gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
92ab0bd1b5e9e3a0
Response Measures
Capital injected, Partial suspension, Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1913-05-07
Date receivership terminated
1914-03-31
OCC cause of failure
Losses
Share of assets assessed as good
56.0%
Share of assets assessed as doubtful
35.8%
Share of assets assessed as worthless
8.2%
Description
Failure tied to president's relation with a troubled commercial concern; suspension quickly led to appointment of a receiver.
Events (5)
1.June 6, 1864Chartered
Source
historical_nic
2.April 16, 1913Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals following disclosure of the president's relations with the failing United States Finishing/Finishing Company and related distrust.
Measures
Directors closed bank; National Bank Examiner placed in charge; bank suspended to await action of Comptroller of the Currency.
Newspaper Excerpt
the suspension of the Atlantic National Bank of Providence and of the First National Bank of Norwich has created a distrust that is resulting in our depositors calling for our deposits
Source
newspapers
3.April 16, 1913Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed by directors following heavy withdrawals tied to president's connection with a failed commercial concern; examiner placed in charge.
Newspaper Excerpt
By action of the board of directors this bank has been closed to await action of comptroller of currnecy.
Source
newspapers
4.May 7, 1913Receivership
Source
historical_nic
5.May 7, 1913Receivership
Newspaper Excerpt
H. G. Murray, today, was appointed receiver of the First National Bank of Norwich, Conn., recently closed by the bank examiners. The acting comptroller of the currency announced the appointment, today.
TWO NORWICH BANKS CLOSE THEIR DOORS Bankers Reported Involved in Other Difficulties Close of First National Bank Followed Quickly by That of Trust Company Norwich, April 16-The First National Bank of Norwich was closed today by order of its directors and National Bank Examiner N. S. Dean has been placed in charge. Advices to the comptroller of the currency say the bank was closed because of the relations of its president with a failed commercial concern. The Thames Loan & Trust Company, of which Franklin S. Jerome, president of the First National Bank which was closed today, was president, also closed its doors this afternoon. The following notice was posted at the bank building this afternoon: "On April 4, we published in response to the call of the department a statement of our condition. We were solvent at that time and we believe that we are now, but the suspension of the Atlantic National Bank of Providence and of the First National Bank of Norwich has created a distrust that is resulting in our depositors calling for our deposits, and in order to protect our customers fully we have decided to suspend and place ourselves in the hands of the State Banking Department. (Signed) The Thames Loan & Trust Company, R. W. Perkins, treasurer." The last printed report of the condition of the bank shows that the company is capitalized at $100,000. The surplus and undivided profits amount to $58,822.83. The resources and liabilities of the First National Bank, on April 1, aggregated $1,272,680 including capital stock of $300,00, surplus $108,745, deposits $538,654, loans $737,198. According to one of the directors of the First National Bank of this city, which was closed today by order of its directors, the order was brought about by the recent demanding of their money by some of the largest depositors. The bank has a capital of $300,000 and the last statement showed deposits of $300,000 with assets of $600,000. The president of the bank, Franklin S. Jerome, recently resigned as treasurer of the United States Finishing Company, which has been in financial difficulties for some time.
2.April 17, 1913Daily Kennebec JournalAugusta, ME
Click image to open full size in new tab
Article Text
CLOSES ITS DOORS. Thames Loan and Trust Co., of Nor. wich, Conn., Shuts Up. Norwich, Ct., April 16.-The Thames Loan & Trust Co., of which Franklin S. Jerome. President of the First National Bank, which was closed, today, is also president, closed its doors, this afternoon. I The following notice was posted at the bank building, this afternoon: "On April 4 we published in response to the call of the department a statement of our condition. We were solvent at that time and we believe that we are now, but the suspension of the Atlantic National Bank of Providence and of the First National Bank of Norwieh has cre ated a distrust that is resulting in our depositors called for their deposits and
3.April 17, 1913New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
TWO BANKS CLOSE DOORS Norwich Institutions Act to Protect Depositors. [By Telegraph to The Tribune.] Norwich, Conn., April 16.-The First National Bank and the Thames Loan and Trust Company closed their doors to-day, the first by vote of the directors and the latter to stop the run which the First National's closing had caused. The First National is capitalized at $300,000 and has a surplus and undivided profit account of $100,000, while the deposits include certificates amounting to $440,000. The trouble follows that of the United States Finishing Company, which has a branch here. The bank was not involved in the company's finances, but Franklin S. Jerome, president of the bank, was the treasurer of the finishing company, and this led to the withdrawal of accounts and the embarrassment of the institution, though, in the opinion of Cashier Hopkins, the depositors will lose nothing. The closing of the First National started a run upon the Thames Loan and Trust Company, of which also Jerome is president. To protect depositors the State Bank Commissioners placed a restraining order of three months upon the institution. In their opinion the bank can pay in full all its depositors. Its capital is $100,000, and it has a surplus of $100,000. Its general deposits amount to $522,000 and its savings department deposits total $643,000.
