gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bdcff9040da65190
Response Measures
None
Description
Bank closed by agreement of trustees and the state bank examiner and subsequently placed in receivership.
Events (2)
1.December 16, 1910Suspension
Cause
Government Action
Cause Details
Closed by agreement of the trustees and the State bank examiner due to shrinkage of assets.
Newspaper Excerpt
The Saco Savings Bank closed its doors today.
Source
newspapers
2.January 4, 1911Receivership
Newspaper Excerpt
Frank C. Deering and Frank W. Nutter ... were appointed this afternoon by the supreme court as receivers of the Saco Savings Bank, which was closed on Dec. 12. Messrs. Deering and Nutter furnished bonds in the sum of $100,000 each.
Source
newspapers
Newspaper Articles (17)
1.December 17, 1910Daily Kennebec JournalAugusta, ME
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Article Text
BANK CLOSES. Injunction Against Saco Savings Institution. Condition Due to Shrinkage of Its Assets. Action Taken To Protect the Depositors--Hearing Jan. 3. Saco, Me., Dec. 16.-The Saco Savings Bank closed its doors today. The action was taken after a conference between the trustees and State bank examiner. The closing of the bank came as a great surprise to everyone and at 9.30 o'cleck, a half hour after the usual time for the opening for business, barely a dozen people knew about it. The banking rooms are in the same apartment as the Saco National Bank and when called they were informed by officials of the latter bank that the Saco Savings Bank was closed. The employes of the savings bank were not in the bank until later in the day when the officials returned from the conference held in Portland between the trustees and State Bank Examiner William B. Skelion. An official statement from Examiner Skelton was expected to be issued about noon, explaining the situation. One of the trustees stated that the action was taken to protect the depositors and that it was believed the bank's affairs could be settled 80 that the loss to depositors would be very small if anything. He asserted that there was nothing irregular in the accounts. The present condition of the Institution is due to a shrinkage of assets. Owing to the condition of the stock market the bank has not realized what
2.January 4, 1911The Barre Daily TimesBarre, VT
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Article Text
DISPUTE OVER SACO BANK. Number of Receivers and Who They Shall Be Debated at Hearing. Saco, Me., Jan. 4.-Conflict arose over the appointment of a receiver for the closed Saco Savings bank at a hearing in the superior court yesterday. Judge Henry E. Peabody took the matter under consideration. Opinion was divided as to whether there should be one or two receivers, and as to who should be the receiver if a single official was appointed. State Bank Examiner William B. Skelton expressed himself in favor of the appointment of Frank C. Deering of Saco. George F. Haley of Biddeford, in behalf of 416 depositors, asked for the appointment of Frank A. Nutter, treasurer of the Saço Savings bank. Thomas Talbut of Portland, in behalf of a group of depositors, objected to Mr. Nutter. James O. Bradbury of Saco, a depositor, in behalf of himself and other depositors, thought the matter should be entrusted to two men and favored Messrs. Deering and Nutter. The bank was closed Dec. 12 last, by order of Mr. Skelton.
3.January 5, 1911Daily Kennebec JournalAugusta, ME
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Article Text
Appointed for the Closed Saco Savings Bank. F. C. Deering and F. W. Nutter Each Give $100,000 Bonds. Two Commissioners, J. A. Snow and J. G. Smith, will Assist. Saco, Me., Jan. 4.--Frank C. Deering and Treasurer Frank W. Nutter. both of this city, were appointed this afternoon by the supreme court as receivers of the Saco Savings Bank, which was closed on Dec. 12. Messrs. Deering and Nutter furnished bonds in the sum of $100,000 each. Two commissioners, whose duty it will be to assist the receivers in their work, pass upon claims, etc., were appointed. They are John A. Snow of Scarboro and John G. Smith of this city. Mr. Decring was recommended by State Bank Commissioner Wm. H. Skelton, while Mr. Nutter, who has been treasurer of the bank for a number of years. was appointed upon petition of a large number of depositors. Judge Peabody decided it was best to appoint two men to the receivership rather than one.
4.January 5, 1911Norwich BulletinNorwich, CT
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Article Text
Frank C. Deering and Frank W. Nutter, both of Saco. Me., yesterday were appointed by the supreme court as receivers of the Saco Savingn bank, which was closed on December 12. They furnished bonds in the sum of $100,000 each. Two commissioners. whose duty it will be to assist the receivers in their work. pass upon claims, etc., were appointed.
