Mercantile Bank (Bangor, ME)

Episode Information

Episode UID
7941391490915
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
794139149 hash
Start Date
March 11, 1876
Location
Bangor, Maine (44.801, -68.778)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f46fa58fd64a5b1c

Response Measures

None

Events (3)
1. March 11, 1876 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted to surrender the charter and close the business; voluntary winding up of affairs.
Newspaper Excerpt
at a meeting of the Stockholders of the Mercantile Bank in Bangor, held on Thursday afternoon, it was voted to surrender the charter and close the business of the bank as rapidly as consistent with the interests of the stockholders.
Source
newspapers
2. December 15, 1878 Other
Newspaper Excerpt
The Eastern and Mercantile banks of Bangor have both surrendered their charters and are transacting such business only as is necessary to a final settlement of their affairs.
Source
newspapers
3. January 14, 1881 Other
Newspaper Excerpt
The two banks of discount, the Eastern and Mercantile of Bangor, have surrendered their charters, are redeeming outstanding circulation, and will soon make a final settlement.
Source
newspapers

Newspaper Articles (4)
1. March 11, 1876 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 11, 1876

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Article Text

A fellow in Portland didn't want to be removed from his home of squalid poverty to the Maine General Hospital, because he wanted to "stay where he could spit on the floor." At a meeting of the Stockholders of the Mercantile Bank in Bangor, held on Thursday afternoon, it was voted to surrender the charter and close the business of the bank as rapidly as consistent with the interests of the stockholders. The present Mercantile Bank was chartered in 1859. It took its name from the old Mercantile Bank, chartered in 1833 and whose charter expired in 1857. The Bowdoin College medical term has now been in session a little over two weeks. The class is a large one, numbering somewhat over eighty. "II M. Wentworth & Co.'s Spring Works at Gardiner, are doing a fair business; and their axle works are running their full capacity, and have orders for a long time ahead. The work turned out by this company has a high reputation. The question of the hall at Camden is settled after much strife. At a meeting of the Village Corporation, on Tuesday evening, the amendment to the charter, authorizing the building of the hall was accepted by a vote of 169 in favor to 89 against. The edifice will be at once erected. Caleb P. Marsh of New York, the witness against ex-Secretary Belknap, is a partner of the firm of Cary & Co. Mr. R. G. Cary, the senior partner, was formerly a citizen of Bangor, and was proprietor of the Dwinel House, says the Whig. The Ellsworth American says that an outrage was committed in Franklin on Saturday night last. A party of some twelve or fifteen roughs having disguised themselves, made an attack on the dwelling house of Green Scammon, a respectable citi. zen of that town, broke in the windows and door, took the wife of Mr. Scammon from bed, ordered her to dress and then carried her and her child, three years old to the neighboring town of Han. cock. It is supposed that the ring leader was actuated by some selfish or revengeful purpose and maddened his confederates with rum who then perpetrated these disgraceful acts. A lady in Winterport, who this year celebrated her thirteen h birth day, has a daughter married. The 29th of February doesn't come very often.

