Closed at suit of depositors with a reported deficiency of $75,000 indicating insolvency
Newspaper Excerpt
The Brooklyn Savings Bank closed its doors at the suit of depositors. A receiver has been appointed. The deficiency is $75,000.
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newspapers
same day
2.September 15, 1877Receivership
Newspaper Excerpt
A receiver has been appointed.
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newspapers
Newspaper Articles (1)
1.September 16, 1877The New Orleans Daily DemocratNew Orleans, LA
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Article Text
Another Savings Bank Gone
BROOKLYN, Sept. 15-The Brooklyn Savings Bank closed its doors at the suit of depositors. A receiver has been appointed. The deficiency is $75,000.
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.