5.January 12, 1911The Independent-ReporterSkowhegan, ME
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Article Text
Here and There in Maine meeting bay. They intended to be Maine Opticians to Portland. gone only a few hours, but the fog The annual meeting of the Maine shut in thick and they got lost in the association of Opticians will be held bay and landed 0 nan island late in at Portland, Wednesday, January 11. the afternoon. There they found a The business meeting and election of house which they entered, passing the officers will be held at 5 o'clock and night there, Bernard sleeping in the at 7 the banquet is to be held. sink and Harry on a shelf. In the meantime their parents got worried Societies Invited to Waterville. and the report was started that the A meeting of the boards of managboys had been drowned. They apers of the Waterville Board of Trade peared the next morning, however was held Wednesday evening, Jan. 4, none the worse for their experience. at the office of the president, Dr. L. G Buker. Besides routine business the Receivers for Saco Bank. board invited the Grand lodge, AnFrank C. Deering and Treas. Frank cient Order of United Workmen, the W. Nutter, both of Saco, were apSeed Improvement association, the pointed on Wednesday, January 4, by State Dairy Improvement association the Supreme court as receivers of the end the Maine Cattle Breeders' assoSaco Savings bank, which was closed ciation to hold the sessions in that on December 12. Messrs. Deering and city. Nutter furnished bonds in the sum of $100,000 each. Two commissioners. Bath Man Arraigned. whose duty it will be to assist the Wednesday afternoon, Jan. 4, Edreceivers in their work, pass upon ward J. Burns was arraigned before claims. etc., were appointed. They Judge Dunton in the Municipal court are John A. Snow of Scarboro and Bath, to answer to the complaint of John G. Smith of Saco. Mr. Deering Richard B. Thompson of Chicago, repwas recommended by State Bank resenting Swift & Co., for the embezCom'r Wm. B. Skelton, while Mr. Nutzlement of $371.62. The respondent ter, who has been treasurer of the pleaded not guilty and after the testibank for a number of years, was apmony Judge Dunton found probable pointed upon petition of a large numcause and bound him over to the ber of depositors. Judge Peabody degrand jury in the sum of $800, which cided it was best to appoint two men was immediately furnished. to the receivership rather than one.
6.January 17, 1911Norwich BulletinNorwich, CT
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President of Saco Savings Bank Dead, Saco, Me., Jan. 16.-Luther B. Moore, president of the Saco Savings bank which recently suspended by agreement of the trustees and the bank commissioner, died at his home today after a protracted illness. Mr. Moore had held many public offices. He was 42 years old and leaves a widow and two children.
7.January 17, 1911Daily Kennebec JournalAugusta, ME
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LUTHER R. MOORE. Prominent Saco Banker and Business Man Passes Away Monday. Saco, Me., Jan. 16.-Luther R. Moore, president of the Saco Savings Bank, which recently suspended by agreement of the trustees and the bank commissioner, died Monday at his home, after a protracted illness. Mr. Moore had been mayor, alderman, school committeeman, sclicitor and treasurer of the city, representative to the General Court and candidate for Congress. He was born 42 years ago in Limerick, and was the son of Luther S. Moore, once President of the Maine State Senate. A widow and two children survive.
8.January 17, 1911New-York TribuneNew York, NY
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OBITUARY NOTES. MRS. MARTHA H. CHANDLER widow of William H. Chandler, died on Sunday at her house, at Thompson, Conn. Four daughters-Mrs. George L. Whitman, Mrs. Charles Bulkley Hubbell, Mrs. Charles R. Forrest and Mrs. John H. Boswell-and one son, Randolph H. Chandler, survive her. MRS. FRANCES A. COLEMAN, widow of Emerson Coleman, died suddenly yesterday at the home of her son, John C. Coleman, No. 167 West 73d street, from heart failure following an attack of grip. She was in her eighty-ninth year. Mrs. Coleman was born of Puritan ancestry in Chester, Mass. She came to New York with her husband in 1857. He was a prominent member of the West End Association. He died in 1897. Mrs. Coleman was a member of the Rutgers Presbyterian Church and was actively Identified with the Madison Square Presbyterian Church. She leaves a brother, Edward Coleman, who was president of the Produce Exchange in this city. Her son, John C. Coleman, is a lawyer at No. 100 Broadway. He was the deputy attorney general who conducted the recent milk investigation FREDERICK S. CALYER, for more than twenty years one of the secretaries of the Young Men's Christian Association in New York, died suddenly at Montclair, N. J., yesterday. He was forty-three years old and lived at No. 31 West 129th street. LUTHER R. MOORE, president of the Saco, Me., Savings Bank, which recently suspended business by agreement of the trustees and the Bank Commissioner died at his home, in Saco, yesterday, after a
9.November 16, 1911The Independent-ReporterSkowhegan, ME
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Receiver Frank W. Nutter of the Saco Savings bank, closed by agreement of the bank examiner of Maine and the trustees of the bank Dec. 16, 1910, announces that he expects a dividend will be declared, by himself and the other receiver, Frank C. Deering, before the end of the month. "We have come to no definite decision as yet regarding the amount of the first dividend," he said.
