gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
747de616d553b96b
Response Measures
None
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1886-01-20
Date receivership terminated
1891-09-14
OCC cause of failure
Fraud
Share of assets assessed as good
49.7%
Share of assets assessed as doubtful
47.6%
Share of assets assessed as worthless
2.8%
Description
President McNeil absconded after large embezzlement; bank suspended and placed in receivership.
Events (4)
1.November 22, 1864Chartered
Source
historical_nic
2.January 2, 1886Suspension
Cause
Bank Specific Adverse Info
Cause Details
President W. H. McNeil absconded after taking cash, bonds and securities; significant embezzlement/defalcation discovered.
Newspaper Excerpt
A notice that the bank had suspended business was posted on the door this morning.
Source
newspapers
3.January 20, 1886Receivership
Source
historical_nic
4.January 20, 1886Receivership
Newspaper Excerpt
The controller of the currency to-day appointed John W. Corcoran receiver of the Lancaster National bank of Clinton, Mass., insolvent.
Source
newspapers
Newspaper Articles (20)
1.January 2, 1886The Portland Daily PressPortland, ME
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Article Text
A Missing Bank President. FITCHBURG, Mass., Jan. 1 - W. H. McNeil, the missing president of the Lancaster bank of Clinton, was at the depot here about 7.45 p. m. Tuesday and probably took the Cheshire train to the north. One of his acquaintances here twice tried to speak to him but McNeil took no notice of him. WORCESTER, Mass., Jan. 1.-One of the Directors of the Lancaster National Bank at Clinton is authority for the statement that McNeil, the missing president, was at the bank Tuesday night, when he took from the vaults $6000 in bauk notes, $1000 in gold, a large amount of stock in the Rutland, Vt., Marble Co., supposed to be about $30,000, and a lot of paper signed by himself and held by the bank, it is thought about $30,000 worth. There was in the vault considerable money belonging to the defunct Lancaster Savings Bank, of which McNeil was one of the receivers, a good portion of which is said to be missing.
2.January 2, 1886Press and Daily DakotaianYankton, SD
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Bank Suspended. Clinton, Mass., Dec. 2-This morning Bank Examiner Gatcheli received orders from the comptroller of the currency at Washington to take full charge of the Lanchester national bank and examine into its affairs, that bank having suspended.
A Crooked Bank President. CLINTON, Mass., Jan. 1.-The Lancaster National bank of this place closed Its doors last night, after an examination of the books by the directors. President W. H. Neil is missing and has not been heard from since Tuesday, when he was in Lowell, whence he started ostensibly for Boston. He is charged with having used the bank money for speculative enterprises, in which he was interested. Cashier Forrester expresses himself plainly, and his condemnation of President Neil's financiering is vehement. He says the latter, since his clevation to the presidency of the bank last January, has invested bank funds according to his own inclinations, and his operations have at times been far from straight. The bank holds the paper of the Low Cattle company of Wyoming to the amount of $80,000. The deposits amount to over $200,000, and, according to statements from a quarter supposed to be authentic, President Neil has appropriated this amount. BE ROBHED THE BANK. WORCESTER, MASS., Jan. 1.-One of the directors of the Lancaster National bank at Clinton is authority for the statement that Nell, the missing president, was at the bank Tuesday night, when he took from the vault $6000 in banknotes, $1000 in a amount gold, large of stock in the Rutland, Vt., Marble company, supposed to be about $80 000, and a lot of papersigned by himself and held by the bank, it is thought about $80,000 worth. There was in the vault considerable money belonging to the defunct Lancaster Savings bank, of which Neil was one of the receivers, a good portion of which is said to be missing.
