gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5018abd1df78fbf2
Response Measures
Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension
Other: Receiver actions (securing and selling securities, assessments on stock) and receivership/merger into First National were used to resolve the failure rather than typical interbank borrowing.
Receivership Details
Depositor recovery rate
61.5%
Date receivership started
1931-08-06
Date receivership terminated
1940-04-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
27.6%
Share of assets assessed as doubtful
72.1%
Share of assets assessed as worthless
0.2%
Description
Bank closed by Comptroller and placed in receivership Aug 1931; later assets handled by receiver and branch facilities used by First National but the original bank remained in receivership.
Events (7)
1.October 8, 1910Chartered
Source
historical_nic
2.August 5, 1931Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors began heavy withdrawals as knowledge or fear of impending closing/insolvency spread in early August 1931
Measures
Some depositors and committees attempted reorganization plans; receivership withdrawals contested in court
Newspaper Excerpt
he withdrew the funds ... when run on the bank started
Source
newspapers
3.August 6, 1931Receivership
Source
historical_nic
4.August 6, 1931Receivership
Newspaper Excerpt
since Aug. when the bank suspended business, Mr. Schram has charge the Federal Comptroller ... receiver, B. Schram has charge of the bank's assets
Source
newspapers
5.August 6, 1931Suspension
Cause
Government Action
Cause Details
Closed by action of the U.S. Comptroller of the Currency and placed in receivership (receiver B. Schram appointed)
Newspaper Excerpt
when the bank ... closed its doors and ... the receiver B. Schram was in charge
Source
newspapers
6.November 3, 1931Other
Newspaper Excerpt
Securities belonging to the National Bank of North Hudson ... may be offered for sale by the bank's receiver, B. Schram.
Source
newspapers
7.April 18, 1932Other
Newspaper Excerpt
The closed doors of the National Bank of North building have opened for the first time since August, 1931, but as branch of the First National Bank of Union City.
Source
newspapers
Newspaper Articles (15)
1.August 7, 1931The Jersey JournalJersey City, NJ
Article Text
BANKS
(Continued) believed that they would be allowed in shortly. Township of North Bergen, which had $125,000 deposit closed Steneck Trust Co. Hoboonly the closed Bank of North Hudson. had large acthe bank. Union City had distributed between the Bank North Hudson, Union City National Bank, and Trust M. Henry Better Archibald Henry. 68, president the his home, 68 Kensington Jersey City, today reported deeply affected, but not impaired. by the closing chain. had given most his personal fortune avert for Union City and the National Bank named today by the Washington wind affairs of national Deputy Comptroller the Currency Await, nounced the of Jones receiver for Union City National and B. Schramm was for the North The liquidation the Jackson Trust the Bergenline Trust Co., Union cannot the state before which time Banking and Insurance Commis sioner H. Smith will inaug. urate the liquidation task Chancery Court appeal the liquidation. Conrad Corade, assistant Cath olic Church of Union City, delivering in Italian from the steps Trust Company afternoon group depositors who gone to the bank to officials of Jackson Trust Company and the Bergenline ten until fill cation for order banks the closing order the and Thomas Lally, of Hud. $50,000 county funds on the National Bank of North Hudson and the BerTrust the Steneck Trust closed was County funds were deposit Arthur Potteralthough the Company, failed have Jersey City's deposit bank withdrawn before the situation saying he had the Co. in danger being and for not have the city's Dr Charles Purdy expressed the belief Henry there are unexpected He said short ago feared that attack diabetes, other complications, would fatally, then Mr. Henry responded well strong hopes entertained for restoration to the sacrifice that Mr. by the records at the Hudson County Court House the show that Mr. Henry. going for payable National Bank North Hudson, vacant plot on the side Cooper vacant 100x136 on north side Jewett Boulevard: brick dwellings, and Jersey and vacant 172 Railroad $75,000. payable demand the story prithe and the levard on of held by Eva S.
2.November 3, 1931The Jersey JournalJersey City, NJ
Article Text
North Hudson Nat'l Receiver May Sell $4,700,045 Securities
Securities belonging to the National Bank of North Hudson, Union said to book value 045 may be offered for sale by the bank's B. under made yesterday by Federal Judge William Clark. Since Aug. when the bank pended business, has charge the Federal Comptroller the report, filed by McDermott, Enright, and Carpenter, attorneys the receiver, par value securities held by the bank Under the court's order. the report the Comptrolthe the sale and turn the proceeds the Treasurer the United States.
Mr. Schram explained today that the order does not imply sell any the securities im. mediately that will eventually them He said that order simply empowers him pose of them when necessary.
3.November 3, 1931The Jersey JournalJersey City, NJ
Article Text
North Hudson Nat'l Receiver May Sell $4,700,045 Securities
Securities belonging the National Bank of North Hudson, Union City, said to have book value of be offered for sale by the 045 may bank's receiver, B. Schram. under order made yesterday by Federal an Judge William Since Aug. when the bank pended business, Mr. Schram has charge Federal Comptroller of the the filed by Enright, and attorneys for the receiver, par value held by the bank is $5,743.004. Under the court's order. the ceiver report the Comptrolto the the sale turn the proceeds the Treasurer of the United States.
