gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
90452e001e34efa1
Response Measures
None
Description
Bank was closed/suspended by state banking authorities amid allegations (falsification) and placed in receivership.
Events (2)
1.August 1, 1933*Suspension
Cause
Government Action
Cause Details
Suspended/closed by the state banking department/commissioner amid investigation and allegations of falsification of accounts
Newspaper Excerpt
the American Bank Trust of Bridgeport, suspended recently by State
Source
newspapers
2.September 13, 1933Receivership
Newspaper Excerpt
Attorney Samuel A. Mellitz, Bridgeport, today was appointed receiver for the West Side Bank and Trust Company... The other two, the Commercial Bank and Trust and American Bank and Trust, will be taken up during the afternoon session. ... Mellitz's bond was set at $50,000.
Source
newspapers
Newspaper Articles (15)
1.September 13, 1933The Morning UnionSpringfield, MA
Article Text
Alcorn Will Quit as Agent of Banks
State's Attorney at Hartford Acts After Falsification Is Alleged.
HARTFORD. Sept. State's Attorney Hugh Alcorn said today he counsel for the Bank Trust Comthe American Bank Trust of Bridgeport, suspended recently by State. Alcorn said he was because information given State Bank Perry State's Attorney H. Conley indicating falsificaFairfield of the two institution of accounts tions. Alcorn said his position as State's Hartford would attorney counsel the while they were der
Receivers Named for Three Banks (Continued From Page 1) Hartford, Conn, Sept 13-(UP) -Attorney Samuel A. Mellitz, Bridgeport, today was appointed receiver for the West Side Bank and Trust Company, Bridgeport, by Superior Court Judge Newell Jen. nings. The state banking department and attorney general's office had urged the naming of the Bridgeport City Trust Company in that capacity. The appointment was made at a hearing on proposed receivership for three Bridgeport banks which failed two weeks ago. The other two, the Commercial Bank and Trust and American Bank and Trust, will be taken up during the afternoon session. The naming of Mellitz was urged by Attorney Joseph A. Shapiro, representing 75 per cent of the depositors who, he said, were of Hungarian extraction. Shapiro outlined the work of reorganization as planned by a depositors committee and two other groups and stated that Mellitz had the endorsement and confidence of all parties concerned. William Riddon, representing the minority depositors, and William P. Kirk, president of the bank, also spoke in behalf of Mellitz. Assistant Attorney General Raymond A. Johnson, who proposed, the bank as receiver, declared he was not opposed to Mellitz but believed a bank or officer of a bank should be in charge of the closed bank's affairs. Judge Jennings stated that while he had permitted two delays in his appointment, he now had a clearer picture of the situation and inasmuch as this was not an ordinary case and that Mellitz had the confidence of the depositors, he would so order his appointment. Among those attending to-day's hearing were Albert W. Tremaine, president of the other two banks, and Albert J. Endean, treasurer of the Commercial bank, and Louis Randall, treasurer of the American bank. Mellitz's bond was set at $50,000.
ALCORN QUITS BRIDGEPORT BANK HEARING State's Attorney Retires Because as Prosecutor He Could Not Appear for the Banks Hartford, Conn, Sept 18-(UP) -Hearing on the request for a receiver for the failed Bridgeport banks owned by Albert W. Tremain-the Commercial Bank and Trust and the American Bank and Trust -scheduled before Judge Newell Jennings, in superior court, was delayed this forenoon while attorneys and bank officials conferred. Hugh M. Alcorn, state's attorney of Hartford county, who had been retained as chief counsel for the banks, withdrew from the case to-day, and was replaced by Benedict M. Holden, Hartford attorney. Alcorn's withdrawal was determined, he said, because his position as a prosecutor would not permit him to represent the banks while they were under investigation by the state banking department. Raymond L. Baldwin, republican speaker of the state house of representatives, represented depositors of both banks. The closed banks were expected to submit to Judge Jennings a plan for reorganization. It was understood. the American and the Commercial had raised around $200,000 by stock subscriptions, the money to be used in the reorganization. The banks have been in the hands of the state bank examiners since they were closed more than a month ago.