10.November 20, 1911Daily Kennebec JournalAugusta, ME
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Article Text
The Saco Savings Bank depositors
are said to be much discouraged at the present condition of the Bank's affairs. It is rumored that the trust company proposition has fallen through, that other steps will be taken to wind up the bank's affairs, and that a dividend will be paid before the new year comes in. A report from the receivers is awaited, and the public generally understand that these have done all in their power to render the outcome of the tangle as favorable to the depositors as could be accomplished by earnest effort.
11.November 23, 1911Daily Kennebec JournalAugusta, ME
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Expect to Pay Dollar for Dollar. Saco, Me., Nov. 22.-Frank C. Deering and Frank W. Nutter, receivers of the suspended Saco Savings Bank, filed their first report of progress in the settlement of the bank's affairs, Wednesday, with State Bank Examiner Robert F. Dunton. The report shows that a total has been received thus far from all sources of $424,872. There has been disbursed for various purposes $83,841, leaving on hand, available for a dividend, $341,031. There is due depositors, $1,360,262. A large amount of securities unsold remain on hand, from which the receivers hope to realize enough to pay depositors dollar for dollar eventually. The cash on hand is sufficient to pay depositors a dividend of 25 per cent., but no statement in regard to the dividend was made by the receivers. The report was filed in accordance with the statute requiring it to be done in the month of November. The bank closed its doors, Dec. 16, 1910.
12.November 23, 1911Daily Kennebec JournalAugusta, ME
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SPARKS FROM MAINE WIRES. It was announced, Tuesday afternoon, at Saco, that Frank C. Deering and Frank W. Nutter, receivers of the Saco Savings Bank, closed Dec. '16, 1510. by agreement of the bank examiner and the trustees, had forwarded a report to Bank Examiner D. C. Dutton, Tuesday. It is not believed that the 3000 depositors will
13.November 30, 1911The Independent-ReporterSkowhegan, ME
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The Saco Savings Bank depositors are said to be much discouraged at the present condition of the Bank's affairs. It is rumored that the trust company proposition has fallen through, that other steps will be taken to wind up the bank's affairs, and that a dividend will be paid before the new year comes in. A report from the receivers is awaited, and the public generally understand that these have done all in their power to render the outcome of the tangle as favorable to the depositors as could be accomplished by earnest effort.
14.December 2, 1912Daily Kennebec JournalAugusta, ME
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SPARKS FROM MAINE WIRES. Frank W. Nutter and Frank C. Deering, receivers of the Saco Savings Bank, closed by agreement of the trustees and the bank examiner, have filed a report with Robert E. Dunton, the bank examiner, in which they give a detailed statement of the receipts and disbursements. They make no recommendation in regard to the payment of a dividend. One 25 per cent. dividend was paid, last February. The report in substance, is: "We have devoted our time to the collection of real estate loans and to following the market closely for any opportunity to sell securities at a fair price. The extreme dullness has continued and we have hesitated at parting with good stocks and bonds except in case of some upward movement that has enabled us to realize very near cost."
15.February 27, 1913Daily Kennebec JournalAugusta, ME
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SPARKS FROM MAINE WIRES. Frank W. Nutter and Frank C. Deering, receivers of the Saco Savings Bank of Saco. have made application to Supreme Court Justice George E. Bird of Portland for permission to pay the depositors a second dividend, and a hearing has been ordered, for March 25. There are funds enough in the bank to declare a 25 per cent. dividend, a total of about $33,000 being required. Public bequests amounting to $11,000 in the will of Edward Stetson were made public at Bangor, Tuesday, as follows: Eastern Maine General hospital, $5000; Unitarian church. $2000: Bangor Children's Home, $1000; Bangor Y. M. C. A., $1000; Home for Aged Men, $1000: King's Daughters' Home, $1000. The balance of the estate goes to the widow and son. The total inventory is about $350,000.
16.December 5, 1914Daily Kennebec JournalAugusta, ME
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A third dividend will be distributed by the Saco Savings Bank this winter. The bank was closed by agreement of the Maine bank examiner and the bank trustees Dec. 16, 1910, since which it has made two distributions of 25 per cent. each. An official said that while a third would be paid this winter, he could not tell the exact date or the amount. He was of the opinion that it would be less than 25 per cent. There are 2800 depositors. The COreceivers of the bank are Frank W. Nutter and Frank C. Deering.
17.May 31, 1915Norwich BulletinNorwich, CT
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Another Dividend by Saco Savings Bank. Portland, Me., May 30.-Depositors in the Saco Savings bank, which was closed five years ago, will receive shortly a dividend of 16 2-3 per cent. The co-receivers yesterday were given permission by the supreme court to. make this payment. Two dividends of 25 per cent. each already have been distributed.
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.
