12462. Carlstadt National Bank (Carlstadt, NJ)

View Charter #5416 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5416
Charter Number
5416
Start Date
December 1, 1933*
Location
Carlstadt, New Jersey (40.840, -74.091)

Metadata

Model
gpt-5-mini
Short Digest
36ff77a45084c7ce

Response Measures

None

Receivership Details

Depositor recovery rate
85.0%
Date receivership started
1934-04-10
Share of assets assessed as good
53.2%
Share of assets assessed as doubtful
36.8%
Share of assets assessed as worthless
10.0%

Description

Articles (Mar 1934) report RFC authorized a $457,000 loan to the conservator of the Carlstadt National Bank, indicating the bank was under conservatorship (closed/suspended) and in liquidation/rehabilitation. No article describes a depositor run; instead the bank appears closed and in conservatorship/liquidation, so classified as suspension leading to closure. OCR errors in Article 4 made wording unclear; corrected reading identifies Carlstadt National Bank as the institution in conservatorship/liquidation.

Events (4)
1. June 12, 1900 Chartered
Source
historical_nic
2. December 1, 1933* Other
Newspaper Excerpt
RFC ... authorized during December, 1933, the largest being $457,000 to the conservator of the Carlstadt National Bank. (RFC loan authorization reported March 1934).
Source
newspapers
3. April 10, 1934 Receivership
Source
historical_nic
4. * Suspension
Cause
Government Action
Cause Details
Bank placed under conservatorship (conservator appointed) and undergoing liquidation/rehabilitation; action by regulators led to suspension of normal operations.
Newspaper Excerpt
the largest being $457,000 to the conservator of the Carlstadt National Bank.
Source
newspapers

Newspaper Articles (4)
1. March 12, 1934 The Times Trenton, NJ
Article from The Times, March 12, 1934

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Article Text

Loans Authorized For Jersey Banks RFC Report to Congress Says 14 Sanctioned In December WASHINGTON, March 12 (P).-The Reconstruction Finance Corporation, in its monthly report to Congress, made public the fact that 14 loans to New Jersey banks and trust companies had been authorized during December, 1933, the largest being $457,000 to the conservator of the Carlstadt National Bank. Other loans authorized included: Collingswood National Bank (conservator), $65,000; First National Bank of East Rutherford, $95,000; Elizabeth Trust Company, $245,000: Cliffside Park Title Guarantee Trust Company, $18,000; First National Bank (conservator), of Lyndhurst, $400,000; Margate Trust Company of Margate City, $75,000; Mount Ephraim National Bank (receiver), $50,000; New Brunswick Trust Company, $50,000; Hamilton Trust Company of Paterson, $25,000; Merchants Trust Company of Paterson, $20,000; Security Trust Company of Paterson, $7,500; First National Bank of Sea Isle City (receiver) $19,000; Woodlynne National Bank (receiver), $4,000. Exception for loans to the CliffPark Title Guarantee & Trust Company the Margate Trust Company, the Merchants Trust Company of Paterson. the Security Trust Company of Paterson, and the First National Bank of Sea Isle City, no part of the had been disbursed up to and including December 31.

