Pawcatuck Bank & Trust Company (Pawcatuck, CT)

Episode Information

Episode UID
51031371591
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
5103137 routing
Routing Number
51-0313
Start Date
July 1, 1932*
Location
Pawcatuck, Connecticut (41.377, -71.834)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c14cf73d841b050b

Response Measures

None

Description

Closed at directors' request after recent run; receiver appointed (National Bank of Commerce).

Events (4)
1. July 1, 1932* Run
Cause
Rumor Or Misinformation
Cause Details
Depositor uneasiness following the recent death of a director (Henry Stahle) sparked withdrawals
Newspaper Excerpt
There had been run the bank in recent weeks due, thought at the time to uneasiness of some depositors following death two weeks ago of Henry Stahle
Source
newspapers
2. July 13, 1932 Suspension
Cause
Government Action
Cause Details
Closed at the directors' request following a request from the State Banking Department
Newspaper Excerpt
the directors, today took the Pawcatuck Bank & Trust Company in the town was closed to of positors and statement said the institution probably would liquidated
Source
newspapers
3. July 14, 1932 Receivership
Newspaper Excerpt
H. Gordon deputy bank commissioner took the institution. No action been taken toward temporary receiverThe president is Elias ... National Bank of Commerce of New London, the receiver (later reports).
Source
newspapers
4. December 11, 1934 Other
Newspaper Excerpt
Judge Frederick M. Peasley to day authorized the National Bank of Commerce of this city pay dividends in dissolution ... to the closed Pawcatuck Bank & Trust Co. of Pawcatuck for which the local bank is receiver.
Source
newspapers

Newspaper Articles (6)
1. July 14, 1932 Hartford Courant Hartford, CT

Article Text

Paweatuck Bank Closed At Directors' Request July State Banking Department request the directors, today took the Pawcatuck Bank & Trust Company in the town was closed to of positors and statement said the institution probably would liquidated. The bank was organized in 1921. Its the State Bank last in it had deposits about $522,550. There had been run the bank in recent weeks due, thought at the time to uneasiness of some depositors following death two weeks ago of Henry Stahle, the and Loren assistant short time before of the directors to the banking department was cautionary measure. was understood that when the bank closed for business its deposits were about belonging to 2100 depositors. H. Gordon deputy bank commissioner took the institution. No action been taken toward temporary receiverThe president is Elias the secretary Frank Wilcox and treasurer Robertson. The average value of all privately owned timber lands Montana 1931 was an acre county 1,474,206 acres in dozen counties.

2. September 22, 1932 The Day New London, CT

Article Text

Stonington Sets Up Reserve Of $58,965 to Equal Funds in Closed Bank at Pawcatuck (Special To The Day) STONINGTON Sept. reserve of $58,956 out of surplus to provide for possible as result of the closing of the Pawcatuck Bank & Trust Co., has been set up by the of Stonington, Pfannensteil and Nye, certified public acand Town Treasurer Elias B. Hinckley, have announced. And this precautionary measure, the statement adds, causes book deficit of $19,527 When, the bank suspended operations on July 13. the had six in the depository the treasurer's to and the tax collector's rent to 220 two sinking funds, the bond redemption fund of $35,742 09 and the 1:am F. Noyes fund of $9 and two trust funds, the Mary Floyd Hendrickson fund $227 and the Allen Avery fund of toas the reserve indicates, of $58, 956 It is Interesting to note that just prior to the bank's going into receivership the Noyes fund amounted On July just 12 days before it the selectmen paid town hall building bonds No. and 3. amounting to Relative to accuracy of this statement. the point out that verification of the amount of these accounts has been received from the National Bank of Commerce of New London, the receiver. "At date," they add. "it not 'possible to ascertain the loss, if any, which may be suffered by the town on these accounts through liquidation of this depository. The reserve already set up. however, will provide for this possible contingency In detailed explanatory statement concerning the book deficit of 819.527.70 the accountants point out that at the beginning of the year there was book of $17,610. 45. This amount was decreased by an adjustment covering expenditures made during the present fiscal year but applicable to the orior year of 083 resulting in an adjusted book surplus at Aug. 1, 1931, of 85,The net income for the fiscal year just ended as shown on the state- ment of operations in the town report amounted to $19,489.1 the cost of voting machines purchased appropriations and added to the equipment was $8,031 70, making total of $33,048.23. Deductions from this amount include adjustments to the various tax levies aggregating 029 together with the segregation from of an amount covering reserve for contingent loss on deposits in the Pawcatuck Bank & Trust Co., amounting to $58,956.76 less deposits in this bank previously set up under reserve for trust funds resulting in book deficit at date of $19

