gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e1bec731f4e5854e
Response Measures
None
Receivership Details
Depositor recovery rate
90.0%
Date receivership started
1934-02-13
Share of assets assessed as good
50.0%
Share of assets assessed as doubtful
40.6%
Share of assets assessed as worthless
9.4%
Events (4)
1.March 17, 1893Chartered
Source
historical_nic
2.March 1, 1933*Suspension
Cause
Government Action
Cause Details
Closed during the March 1933 banking holiday; later operated on a limited basis
Newspaper Excerpt
The bank was closed at the time of the banking holiday last March, and has been opened on a limited basis since.
Source
newspapers
3.February 13, 1934Receivership
Source
historical_nic
4.February 13, 1934Receivership
Newspaper Excerpt
The controller of the currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook, conservator of the bank, yesterday.
Source
newspapers
Newspaper Articles (11)
1.February 2, 1934Daily NewsNew York, NY
Article Text
LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER
George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally declared bankrupt, its conservator, George M. Estabrook, has admitted no plan for opening it appears In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save as much of the life savings of depositors as possible. He gave as references Gov. Lehman, Banking Commissioner Joseph A. Broderick and several New York banks.
2.February 2, 1934Daily NewsNew York, NY
Article Text
LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER
George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally dehas admitted no plan for opening it appears feasible. In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save All much of the life savings of deposit tors as possible. He gave as refer. ences Gov. Lehman, Banking Come missioner Joseph A. Broderick and several New York banks.
3.February 2, 1934Daily NewsNew York, NY
Article Text
LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER
George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally declared bankrupt, its conservator, George M. Estabrook, has admitted no plan for opening it appears feasible. In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save as much of the life savings of depositors as possible. He gave as references Gov. Lehman, Banking Commissioner Joseph A Broderick and several New York banks.
4.February 2, 1934Daily NewsNew York, NY
Article Text
LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER
George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally declared bankrupt, its conservator, George M. Estabrook, has admitted no plan for opening it appears feasible. In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save as much of the life savings of depositors as possible. He gave as references Gov. Lehman, Banking Commissioner Joseph A Broderick and several New York banks.
5.February 14, 1934Daily NewsNew York, NY
Article Text
LAWYER NAMED BANK RECEIVER
The controller of the currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook. conservator of the bank, yesterday. The bank was closed at the time of the banking holiday last March, and has been opened on a limited basis since. The bank is the oldest in Nassau County and had $3,887,000 in deposits at the time it was closed.
Invest Wisely-Buy Now
6.February 14, 1934Daily NewsNew York, NY
Article Text
LAWYER NAMED BANK RECEIVER
The Controller of the Currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook, conservator of the bank, yesterday. The bank was closed at the time of the bankIng holiday last March, and has been opened on a limited basis since. The bank is the oldest in Nassau County and had $3,887,000 in deposits at the time it was closed.
Invest Wisely-Buy Now
7.February 14, 1934Daily NewsNew York, NY
Article Text
LAWYER NAMED BANK RECEIVER
The Controller of the Currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook, conservator of the bank, yesterday. The bank was closed at the time of the banking holiday last March, and has been opened on a limited basis since. The bank is the oldest in Nassau County and had $3,887,000 in deposits at the time it was closed.
Invest Wisely-Buy Now
8.June 9, 1934Brooklyn EagleBrooklyn, NY
Article Text
Hempstead Sued By Bank Receiver
Hempstead, June 9-Edwin Hellawell, receiver for the First National Bank this village has brought suit against the town of Hempstead to compel the return of $450,000 of mortgage securities the bank. He says he has filed papers in the suit with the United States District Court, Eastern DisThese securities, he said, were turned to the 1933, about and before the closed, for deposit by the town. He says these securities the deposit vault the bank but that the town officials the key said he had previmade Holley Patterson, presiding officer of the board supervisors, to return the securities that he can liquithem and hold the proceeds until time the courts will decided the issue.
9.June 9, 1934Brooklyn EagleBrooklyn, NY
Article Text
Hempstead Sued By Bank Receiver
Hempstead, June 9-Edwin V. Hellawell, receiver for the First National Bank of this village has brought suit against the town of Hempstead to compel the return of $450,000 of mortgage securities to the bank. He says he has filed papers in the suit with the United States District Court, Eastern District. These securities, he said, were turned over to the in January 1933, about month and half before the closed, collateral for deposit of $477,000 by the town. He says are now the safe deposit vault in the bank but that the town officials have the key to this The said he had previously made demand upon Holley Patterson, presiding officer of the board of supervisors, to return the that he can liquidate them and the until such time courts will have decided the issue.
10.July 14, 1934Brooklyn EagleBrooklyn, NY
Article Text
Hempstead Bank Pays Dividend
A liquidation dividend of 50 cents on the dollar today to 2,600 depositors of the closed First National Bank Hempstead, cordng announcement by Edwn Hellawell the bank's receiver. Total payments amounted to over $1,000,000 Although the bank had 8,000 depositors with deposits totalling more than $2,000,000 at the time its closure during the "bank holiday in March. 1933 only 6,000 have filed claims date with the Controller of Currency and only 2,600 claims have been approved The claims are being paid off in alphabetical order, and only those with initials to were given checks today The will be called the bank during the following week.
11.July 17, 1934Brooklyn EagleBrooklyn, NY
Article Text
Closed Bank Pays First Dividends
Special to The Eagle Hempstead, L. I., July 17-More than $500,000 in checks was received today by 700 depositors of the closed First National Bank here, representing their first 50 percent dividends. By Friday Edwin V. Hellawell, receiver, expects to have sent out vouchers to 2,600 of the bank's 7,000 depositors. The largest voucher sent out so far was for $20,089. One for $6,000 was sent Dr. Arthtur Chalmers aMrtin of Garden City, chairman of the Nassau County Committee of the American Society for the Control of Cancer.
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.
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