Belfast Savings Bank (Belfast, ME)

Episode Information

Episode UID
52012971467
Episode Type
Suspension β†’ Closure
Bank Type
savings
Bank ID
5201297 routing
Routing Number
52-0129
Start Date
March 29, 1922
Location
Belfast, Maine (44.426, -69.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a45bc24af07a6771

Response Measures

None

Description

Closure initiated by trustees' appeal and state commissioner; receivers appointed and final decree closed proceedings.

Events (4)

1. March 29, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Trustees found they could not meet declared/dividend obligations due to defaults in interest payments on corporate securities held by the bank.
Newspaper Excerpt
which closed its doors on March 29 because of inability to pay dividends
Source
newspapers
2. April 14, 1922 Receivership
Newspaper Excerpt
Joint receivers for the Belfast Savings Bank ... were appointed to-day. Chief Justice Leslie C. Cornish named Robert F. Dunton ... and Carleton P. Merrill.
Source
newspapers
3. August 4, 1922 Other
Newspaper Excerpt
the receivers of the Belfast Savings bank, today began to issue checks amounting to 5 per cent. on all deposits held in the bank, and later expect to make two more payments of 20 per cent. each.
Source
newspapers
4. October 5, 1923 Other
Newspaper Excerpt
The final report of the receivers of the Belfast Savings Bank was accepted today ... three dividends aggregating 88 1-2 per cent. were paid the depositors.
Source
newspapers

Newspaper Articles (12)

Article from The Republican Journal, April 6, 1922

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Article Text

The News of Belfast NEW ADVERTISEMENTS The City National Bank publishes an adv. in regard to increasing their capital stock and also gives notice of stockholders meeting. The Central Maine Power Co. has something to say about customer ownership in America. Randall's Store advertises the Binner corset, which they carry. The Home Furnishing Co. offers ready made curtains at lowest prices. Cooper & Co. carry Lowe Bros. paints and varnishes. The Dreamland Theatre publishes picture program. The Direct Importing Co. advertises benefit coffee and other articles. The Colonial Theatre publishes picture program. See adv. of fountain pen lost. See adv. of roll-top desk wanted. Mrs. Walter J. Howard publishes a card of thanks. The Timm Shoe Store advertises the last three days of their Clean Shelf shoe sale. Georgie E. Hall offers new spring dresses at the Kiddies' Shop. The Durant Motor Co. advertises the Durant Car. See reward offered in regard to theft of typewriter. The Waldo Trust Co. advertises safe deposit boxes and publishes annual statement. B. O. Norton advertises Ford cars and quotes prices on same. The Municipal officers of Belfast advertises for bids for street sprinkling. Lewis A. Gannon & Co. advertises Vesta storage batteries. The Dinsmore Store advertises Dorothy Dodd shoe. H. J. Locke & Son advertises Good Luck rings. C. C. Rogers advertises eggs for hatching and Syracuse plow. Harry W. Clark & Co. advertises useful articles at furnishing store. E. C. Dow, milk inspector, gives notice in regard to sale of milk. Bert L. Davis advertises the Arrow shirts. Mrs. A. B. Wyllie gives notice of Easter opening of hats. AN APPRECIATED COURTESY. In its issue of March 31st the Bangor Commercial very kindly says of Belfast's recent misfortune in the closing of the Belfast Savings Bank. This is more apparent as it come at the time when other daily presses are making false state-ments: "The trustees of the Belfast Savings Bank appear to have been wise in asking for permission to suspend business in view of the fact that it was not earning dividends. This not a failure, but a movement in behalf of depositors and stockholders for the purpose of averting losses that might come and to close up a business that is not now proving lucrative. The trustees are deserving of praise for their prompt recognition of conditions and prompt action in behalf of all inter-ested."


Article from New-York Tribune, April 15, 1922

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Article Text

Name Augusta Bank Receivers AUGUSTA, Me., April 14.-Joint receivers for the Belfast Savings Bank, which closed its doors on March 29 because of inability to pay dividends 4 per cent, were appointed to-day. Chief Justice Leslie C. Cornish named Robert F. Dunton, of Belfast, 8 former State Bank Commissioner. and Carleton P. Merrill, treasurer of the Skowhegan Savings Bank. Deposits approximate $1,800,000.


