Collingswood National Bank (Collingswood, NJ)

View Charter #7983 on SPMC View balance sheet

Episode Information

Episode UID
798301599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
79830 national
Charter Number
7983
Start Date
March 6, 1933
Location
Collingswood, New Jersey (39.918, -75.071)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cdf828bd0bbb5f66

Response Measures

None

Receivership Details

Depositor recovery rate
86.2%
Date receivership started
1934-03-13
Date receivership terminated
1939-05-31
Share of assets assessed as good
66.9%
Share of assets assessed as doubtful
26.8%
Share of assets assessed as worthless
6.3%

Description

The bank suspended during the March 1933 holiday and never reopened for normal business, operating under a conservator until its formal receivership in 1934.

Events (5)
1. November 20, 1905 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Federal Banking Holiday of March 1933
Newspaper Excerpt
The Bank Holiday is now a matter of history. Inconvenient, unprecedented, regretful at the time.
Source
newspapers
3. December 21, 1933 Other
Newspaper Excerpt
Millard Shute, conservator of the Collingswood National Bank, which is to be replaced by the new bank... Word of confirmation is still lacking from Washington officials of the Reconstruction Finance Corporation, from which the new bank is endeavoring to borrow on its frozen assets to make the initial dividend to depositors as large as possible-50 percent, if possible.
Source
newspapers
4. March 13, 1934 Receivership
Source
historical_nic
5. March 13, 1934 Receivership
Source
newspapers

Newspaper Articles (4)
1. March 28, 1933 Evening Courier Camden, NJ

Article Text

We Are Going To Back Up "Our Bank"—The COLLINGSWOOD NATIONAL BANK The Bank Holiday is now a matter of history. Inconvenient, unprecedented, regretful at the time. But out of it there are emerging BETTER AND STRONGER BANKING INSTITUTIONS THAN EVER. THE COLLINGSWOOD NATIONAL BANK, as we understand it, COULD have opened largely UNRESTRICTED. The Officers and Directors of our home bank have felt it far better, in the long run, to make OUR bank the safest... on the strongest foundation it has rested in the entire 28 years it has been serving Collingswood. A good, strong bank is a powerful asset to any community. Such a bank is urgently necessary for the convenience of our people and the progress of our Borough. And this public announcement is to tell all South Jersey that the undersigned will be 100% loyal to the reorganization plan that will, temporarily, make every depositor a stockholder and out of which plan will shortly be realized the goal at which we aim—"Our Bank"—The Collingswood National Bank—again open for normal business without restriction. W. L. Tushingham H. W. Bircks Howard I. Reed Community Motors Howard Field Louis Castor A. Kibbler Severn Tyler Christian C. Frech Gregory & Koss Philip G. Knebel Brockmeyer Service Station Franklin E. Jones Ray's Auto Repair United Cigar Store WILLIAM S. FOX, Prop. Joseph Van Meter W. L. Barris, Jr. Hall's Quaker Store Joseph H. Chamberlin, Inc. HARRY REICH, Secy. HOWARD S. HEWSTON, Vice Pres. "YOUR HOME IS YOUR CASTLE" COLLINGSWOOD FURNITURE & UPHOLSTERY CO. EUGENE UDELL, Proprietor

2. December 21, 1933 Evening Courier Camden, NJ

Article Text

BANK DIRECTORS SELECTED SLOWLY Getting of Right Men Holds Up Announcement of Board at Collingswood The board of directors for the National Bank being organized in Collingswood still being will not be announced until the entire group is made up, according to Millard Shute, conservator of the Collingswood National Bank, which is to be replaced by the absence of one man from town for several days delayed us in preparing our list of directors for announcement, Shute said. rather difficult to locate men of the calibre necessary to run new find these to have the the necessary 100 shares stock. The directors are being appointed the committee, headed by Bartlett as chairman, stockholders the bank can hold meeting select the regular ion. Thirty must be given for the meeting, and the notices cannot out until the bank is functioning, Shute explained. It planned when the campaign for the purchase of stock in the new institution by depositors the old and restricted completed the new bank open before first the year. The holdup in appointing the directors and other necessary detail work has made impossible reopen the bank until after the holiday season, the said. Word confirmation is still lacking from Washington from the new endeavoring to on its frozen assets to make the initial dividend to depositors as possible- percent, if possible. Shute explained the R. F. men had demanded changes be in the type loan on which the be the loans had been made to the borough of Collingswood, it was necessary draft number special resolutions changing the loans, which had to be passed by the town commission. The changes been made, and the papers on the way the Capitol. Stationery for the new bank is being printed has been ordered. Shute said answer recent rumors in the town the plans for reopening the bank has been abandoned despite the success of the stock campaign.

