First National Bank & Trust Company

Episode Information

Episode UID: 541101585
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 54110 national
Charter Number: 5411
Start Date: January 1, 1932*
Location: Mamaroneck, New York (40.949, -73.733)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 89895ab163acad16

Response Measures

None

Receivership Details

Depositor recovery rate: 2.0%
Date receivership started: 1934-02-02
Share of assets assessed as good: 0.6%
Share of assets assessed as doubtful: 61.2%
Share of assets assessed as worthless: 38.3%

Description

The article discusses the receivership of the 'old' bank which transferred assets to a successor in 1932; the successor also failed in 1933.

Events (5)

1. June 8, 1900 Chartered

Source: historical_nic

2. January 1, 1932* Suspension

Cause Details: Turned over assets and liabilities to a successor bank (First National Bank in Mamaroneck) in early 1932.
Newspaper Excerpt: First National Bank and Trust Company, which two years ago turned over its known assets and liabilities to its successor
Source: newspapers

3. March 18, 1932 Voluntary Liquidation

Source: historical_nic

4. February 2, 1934 Receivership

Source: historical_nic

5. February 2, 1934 Receivership

Newspaper Excerpt: order by J. F. T. O'Connor, Comptroller of the Currency, placing the dormant corporation officially in receivership.
Source: newspapers

Newspaper Articles (1)

1. February 26, 1934 The Herald Statesman Yonkers, NY

Article Text

Stockholders Of Bank Closed Two Years Ago Faced By Assessment Special to The Herald Statesman MAMARONECK, Feb. 26. — Stockholders in the old First National Bank and Trust Company, which two years ago turned over its known assets and liabilities to its successor, the First National Bank in Mamaroneck, but never itself liquidated, today face the prospect of an assessment on their stock in the old defunct bank by reason of an order by J. F. T. O'Connor, Comptroller of the Currency, placing the dormant corporation officially in receivership. H. E. Meeker, appointed receiver of the successor bank when it closed its doors a year ago, and who has been named to liquidate the precedent bank, declined today to say that the liquidation will be accompanied by a levy on the $150,000 capital stock outstanding, but others versed in banking affairs say such a step is now inevitable. The levy will work a hardship on many who, after finding their stock in the old bank apparently worthless, from patriotic motives, dug down in their pockets and subscribed for stock in the new bank, an investment that has since worked to their misfortune in the form of a levy by the bank receiver for the full amount of their stock. For some it means a fourfold loss on the amount of their original stock investment.