First National Bank - Mount Rainier, MD

Episode Information

Episode UID: 1244301559
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 124430 national
Charter Number: 12443
Start Date: November 16, 1929
Location: Mount Rainier, Maryland (38.941, -76.965)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: b3400a4daee19112

Response Measures

None

Description

Bank was purchased/taken over by Prince George's Bank following discovery of embezzlement.

Events (4)

1. September 28, 1923 Chartered

Source: historical_nic

2. November 16, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Embezzlement of $20,000 by vice-president/cashier C. L. Schatz led to the purchase/assumption of assets and liabilities by Prince George's Bank.
Newspaper Excerpt: The loss was said to have precipitated the merger yesterday of the First National Bank with the Prince George's Bank
Source: newspapers

3. November 17, 1929 Other

Newspaper Excerpt: C. L. Schatz, vice-president and cashier of the First National Bank of Mount Rainier, Md., was brought to Baltimore yesterday and charged with embezzling $20,000 from the bank.
Source: newspapers

4. March 5, 1930 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. November 17, 1929 The Baltimore Sun Baltimore, MD

Article from The Baltimore Sun, November 17, 1929

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Article Text

WESTERN MARYLAND BANKER BAILED GETS CHAFFEE ROAD IN MT. RAINIER $20,000 THEFT C. L. Schatz, Vice-President Of First National, AccusedOfEmbezzlement MERGER FOLLOWS REPORT OF LOSS Prince George's Institution Takes Over All Assets And Liabilities C. L. Schatz, vice-president and cashier of the First National Bank of Mount Rainier, Md., was brought to Baltimore yesterday and charged with embezzling $20,000 from the bank. He was released in $5,000 bail for action of the Federal grand jury. The loss was said to have precipitated the merger yesterday of the First National Bank with the Prince George's Bank, which has branches in Mount Rainier and Hyattsville. The assets of the merged institutions will total $3,000,000. No Depositor To Lose It was said by bank officials that both institutions would open tomorrow and that no depositor would suffer loss. The rumor in Mount Rainier of the loss caused no run on the bank, which kept its usual hours. The First National Bank started as the Citizens' Bank, becoming national bank two years ago. The president is Dr. William B. Spire. Brought To Baltimore Schatz was brought to Baltimore by a special investigator for the Depart. ment of Justice. A warrant was sworn out before United States Commissioner Harry N. Abercrombie and bail was set. The First National Bank, it is understood, was severely hit by the loss, Its assets are $300,000. The Prince George's Bank purchased outright the "assets and assumed the liabilities of of the First National."