4.April 17, 1913The Barre Daily TimesBarre, VT
Click image to open full size in new tab
Article Text
AWAITS THE EXAMINER. N. S. Bean Is Appointed to Look After Norwich, Conn., Bank. Norwich, Conn., April 17.-Cashier C. Leslie Hopkins of the First National bank, which is now in the hands of the comptroller of the currency, said last night that the suspension of the bank yesterday was in no way connected with the closing of the Atlantic National bank at Providence earlier in the week. as had been commonly rumored. He further said that the bank has not a dollar in the United States Furnishing company, of which Franklin S. Jerome, the bank's president, recently resigned as treasurer, because of financial difficulties of that company. Mr. Hopkins was emphatic in his declaration that the bank could pay every cent to its depositors. Treasurer Robert W. Perkins of the Thames Loan & Trust company, which is an adjoining building to the First National bank, and whose president is also Mr. Jerome, stated last night that the closing of the trust company's doors at noon yesterday was a precautionary measure. He considers the bank solvent, but desired to ward off a run on the institution during a period of public unrest and therefore placed the company in the hands of the state bank commissioners. Upon the application of the state bank examiners, Judge Williams of the superior court issued a restraining order against the trust company for three months. National Bank Examiner N. S. Bean of Manchester, N. H., is expected here today to take charge of affairs at the First National bank.
5.April 17, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
TWO NORWICH BANKS SUSPEND Heavy Withdrawal of Deposits Causes First National to Close Its Doors-Thames Loan and Trust Company Closed on Restraining Order From State Bank CommissionersThey Believe Trust Company Depositors Will Not Lose -Cashier Hopkins Expresses Confidence That First National Will Pay in Full.
6.April 17, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
The First National bank, of which Franklin S. Jerome is president, did not open for business on Wednesday morning, and after a meeting of the board of directors at 10.30 o'clock the following notice was posted on the door: "By action of the board of directors this bank has been closed to await action of comptroller of currnecy." News of the financial difficulties of the First National bank spread rapidly, and was enough to have an immediate influence upon the Thames Loan and Trust compan, next door. of which Mr. Jerome is also president. Within a short time a run had started on the savings department of the Thames Loan and Trust company, and when Treasurer Robert W. Perkins considered it advisable to put into effect about 11 o'clock the 60 day notice clause in the savings department, the commercial department began to feel the run. and the state bank examiners in Hartford thought it the safest thing to have the bank closed. The following notice was posted at the Thames Loan and Trust bank at 12 o'clock:
7.April 17, 1913The Salt Lake TribuneSalt Lake City, UT
Click image to open full size in new tab
Article Text
NORWICH, Conn., April 16.-According to one of the directors of the First National bank of this city, which was closed today by order of its directors, the order was brought about by the recent withdrawal of some of the largest deposits. The last statement showed deposits of $300,000 and assets of $600,000. The president of the bank, Franklin S. Jerome, recently resigned as secretary of the United States Finishing company, which has been in financial difficulties for some time. The Thames Loan & Trust company, of which Jerome also is president, closed its doors this afternoon.
8.April 18, 1913Newark Evening Star and Newark AdvertiserNewark, NJ
Click image to open full size in new tab
Article Text
NORWICH NATIONAL BANK IS DECLARED INSOLVENT WASHINGTON, April 18.-The First National Bank, of Norwich, Conn., which closed its doors a few days ago, is insolvent. The appointment of a receiver is unavoidable, according to a telegram received today by Comptroller Murray from National Bank Examiner Dean, in charge of the institution.
9.April 19, 1913New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
NORWICH BANK INSOLVENT. Washington, April 18.-The First National Bank of Norwich, Conn., which closed its doors a few days ago, is insolvent and the appointment of a receiver unavoidable, according to a telegram recelved to-day by Controller Murray from National Bank Examiner Dean.