Mr. Schram explained today that the order does imply any securities mediately that eventusell them He said that the ally order simply empowers him to dispose of them when necessary.
4.November 17, 1931The Jersey JournalJersey City, NJ
Article Text
DECKER REFUTES RECK ON BANKS
No Cash Under Liquidation For Two Years, He Says.
William E. Decker, counsel for the stockholders and amalgamation and positors seeking of the National Bank of reopening North the Union City National Bank. today took issue with Jacob Reck's that Lawyer the Union City National depositors Bank could paid almost immedithrough The group have Union branch of larger institu- leading depositors of the Reck smaller to the of the Bank Reck that can made totalthat building, fixtures, collateral notes, on and $300,000 against the stockholders. Agreeing that Reck's figures posthat are Reck wrong the time that the depositors under would take Separate Trust Funds of the Union City National Bank branch National Bank North Hudson in the former bank penny what coming Decker Assets of bank would be kept separate said. And the proposed trust funds would kept he conDue the of the Union City trust fund all pay according This, to the cash would would 100 the dollar, the posed per cent. in stock in the bank Denying that he would be trustee the trust fund of either bank under reorganization Decker been that the would be named trustee
Depositors Sign The National Bank of North Hudopened offices yesterday give chance sign of the bank the the for day. The the day those reopening the bank The payment the old depositors cent. in cash, 7½ per cent. in stock of the proposed new bank, 32% participation ficates trust fund which would assets the new be take held last night by the of the opposition will held St. John's Parish Hall, 157 North St., Jersey stockholders' committee. of which Decker seeks have Bank North Hudson and the Union National Bank under with the bank branch of the The for receiving approvals being every day.
5.November 27, 1931The Jersey JournalJersey City, NJ
Article Text
Judgment Is Won By Bank Receiver
Schram, receiver for the Na. tional Bank of North Hudson, Union City, has judgment of $367 against the Hudsonia Drug Co., City. The judgment was taken North Hudson District Court note taken by the bank June For he received when he fell Aug Brett, that $75 against the Asphalt obtain$263 Ray Neeres Jersey bus for damhis Sept. 1930. collision on Baldwin AveJersey
6.January 12, 1932The Jersey JournalJersey City, NJ
Article Text
MORE CONSENT TO BANK PLAN
Two-thirds of Depositors Approve Opening, Committee Says.
Hope for success the plan reopen the National Bank North Hudson and the Union City National Bank as one institution increased towhen the depositors' reorganizaapproval of the plan from slightly than the banks. Bank North Hudthe suspension and the Union City National Bank, $800,000. sudden increase the number depositors are agreeable the plan due the efforts of 75 canvassers who been making on people either being headed by John the month with the hope that number up for the plan that the may open by Feb. the latest, the committee The of depositors in the Union City National Bank who are for the slightly than North Hudson National Bank.
7.April 18, 1932The Jersey JournalJersey City, NJ
Article Text
BANK BRANCH OPENS DOORS
Crowd Visits New Quarters of First National, Union City.
The closed doors of the National Bank of North building have opened for the first time since August, 1931, but as branch of the First National Bank of Union City. More attended the opening the bank branch the invitation William president of the First National Bank. Avenue made the opening the for stores with bunting and branch officially opened for business morning large number new appeared during the morning. First payments checks depositors the closed National Bank North Hudson be received this week. many open with August Miller, reorganize the William Patrick Musto Union City Board Education Samuel Mayor Lewis Eastmead, Dilliston, Arthur Phelan James Buchan, officers Federal Reserve Bank. Congratulatory messages States Kean ConOscar Auf der Heide, and from the the followof North Trust Title Company, First National Bank of Hoboken the Cliffside Park Na. tional Bank.
8.August 8, 1932The Jersey JournalJersey City, NJ
Article Text
Bank Stock Levy Appeals Up Today
Appeals of four of the largest National Bank of North Hudson, Union City federal of 100 per from face the stock cent. of the were to be heard in District Court, Newark, today. appellants August the bank: Harry former North Jager Bergen: Theresa Hornung and Kate The claim the bank of City. for the bank receiver at the
9.August 8, 1932The Jersey JournalJersey City, NJ
Article Text
Bank Stock Levy Appeals Up Today
Appeals four the largest closed National Bank of North Hudson City per the face heard District appellants August Miller the bank Harry Jager former Bergen Theresa Hornung and Kate The quartet claim bank when Edward Smarak Union City appeared the bank ceiver at the hearing
10.November 29, 1932Press of Atlantic CityAtlantic City, NJ
Article Text
Liable
Bank Shares' Owner Must Pay Their Value Into Fund
NEW YORK, Nov. Schwartz, stockholder in the National Bank of North Hudson Union City, now in bankmust pay $1925 the par value his shares into the receiverFederal Judge Francis Caffey today. The bank's receiver demanded that stockholder in accordance law governing bank receiverships, holdings the fund. others decline, alledging that bank not insolwhen closed its doors and Miss that losses occurred through short opinion, Judge Caffey said the on fraud its and the (and really charged here) neither the above issues open court quiry the instance of stockholder. losses through waste, Judge Caffey said belongs the bank, Marie the
11.December 20, 1932The Jersey JournalJersey City, NJ
Article Text
ISSACS BANK SUIT RULING IS RESERVED
Defendant Testifies He Took Only Receiver Funds From Toppling Institution.