Article from The New York Herald, April 15, 1922

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Article Text

RECEIVER FOR SAVINGS BANK. AUGUSTA, Me., April 14.-Joint receivers for the Belfast Savings Bank, which closed its doors on March 25 because of inability to pay dividends of 4 per cent., were appointed to-day. Chief Justice Leslie C. Cornish named Robert F. Dunton of Belfast, a former State Bank Commissioner, and Carleton P. Merrill. treasurer of the Skowhegan Savings Bank. The bank's deposits approximate $1,800,000.


Article from Daily Kennebec Journal, August 4, 1922

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Article Text

Republican Rallies The Republican campaign speakers. including Gov. Baxter, Senator Hale. Chairman Peacock of the State committee, Mrs. Guy P. Gannett of Augusta and Miss Betsey Edwards of Indiana, will be in Waldo county on August 17. The receivers of the Belfast Savings bank, today began to issue checks amounting to 5 per cent. on all deposits held in the bank, and later expect to make two more payments of 20 per cent. each. The Belfast Savings bank was closed on March 29th by State Bank Commissioner Fred F. Lawrence of Skowhegan, after the trustees had voluntarily appealed to the supreme judicial court for an order restraining them from doing business. This was done in order to safeguard the depositors when the trustees found that they would be unable to meet the June dividends. The inability to do this was caused by default in interests payments by certain corporations whose securities were held by the bank. The bank was organized April 30, 1868 and was considered one of the soundest in the State, having weatered many financial crisis. The total deposits at the time of closing amounted to $1,861,095.53. The depositors were mainly Belfast residents, many of them widows and elderly people who had banked there all their lives.


Article from The Republican Journal, November 16, 1922

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Article Text

NOTICE TO INVESTORS THE RECEIVERS OF THE BELFAST SAV INGS BANK will receive subscriptions for .the whole or any part of three hundred ninety-one & (391) shares of preferred stock of the Belfast Moosehead Lake Railroad Company at par until December 1, 1922, unless all is subscribed for before that date. This stock is entitled to six per cent dividends, then the common stock is entitled to six per cent dividends, after which both share equally. Dividends of three per cent semi-annually have been paid regularly on this stock since 1886. There is no debt on the road and dividends on the preferred stock are'the first claim on the earnings: The preosent rental is thirty-six thousand dollars ($36,000) per year. The (amount required to pay a six per cent fast thousand will Savings be dividend received sixty-two Bank. on at the dollars the Transfers of stock stock subscribed is sixteen for will be made December 1, This stock is not subject to municipal taxation or normal income tax. Belfast, Maine, October 30, 1922. ROBERT F. DUNTON, CARLETON P. MERRILL, Receivers of Belfast Savings Bank. 5w44


Article from Daily Kennebec Journal, November 21, 1922

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Article Text

Bank Property to Be Sold The receivers of the Belfast savings bank, which suspended business last spring, will receive sealed bids for the real estate in Belfast, known as the Belfast savings bank building, cerner of Main and Church streets, and the building and lot adjacent. the bids will be opened on Dec. 1st at the bank building at 10 o'clock. The third story of the building is under a written lease which expires Dec. 1st. 1925, and is occupied by the New England Telephone and Telegraph company. Dunton & Morse, attorneys, are tenants at will, occupying the entire seΓ§ond floor. The acceptance of the bids will be subject to the approval of the court.


Article from The Republican Journal, November 23, 1922

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Article Text

Notice of Foreclosure of Mortgage, HEREAS, Dorcas A. McKeen of Belfast, of W in the County of Waldo and State Maine, by her mortgage deed dated the thirteenth day of February, A D. 1901, and recorded in the Waldo Registry of Deeds, Book 208, Page 160, conveyed to the Belfast Savings BelBank, a corporation established by law at fast, in the State of Maine, a certain parcel in of land with the buildings thereon, situated Miller said Belfast and bounded northerly by by Street; easterly by Cross Street; southerly of land of F. H, Black; and westerly by land on the Gillum lot, and whereas 1922, the saidjBlack'and fourteenth day of October, A. D. ReRobert F. Dunton and Carleton P. Merrill, anof said Belfast Savings Bank, duly of ceivers and qualified, by their assignment conveyed pointed that date, assigned, transferred and and deed and the note, debt and said mortgage secured to the undersigned, has claim whereas thereby the condition of said mortgage been broken, by reason of the breach of of the Now condition therefore, thereof, I claim a foreclosure said Dated mortgage. this seventh day of November, A. D, 3w46 1922. J. AUSTIN McKEEN.