10.April 19, 1913The Daily MissoulianMissoula, MT
Click image to open full size in new tab
Article Text
BANK IS INSOLVENT. Washington, April 18.-The First National bank of Norwich, Conn., which closed its doors a few days ago, is insolvent and the appointment of a receiver unavoidable, according to a telegram received today by Comptroller Murray from National Bank Examiner Dean, in charge of the institution.
11.April 25, 1913Putnam PatriotPutnam, CT
Click image to open full size in new tab
Article Text
NORWICH BANKS CLOSE DOORS Indirect Result of U. S. Finishing Company's Difficulties DISTRUST OF PRESIDENT Franklin J. Jerome Was Head of Two Banks and Treasurer of Industrial Concern-$40,000 Savings Withdrawn from Thames Trust. Norwich.-The First National Bank and the Thames Loan & Trust Company, both of this city, closed their doors, the first under orders of its creditors, and the latter by reason of a restraining order secured by the State bank commissioners from Judge Williams in the Superior Court. It is believed here, however, that the depositors in both institutions will recelve dollar for dollar. The failure of the First National Bank comes almost directly after the closing of the Atlantic National Bank of Providence, by order of the Federal Comptroller. Franklin J. Jerome, president of the bank, was, until recently, treasurer of the United States Finishing Company, which has a large plant at Norwich, and which is now in the hands of a reorganization committee. The failure of the Providence bank was attributed to the embarrassment of the United States Finishing Company, and, as Mr. Jerome was president of the First National and also of the Thames Loan & Trust Company, it created a distrust in the stability of both institutions and resulted in a run on both banks, more than $40,000 having been withdrawn from the savings department of the Thames Trust since the last statement was issued April 4. For this reason the directors of the First National decided that It was best to close its doors, in order to conserve to the fullest extent the holdings of the bank for the benefit of the depositors. The bank commissioners also decided to forestall any extended run on the trust company, and so obtained a restraining order for three months.
NORWICH BANK RECEIVER Washington, May 7-H. G. Murray, today, was appointed receiver of the First National Bank of Norwich, Conn., recently closed by the bank examiners. The acting comptroller of the currency announced the appointment, today.
13.May 8, 1913Evening StarWashington, DC
Click image to open full size in new tab
Article Text
H. G. Murray Bank Receiver. H. G. Murray has been appointed receiver of the First National Bank of Norwich. Conn., recently closed by its directors. Thomas P. Kane, acting controller of the currency, announced the appointment today.
14.May 12, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
NOTICE Notice is hereby given to all persons who may have claims against "The First National Bank of Norwich," Connecticut, that the same must be presented to Harold G. Murray, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. T. P. KANE, Acting Comptroller of the Currency.
15.May 19, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
NOTICE Notice is hereby given to all persons who may have claims against "The First National Bank of Norwich," Connecticut, that the same must be presented to Harold G. Murray, Receiver, with the legal proof thereof, within three months from this date. or they may be disallowed. T. P. KANE, Acting Comptroller of the Currency. may 12M
16.May 26, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
NOTICE Notice is hereby given to all persons who may have claims against "The First National Bank of Norwich," Connecticut, that the same must be presented to Harold G. Murray, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. T. P. KANE, Acting Comptroller of the Currency. may 12M
17.June 2, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
NOTICE Notice is hereby given to all persons who may have claims against "The First National Bank of Norwich," Connecticut, that the same must be presented to Harold G. Murray, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. T. P. KANE, Acting Comptroller of the Currency. may 12M
EX-MAYOR THAYER MADE RECEIVER OF THAMES CO. Norwich, June 27-Charles F. Thayer, former mayor, was made permanent receiver of the Thames Loan & Trust Co., by Judge Williams in the superior court, today. The receiver's bond was made $50,000. The court stated that if Harold Lawton, of Plainfield, recently elected president of the company, was able to raise money enough to save the institution, it believed that the receiver would gladly step aside. Mr. Lawton has raised about $80,000. Under the court's order appraisers will be appointed later. The trust company closed its doors on April 16, shortly after the First National bank found itself unable to meet financial obligations. Mr. Lawton was elected president after Franklin S. Jerome had resigned.
19.August 11, 1913Norwich BulletinNorwich, CT
Click image to open full size in new tab
Article Text
NOTCIE Notice is hereby given to all persons who may have claims against "The First National Bank of Nor.wich," Connecticut, that the same must be presented to Harold G. Murray, Receiver, with the legal proof thereof, within three months from this date, or they may by disallowed. T. P. KANE, Acting Comptroller of the Currency. may 12M
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.