(Special to The Jersey Journal) depend cision by Federal Judge William Clark whether Schram receiver the National Bank North Hudson, will be in his attempt compel Lionel Issacs to return the closed Union City banking institution the sum $6. 514.64 receivership funds withdrawn by At the continued hearing yesterday. Judge Clark reserved the application of James Carpenter attorney for the bank's receiver. The money withdrawn by receivership funds, and the withdrawal was August 1931 the day prior to the closing of the bank by the U. comptroller the currency Issues took the and festified that August he of his funds, this money not withdrawn by him. "Protected Creditors"
Schram contends that Isancs made unfair use of his the impending closing of the bank of which he Issacs. who says the money receivership fund of the and B Manufacturing Co. of Jersey City which was receiver, testified that he acted to protect the creditors when run on the bank started that he withdrew the funds with the full knowledge of the officers of the bank and that the bank did not close the day after meeting of board of directors which he attended Issace insisted that the decision to close did not come until the next day and that he could not, therefore. have used any previous that the bank was going to close
12.March 24, 1933The Jersey JournalJersey City, NJ
Article Text
Isaacs Appeals Fund Seizure by Bank's Receiver
Appeal from the order Federal Judge William in directs the receiver of the which National Bank to North Hudson break safe deposit box of Counselor Isaacs to secure alleged to be assets of the moneys was made today by torneys, Ziegener and Brenner Notice appeal served the yesterday The Clark application the attorneys for the seeks recover which bank account and safe deposit box posited Isaace as receiver B. and The money originally placed in the bank demand deposit and Issacs for the and On shortly before the bank placed safe and box protect the creditors of posit the and Judge order allowed Issues which return the five days The five days would expire money Issues said the appeal was filed to the protect he acting ing an order of the Chancery appeal acts as enjoinIng making seizure determination the case has until the U. Circuit made Board of
13.May 26, 1933Evening StarWashington, DC
Click image to open full size in new tab
Article Text
FULL ASSESSMENTS ON BANKS UPHELD U. S. Appellate Court Calls Authority of Controller Absolute. By the Associated Press. PHILADELPHIA, May 25.-Authority of the controller of the currency to levy 100 per cent assessments on stock in closed national banks is absolute, the United States Circuit Court of Appeals ruled today. Only in case of obvious error, mistake or fraud will the courts interfere, it decreed in dismissing the appeal of three stockholders in New Jersey. They had been assessed 100 per cent on their holdings by the receivers of the Union City National Bank and the National Bank of North Hudson. The court's opinion added that it was not an adequate defense to plead that a bank is solvent and that the controller did not have sufficient facts to warrant closing it. Written by Judge Joseph Buffington, senior member of the court, the opinion upheld the ruling of Judge William Clark of the Federal District Court for New Jersey, that the defense was
14.October 17, 1933The Jersey JournalJersey City, NJ
Article Text
Bank Receiver Wins Suits on Levy on Stock
NEWARK as receiver the closed North Hudson National Bank Union City, yes. terday was given judgment against stockholders of the bank in Federal Court Stock was also authorized to sell the bank's mortgage on North Bergen garage 915 for $22,750 The stockbolders, listed in the or. der of the sums assessed against them by the Comptroller Currency after the bank closed. 1931, Emill Arena. Union City, 49 gene Ricca North Bergen, 102 field. nine shares, and Henry North Bergen
15.October 17, 1933The Jersey JournalJersey City, NJ
Article Text
Bank Receiver Wins Suits on Levy on Stock
NEWARK (P)-Samuel Stock as for the closed North HudNational Bank. Union City. yes. terday given judgment against stockholders of the bank m Federal Court Stock also authorized to sell the bank's mortgage North Bergen garage. 913 Hill St., for $22,750 The stockholders. listed in the or. der of the sums assessed against them by the U. Comptroller Currency after the bank closed, Aug. 1931. Lena Nagel. Westwood 16 shares. $434 Emil Arena, Union City, shares, $1.086 Michael Bianchine, Union City, ten shares, $271 Eugene North Bergen 102 shares, Harry Kraut. Ridgefield. nine shares, $244.35 and Henry North Bergen, five shares, $135.75
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