2. March 18, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 18, 1876

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Article Text

STATE NEWS. CUMBERLAND COUNTY. A party of eight from Bridgton, caught 45 cusk from Sebago Lake in one night recently. One of the fish weighed eight pounds. A widow lady, living near Bridgton, had a lively experience with a tramp the other day. Her daughters were away, and the was alone. Tramp advanced boldly to the front door, to enter without ceremony, but he found the door bolted. Tried another door, but found that likewise barred. He then cooly seated himself in the shed and sat, and sat, as if permanently located. She opened the door and civily 10 quested him to depart. He muttered a low curse, and then, in a louder voice, and with a ferocious look, said be would not. The widow He then peremptorily ordered him to leave. made no motion. She seized a long handled dipper, and filling it with boiling water from the huge open kettle, advanced upon the enemy. It 18 needless to say the trampimmediately disappeared around the corner of the house. The Bowdoin Orient editors for the coming year are as follows: A. Perry, C.1 B, Seabury, Cousins, G. T. Little, J. . E Chapman, E W. W. C. Green, W. T. Cobb. There are now ninety-three students attending medical lectures at the Maine Medical School. KENNEBEC COUNTY. Dr. John Bush, who died in Vassaltoro' recently, at the age of 83, was a graduate of Bowdoin, class of 1814. Through the encouragement of Rev. O. M. Cousens a lodge of Good Templars with sixty members was instituted in Sidney Tuesday, the A. 14th. The lodge takes the name Sebago H. Reynolds presiding officer. Mr. Cousens also aided .in establishing a similar lodge at Vasselboro' on Thursday evening the 16th. E. W. Dunham was elected chief. Work has been suspended at the jail workshop in Augusta until the April session of the Commissioners. It is expected that the prisonwill be set at work on a cheaper variety of goods. ers Chas. H. Dunham will take the place of his father as superintendent. The Augusta Reform Club have now 400 names enrolled on the "Iron clad.' OXFORD COUNTY. Wednesday afternoon the 15th. M.W.G. Master B. C. Stone, assisted by R. W Marshall Byron Kimball, installed a Lodge of Odd Fellows at West Paris, to be known as West Paris Lodge No. 15, PISCATAQUIS COUNTY. The Supreme Court at Dover adjourned finally on Friday, after a session of a little less than two weeks, much shorter than usual. This we believe is the first term of court that Judge Wm. Wirt Virgin ever held in this county and he has given great satisfaction. PENOBSCOT COUNTY. The Sunrise says that Mr. A. H. Turner of Glenburn, as he was returning from singing school fell on the ice and broke his right arm. The arm was doing very well, when he again slipped on a door step, striking on his head. His skull was this time fractured; and he is now lying in a critical condition. He is decover. ranged; and it is feared that he never will reMr. C.E Miles of Oldtown, who is scaling for parties in Bangor, was seriously injured short time since. While descending steep declivity be slipped and received a severe fall, which caused a severe fracture of the left shoulder, and in this condition be walked several miles before he reached camp. Abbott's woolen mill in Dexter will commence running on full time next month. At a meeting of the stockholders of the Mercantile Bank of Bangor, Wednesday, it was voted to surrender the charter and close the business of the bank as rapidly as consistent with the interests of the stockholders. The present Mercautile Bank was chartered in 1859, It took its name from the old Mercantile Bank, chartered in 1833 and whose charter expired in 1857. SOMERSET COUNTY. The Lynn Praying Band are meeting with good success at Skowhegan, where five of their number have been laboring for several days. Victor Grange at Fairfield Center, numbers nearly 100 working members. The March term of the S J. Court for this county commences next Tuesday at Skowhegan. Judge Virgin is to preside The continued docket contains 598 .cases and we understand that there are a large number of new cases to e entered at this term. The Skowhegan Reform Club numbers 282 members. The pledge has received 700 signatures. At the Sunday evening meeting in Coburn Hall over one thousand people were assembled. No member has yet violated his pledge. WASHINGTON COUNTY. The ladies of Calais gave a masquerade ball for the benefit of the St. Croix library and realized the sum of $240.26, which has been handed to the treasurer. YORK COUNTY Alfred jail received a visit from Burnham Wardwell recently. He says he found. the jail clean and tidy, and the prisoners orderly and respectful He says clergymen seldom if ever, visit this iail and that no religious services are held there on Sunday or on any other day. Capt. Mark Priuce of Saco, a prominent Odd Fellow and Knight Tempiar, died suddenly Wednesday evening the 15th. He was 64 years of age. The fourth term of the Free High School of Sanford is now in session, and is attended by eighty-one scholars. District Ne. 2 sends the 8 largest number, forty-seven, and District No. the smallest, one. David Fernald, for many years a prominent citizen of Saco, died Saturday, March 11th, at the advanced age of 83 years. Benjamin Adams of Saco had a cataract re moved from one of his eyes by Dr. GreeLe at the Maine General Hospital and is now doing well. There were four fires in Biddeford Monday night the 13th. The loss, however, was slight,

