First National Bank (Newark, NY)

View Charter #349 on SPMC View balance sheet

Episode Information

Episode UID
34901582
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3490 national
Charter Number
349
Start Date
October 7, 1931
Location
Newark, New York (43.047, -77.095)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9b4052cf7c846da1

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
70.8%
Date receivership started
1931-10-23
Date receivership terminated
1938-05-31
Share of assets assessed as good
28.7%
Share of assets assessed as doubtful
66.2%
Share of assets assessed as worthless
5.1%

Events (5)
1. March 29, 1864 Chartered
Source
historical_nic
2. October 7, 1931 Run
Cause
Local Banks
Cause Details
The failure of the Ontario County Trust Company in nearby Canandaigua triggered heavy withdrawals.
Newspaper Excerpt
The First National Bank Newark closed heavy the Canandaiguia bank is believed have been the causes of the Newark failure
Source
newspapers
3. October 7, 1931 Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals following the closure of a bank in Canandaigua.
Newspaper Excerpt
The First National Bank Newark closed heavy
Source
newspapers
4. October 23, 1931 Receivership
Source
historical_nic
5. October 23, 1931 Receivership
Newspaper Excerpt
The suit was filed by Guilford S. Jameson, attorney, on behalf of the receiver of the bank.
Source
newspapers

Newspaper Articles (2)
1. October 8, 1931 Elmira Star-Gazette Elmira, NY

Article Text

Banks at Newark Canandaigua Shut Their Doors banks in Western New Two closed their doors WednesYork The Ontario County Trust ComCanandaigua closed by pany order of the had the ed dividend The First National Bank Newark closed heavy the Canandaiguia bank is believed have been the causes of the Newark failure

2. January 29, 1934 Evening Star Washington, DC
Article from Evening Star, January 29, 1934

Click image to open full size in new tab

Article Text

BANK STOCK SUIT FILED Newark Receiver Seeks $1,500 From Robert Werth. Suit has been filed in District Supreme Court against Robert W. Werth, Washington realtor, to collect $1,500 assessment on stock Werth held in the First National Bank of Newark, N. Y. The suit was filed by Guilford S. Jameson, attorney, on behalf of the receiver of the bank.