Rochester Savings Bank (Rochester, NH)

Episode Information

Episode UID
6444808791175
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
644480879 hash
Start Date
November 18, 1897
Location
Rochester, New Hampshire (43.305, -70.976)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
16a7c9869581f5df

Response Measures

None

Description

Closure appears voluntary/winding-up due to loss of business to competing local banks; no run reported.

Events (3)

1. November 18, 1897 Other
Newspaper Excerpt
The directors of the Rochester Savings bank have voted to place the institution in liquidation. ... the affairs of the bank are in good condition ... depositors will be paid in full together with interest
Source
newspapers
2. January 12, 1900 Suspension
Cause
Local Banks
Cause Details
Absorption of its business by other local banks due to inability to pay as high interest as rivals.
Newspaper Excerpt
State Bank Commissioner George W. Cummings is in this city today for the purpose of closing up the affairs of the Rochester Savings bank.
Source
newspapers
3. January 13, 1900 Receivership
Newspaper Excerpt
The court has appointed Elmer J. Smart of this city assignee. Commissioner Cummings today placed in the hands of Mr. Smart all the affairs of the bank with instructions to dispose of the remaining assets and attend to the final distribution
Source
newspapers

Newspaper Articles (4)

Article from The Portland Daily Press, November 19, 1897

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Article Text

ROCHESTER BANK LIQUIDATES. 08010 Rochester, N. H., November 18.-The directors of the Rochester Savings bank have voted to place the instit tion in liquidation. The officials state that the bank's business has been gradually falling off until the deposits amount to less than $200,000. This action has been under consideration for some time. The final decision in the matter was reached by the directors at a meeting last night. The announcement of the vote of the officials soday was accompanied by a statement that the affairs of the bank are in good condition, as it holds a high class of securieties which can readily be converted into cash and depositors will be paid in full together with interest The bank officers say that the deposits have be n gradt ally decreasing and that very little money has been received during the past two years. There has been no run on the institution and the bank ex aminer has had no 1.1 g to do with the decision of the directors The bank was incorporated July 3, 1872.


Article from The Portland Daily Press, January 13, 1900

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Article Text

ROCHESTER BANK CLOSED. Rochester, N. H., January 12.-State Bank Commissioner George W. Cummings is in this city today for the purpose of closing up the affairs of the Rochester Savings bank. Two years ago, with the consent of the bank commissioners, the officials of the institution undertook to wind up the bank's business without resorting to court proceedings, and they succeeded in paying 55 cents on the dollar. Certain securities, however, are in such shape that the bank official have been unable to dispose of them at advantage and therefore appealed to the supreme court to appoint an assignee. Judge Stephen D. Wentworth resigned as treasurer. The court has appointed Elmer J. Smart of this city assignee. Commissionor Cummings today placed in the hands of Mr. Smart all the affairs of the bank with instructions to dispose of the remaining assets and attend to the final distribution of the funds thus derived among the depositors and wind up the business of the concern. The suspension of the Rochester savings bank was caused by the absorption of its business by other local banks, owing to its inability to pay as high a rate of interest as its rivals. The bank was incorporated in 1872. At one time the deposits amounted to $400,000.


Article from Daily Kennebec Journal, January 13, 1900

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Article Text

State Bank Examiner George W. Cummings was in Rochester, N. H., Friday, for the purpose of closing up the affairs of the Rochester Savings Bank. The suspension of the Rochester Savings Bank was caused by the absorption of its business by other local banks, owing to its inability to pay as high a rated of interest as its rivals. The bank was incorporated in 1872. At one time deposits amounted to $400,000.


Article from Daily Kennebec Journal, December 6, 1900

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Article Text

CONDENSED DISPATCHES. The Bulgarian cabinet has resigned owing to ministerial differences. By an explosion of gas in the Maxwell colliery of the Lehigh and Wilkesbarre Coal Co. at Ashley, Pa., Wednesday. SIX men were burned, four of them, it is feared. fatally. The mine was badly dam aged. The cause of the explosion is unknown. Eagle City on the American Yukon was connected by telegraph with Dawson City, Oct. 20, giving through service from Eagle to Skagway. The same system is also extended south to Atlin. Eagle is the first town on the American side of the boundary and is about 100 miles fr 111 Dawson. The strike of 400 men at the Royal City Planing mills, Vancouver, B. C., was settled, Wednesday. through the intervention of Federal Labor Commissioner Brenner. The management promised to defer the cut in wages which caused the strike for four months and the strikers thereupon returned to work. Secretary Gage's report has made an excellent impression in financial circles at Berlin. A financier to whom the correspondent of The Associated Press showed the figures, exclaimed: "It is magnificent and confirms the condition of the American money market, as indicated by the various loans to Europe during the year.' Robert Turner. 45 years old. of Taunton, Mass. was found dead by his ro m mate in a room at a hotel at Toronto Ont., Tuesday night, the gas being turned on. He had been there since May last, in the employ of a silver plate company. but was discharged. He left a note saying that despondency over his discharge caused his suicide. Fred T. Gilmore of Baxter. Ia., was knocked senseress, late Tuesday night, near Michigan avenue and Harmon court, Chicago, and robbed of $11,229 in negotiable papers, $23 in money and a watch. The robbers, Wm. Cummings and Geo. Hayes, after a desperate battle with detectives, were captured and all the boo y save the watch and money was recovered. Gilmore went to Chicago to exhibit cattle at the Live Stock show. Elmer J. Smart, assignee for the Rochester Savings Bank of Richester. N. H., which closed its doors three years ago, owing to the absorption of its business by other banks that were able to pay a higher per cent. of interest. states that he has petitioned the supreme court to grant a hearing Dec. 29. for the final settlement of the bank's affairs. It is expected that the final dividend of 13 7-10 per cent. will be paid to depositors, Jan. 10, 1901. Judge Lacombe, in the United Sta es circuit court at New York, Wednesday. issued an order for the Anglo-American Savings and Loan Association of New York to appear before him, Dec. 7. and show cause why an injunction should not be granted and a receiver appointed as asked for in a bill 01 complaint of James W. Carpenter, Marvin P. Carter and Pulaski P. Carter against the association. The order restrains the association until further notice of the court from making any transfers or conveyances of their property or making payments of any kind to stockholders or to withdrawing stockholders. Two men, one about 50, the other 20