First National Bank (West New York, NJ)

View Charter #12064 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
March 6, 1933
Location
West New York, New Jersey (40.788, -74.014)
Bank Type
national
Charter Number
12064

Metadata

Episode ID
Bank ID
City ID
340881720
Model
gemini-3-flash-preview
Short Digest

Receivership Details

Depositor recovery rate
67.2%
Date receivership started
1934-12-14
Date receivership terminated
1941-04-19
Share of assets assessed as good
53.3%
Share of assets assessed as doubtful
46.1%
Share of assets assessed as worthless
0.6%

Notes

The bank was under a conservator (Herman F. Deyerberg) before entering formal receivership on 1934-12-14.

Events (4)
1. December 13, 1921 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
The bank was placed under a conservator following the March 1933 banking holiday and never reopened for unrestricted business.
Newspaper Excerpt
Herman F. Deyerberg, conservator of the First National Bank of West New York
Source
newspapers
3. December 14, 1934 Receivership
Newspaper Excerpt
Robert G. Wiencke, receiver of the First National Bank of West New York
Source
newspapers
4. December 14, 1934 Receivership
Source
historical_nic

Newspaper Articles (6)
1. August 8, 1934 Asbury Park Press Asbury Park, NJ

Article Text

RFC REPORTS ON LOANS TO BANKS Avon National Got $65,000 and Ocean Grove $188,000 During May. FUNDS SUBSCRIBED FOR PREFERRED STOCK ISSUES WASHINGTON, Aug. 8. (AP)—The Reconstruction Finance corporation, in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust companies totaling $438,250, no part of which had been disbursed up to May 31. The authorized loans were as follows: First National bank in Avon-by-the-Sea, receiver, $75,000; Margate Trust company, $8,250; the Ocean Grove National bank, receiver, $188,000; the First National bank of Somers Point, receiver, $67,000, and the First National bank of West New York, receiver, $100,000. Three loans were authorized to the Manufacturers Loan company of Jersey City totaling $302,500; none of which were disbursed up to May 31. Authorization of funds for subscriptions for preferred stock in New Jersey institutions, none of which was disbursed up to May 31, were: Asbury Park National Bank and Trust company $300,000; the Atco National bank, $25,000; the First National bank of Bordentown, $50,000; West Jersey Trust company, $300,000; the Merchants National bank of Cape May, $100,000; the Dumont National bank, $50,000; the First National bank of Dunellen, $25,000; the First National bank of Englishtown, $12,500; the Peoples National bank of Keyport, $115,000; Merchantville National Bank and Trust company, $125,000; the First National bank of Milford, $125,000; Fidelity Union Trust company, $7,000,000; the Peoples National bank of New Brunswick, $250,000; the Second National bank of Paterson, $250,000; Citizens First National Bank and Trust company of Ridgewood, $400,000; the First National Bank and Trust company of Summit, $150,000; the Ventnor City National bank, $100,000, and the Woodstown National Bank and Trust company, $50,000.

2. April 15, 1935 The Jersey Journal Jersey City, NJ

Article Text

Appointed Attorney For Bank Receiver Appointment of William F. Burke of Union City as attorney for Robert G. Wiencke, receiver of the First National Bank of West New York, has been approved by the comptroller of the currency at Washington, and Burke has assumed the duties of the new position.

3. July 31, 1935 The Jersey Journal Jersey City, NJ

Article Text

FIGHT PLAN OF BANK RECEIVER ON MORTGAGES 17 Holders Oppose Turning Them Into General Fund of W. N. Y. Bank. Seventeen holders of mortgage participation certificates of the defunct First National Bank of West New York met last night to organize for a fight against the action instituted in U. S. District Court by Federal Receiver Robert G. Wiencke, in which he asks to be sustained in his plan to turn the mortgages into the general fund for the benefit of all creditors. The certificate holders at the meeting, representing about $58,000 of certificates out of 60 people holding a total of $172,500, are fighting the action because it would mean they would receive only the same as other depositors in the liquidation. Harry Gerrish is counsel for the group. Receiver Wiencke's complaint declares the issuing of guaranteed first mortgage participation certificates, started early in 1928, was a business that the bank had no authority to conduct.

4. September 6, 1935 The Jersey Journal Jersey City, NJ

Article Text

Real Estate Activities West New York Robert G. Wiencke, receiver of the First National Bank of West New York, resold to the Great Stuff Products Co., Inc., the brick garage and dwelling, 530 13th St., West New York. The building is a two-story structure, erected on a plot having a frontage of 37 feet and a depth of 88 feet. The lower floor contains a garage which has a capacity for the storing of 18 cars. The upper floor is occupied as a living apartment. The price paid was $6,000. The buyer gave back a mortgage for $3,000, due in two years at five per cent. The property, which is valued for taxation at $6,500, was acquired by the seller from Herman F. Deyerberg, conservator of the First National Bank of West New York. Adolph W. and Mae C. Schaffner, Edward J. and Catherine Doyle sold to Emily Fager the two-story, one-family brick dwelling, 112A Eighth St., on a lot 12½ x 100. Assessed at $2,600, it was acquired by the grantors from John and Emily Young May 10, 1930. Joseph and Ottila Haffner took over under foreclosure the three-story brick building, containing a store and two apartments, at 726 Park Av., on a lot 18½ x 102. The parcel, owned by Isaac Covin, was sold under foreclosure of a mortgage made by George O. Willaredt, Alfred R. and Bertha Gunther, John and Nicola Sarubbi to Minna Theurer Jan. 23, 1925, on which $11,302.25 was due. The property is assessed at $8,400. Herman F. Deyerberg, conservator of the First National Bank of West New York, conveyed the two-story brick dwelling, 216 Ninth St., on a lot 22 x 100, assessed at $4,000, to Robert G. Wiencke, receiver of the First National Bank of West New York.

5. September 6, 1935 The Jersey Journal Jersey City, NJ

Article Text

Joseph and Ottila Haffner took over under foreclosure the three-story brick building, containing a store and two apartments, at 726 Park Av., on a lot 18½ x 102. The parcel, owned by Isaac Covin, was sold under foreclosure of a mortgage made by George O. Willaredt, Alfred R. and Bertha Gunther, John and Nicola Sarubbi to Minna Theurer Jan. 23, 1925, on which $11,302.25 was due. The property is assessed at $8,400. Herman F. Deyerberg, conservator of the First National Bank of West New York, conveyed the two-story brick dwelling, 216 Ninth St., on a lot 22 x 100, assessed at $4,000, to Robert G. Wiencke, receiver of the First National Bank of West New York.

6. September 6, 1935 The Jersey Journal Jersey City, NJ

Article Text

Herman F. Deyerberg, conservator of the First National Bank of West New York, conveyed the two-story brick dwelling, 216 Ninth St., on a lot 22 x 100, assessed at $4,000, to Robert G. Wiencke, receiver of the First National Bank of West New York.