4.January 3, 1886The Salt Lake HeraldSalt Lake City, UT
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Article Text
Another Crooked Banker. CLINTON, Mass., January 1.-Lancaster National Bank closed its doors last night, after an examination of the books by the directors. President W. H. McNeil is missing, and has not been heard from since Tuesday, when he was in Lowell, whence he started ostensibly for Boston. He is charged with having used the bank's money for speculative purposes in which he was interested, and which do not furnish sufficient security. The directors, Messrs. Batehelder, Hosmer, Gardner, Russell and Page, together with Bank Examiner Mitchell, who came to Olinton to-day, have been hard at work on the books all day. The directors seem depressed and are exceedingly reticent, Cashier Farren Forester expresses himself very plainly and his condemnation of President McNeil's financiering is unmistakable. He says the latter, since his elevation to the presidency of the bank last January, has invested the bank's funds, according to his own inclinations. His operations have at times been far from straight. At the present the bank has a surplus of $3,500. The bank holds paper of the Low Cattle Company, of Wyoming, to the amount of $30,000. So far as can be learned the deposits amount to over $200,000, and according to statements from a quarter which is supposed to be authentic, President McNiel has appropriated this amount. The belief prevails that the examination of the books of the bank will develop new and startling features. McNeil has not been heard from since Tuesday last. It is said that a resident of Clinton saw him in Nebraska, N. H., last Wednesday. Nothing further regarding the real condition of the banks' finances will le known for a day or two, and possibly not then. One of the directors of the Lancaster National Bank, at Canton. is authority for the statement that McNeil, the missing president, was at the bank on Monday night, when he took from the vaults $600 in bank notes and $1,000 in gold, and a large amount of stock in the Ruthland (Vt.) Marble Company. supposed to be about $30,000 worth. There was in the vault considerable money belonging to the defunct Lancaster Savings Bank, of which McNiel was one the receivers, a good portion of which is said to be missing.
5.January 3, 1886Savannah Morning NewsSavannah, GA
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LANCASTER'S BROKEN BANK. Nature of the Money and Papers Taken from the Safe by McNeil. CLINTON, Mass., Jan. 2.-Thismorning Bank Examiner Gatchell-received a telegramjtrom the Comptroller of the Currency at Washingtor, authorizing him to take charge of the Lancaster National Bank, and examine into its affairs. A notice that the bank had suspended was posted on the-door this morning. President McNeil's whereabouts is as yet unknown, but all indications. point to his being in Canada. M'NEIL'S LAST GRAB. CLINTON, MASS., Jan. 2.-The defaulting president of the Lancaster bank (McNeil) secured but few available assets from the institution just previous to his flight, the whole amount being $7,000 in cash. He took in addition $29,500 in bonds and notes of hand of various parties which he will not be able to realize upon. GENERAL MERCHANTS FAIL. HEARNE, TEX., Jan. 2.-MeGuire & Wilson, general merchants, made an assignment Thursday night to W. P. Yerguson, for the benefit of their creditors. The liabilities are about $19,000, and the assets $15,000.
6.January 3, 1886St. Paul Daily GlobeSaint Paul, MN
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Article Text
Of Course He's in Canada. CLINTON, Mass., Jan. 2.-This morning Bank Examiner Gatchell received orders from the comptroller of the currency at Washington to take full charge of the Lancaster National bank and examine into its affairs. A notice that the bank had suspended business was posted on the door this morning. President McNeil's whereabouts is as yet unknown, but the indications point to his being in Canada. The defaulting president of the Lancaster bank, McNeil, secured but few available assets from the institution just previous to his flight. the whole amount being $7,000. The following is a list of the valuables he took from the vault on the eve of his flight:
7.January 3, 1886The Indianapolis JournalIndianapolis, IN
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Article Text
President McNeil's Defalcation. CLINTON, Mass., Jan. 2-This morning Bank Examiner Gatchel received orders from the Comptroller of the Currency at Washington to take full charge of the Lancaster National Bank and examine into its affairs. A notice that the bank had suspended business was posted on the door this morning. President McNeil's whereabouts is as yet unknown, but all the indications point to his being in Canada. Mc Neal secured but few available assets from the institution before his flight. The following is a list of the valuables he took from the vault on the evening of his flight: Bills, $6,000; gold, $990: Herdic Company bonds, $4,000; one note of F. C. McNeal to W. H. McNeal, $5,000; one note of the Wyoming Meat Company to Lowell Cattle Company, for $3,000; one note of F. M. Nelson to F. Watchburn, for $5,000; note of Watchburn, for $3,000; three notes of the West Rutland (Vt.) Marble Company, for $7,500; total, $36,490.
