Germantown National Bank - Germantown (town), NY

Episode Information

Episode Type: Run → Suspension → Closure
Start Date: December 1, 1931*
Location: Germantown (town), New York (42.134, -73.871)
Registered Place: Germantown
Bank Type: national
Charter Number: 12242

Metadata

Episode ID
Bank ID
City ID

Model: gpt-5-mini
Short Digest

Response Measures

Full suspension

Other: Requested the Comptroller of the Currency to take over the bank's affairs (federal takeover/receivership).

Receivership Details

Depositor recovery rate: 68.5%
Date receivership started: 1932-01-22
Date receivership terminated: 1938-03-31
Share of assets assessed as good: 38.9%
Share of assets assessed as doubtful: 54.1%
Share of assets assessed as worthless: 7.1%

Notes

Newspaper reports closure 1931-12-29; official receivership record date is 1932-01-22.

Events (5)

1. July 31, 1922 Chartered

Source: historical_nic

2. December 1, 1931* Run

Cause: Bank Specific Adverse Info
Cause Details: Loss of confidence after discovery that VP Clyde DeWitt misappropriated $64,000 of the bank's funds.
Newspaper Excerpt: A gradual run on the bank began over two weeks ago and until the doors were closed today more than $100,000 was withdrawn by depositors.
Source: newspapers

3. December 29, 1931 Suspension

Cause: Government Action
Cause Details: Bank closed and requested Comptroller of the Currency to take over following loss of depositor confidence after embezzlement discovery.
Newspaper Excerpt: The Germantown National Bank closed its doors today and asked the comptroller of currency to take over its affairs.
Source: newspapers

4. January 22, 1932 Receivership

Newspaper Excerpt: Official receivership date per government records (Comptroller takeover requested in December 1931).
Source: newspapers

5. January 22, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. December 29, 1931 The Ithaca Journal Ithaca, NY

Article Text

Germantown Bank Closes Its Doors

Germantown, N. Y. — (AP) — The Germantown National Bank closed its doors today and asked the comptroller of currency to take over its affairs.

Loss of confidence as a result of the discovery last year that Clyde DeWitt, convicted Columbia County treasurer, had misappropriated $64,000 of the bank's funds, was given as the reason for the closing of the bank. DeWitt, at that time, was vicepresident of the institution.

A gradual run on the bank began over two weeks ago and until the doors were closed today more than $100,000 was withdrawn by depositors.

The Germantown National was the only bank in Germantown, a historic old town on the Hudson River.