gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e51a04cbf2bc4e42
Response Measures
Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
86.2%
Date receivership started
1924-08-13
Date receivership terminated
1931-12-01
OCC cause of failure
Governance
Share of assets assessed as good
83.6%
Share of assets assessed as doubtful
8.3%
Share of assets assessed as worthless
8.1%
Description
Collapse caused by large embezzlement/shortage by the cashier; receiver appointed.
Events (6)
1.June 1, 1864Chartered
Source
historical_nic
2.August 11, 1924Run
Cause
Bank Specific Adverse Info
Cause Details
Shortage discovered in cashier G. Harold Gilpatric's accounts after his attempted suicide, triggering withdrawals.
Measures
Directors met behind closed doors and followed federal examiners' advice to say nothing.
Newspaper Excerpt
Fighting off a possible run on the one bank in this little town ... residents withdrew their funds
Source
newspapers
3.August 12, 1924Suspension
Cause
Bank Specific Adverse Info
Cause Details
Run exhausted bank's cash capital after shortage in cashier's accounts was discovered.
Newspaper Excerpt
Following the attempted suicide of its cashier ... the First National Bank of Putnam suspended business today.
Source
newspapers
4.August 13, 1924Receivership
Source
historical_nic
5.August 13, 1924Receivership
Newspaper Excerpt
Appointment of George W. Coffin ... as receiver for the First National Bank of Putnam, Conn., was announced today by the comptroller of the currency at Washington.
Source
newspapers
6.August 15, 1924Reopening
Newspaper Excerpt
The doors of the First National Bank of Putnam ... were opened today by the receiver ... but only for the receipt of payments due the bank.
Source
newspapers
Newspaper Articles (22)
1.August 12, 1924The Springfield Daily RepublicanSpringfield, MA
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Article Text
BANK AT PUTNAM FIGHTS OFF RUN
Uneasiness at Attempt of Gilpatrick to Kill Himself Increases
Putnam, Ct., Aug. 11—Fighting off a possible run on the one bank in this little town, state and federal banking men were today deploring reports that G. Harold Gilpatrick, treasurer of the state of Connecticut, and cashier of the First National bank of Putnam, had misused funds of the bank. "The bank is solvent. It can pay dollar for dollar," officials declared to citizens anxiously inquiring as to the bank's status today.
Slowly but surely residents withdrew their funds from the savings department while directors met behind closed doors for a two-hour session.
"We are following the wishes of federal examiners in saying nothing," they declared after the meeting.
Outside the bank an undercurrent of uneasiness has set in frequently expressed in the query, "Why isn't a statement issued?"
2.August 13, 1924Daily NewsNew York, NY
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Article Text
BANK CLOSES DOORS AFTER ITS CASHIER TRIES TO KILL SELF
Putnam, Conn., Aug. 12—Following the attempted suicide of its cashier G. Harold Gilpatric, state treasurer of Connecticut, who is now in a local hospital, the First National Bank of Putnam suspended business today.
A formidable run on the bank which began when the shortage was discovered in Gilpatric's accounts, caused the directors to take the step at an all night session. Twenty-five depositors were in line at the door when the notice of suspension was posted. It is said that the run exhausted the bank's cash capital of $150,000.
3.August 13, 1924Daily NewsNew York, NY
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Article Text
BANK CLOSES DOORS AFTER ITS CASHIER TRIES TO KILL SELF
Putnam, Conn., Aug. 12—Following the attempted suicide of its cashier G. Harold Gilpatric, state treasurer of Connecticut, who is now in a local hospital, the First National Bank of Putnam suspended business today.
A formidable run on the bank which began when the shortage was discovered in Gilpatric's accounts, caused the directors to take the step at an all night session. Twenty-five depositors were in line at the door when the notice of suspesion was posted. It is said that the run exhausted the bank's cash capital of $150,000.
4.August 14, 1924The Springfield Daily RepublicanSpringfield, MA
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Article Text
Losses of Putnam Bank Believed Too Great to Allow Doors to Reopen
Warrant Is Issued For Arrest of Cashier Gilpatric, Charged With Embezzlement of $100,000—George W. Coffin Appointed Receiver—Citizens of Town Start Movements For Establishment of Two New Financial Institutions—Gilpatric Assigns Property to Meet Losses
Putnam, Ct., Aug. 13—Events moved rapidly and developments were numerous today in connection with the wrecking of the First National bank of Putnam by its cashier, State Treasurer G. Harold Gilpatric. It is estimated that the bank's loss, placed at a minimum of $262,000 by the directors, is so great that it cannot again open its doors.
