank of Watkins, N. Y., which suspended payment on the 9th instant.
Source
newspapers
Newspaper Articles (13)
1.February 9, 1894Deseret Evening NewsSalt Lake City, UT
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Article Text
A Bank Suspends. ELMIRA, N.Y., Feb. 9.-The First National bank of Watkins suspended today. The failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000, all the bank's cash. He left a letter eaying that he is insane.
2.February 10, 1894The Wilmington Daily RepublicanWilmington, DE
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Article Text
Failure Caused by a Dishonest Cashier. ELMIRA, N. Y., Feb. 10.-The First National bank of Watkins suspended yesterday. The bank failure was caused by the absconding of the cashier, John W. Love. He took $50,000. all the bank's cash. He left a letter saying he was insane.
3.February 10, 1894The Daily Morning AstorianAstoria, OR
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Article Text
AN ELMIRA BANK EURSTS. Elmira, N. Y., Feb. 9.-The First National bank, of Watkins, suspended today. The failure was caused by the absconding of Cashier John W. Love. lie is said to have taken $50,000, all the bank's cash. He left a letter saying he was insane.
Said He Was Insane. Elmira, N. Y., February 9.-The First National bank of Watkins suspended today, The bank failure was caused by the absconding of Cashier John W. Lowe. H: is said to have taken $50,000, all the bank's cash, and left a letter saying he was insane.
By Associated Press. Elmira, N. Y., Feb. 9.-The First national bank of Watkins suspended today The bank's failure was caused by the absconding of Cashier John W. Lowe. He is said to have taken $50,000, all of the bank's cash, and left a letter saying he was insane.
6.February 14, 1894Barbour County IndexMedicine Lodge, KS
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Article Text
Not So Crazy as He Said. ELMIRA, N. Y., Feb.10-The First National bank of Watkins suspended to-day. The bank failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000-all the bank's cash. He left a letter saying he was insane.
Knew He Was Crazy. ELMIRA, Feb. 9.-The First National bank of Watkins suspended today The bank failure was caused by the absconding of Cashier John W. Lowe. He is said to have taken $50,000, all the bank's cash, and left a letter saying he was insane.
8.February 16, 1894People's VoiceWellington, KS
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Article Text
Not So Crazy as He Said. ELMIRA, N. Y., Feb.10-The First National bank of Watkins suspended to-day. The bank failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000-all the bank's cash. He left a letter saying he was insane.
9.February 16, 1894Idaho County Free PressGrangeville, ID
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Article Text
A National Bank Suspends. ELMIRA, N. Y., Feb. 9.-The First National Bank of Watkins suspended today. The failure was caused by the absconding of Cashier John W. Love, who is said to have taken $50,000, alìthe bank's cash. He left a letter saying he was insane.
10.February 26, 1894Evening StarWashington, DC
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Article Text
Bank Receiver Appointed. The controller of the currency today appointed John W. Warner of Reading Center, N. Y., receiver of the First National Bank of Watkins, N. Y., which suspended payment on the 9th instant. -
11.March 3, 1894The Olneyville TribuneProvidence, RI
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Article Text
Receiver for Watkins Bank. W ASHINGTON, Feb. 27.-The comptroller of the currency has appointed Dr. John W. Warner, of Reading Centre, N. Y., receiver of the First National bank of Watkins, N. Y., which suspended on the 9th inst.
12.August 1, 1894The HeraldLos Angeles, CA
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Article Text
APPREHENDED. DEFAULTER Cashier Love, After Much Wandering, Caught in Chicago. WATKINS, N. Y., July 31.-Officer White, who arreated John W. Love, the defaulting cashier of the First National bank, states that he received definite word on June 20th that Love was in Chicago, having arrived there on June 15 from Memphis, Tenn., and he at once had a conference with Receiver John W. Warner of the bank and District Attorney E. O. Berlin. Mr. White left here on July 22 for Chicago. Arriving there he located his man and telegraphed home. Deputy Sheriff J. W. Kameman at once went to Albany after the requisition papers and secured them, got Governor Altgeld's indorsement and arrived in Chicago Friday morning. Officer White arrived there Monday evening and asked the sheriff of Cook county for help, which was refused him. Hoswore out a warrant before Police Magistrate Kellogg Tuesday afternoon. Then, of course, Borrow and White located their man at the Hawthorne racetrack. They placed him under arrest. He told White that he went from here to Burdett, to Philadel phia, New Orleans and to Memphie, and took the name of John W. Williams. registering at Memphis, Tenn., as from the Hotel Waldorf in New York. Love has been turned over to the United States authorities by District Attorney Beolin. He is charged with embezzling money belonging to the bank, obtained by the issuing of certificates of deposit. Bail was fixed at $25,000, and the prisouer committed to the charge of the county jail at Elmira, where he will be taken unless bail is given. He will be taken before the grand jury at Buffalo on September 17th, and if indicted there will probably be tried at Auburn in November. His shortage is now fixed at $70,000. Leve claims that he had no accomplices and the money was lost in speculation.
13.December 17, 1899New-York TribuneNew York, NY
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Article Text
DEFAULTER RELEASED FROM PRISON. Watkins, N. Y., Dec. 16.-John W. Love, the defaulting cashier of the defunct First National Bank of this village, has been released from Auburn Prison, having completed his five years' sentence. The time served was about three years and a half. The bank is still in the receiver's hands. Dividends amounting to 35 per cent have been paid.
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.