Banker and an Attorney Named for Two of the Three Banks That Were Closed-Another Attorney Named for Third Despite Appeal of State Banking Dept Hartford, Conn, Sept 13-(UP) -A banker and an attorney were named co-receivers of the closed Commercial Bank and Trust and the American Bank and Trust, of Bridgeport, this afternoon. Judge Newell Jennings, of superior court, named George Foster. an attorney, and Willis Lyon, a banker, to handle the affairs of the banks, both of which formerly operated under the direction of Albert W. Tremain. Judge Jennings said the job would be too much for one man to handle. Lyon and Foster will post bonds of $50,000. (Continued on Page 12.)
Receivers Named for Three Banks
(Continued From Page 1)
Hartford, Conn, Sept -Attorney Samuel Mellitz, Bridgeport, receiver Side Bank and Company, Bridgeport, by Superior Court Judge Newell Jen nings. state banking department and general's had port City Trust in appointment was made on proposed for Bridgeport which weeks other the Commercial Bank Trust and American Bank Trust, will be taken up during the The naming Mellitz was urged by Attorney Joseph representing the depositors who, were Hungarian extraction. Shapiro outlined the work of reorganizadepositors groups and stated that Mellits had the enand of parties concerned. William Ridrepresenting the minority president the bank, also spoke behalf Assistant Attorney General RayJohnson, the bank as declared he opposed to but believed bank officer bank should charge of the closed bank's affairs. Judge Jennings stated that while had permitted two delays in appointment, clearer of the and dinary that Mellits had the confidence the depositors, he would order his Among to-day's hearing were Albert W. president of the two banks, and Albert bank, Louis Randall, treasurer of the American Mellitz's bond was set at 000.
CO-RECEIVER FOR BANK DENIED Bridgeport, Conn, Sept 28(UP)-Appointment of a co-receiver for the closed American Bank and Trust Company and the Commercial Bank and Trust Company was denied today by Judge Frederick M. Peasley. George Foster and Willis Lyons previously had been named coreceivers by Judge Newell Jennings. but Lyons had declined to serve. Huss Foster will administer the affairs of the two banks, which are jointly owned. "A divided responsibility probably would have undesirable results," Judge Peasley said
7.December 12, 1933Hartford CourantHartford, CT
Article Text
Bank Receiver Fee Called 'Outrageous'
Bridgeport, Dec. 11.-(AP.)- The payment "outrageous fee of $20,000 to Attorney George N. Fcster. receiver for the American Bank and Trust Company and the Commercial Bank & Trust Company, is "fraught disaster to many classes of people, James Leon, chairman of the depositors committee of American Bank and Trust Company, declared today as he continued his attack on the payment of the As Leon and representatives of other groups prepared to present against the fee allowed the opportunity in the Superior Court, Attorney Foster declined comment today Attorney Foster made his request to Judge Ernest A. Inglis last Friday.
8.December 15, 1933Hartford CourantHartford, CT
Article Text
McLevy Will Protest Bank Receiver's Fee
Bridgeport Dec. 14. (AP.) Mayor Jasper McLevy said today he would appear at public hearing before Judge Ernest Inglis in Superior Court week from tomorrow to protest the $20,000 fee asked by Attorney George N Foster as receiver for the closed Commercial and American banks in this city The hearing has been made open to the public, the mayor pointed out in announcing that he would appear since he feels the $20,000
9.December 18, 1933Hartford CourantHartford, CT
Article Text
Second Hearing Called On Bank Receiver's Fee
Bridgeport, Dec. (Special So many have been made against the application of Attorney George N. Foster for $20,000 fee for his services as receiver for the American Bank and Trust Company and the Commercial Bank and Trust that Judge Ernest A. Inglis of the Superior Court has announced that another hearing on the application will be held Friday Mayor Jasper McLevy. who issued statement condemning the size of the fee asked by the receiver. has announced he will appear at the hearing.