One of the outstanding developments of the day was the issuance of a warrant for the arrest of the state treasurer by assistant United States Dist-Atty George M. Cohen of Hartford, charging him with embezzlement of a nominal $100,000 of the bank's funds. The warrant was turned over to United States Marshal Jacob D. Walter with instructions to serve it at his discretion.
State's Atty Charles E. Searles of Windham county, in whose jurisdiction any action on the part of the state would lie, is on the way home from Nantucket. He is also the attorney for the bank.
Appointed Receiver
George W. Coffin, national bank examiner, was today appointed as receiver for the bank by the comptroller of the currency at Washington.
Walter H. Gilpatric, brother of the man who is still fighting for his life at the Day-Kimball hospital where he lies partly blinded for life, as a result of his attempt at suicide, announced that the state treasurer has assigned all his property to the bank to meet its losses. Mr Gilpatric estimated that these losses would not be as great as previously indicated and that the as-
(Continued on Second Page)
5.August 14, 1924The Patriot-NewsHarrisburg, PA
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Article Text
PUTNAM BANK RECEIVER
Washington, Aug. 13.—Appointment of George W. Coffin, of the National Bank Examiners' staff in the Treasury, as receiver for the First National Bank of Putnam, Conn., was announced today by the comptroller of the currency.
CONNECTICUT CRASH. G. Harold Gilpatric, State Treasurer of Connecticut and cashier of the First National Bank, of Putnam, who attempted suicide. The bank closed its doors and it is said there is a shortage of over $225,000.
7.August 15, 1924Elmira Star-GazetteElmira, NY
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Article Text
PUTNAM BANK OPENS TO RECEIVE PAYMENTS
Putnam, Conn., Aug. 15.—(Associated Press)—The doors of the First National Bank of Putnam, closed several days ago after a run which followed the attempted suicide of the cashier, State Treasurer G. Harold Gilpatric, were opened today by the receiver, George W. Coffin, but only for the receipt of payments due the bank. The receiver stood by the statement previously given out that he knew nothing concerning the word of National Bank Examiner N. S. Bean that the bank's resources were so badly impaired that its business was wrecked.
The receiver was busy familiarizing himself with the conditions, which involve a loss of more than $263,000 in negotiable securities and in funds advanced on straw loans. Just as soon as possible depositors, who had apparently $1,500,000 in the bank, in addition to those who had entrusted their funds to the bank for safe keeping, will be called upon to file proof of their claims.
The present inquiry is centering on the questions of how much more actually is missing and what Gilpatric did with the money.
8.August 15, 1924Kenosha NewsKenosha, WI
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Article Text
Bank Open Again After Heavy Run
(By Associated Press Leased Wire)
Putnum, Conn.—The doors of the First National bank of Putnam, closed several days ago after a run which followed the attempt at suicide by the cashier, State Treasurer G. Harold Gilpatric, were opened today by the receiver, George W. Coffin, for the receipt of payments due the bank. The bank has suffered a loss of more than $262,000 in negotiable securities and in funds advanced on straw loans. Just as soon as possible depositors, who had approximately $1,500,000 in the bank, in addition to those who had entrusted their funds to the bank for safe keeping, will be called on to file proofs of their claims.
Putnam Bank Opens To Receive Payments
PUTNAM, Conn., Aug. 15.—(By The Associated Press).—The doors of the First National Bank of Putnam, closed several days ago, after a run which followed the attempt at suicide by the cashier, State Treasurer G. Harold Gilpatric, were opened today by the receiver, George W. Coffin, but only for the receipt of payment due the bank. The receiver stood by the statement previously given out that he knew nothing concerning the word of National Bank Examiner N. S. Bean that the bank's resources were so badly impaired that its business was wrecked.
The receiver was busy familiarizing himself with the conditions, which involve a loss of more than $262,000 in negotiable securities and in funds ad-
BANK REOPENED
Receiver to Collect Funds Due Connecticut Institution.
(By the Associated Press.)
PUTNAM, Conn., Aug. 15.—The doors of the First National bank of Putnam, closed several days ago after a run which followed the attempt at suicide by the cashier, State Treasurer G. Harold Gilpatric, were opened today by the receiver, George W. Coffin, for the receipt of payments due the bank.