3. December 11, 1934 The Day New London, CT

Article Text

Orders Payment Of Dividends for Paweatuck Bank Judge Frederick M. Peasley to day authorized the National Bank of Commerce of this city pay dividends in dissolution of 24 and 40 per cent, respectively, to savings and commercial depositors of the closed Pawcatuck Bank & Trust Co. of Pawcatuck for which the local bank is receiver. He also allowed payment of $5,000 to the National Bank of Commerce for services as receiver and $4,000 to Hull, McGuire & Hull of this city as counsel for the reThe dividend on savings deposits will total $348,740.21 while $53,939.71 be distributed to commercial depositors. Part of the dividend payments will be made with bonds of the Home Owners' Loan Corp. which were received in exchange for mortgages held by the bank. The bank, located in Pawcatuck, closed in July of 1932.

4. March 29, 1935 The Day New London, CT

Article Text

Ten Foreclosure Suits Filed In County Superior Court Ten foreclosure suits are included in 15 suits brought in the superior court, according to papers filed with Clerk John H. Walker. Foreclosure of three mortgages totalling $6,500 are sought in a suit brought by the Mariners Savings bank of this city against Thomas R. Ward and Dorothy H. Ward of this city, individually and as executors of the estate of Ella A. Ward, deceased, Arthur B. Ward and Mary C. Haney of this city. The property is located at the junction of Montauk avenue and Avery court. Foreclosure of a $2,000 mortgage on premises in this city owned by Dennis W. and Fanny F. Scally, both of this city, is sought in a suit brought by the Mohegan Finance Co. Foreclosure of a $2,000 mortgage on premises at Cape Ann court owned by Frank Kaika of Waterford is sought in a suit brought by the Mariners Savings bank of this city. Fitch D. Crandall of this city brings a foreclosure action against Fred Rotsko of Somerset, Mass., and others seeking to foreclose a $1,500 mortgage on premises at Mather court. John M. Mallon, Jr., as administrator of the estate of Faday Rotsko is in possession of the premises. Property in Jefferson avenue owned by Anna Turetzky of this city is being foreclosed by the Savings Bank of New London, which holds a $7,000 mortgage. Barnett Lubow claims to have a $5,000 mortgage and Samuel Rotnizky a mortgage for $2,030.98. Thomas A. Woodruff has a $500 attachment. Foreclosure of a $1,500 mortgage on premises along the Shore road in the town of Waterford owned by Leonard E. Dunn and Benjamin F. Sargent of this city is sought in a suit brought by the Savings Bank of New London. The receiver of the Pawcatuck Bank & Trust Co. has brought suit to gain possession of premises in Pawcatuck, in a suit against Henry O. Christiansen and Marie Christiansen, both of Pawcatuck. The bank receiver claims that the property was sold for $2,850 in June, 1932, to the Christiansens, but that only $350 had been paid on the purchase and the defendants refuse to go through further, although the bank is willing. Foreclosure of a $6,000 mortgage on a 100-acre farm at North Stonington, owned by Sarah Emma Arzamarskie of North Stonington is sought in a suit brought by the Washington Trust Co. of Westerly, R. I. There are other encumbrances. Julia L. Kenyon of Stonington as administratrix of the estate of Harrison M. Litchfield, late of Stonington has brought a foreclosure suit against John H. Chrysty, alias John H. Christie, Iva E. Pearson Chrysty, and others of North Stonington. The property is located near the turnpike trolley station at North Stonington and the plaintiff claims to hold a $1,200 mortgage. Michael Matejek of Norwich brings a foreclosure suit against Amedio Amodio of Preston seeking to foreclose a $2,150 mortgage on the 67 acre Amodio farm in Preston. There is $1,283.09 due on a $2,150 mortgage it is alleged. Other Suits Damages of $3,000 are claimed by Edward Prentis, Jr., of this city, for services as a real estate broker in an action brought by him against Alice G. Crandall and Frank S. Greene of this city. Prentis claims that from the middle of Nov. 1934 to about Jan. 10, 1935, he rendered services to the defendants, at their request, as broker, in the leasing of real estate in this city situated at the southwest corner of State and Green streets, known as 152, 154 State street, for a period of 50 years from the first of Dec. 1934, at rental of $195,000. He claims his services were reasonably worth $2,098. William Booth, Jr., of this city, sues Frank G. Booth of this city for $1,700, alleging $1,200 is due on a note given him on Feb. 5, 1932. Aggrieved by their assessment of $282,795 on the Yantic mill property, the Millbrook Woolen Mills, Inc., of Norwich have taken an appeal to superior court from the board of relief of Norwich. They claim that their tax of $4,524.72 is excessive. Despite a reduction of $3,605 given by the board of relief, the Texas Co. have taken an appeal from their taxation in the town of Groton. The assessors assessed them as follows: Buildings, $10,150; wharves, $4,390; land, $6,000 and tanks at bulk station $26,696. They allege it is excessive, etc. The Caul Realty Corp. of New York city sues Frederick A. Walker of this city for $3,200 damages, alleging that $2,700 is due on rent of apartment 14-B on the 14th floor of the apartment house at 91 Central Park West, New York city.