8.January 3, 1886St. Paul Daily GlobeSaint Paul, MN
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Article Text
Of Course He's in Canada. CLINTON, Mass., Jan. 2.-This morning Bank Examiner Gatchell received orders from the comptroller of the currency at Washington to take full charge of the Lancaster National bank and examine into its affairs. A notice that the bank had suspended business was posted on the door this morning. President McNeil's whereabouts is as yet unknown, but the indications point to his being in Canada. The defaulting president of the Lancaster bank, McNeil, secured but few available assets from the institution just previous to his flight, the whole amount being $7,000. The following is a list of the valuables he took from the vault on the eve of his flight:
9.January 3, 1886Richmond DispatchRichmond, VA
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Bank Suspension. [By telegraph to the Dispatch.] CLINTON, Mass., January 2.-This morning Bank-Examiner Gatchell received a telegram from the Comptroller of Currency at Washington authorizing him to take full charge of the Lancaster National Bank and examine into its affairs. A notice that the bank had suspended business was posted on the door this morning. President Mc-
INVESTIGATING A BANK. CLINTON, Mass., January 2.-This morning Bank Examiner Gatchell received orders from the comptroller of currency at Washington to take full charge of the Lancaster National bank and examine into its affairs. Notice that the bank had suspended business was posted on the doors this morning. President McNeil's whereabouts are unknown, but all indications point to his being in Canada.
11.January 8, 1886Weekly Commercial HeraldVicksburg, MS
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Another Bank President Supposed to Skip to Canada. CLINTON, MASS., Jan, 2.-This morning Bank Examiner Getschel, received orders from the comptroller of the currency at Washington to take full charge of the Lancaster National Bank and examine into its affairs. A notice that the bank had suspended business was posted on the door this morning. President McNiel's whereabouts is as yet unknown, but all the indications point to his being in Canada.
12.January 20, 1886Evening StarWashington, DC
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Changes in the Offices. Frederick W. Worden, of Michigan, has been appointed a special timber agent, at $1,200 per annum, and George F. Elliott, of Ohio, has been appointed a swamp land agent, at $1,400. The controller of the currency to-day appointed John W. Corcoran receiver of the Lancaster National bank of Clinton, Mass., insolvent. George U. Mayo, of Abingdon, Md., has been appointed chief of the draughting division of the General Land office, at $1,800 per annum, vice Gustave P. Strum, assigned to a clerkship. Wm. M. Stewart has resigned a $1,000 clerkship in the Pension office. The Secretary of the Treasury has appointed Robert L. Miller, of Ohio, to be chief of a division in the Register's office.
13.January 25, 1886The Portland Daily PressPortland, ME
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The Lancaster Bank. CLINTON, Mass., Jaa. 22.-Bank - examiner Gatchell says the Lancaster Bank is the worst skinned institution he has ever had anything to do with. He and the receiver both say that it is barely possible that the stockholders may escape an assessment, but it will depend upon the amount realized from doutbful assets. Gen. Butler has been retained by the directors of the Lancaster National Bank to go to Washington and secure the removal of the recently appointed receiver, Mr. Corcoran if possible.
THE LANCASTER BANK AFFAIR. A Deficit of $78,000 in the Bank's Assets -A Syndicate to be Formed. AYER, Mass., Jan. 28.-The meeting of the stockholders of the Lancaster National bank of Clinton was held in Page's hall to-day, Alfred Page, president pro tem of the bank, presided, and 614 shares were represented. Counsel F. F. Allen of Lynn presented a report which showed a deficit of $78,000 in the bank's assets. A motion was made to form a syndicate to make up the deficiency; to get Receiver Corcoran recalled and have the business of the bank go on. The motion caused a lively discussion, but finally it was decided to form the syndicate. It was voted to hold q meeting in Boston Tuesday next to consider how to proceed in making up the deficit. The annual meeting will be held February 9, and it is believed Alfred Page will be ehosen permanent. It is doubted by many of the directors if Comptroller Cannon will recall the receiver and allow the bank to carry on business.
15.February 25, 1886The Indianapolis JournalIndianapolis, IN
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Business Embarrassments. MIDDLETOWN, N. Y., Feb. 24.-Fuller Brothers, wool and fur hat manufacturers, made an assignment to-day. Liabilities, $60,000; nominal assets, $70,000. NEW YORK. Feb. 24.-The schedules in the assignment of David W. Granbery & Boltonhail, jewelers. show liabilities of $102,420; nominal assets, $129,320; actual assets, $23,031. BALTIMORE, Feb. 24.-A. H. Stump & Sons suspended this afternoon. Liabilities, $115,000. They hope to be able to pay in full. CLINTON, Mass., Feb. 24.-The stockholders of the Lancaster National Bank elected directors yesterday, and appointed a committee to adopt measures for taking the bank out of the receiver's hands. The total liabilities are $246,240.