The bank has suffered a loss of more than $262,000 in negotiable securities and in funds advanced on straw loans. Just as soon as possible depositors who had approximately $1,500,000 in the bank in addition to those who entrusted their funds to the bank for safe keeping will be called upon to file proofs of their claims.
11.August 15, 1924Sun-JournalLewiston, ME
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Article Text
PUTNAM BANK OPEN TO RECEIVE PAYMENTS DUE
Putnam, Conn., Aug. 15.—(By The Associated Press.)—The doors of the First National bank of Putnam, closed several days ago, after a run which followed an attempt at suicide by the cashier, State Treasurer G. Harold Gilpatric, were opened today by the receiver, George W. Coffin, but only for the receipt of payments due the bank. The receiver stood by the statement previously given out that he knew nothing concerning the word of National Bank Examiner N. S. Bean that the bank's resources were so badly impaired that its business was wrecked.
The receiver was busy familiarizing himself with the conditions, which involve a loss of more than $262,000 in negotiable securities and in funds advanced on straw loans. Just as soon as possible, depositors who had approximately $1,500,000 in the bank, in addition to those who had entrusted their funds to the bank for safe-keeping, will be called
Reopen Bank To Take In Payments Due
Putnam, Conn., Aug. 15 (By the Associated Press).—The doors of the First National Bank of Putnam which were closed after a run following the attempt at suicide by G. Harold Gilpatric were reopened today by Receiver George Coffy, but only for receipt of payments due the bank. The receiver stood by his statement that he knew nothing concerning the word of the bank examiner that the resources of the institution were so badly impaired that its business was wrecked.
13.August 19, 1924Evening StarWashington, DC
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Article Text
STATE MAY LOSE $30,000 ADDITIONAL Gilpatric Increased Connecticut Deposit by That Sum Before Bank Crashed. By the Associated Press. HARTFORD, Conn., August 19.-Accounts of the State treasury, which were taken over yesterday by Capt. Anson T. McCook, the new State treasurer, showed that the State deposit in the First National Bank of Putnam was increased from $90,000 to $120,000 within the past two months. The amount of the State's deposit in the bank wrecked by the defalcation of G. Harold Gilpatric, its cashier, and former State treasurer, previously had been set down as $100,000. As State treasurer, Gilpatric made the additional deposit which put the total of the State's funds in his bank $30,000 over the legal limit, soon after his return from the Republican national convention at Cleveland in June, which he attended as a guest. Deputy State Treasurer Thomas H. Judd of New Britain promptly protested to Mr. Gilpatric that the additional deposit was illegal, as the State law permitted such deposits only to the extent of 30 per cent of the capital, undivided profits and surplus of the bank, which. in this case was approximately $90,000. Gilpatric gave an explanation for his action and Judd was overruled. Deputy Treasurer Judd last night confirmed this information, but declined to comment. He went to Putnam the Sunday following Gilpatric's attempted suicide, and went over the situation there with directors of the involved bank with a view to protecting the State's interests. At that time the officials entertained hopes of saving the institution and rather than precipitate a run on the bank, Judd did not withdraw the State's deposit.
14.August 19, 1924Evening starWashington, DC
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Article Text
STATE MAY LOSE $30,000 ADDITIONAL
Gilpatric Increased Connecticut Deposit by That Sum Before Bank Crashed.
By the Associated Press.
HARTFORD, Conn., August 19.—Accounts of the State treasury, which were taken over yesterday by Capt. Anson T. McCook, the new State treasurer, showed that the State deposit in the First National Bank of Putnam was increased from $90,000 to $120,000 within the past two months. The amount of the State's deposit in the bank wrecked by the defalcation of G. Harold Gilpatric, its cashier, and former State treasurer, previously had been set down as $100,000.
As State treasurer, Gilpatric made the additional deposit which put the total of the State's funds in his bank $30,000 over the legal limit, soon after his return from the Republican national convention at Cleveland in June, which he attended as a guest.
Deputy State Treasurer Thomas H. Judd of New Britain promptly protested to Mr. Gilpatric that the additional deposit was illegal, as the State law permitted such deposits only to the extent of 30 per cent of the capital, undivided profits and surplus of the bank, which, in this case was approximately $90,000. Gilpatric gave an explanation for his action and Judd was overruled.
Deputy Treasurer Judd last night confirmed this information, but declined to comment. He went to Putnam the Sunday following Gilpatric's attempted suicide, and went over the situation there with directors of the involved bank with a view to protecting the State's interests. At that time the officials entertained hopes of saving the institution and rather than precipitate a run on the bank, Judd did not withdraw the State's deposit.
