12425. First National Bank (Belmar, NJ)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
5363
Charter Number
5363
Start Date
April 29, 1933
Location
Belmar, New Jersey (40.178, -74.022)

Metadata

Model
gpt-5-mini
Short Digest
5595a50837beb35c

Response Measures

None

Description

Articles report the First National Bank of Belmar was closed in April 1933 and local officials/Chamber and a depositors' committee worked to reopen it. Closure appears to be tied to federal/treasury classification and officials' actions (regulatory), and by October 1933 there is an active reorganization drive to reopen the bank (requesting more time). No explicit mention of a depositor run causing the suspension in the provided articles.

Events (5)

1. May 21, 1900 Chartered
Source
historical_nic
2. April 29, 1933 Other
Newspaper Excerpt
Markus said, Every day bank stays closed money lost from pocket.' ... bank officials are contact[ing] stockholders the institution for contribution the par value holdings toward reserve cover investments classed by treasury department completed, officials the Federal then decided necessary to restrict portion
Source
newspapers
3. April 29, 1933 Suspension
Cause
Government Action
Cause Details
Bank was closed and federal/treasury review of investments and restrictions by Federal (controller/treasury) led to closure and need for reorganization; officials and chamber appointed committee to assist reopening.
Newspaper Excerpt
committee of five aid officials of the First National bank, Belmar, opening that institution for business appointed the Belmar chamber ... Markus authorized appoint the after opened the closing this hurting business Belmar
Source
newspapers
4. October 28, 1933 Reopening
Newspaper Excerpt
Belmar Bank Asks Additional Time To Complete Reorganization Plan ... statement by cashier the bank, and the depositors' committee, saying that the goal reopen the bank almost reached and request had made for two more weeks' time to put the drive were revealed by the Belmar banking officials today.
Source
newspapers
5. December 1, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Asbury Park Press, April 29, 1933

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Article Text

ASSIST Belmar Chamber of Commerce Group Will Join In First National Plan. MARKUS CITES AFFECT ON BUSINESS IN BORO committee of five aid officials of the First National bank, Belmar, opening that institution for business appointed the Belmar chamber night Former Sen. Sterner will will Claude Birdsall, Harry Lewis, Hurley and Moyar local Charles Markus, president the group, an ex-officio memMarkus authorized appoint the after opened "the closing this hurting business Belmar, and the chamber commerce body business might not be amiss appoint committee to cooperate with banking officials effort might make toward reopening the bank would me Markus "Every day bank stays closed money lost from pocket.' Sterner, being upon Markus for an the proposal, the for the bank closing, department public due resort and formally made the appoint the the conference Washington this Sterner said, "the officials our local banking officials the fine the bank, with and charge year in said, the bank in the East that had to their attention did not such condition. Sterner said that the committee would busy away," and that probably would necessary additional members the that canvass of depositors reopening agreement necessary At present, bank officials are contactstockholders the institution for contribution the par value holdings toward reserve cover investments classed by treasury department completed, officials the Federal then decided necessary to restrict portion the Ernest Blaicher reported the results the proposals the for the street, for ing the trolley tracks on that street and markers. report on improvefor river, the bridge; hearing on the bridge, the Ocean bridge, jetty light and resurvey of the river.


Article from Asbury Park Press, October 28, 1933

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Article Text

Belmar Bank Asks Additional Time To Complete Reorganization Plan A threat to appoint receiver for the First National bank of Belmar by the controller of the currency in Washington, and statement by cashier the bank, and the depositors' committee, saying that the goal reopen the bank almost reached and request had made for two more weeks' time to put the drive were revealed by the Belmar banking officials today. The statement issued by Lyman and the depositors' committee as follows 'With the obtaining of the necessary two-thirds consent of the old stockholdto the sale the assets to the new and the waiver deposits well beyond the necessary percent of the deposits, the stock $105.000 of the total that successful consummation of the federal government's bank will realized thru the united efforts our citizens (Continued on Page Two)