5. June 24, 1935 The Day New London, CT

Article Text

$171,170 Still Due Depositors by Pawcatuck Bank Approximately three years after the closing by the state bank commissioner of the Pawcatuck Bank & Trust Co., depositors of the defunct institution still have $171,170.51 due them. This information is obtained from the report of the receiver, the National Bank of Commerce, made in accordance with section 244 of the Connecticut practice book. The account was submitted to Judge Newell Jennings in superior court here Friday and approved by the court Saturday. Of the $171,170.51 due depositors, $146,710.82 is due to those who had savings accounts and $24,459.69 to commercial depositors. At the time the bank was forced to close its doors in July, 1932, it was found that there was due $423,527.12 to depositors, of which $361,580.51 was due to savings depositors and $61,946.61 to commercial depositors. Paid $252,356 Since the bank has been in the hands of the receiver, which is winding up its affairs as expediently as possible, depositors have been paid $252,356.61, of which amount $214,869.69 went to those having savings accounts and $37,486.92 went to those having commercial accounts. When the bank closed there were 3,336 depositors in the saving department.

6. October 1, 1936 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 1, 1936

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Article Text

nounced. Savings depositors will receive 10 per cent, making their total 40 per cent received thus far in the receivership. Commercial depositors will receive 10 per cent also, making their total 50 per cent. There are 2,000 savings depositors, and 875 commercial depositors. The Naugatuck Bank and Trust Co. 14 1-2 per cent dividend to savings depositors brings the total diyidends of this group to 99 1-2 per cent. Commercial depositors, who have already received 85 per cent, will receive 5 per cent additional in a few days, and will probably receive one more dividend at a later date. During October, more than $2,000,000 will be paid to 56,000 depositors in 11 closed banks about the state. All the proposed dividends are subject to superior court order. Dividends Scheduled Dividend Schedule of Closed Banks Present Previous Dividend BANK Dividends Schedule Broadway Bank & Trust Co. Commercial 20% 10% Savings 60% 5% Citzens Bank & Trust Co. Commercial 5% 40% Savings 63 1-3% 10% City Bank & Trust Co. Commercial 65% 10% Savings 59% 4% Commercial Trust Co. Commercial 20% 10% Savings 70% 5% Hamden Bank & Trust Co. Commercial 25% 8% Savings 60% Merchants Trust Co. Commercial 40% 10% 30% Savings 10% Naugatuck Bank & Trust Co. Commercial 85% 5% Savings 85% 14 1/2 % Paweatuck Bank & Trust Co. Commercial 25% 55% Savings 58% 22% Unionville Bank & Trust Co. Commercial 40% 5% Savings 5% 75% West Haven Bank & Trust Co. Commercial 25% 10% 75% Savings 5% Windsor Locks Trust & Safe Deposit Co. Commercial 60% 15% 15% Savings 60%