First National Bank & Trust Company (Merchantville, NJ)

View Charter #8323 on SPMC View balance sheet

Episode Information

Episode UID
832301582
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
83230 national
Charter Number
8323
Start Date
October 10, 1931
Location
Merchantville, New Jersey (39.947, -75.067)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
384e3aae78c118b6

Response Measures

None

Receivership Details

Date receivership started
1931-10-19
Date receivership terminated
1932-05-14
OCC cause of failure
Economic conditions

Description

The bank suspended preemptively to avoid a run following the closure of a neighboring trust company; it later reopened.

Events (6)
1. August 9, 1906 Chartered
Source
historical_nic
2. October 10, 1931 Suspension
Cause
Local Banks
Cause Details
Directors decided not to open following the suspension of the Merchantville Trust Company to avoid a certain run.
Newspaper Excerpt
Half an hour before the usual opening of the First National Bank and Trust Company of Merchantville, notice was placed on its stated that the rectors had not open, cause of the closing of the trust company.
Source
newspapers
3. October 19, 1931 Receivership
Source
historical_nic
4. October 19, 1931 Receivership
Source
newspapers
5. May 14, 1932 Restored To Solvency
Source
historical_nic
6. September 8, 1932 Reopening
Newspaper Excerpt
The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville
Source
newspapers

Newspaper Articles (6)
1. October 12, 1931 The Courier-News Bridgewater, NJ

Article Text

Three N. Jersey Banks Suspended banks here and in the town of Maple Shade suspended Saturday The Merchantville Trust Company was the first pension, notice stating that been taken over the State of and Insurance. from Trenton, that the bank had been taken over because its assets had been paired the shrinking of the marvalue of its securities followed. Half an hour before the usual opening of the First National Bank and Trust Company of Merchantville, notice was placed on its stated that the rectors had not open, cause of the closing of the trust company. minutes before opening time of the Maple Shade National Bank, notice appeared doors stating that "owing to the closing of our neighbor banks board voted not to open this bank John president, stated that the bank sound that its assets had not been but that he prepared to withstand heavy run which regarded certain since the closing of the neighboring town's banks.

2. October 12, 1931 The Courier-News Bridgewater, NJ

Article Text

Three N. Jersey Banks Suspended banks here and in the neighboring town of Maple Shade suspended The Merchantville Trust Company the first pension, notice stating that had been over by the State of Banking and Insurance. from Trenton, that the bank had been taken over because its assets had been Impaired by the shrinking of the market value of its securities followed. Half an hour before the usual opening of the First National Bank and Trust Company Merchantville, notice was placed on its doors. The notice stated that the rectors decided not to open, because the closing of the trust company. few minutes before opening of the Maple Shade Bank, appeared on its doors "owing the closing of our banks the board not this bank today." John Parker, president, stated that the bank sound and that its assets had not been but that he not prepared to heavy run which he regarded certain since the closing of the neighboring town's banks.

3. September 8, 1932 The Courier-News Bridgewater, NJ

Article Text

Banks Reopen Aiding State's Sliced Funds Trenton — (AP) — Liquidation and reopenings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations. Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income. The largest deposit affected by a closing, $1,700,000, was held by the People's National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available. Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank. In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.

4. September 8, 1932 The Courier-News Bridgewater, NJ

Article Text

Banks Reopen Aiding State's Sliced Funds Trenton — (AP) — Liquidation and reopenings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations. Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income. The largest deposit affected by a closing, $1,700,000, was held by the People's National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available. Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank.

5. September 8, 1932 The Courier-News Bridgewater, NJ

Article Text

Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank. In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.

6. September 8, 1932 The Record Hackensack, NJ

Article Text

REVIVED BANKS TO YIELD STATE CASH Jersey Income Jumps As They're Reorganized. (By Associated Press) Trenton, Sept. 8.—Liquidation and re-openings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations. Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income The largest deposit affected by a closing, $1,700,000, was held by the Peoples' National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available. Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and re-opening of five banks released $130,000. The re-opened banks include the Freehold Trust Company, the First National Bank and Trust Company, Merchantville, the Merchantville Trust Company, the First National Bank of Ocean City, and the Port Newark National Bank. In fifteen closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.