NEW BANK GETS CAPITAL.
15.August 19, 1924Evening starWashington, DC
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PUTNAM, Conn., August 19.—Putnam, using war-time and liberty-loan methods, has gone over the top in its campaign to secure funds to organize a new national bank to replace the wrecked First National Bank, closed after shortages had been discovered by national bank examiners and after its cashier, former State treasurer, G. Harold Gilpatric, had attempted suicide.
The citizens' committee reported last night that the $150,000, to establish the new institution, had been oversubscribed and that the necessary papers for filing a formal application for a charter had been received from Washington.
16.August 19, 1924Record-JournalMeriden, CT
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Article Text
$30,000 Excess Deposited In Past Two Months
ASSISTANT PROTESTED
Gilpatric As Treasurer Overruled His Subordinate
Hartford, Aug. 18—Accounts of the state treasury which were taken over today by Captain Anson T. McCook, the new state treasurer, showed that the state deposit in the First National bank of Putnam was increased from $90,000 to $120,000 within the past two months. The amount of the state's deposit in the bank wrecked by the defalcation of G. Harold Gilpatric, its cashier, and former state treasurer previously had been set down as $100,000.
As state treasurer, Gilpatric made the additional deposit which put the total of the state's funds in his bank $30,000 over the legal limit, soon after his return from the Republican National convention at Cleveland in June, which he attended as a guest.
Assistant Protested.
Deputy State Treasurer Thomas H. Judd of New Britain promptly protested to Mr. Gilpatric that the addition deposit was illegal, as the state law permitted such deposits only to the extent of 30 per cent of the capital, undivided profits and surplus of the bank which, in this case was approximately $90,000.
Gilpatric gave an explanation for his action and Judd, being his subordinate, was overruled.
Deputy Treasurer Judd tonight confirmed this information but declined to comment. He went to Putnam the Sunday following Gilpatric's attempt at suicide, and went over the situation there with directors of the involved bank with a view to protecting the state's interests. At that time the officials entertained hopes of saving the institution and, rather than precipitate a run upon the bank Judd did not withdraw the state's deposit.
Feared Exposure.
The fact that Gilpatric transferred $30,000 from the state treasury to his own bank within the past two months, which covered the period during which the federal bank examiners made an unusual number of visits to the institution was taken to indicate that Gil-
17.August 26, 1924Record-JournalMeriden, CT
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Examine Field For New Putnam Bank
Putnam, Aug. 25—The citizens' committee organized for the purpose of securing funds for a new bank to replace the First National bank, closed after its cashier, former State Treasurer G. Harold Gil-
18.October 8, 1924Evening StarWashington, DC
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BANK WAGES ARE CUT. PUTNAM, Conn., October 8.-Acting on an order from the controller of the currency at Washington, George W. Comn, receiver of the wrecked First National Bank, closed after its cashier, former State Treasurer G. Harold Glipatric had attempted suicide on August 7. has reduced the wages of all of the employes connected with the bank from the assistant cashier down to the janitor. In the latter case the cut is one of 50 per cent. The bank employes, 12 in number. have been retained since the bank closed its doors and have been at work tabulating the 4,700 claims against the institution.
19.January 15, 1925The North Adams TranscriptNorth Adams, MA
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First Dividend Checks To be Paid Depositors
Conn., Jan. dend checks for the dividend cent the deposiof the defunct First National bank of Putnam, the hands the George Coffin. here. having been returnfrom where they by the comptroller checks made to be has been tied of the bank last August the rest Harold its eashier and serving term in Atlanta penitentiary.
Putnam - Receiver of First National Bank shows assets of institution still uncollected totals $806.614.88; issues financial report.
21.April 23, 1926Putnam PatriotPutnam, CT
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Third Dividend Payable Monday Checks for a Third Dividend of ten (10) per cent, aggregating $175,490.20, have been received and will be ready for distribution during banking hours beginning Monday, April 26, 1926. Creditors must be sure and bring their Receiver's Certificate. GEORGE M. COFFIN, Receiver. First National Bank of Putnam.
22.July 3, 1929Putnam PatriotPutnam, CT
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FOR SALE House and barn at Stone Bridge. Modern bath-room, water supply, furnace heated. Two family house, 64 Mechanics street. For particulars apply to GEORGE M. COFFIN, Receiver, First National 27 Bank, Putnam.
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.
