First National Bank (Whitehouse Station, NJ)

View Charter #9061 on SPMC View balance sheet

Episode Information

Episode UID
906101584
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
90610 national
Charter Number
9061
Start Date
December 30, 1931
Location
Whitehouse Station, New Jersey (40.615, -74.770)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e4c51a68041f8014

Response Measures

None

Receivership Details

Depositor recovery rate
86.0%
Date receivership started
1931-12-30
Date receivership terminated
1936-07-22
Share of assets assessed as good
17.1%
Share of assets assessed as doubtful
75.5%
Share of assets assessed as worthless
7.5%

Description

Newspaper states bank closed Dec. 17, 1931 though government-record receivership date is 1931-12-30.

Events (3)
1. March 11, 1908 Chartered
Source
historical_nic
2. December 30, 1931 Receivership
Source
historical_nic
3. December 30, 1931 Receivership
Newspaper Excerpt
J. D. Colyer, receiver of the First National Bank of Whitehouse Station, has posted a statement on the door of the bank showing the process of liquidation, as of March 31.
Source
newspapers

Newspaper Articles (3)
1. April 29, 1932 The Courier-News Bridgewater, NJ

Article Text

Whitehouse Bank Receiver Reports J. D. Colyer, receiver of the First National Bank of Whitehouse Station, has posted a statement on the door of the bank showing the process of liquidation, as of March 31. This gives the following information regarding the condition of the bank at that time: Total of all assets coming into the hands of the receiver, $711,495.61; remaining assets uncollected, $422,849.12; total of all liabilities, $603,892.23; cash on hand, $217,304.21. Efforts are being continued by the directors' and depositors' committee to reorganize the bank.

2. April 29, 1932 The Courier-News Bridgewater, NJ

Article Text

Whitehouse Bank Receiver Reports J. D. Colyer, receiver of the First National Bank of Whitehouse Station, has posted a statement on the door of the bank showing the process of liquidation, as of March 31. This gives the following information regarding the condition of the bank at that time: Total of all assets coming into the hands of the receiver, $711,495.61; remaining assets uncollected, $422,849.12; total of all liabilities, $603,892.23; cash on hand, $217,304.21.

3. January 10, 1933 The Courier-News Bridgewater, NJ

Article Text

Whitehouse Bank Statement Shows $420,825.07 Paid Out A statement of the condition of the First National Bank of Whitehouse Station, which closed Dec. 17, 1931, was issued yesterday by J. D. Colyer, the receiver, and was posted on the door of the banking house. This shows that the receiver has collected $486,994.76 and paid out $420,825.07 during the year, leaving a balance of $66,169.69 cash in hand. The chief disbursement was $362,465.70 in dividends, totaling 66 2/3 per cent paid to the depositors. There still remains $167,750.41 in uncollected assets. The report also shows that $14,791.85 has been collected from interest, premiums and rents since the bank suspended and that the entire cost of the receivership has been $9,232.51, leaving an earning of $5,559.34 for the depositors. TO GIVE PLAY IN SOMERVILLE Young people of the Whitehouse Reformed Church will present the three-act comedy drama, "The Red-headed Stepchild," in the First Reformed Chapel in Somerville Thursday at 8 p. m. under the auspices of the Woman's Missionary Society. The play is given under the direction of the Rev. Henry F. Senne, pastor of the local church, and the leading role of the red-headed stepchild is taken by Miss Alma Davis. Others in the cast are: Mrs. Robert W. Field, Mr. and Mrs. Norman W. Young, William C. Swackhamer, James L. Ramsey, Miss Muriel Reed, Miss Vera Bachmann, Miss Katherine Reilley, Miss Gladys Reed, Miss Cora Opdycke and Frederick S. Messler. The play was given two months ago by the same cast in the Whitehouse Station firehouse. LADIES AID SOCIETY ELECTS The Ladies Aid Society of the Reformed Church has reorganized for the ensuing year by the election of the following officers: President, Mrs. J. Newton Johnson; vice-president, Mrs. S. D. Skillman; secretary, Mrs. Jacob H. Young; treasurer, Mrs. James L. Ramsey.