BANK RECEIVER GRANTED $7,000 Attorney George Foster of Bridgeport Has Asked Sum of $20,000 / Bridgeport, Conn, December 28 - (UP) - An allowance of $7,000 for the work done by Attorney George Foster as receiver for the closed American Bank and Trust Company and Commercial Bank and Trust Company, was made today by Superior Court Judge Ernest A. Inglis in denying Foster's claim for $20,000 in fees. Foster's claim was bitterly opposed at a court hearing last week when attorneys for depositors contended the receiver's claim for approximately $150 a day for three months work excessive. "I can allow the receiver nothing at this time for his efficiency and responsibility," Judge Inglis' decision said. "These questions will be decided at the termination: of the receivership." The court allowed Fóster about $50 a day for actual office work. exclusive of court appearances. "This court is here to give justice, not charity," the decision read, in upholding the contention of attorneys for depositors that many of their clients were distressed because their entire savings were tied up in the suspended banks.
BANK RECEIVER GRANTED $7,000
Attorney George Foster of Bridgeport Has Asked Sum of $20,000
Bridgeport, Conn, December 28 (UP) allowance of $7,000 for the work done by Attorney George Foster for the closed American Bank and Trust Bank and Trust Company was made today by Superior Court Judge Inglis in denying Foster's claim for in fees. claim was bitterly opat court last when for contended the receiver's claim for proximately $150 day for three months work excessive. "I can allow the receiver nothing at for his Judge Inglis said. be decided' the termination of the receivership. The court allowed Foster about $50 day for actual office work. exclusive of appearances. "This court is here to give tice, not charity, the decision read. upholding the contention of depositors many of their clients were distressed entire tied up in the suspended banks.
JUDGE ELLS WAS UPHELD IN VERY IMPORTANT CASE The RFC Has First Claim on the Pledged Assests of Closed Bank Bridgeport, Conn., Aug. 22(UP)-The Connecticut supreme court has ruled the reconstruction Finance corporation has the first claim on the pledged assets of a closed bank. The decision, said to be of far - reaching importance, was handed down in settling disputed questions arising over the liquidation of the commercial Bank and Trust Company which, with two other institutions. were closed a year ago by the state banking commissioner. The RFC had loaned the bank $1,226,382 which was pledged by directors before the bank was suspended. The receiver, Attorney George N. Foster, preparing a liquidation plan, propounded two questions: Whether the bank had the power to pledge the segrated assets of the savings department, and whether the RFC thus obtained superior rights over all depositors. The decision of Chief Justice William L. Maltbie upheld the ruling of Superior Court Judge Arthur F. Ells in disposing of the questions in the lowers court. Judge Ells decided: 1. Said bank has the power to pledge the segregated assets of its savings department in the manner and for purposes above set forth, and Reconstruction Finance corporation obtained rights in said pledged assets superior to the rights of all depositors in said savings department. 2. The loan was made in good faith in an agency of the federal government for the sole benefit of all depositors of the savings department and to say now that the RFC must give back its security and cancel the debt is not an especially appealing proposition to 8 court of equity. As result of the higher court ruling, bank and RFC officials were to confer upon the liquidation plan which will be submitted to the superior court for approval. The decision effects also the American Bank & Trust Co., which suspended at the same time the Commercial was closed.
