First National Bank - Edgewater, NJ

Episode Information

Episode UID: 840101599
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 84010 national
Charter Number: 8401
Start Date: March 4, 1933
Location: Edgewater, New Jersey (40.827, -73.976)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 9fece210c772dd08

Response Measures

None

Receivership Details

Depositor recovery rate: 85.0%
Date receivership started: 1934-02-05
Date receivership terminated: 1937-12-31
Share of assets assessed as good: 63.3%
Share of assets assessed as doubtful: 34.2%
Share of assets assessed as worthless: 2.4%

Events (4)

1. October 15, 1906 Chartered

Source: historical_nic

2. March 4, 1933 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended on March 4, 1933; later declared insolvent, indicating bank-specific insolvency problems
Newspaper Excerpt: The bank suspended March 4, 1933
Source: newspapers

3. February 5, 1934 Receivership

Source: historical_nic

4. February 5, 1934 Receivership

Newspaper Excerpt: and was declared insolvent last Feb. 5.
Source: newspapers

Newspaper Articles (1)

1. May 21, 1934 The Jersey Journal Jersey City, NJ

Article Text

Bergen Men Named In Bank Suit TRENTON. (AP)—Suits to collect $47,300 in assessments were filed today in Federal Court by Richard P. Layton, receiver for the First National Bank of Edgewater. The bank suspended March 4, 1933, and was declared insolvent last Feb. 5. An assessment of $50,000 was levied last March 6 upon stockholders. One suit to collect $38,300 was against the Edgewater Trust Co. Other holders of ten shares each against whom suits were instituted were: Donald V., Malcolm, B., and Herbert G. Lowe, all of Tenafly; James D. Moore, Fort Lee; J. Howard Edsall, Palisades Park; Willis H. Palmer, Teaneck; Frank B. Plymptom, Oradell; Robert H. Nutt, Cliffside Park, and Henry Wissel of Edgewater.