Article from Commercial, October 5, 1923

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Article Text

FINAL REPORT OF BELFAST BANK RECEIVERS Augusta, Oct. 5. The final report of the receivers of the Belfast Savings Bank was accepted today by Chief Justice Leslie C. Cornish of the supreme court and a final decree closing the legal proceedings was entered. The report of the receivers, Robt. F. Dunton of Belfast and Carlton P. Merrill of Skowhegan in whose hands the bank was placed April 14, 1922 shows that three dividends aggregating 88 1-2 per cent. were paid the depositors.


Article from Sun-Journal, October 5, 1923

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BELFAST SAVINGS BANK RECEIVERS AUGUSTA, Oct. 5. (Special)β€”A hearing was held before Chief Justice Leslie C. Cornish today on the final report of Robert F. Dunton of Belfast and Carleton T. Merrill of Skowhegan, receivers of the Belfast Savings bank. This report shows that three dividends aggregating 88 1-2 per cent have been realized for the depositors, and that amount has been paid except the sum of $1930.24, which has been deposited with the state treasurer under the statutes to meet dividends due depositors whose addresses could not be ascertained. The reports of the receivers and the auditor were allowed by Chief Justice Cornish, and a final decree was entered closing the legal proceedings. The Belfast Savings bank was placed in the hands of receivers on Apr. 14, 1922.


Article from Daily Kennebec Journal, October 6, 1923

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Article Text

Defunct Belfast Bank Pays 881/2% To Depositors A hearing was held before Chief Justice Leslie C. Cornish in this city, Friday, on the final report of Hon. Robert E. Dunton of Belfast and Carleton P. Merrill of Skowhegan, receivers of the Belfast Savings Bank. This report shows that three dividends, aggregating 88 1-2 per cent have been realized for the depositors. That amount has been paid with the exception of $1,930.24 which has been deposited with the state treasurer under the statute to meet dividends due depositors whose address could not be ascertained. The report of the receivers has been audited by Charles H. Hubbard of Belfast, appointed by the court, and the accounts have been found correct. The report of the receivers and the auditor were accepted by Chief Justice Cornish and a final decree was entered closing the legal proceedings. The Belfast Savings Bank was placed in the hands of receivers April 14, 1922. Much credit is due the receivers for their ability in handling the affairs of the institution and their promptness in bringing the matter to a satisfactory and speedy conclusion.


Article from The Lewiston Daily Sun, October 6, 1923

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ACCEPT REPORT OF THE BELFAST BANK RECEIVERS Augusta, Oct. 5β€”The final report of the receivers of the Belfast Savings bank was accepted today by Chief Justice Cornish and a final decree closing the legal proceedings was entered. The report of the receivers, Robert F. Dunton of Belfast and Carlton P. Merrill of Skowhegan in whose hands the bank was placed on Apr. 14, 1922 shows that three dividends aggregating 88Β½ per cent were paid the depositors. The restored birthplace of former Pres. Roosevelt will be dedicated Oct. 27 as a memorial and museum of the Roosevelt Memorial Association.


Article from Daily Kennebec Journal, October 9, 1923

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Defunct Local Bank Pays 88Β½ Per cent. Depositors of the Belfast Savings Bank. which closed its doors a year ago last March, have received 88Β½ percent according to the final report recently made by the receivers, R. F. Dunton of Belfast, and Carleton P. Merrill of Skowhegan at a hearing before Chief Justice Leslie F. Cornish in Augusta. The payments were made in three dividends, and this has been paid, with the exception of $1,930.24. which has been deposited with the State Treasurer, to meet dividends due depositors whose addresses the receivers could not ascertain. Charles H. Hubbard of the Waldo accounts and the final report has