Governor Wilbur L. Cross and Congressman Francis office T. Maloney, running for on the democratic ticket, continue to lead the straw vote being taken in Hartford by the Courant. At the same time, State's Attorney Hugh M. Alcorn and U. S. Senator F. C. Walcott, republican candidates, continue to hold their lead in the Bridgeport poll. Therefore, leaders of both parties are reported continuing their efforts to change the pictures a little bit before election day arrives. Last night was Hallowe'en but the leaders of both major parties did not tafle the time off for celebrating. Neither did they go about to the rallies in disguises or masked. In fact, the speak(a's of both parties came out boldly in attacks on one another. In Bridgenort the candidates of four political parties have met and adopted a resolution calling for an inquiry into the the cause of the closing of two Bridgeport banks, the American Bank and Trust company and the Commercial Bank and Trust company. Democratic, republican, socialist and independent citizen candidates for the legislature have agreed to introduce a bill in the next session calling for the inquiry. The town clerk of Stratford has failed to recognize the independent citizens party. Albert Levitt of Redding threatens to bring criminal action against Town Clerk W. H. Wilcoxson if the party's candidates are not placed on the ballot. George J. Bassett of New Haven, president of the Connecticut Savings bank and former state banking commissioner, has been named a member of the committee to assist in administering the code of fair competition for the mutual savings banks. Commissioner Bassett was named banking commissioner by Governor Cross. He resigned later, however, due to press of his private business interests. Up in Hartford the name of John Petrizzo was taken off the voting list after receipt of a report from the superior court regarding to convictions during the year. It was found later than an error had been made in regard to the charge on which he was convicted. His name, therefore, has been restored. It was first listed that he had been convicted of commiting a felony. Investigation showed that the conviction was on a charge of breach of the peace, an offense that does not involve los sof the franchise. Representative Anthony J. Ricir of Bristol, candidate for relection on the g. O. p. ticket, feels that the state liquor control act is "Governor Cross' own law" and that it has made "gas stations more sacred than churches" inasmuch as a tayern can be opened up 300 feet nearer to a church than to a gasoline station. Hartford members of the democratic state central committee and the town committee and precinct and ward officials of the city will meet tonight to discuss final plans for getting out the vote on election day. Horace B. Clark of Hartford is slated to be appointed to the fire board. Mr Clark is a veteran of many years' service on the board but was displaced three years ago by Simon Kramer. Mr Clark is a republican and came to be regarded as a fixture on the fire board until his ter mexpired in 1931. The then Mayor William J. Rankin, a democrat, did not reappoint him. Now Hartford's republican mayor is ready to place him back on the board. Democratic Town Chairman E. C. Perry's term on the board expires next month, too. The New Haven County Polish Political organization, meeting in Seymour, went on record as endorsing State's Attorney Hugh M. Alcorn and entire republican ticket. In Ansonia, where Mayor Peter Hart, republican. is running for relection. the democratic-con trolled board of aldermen is under fire. Mayor Hart claims that the democratic aldermen were antagonistic and failed to cooperate with his office. Deputy Sheriff Chris Olsen of Oxford. well known here, who has been doing much campaign work about the caned county iff James serious for Geddes. his injury boss. narrowly High returning Sher- esfrom a republican rally the other night. On the SeymourOxford road a huge buck deer
14.June 23, 1935Hartford CourantHartford, CT
Article Text
Foster Asks $26,850 As Bank Receiver
Bridgeport, June 22. — (Special.) — George N. Foster, receiver of the American Bank and Trust Company and the Commercial Bank and Trust Company of Bridgeport, has asked the Superior Court for an additional allowance of $26,850 in receiver's fees. He already has been paid $25,993 since the two banks closed.
The application was made to Superior Court Judge John A. Cornell who reserved decision. Attorney Foster said that if paid on the basis of receiverships for other banks he should have $93,000 for the two receiverships. The banks have been closed about two years.
Under a law passed by the 1935 General Assembly all private receiverships are to be taken over by the State Banking Department. High fees of private receivers was the principal argument for adoption of the bill.
Foster is the son of Superior Court Judge Carl Foster.
$537,852.10 Other Closed Banks Other closed banks in the state are: The American Bank and Trust, Bridgeport; Broadway Bank and Trust, Bridgeport; Broadway Bank and Trust, New Haven; Cheshire Bank and Trust; Citizens Bank and Trust, New Haven; City Bank and Trust Bridgeport: Commercial Bank nad Trust, New Britain; Hamden Bank and Trust; Mechanics Bank and Trust, New Haven; Naugatuck Bank and Trust; Unionville Bank and Trust; West Haven Bank and Trust; Windsor Locks Trust and Safe Deposit. The receiver for the Naugatuck Bank and Trust company will resign at a hearing to be held here next Wednesday morning at 11 o'clock.
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.