16.February 27, 1886The ExaminerHartford, CT
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The Lancaster National Bank. CLINTON, Mass., Feb. 24.-The stockholders of the Lancaster National Bank have elected directors and appointed committee to adopt means for taking the bank out of the receiver's hands. The total liabilities are $246,240.
17.March 17, 1886The Portland Daily PressPortland, ME
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THE LANCASTER BANK. Total Losses of the Concern Placed at $150,747.75. WORCESTER, Mass., March 16'-In the insolvency court today, the first meeting was held in the case of William H. McNeil of Lancaster, and claims were proved amounting to $172,981.62, John W. Corcoran, receiver of the Lancaster National Bank, of Clinton, proving that $150,747.75 were due that institution as follows: Cash stolen from the bank vault, $7000; cash embezzled, $42,000; promissory notes, $7300; notes and securities stolen, $40,305; notes and securities stolen, which cannot be accurately described, $4702; notes on which McNeil is endorser, $44,400; other items, $5620; total, $151,327.95; credit by deposit, $580.20; net indebtedness, $150,747.75.
A Bad Array of Figures. WORCESTER, Mass., March 16.-In the insolvency court to-day the first meeting was held in the case of William H. McNeil of Lancaster and claims were proved amounting to $172,981.62. John W. Corcoran, receiver of the Lancaster national bank of Clinton, proving $150,747.75 due that institution as follows: Cash stolen from the bank vaults, $7000; cash embezzled, $42,000; promissory notes, $7300; notes and securities stolen, $40,305; notes and securities stolen which cannot be accurately described, $4702; notes on which McNeil is endorsed, $44,400; other items, $5620. Total $151,327.95 credit by deposit, $580.20. The net indebtedness is $150,747.75.
19.November 24, 1887New-York TribuneNew York, NY
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RECEIVER CORCORAN GETS A VERDIOT. FITCHBURG, Mass., Nov. 23.-The jury in the case of Receiver Corcoran, of the wrecked Lancaster National Bank, against Wesley R. Bateholder, a directorin that institution.to-day returned a verdict of $6,682 for the plaintiff. The suit was to recover on three promissory notes amounting to $6,000. Batchelder claimed that he was owing the bank $15,000, and paid $9,000, but refused to pay the remainder until the receiver returned 173 shares of Erie Telegraph and Telephone stock deposited with the bank as collateral. The case will ROW go to the Supreme Court on exceptions. General P. A. Collins is counsel for the plaintiff, and General Butler for the defendant.
20.May 20, 1892Pawtucket TribunePawtucket, RI
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JUDGE CORCORAN. The many friends of Gen. John W. Corcoran in this city will be glad to learn that Gov. Russell has appointed him to a seat on the bench as a Judge of the Superior Court of Massachussetts. Gen. Corcoran was born in 1853, and was educated in the public schools of Clinton, Mass. He then took a preparatory course in Holy Cross College, Worcester, continuing at St. John's College, Fordham, N. Y., and graduated from the Boston Uhiversity Law School in" the class of 1875. He was admitted to the bar the same year, and at once became one of the leading lawyers of central Massachusetts. He has been Town Solicitor of Clinton since the office has been established, and has been 16 years a member of the Clinton School Board, and its Chairman for nine years. He is also Chairman of the Water Board. He has frequently been honored by his party, and for the last four years he has been the candidate for Lieutenant Governor on the ticket with Governor Russell. He was a delegate to the National conventions of 1884 and 1888, and last year was ele eted delegate-at-large to this year's convention. He is at present Judge Advocate General and is also Chairman of the World's Fair Commission upon appointment of Governor Russell. His record as a financier was made upon being appointed receiver of the Lancaster National Bank of Clinton, in 1886. The President of the bank absconded leaving the bank burdened with worthless paper and its vaults rifled of some of its most valuable securities. In 1890, he having paid in full every creditor, his receivership terminated, and the stockholders of the defunct institution made him their agent and he still represents their interests in that capacity.
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.