3. December 16, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 16, 1878

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BY TELEGRAPH. MAINE. MAINE SAVINGS BANKS. Annual Report of Bank Examiner Bolster. AUGUSTA, Dec. 15. The report of W. W. Bolster, State Bank Examiner, has been prepared for submission to the Governor and Council. Although the past year has been more trying to savings institutions,than any previous ones,our savings banks are in a better condition and stronger than a year ago. BANKS OF DISCOUNT AND DEPOSIT. The Eastero and Mercantile banks of Bangor have both surrendered their charters and are transacting such business only as is neces sary to a final s-ttlement of their affairs. Tue outstanding certifica es of the American Baok of H sllowell are $800. Cash on hard to pay be same, $704. at the rate of 88 per cent., the dividend ordered by the court. SAVINGS BANKS. The number now organized and doing business in the state is fifty-nine, a decrease of five since September 27, 1875. These have been placed in the hands of receivers, baing the only ones 80 placed since the organization of the system in the state, and are given in the following table, showing their present condition and the progress made in the settlement of their affairs: TOOD

4. January 14, 1881 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 14, 1881

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Article Text

THE SAVINGS BANKS. Annual Report of Examiner Richards. Bank Examiner Richards, in making the twenty-fourth annual report of the savings banks of Maine to the Governor and Council, says that the great ordeal to which savings banks were subjected in 1878 and 1879 has not beon destitute of beneficial results, it having demonstrated to the satisfaction of managers and depositors that moderate profits, with perfect security, are to be preferred to high rates of interest from hazardous investments and that an ample reserved fund is of greater importance than the amount of dividends. The conservative disposition which characterizes the present management of the savings institutions of our State is a gratifying assurance of the general determination to make them, in fact, a safe depository for the savings of the people. There are at present fifty-five savings banks in active operation in the State. During 1878 the deposits decreased $3,725,320, and during 1879 the decrease was $186,363. The past year, on the contrary, there was an increase of $1,968,183. The aggregate of the reserved fund held by the banks on November 1, , 1880, amounted to $607,629.63. The examiner remarks on the tendency to decrease real estate investments and invest in public funds and railroad bonds as more easily converted into cash. The propriety of investing in railroad stocks is, at least, vuestionable. Some banks continue to make loans on names alone. Although no losses have occurred from such loans, it is a violation of the law, to which the attention of the bank officers has been called. The great'increase of deposits and the difficulty in making safe and more remunerative investments has necessitated the temporary depositing of large sums in national banks at a very low rate of interest for monthly balances. One bank has made a dividend ef per cent, 19 a dividend of 5 per cent, 1 a dividend of 42, 12 a dividend of 41, 5 a dividend of 41 and 16 a dividend of 4. One has made no dividend, having been enjoined. The attention of the Legislature is called to the fact that the present State tax on the banks amounts to at least 20 per cent of the revenue of the banks. The Bucksport, Hartland and North Anson banks have practically closed their affairs during the year. October 3d the Bucksport bank voted a final dividend of 111 per cent, making an aggregate of 711 per cent paid the depositors in settlement. The North Anson bank voted to surrender its charter last January. The Hartland bank reported November 1st the amount due depositors to be $14, with cash in bank of $14. The Newport and Solon banks are in the hands of receivers. It is estimated that the Newport bank will finally pay depositors from 65 to 70 per cent, and the Solon bank 100 per cent. On account of the depreciation of values in 1877 and 1878, 13 banks availed themselves of the relief afforded by law, of reducing their deposit accounts. Seven of these, namely the Androscoggin County, Auburn, Bridgton, Calais, Dexter, Franklin County and Skowhegan, have been able to partially or wholly restore the amount so reduced to the credit of depositors. The injunction granted to the Wiscasset bank, to restrain the payment of 80 per cent of its deposits, has been continued. The bank has loans of $22,000 in the town of Wiscasset, the security of which is rendered uncertain by a the financial condition of the town. With low estimate of its assets the bank has a surplus above liabilities of $12,670.40, and with the earnings of another year it can pay its depositors dollar for dollar, without realizing from its loans on mortgages of real estate. The two banks of discount, the Eastern and Mercantile of Bangor, have surrendered their charters, are redeeming outstanding circulation, and will soon make a final settlement. In closing Mr. Richards reminds the bank officers that their efforts should be directed to the disposal of such real estate as they haye been obliged to acquire by foreclosure. The present activity in business and the great appreciation of values affords savings banks an opportunity to prepare for the reaction which is not unlikely to follow. The safest securities should be obtained, income should be regarded of secondary importance. The highest satisfaction is expressed with the general management of the savings banks.