3. December 22, 1933 Courier-Post Camden, NJ

Article Text

BANK DIRECTORS SELECTED SLOWLY Getting of Right Men Holds Up Announcement of Board at Collingswood The board of directors for the new Citizens National Bank being organized in Collingswood are still being appointed but will not be announced until the entire group is made up, according to Millard F. Shute, conservator of the Collingswood National Bank, which is to be replaced by the new bank. Premature listing of directors' names by local newspaper was attacked as unjust and unfair by Shute yesterday afternoon. "These men are being appointed by reorganization committee, Shute said. "They were nominated Monday night and their names are subject to the approval of federal authorities If federal approval not these men be placed in very unpleasant light through this breach of faith. absence of one man from town for several days has delayed us in preparing our list of directors for Shute said. "It rather difficult to locate men of the calibre necessary to run a new still find these men to have the wherewithal to purchase the necessary 100 shares of stock.' The directors are being appointed by the reorganization committee, headed by A. J. Bartlett as chairman, to serve until stockholders in the new bank can hold a meeting to select directors in the regular fashion. Thirty days notice must be given for the meeting, and the notices cannot be sent out until the bank is functioning, Shute explained It was planned when the campaign for the purchase of stock in the new institution by depositors in the old and restricted bank was completed two weeks ago, to have the new bank open before the first of the year. The holdup in appointing the directors and other necessary detail work has made impossible to reopen the bank until after the holiday season, the conservator Word of confirmation is still lacking from Washington officials of the Reconstruction Finance Corporation, from which the new bank is endeavoring to borrow on its frozen assets to make the initial dividend to depositors as large as possible-50 percent, if possible. Shute explained the R. F. C. men had demanded that changes be made in the type of loan on which the money is to be borrowed, and as all the loans had been made to the borough of Collingswood, it was necessary to draft number of special resolutions changing the loans, which had to be passed by the town commission The changes have been made, and the papers are on the way to the Capitol. Stationery for the new bank is being printed or has been ordered. Shute said to answer recent rumors in the suburban town the plans for reopening of the bank has been abandoned despite the success of the stock campaign.

4. March 12, 1934 The Times Trenton, NJ

Article Text

Loans Authorized For Jersey Banks RFC Report to Congress Says 14 Sanctioned In December WASHINGTON, March 12 (P).-The Reconstruction Finance Corporation, in its monthly report to Congress, made public the fact that 14 loans to New Jersey banks and trust companies had been authorized during December, 1933, the largest being $457,000 to the conservator of the Carlstadt National Bank. Other loans authorized included: Collingswood National Bank (conservator), $65,000; First National Bank of East Rutherford, $95,000; Elizabeth Trust Company, $245,000: Cliffside Park Title Guarantee Trust Company, $18,000; First National Bank (conservator), of Lyndhurst, $400,000; Margate Trust Company of Margate City, $75,000; Mount Ephraim National Bank (receiver), $50,000; New Brunswick Trust Company, $50,000; Hamilton Trust Company of Paterson, $25,000; Merchants Trust Company of Paterson, $20,000; Security Trust Company of Paterson, $7,500; First National Bank of Sea Isle City (receiver) $19,000; Woodlynne National Bank (receiver), $4,000. Exception for loans to the CliffPark Title Guarantee & Trust Company the Margate Trust Company, the Merchants Trust Company of Paterson. the Security Trust Company of Paterson, and the First National Bank of Sea Isle City, no part of the had been disbursed up to and including December 31.