Somersworth Bank - Somersworth, NH

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 17, 1908
Location: Somersworth, New Hampshire (43.262, -70.865)

Metadata

Model: gpt-5-mini
Short Digest: 10a1c14c0b4b6076

Response Measures

None

Description

Article (Daily Kennebec Journal, 1908-12-17) reports discovery of large defalcation by cashier (Varney), examiner valuing shortage (~$85,000), and that the comptroller appointed a temporary receiver. No run is described; bank placed into receivership/temporary custody—consistent with a suspension leading to closure/receivership. OCR errors in the text corrected (cashier name Varney, shortage amount, receiver appointment).

Events (2)

1. December 17, 1908 Other

Newspaper Excerpt: Arrest of cashier Varney after his confession to taking funds; large-scale defalcation and subsequent legal actions mentioned.
Source: newspapers

2. December 17, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of large defalcation by cashier W. Varney (examiner estimated shortage about $85,000), prompting comptroller to appoint a temporary receiver and take charge of affairs.
Newspaper Excerpt: the comptroller appointed temporary receiver
Source: newspapers

Newspaper Articles (1)

1. December 17, 1908 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, December 17, 1908

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Article Text

discovered of of Manchester mle was N. S. Bean examinacourse of a Examiner in the accounts periodical of the institution. States tion of the by United Marshal Eugene P. under the varney was acting arrested Nute of Attorney Farming- direction T. ton. of W. United Hoyt N. H. of States Nashua. District here both by officials Examiner have ing been After summoned his arrest, according S. Tebbets. to a made by Varney made statement of the bank, had president Bean. W. that he tak- a confession. admitting the bank. which large sum from speculating. He said en a been lost in was responsible for had that he alone which had been acthe also defalcation. for the last six here years. late Var- this cumulating a hearing States Comney was given before United of Conafternoon Hodgman pleaded not He of $10,000 for his district cord. missioner Burns P. guilty appearance and court fur- in nished the bail United States third Tuesday before Portsmouth. the were John T. W. at His bondsmen of Dover and E. March. Ham. a business man and Dr. John uncle of the cashier. Somersworth. compWilli of trouble to the Bean In reporting the Examiner troller that of the the currency. defalcation his opinion amounted to $85,000. but solvent. He stated they were bank was said that said directors that. had in impairment also that and the the to make up the the examiner take of the unable requested with a that view to liquidating Late the the charge hao affairs Bean was institution. comptroller. appointed temporary finances today receiver Mr. by the of The latest statement made in September. sur- 1908, of the bark follows: Capital. $100,000: loans and discounts. plus, was as $20,256; deposits. $214,937; $220.244; cash and exS. changes. $26,963. the bank are: W of the following The officers president. and C. H. Wells. Tebbetts. directors: W. S. Tebbetts. Harmon. G. Fred Sidney simms. F. C. Bates. Chas. F. F. Stevens and W. S. is marLawsor. is 39 years old. He son of 10 Varney has one child. a of SomHe has been and was one years. ried and a resident city. of young ersworth for 11 years men of fraternal the the He prominent was a member had of many served the new city organizations and treasurer. A two was years as three city chosen resulted years Varney in ago. a treasurer when the city administration election received change out of live in the ostentatiously. bank. He did not of $2500 from the to pay two a salary was required to his friends which be was known in sistants. It deeply that interested there the asthat stock he market. was but show it is that said he was trans- inwas volved nothing beyond to his means in any cuactions. of the cashier has bank been diffiriously in no been east The life although associated reflection with case previously his culties. had the slightest Upon completing neighupon his name. the schools of the where he education in of Dover, N. H. Dover Naboring horn. city he entered In the 1895 this bank was Bank as clerk. Cent Savings Bank. were was Abbott. who and which tional the Dover identified Isaac Five F. with it. and who was wrecked by both institutions discovery of cashier of suicide after TWO the years latwas of the First Nato the Joseph of er committed a become Varney shortage formerly cashier called $97,595. cashier. Great to Somersworth Falls National E. Bank, had an offices. Bank. tional aged whose man, The been murder- murJoseph state prison at about term in bank, Stickney, er. dered a in robbed the the Keller. bank the who had is securing become now Concord. serving setforhere he Cashier $4300. hastily After Varney purchased the Stickney. house It merly at his house that officials he today. by the United only 28 years tled was occupied States by was old arrested when but chosen Varney to was the the position duties of with cashier. energy the ofundertook greatly pleased bank the institution. from and he ficers ability that however. The nev- the of recovered. Stickney er fully which followed the secured for setback although Varney of the business murder, handling of much Manufacturing the payroll of of it the Great large Falls business cotton Stick- men. mill Co.. with its Some of the of the operatives. who at the time their accounts moreover. tragedy transferred National Bank. did not the ney the Somersworth in the city. beon!y to other bank again after Varney National. change cashier back of the First not revealed the came Examiner Bean has Varney in coveremployed by six years. defalcations for other ing up understood sets of but method it is the two from sources the books. exthat he employed was submitted bank. to and one of which or his visits cashier to the privately. this introduce The the aminer other unexpected kept week by appearance at the a time when the of the decep- there exled tive books aminer was no chance to to the disclosure of the today shortage statement issued late Examiner bank In Tebbetts said that the President Bea!! had informed him and all depositors paid was probably solvent in full. Varney has in cus- not remains tody been of United States would taken be to jail. but Marshal Nute.