2. March 12, 1934 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, March 12, 1934

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Article Text

14 JERSEY BANKS RECEIVE RFC AID Largest, of $457,000, Goes to Carlstadt Conservator. Two Canceled. WASHINGTON March 12. (AP)-The Finance in its monthly to congress, made public the fact that 14 loans to banks and trust had been authorized during December, 1933, the largest being to the conservator of the Carlstadt National bank Other authorized included: the National bank (conservator), $65,000 First National bank of East Rutherford, Elizabeth Trust company, Cliffside Park Title and Trust company, $18,000 First National bank (conservator), Lyndhurst, $400,000; Margate Trust company, Margate City, $75,000; the Mount Ephraim National bank (receiver), $50,000; New Brunswick Trust company, $50,000; the Hamilton Trust company of Paterson, $25,000; the Merchants Trust company of Paterson, $20.000; the Security Trust company, Paterson, $7,500 the First National bank of Sea Isle City (receiver) $19,000, and the Woodlynne National bank (receiver) With the execption of loans to the Cliffside Park Title Guarantee Trust company the Margate Trust company Merchants Trust company of Paterson: the Security Trust company Paterson, and the First Na. tional bank of Sea Isle City, no part of the amounts authorized been disbursed up and including December 31. 1933 Among the instiutions from which the RFC had agreed to purchase preferred stock the following in New Jersey, Fairlawn Radburn Trust company, Garfield Trust company, $200,000 the Hackensack Trust company, $300,000; Harrison Na. tional bank of Harrison. New Jersey, $112,500; Columbia Trust company Hoboken, $50,000; Chancellor Trust County National bank, Jersey City $1,500,000; Clinton Trust company, Newark, $250,000, and Citizens Trust company, Summit, $60,000. Under the statement of loans authorized during the period from July 21, 1932, to 30, inclusive, which were withdrawn or cancelled in part during December were the following in New Jersey and the withdrawn or cancelled Peoples bank of Hawthorne, and the New Jersey National Bank and Trust company of Newark (receiver), $250,500.00

3. March 13, 1934 The Herald-News Passaic, NJ
Article from The Herald-News, March 13, 1934

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Article Text

Fourteen Loans to Jersey Banks Authorized by RFC in December ASHINGTON (AP) The Re Construction Finance Corporation in its monthly report to Congress, made public the fact that fourteen loans to banks and trust companies in New Jersey bad been authorized during December 1933. the largest being $457,000 to the conser of the Carlstadt Na tional Bank The Collingswood National Bank $65,000 First Na tional Bank of East Rutherford $245,000 Cliffside Park Title Guar antee Trust Company $18,000 First National Bank (conservator) Lyndhurst, $400,000 Margate Trust The Mount Ephraim National Bank (receiver). $50,000 New Brunswick Ilton Trust Company of Paterson $25,000 The Merchants Trust Company of Paterson. $20,000 The Security Trust Company, Paterson The First National Bank and the National Bank Among the Institutions from which the RFC had agreed to purchase preferred stock were the fol. lowing in New Jersey: Fair LawnRadburn Trust Company, Fairlawn. $200,000; The Hackensack Trust tional Bank of Harrison, $112.500 Columbia Trust Company Hoboken. $50,000 Chancellor Trust son County National Bank Jer. sey City, $1,500,000 Clinton Trust Company Newark $250,000. and Citizens' Trust Company, Summit

4. July 25, 1934 The Record Hackensack, NJ
Article from The Record, July 25, 1934

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Article Text

SEEK EXTENSION IN BANK ACTION E. Rutherford Stockholders Protest Order Stockholders of the First National Bank of East called for Friday night in the Square School to plan secure time extension on 100 placed on them an effort to speed liquidation of the bank Receiver Mayor Daniel P. Westbrook forwarded the order which came through from O'Connor comptroller the currency. at Washington, by registered mail to each of the stockholders Payment is due Aug 13, with the proviso made that the be made in payments necessary The meeting has been called because the inability of most of the stockholders money stock within the three alloted East Rutherford has been closed since bank holiday. The Rutherford National Bank is now erating local branch the old bank building in East Rutherford. dition to the two branches has set up in place of the Carlstadt National Bank, the Lyndhurst National which are process of liquidation Mayor The capital stock the East Ruth. erford bank listed at 500 shares with total valuation $50,000 Freeholder John Edwards president the old East Rutherford institution, expected preside the session Albert Westervelt was vice president, and Samuel Davidson George Lemort E. Hutten, and Former Mayor Karl among the directors. 'We do not understand the situathe stockholders explained. Our only chance to lay full plans protect and clear in our minds the payment is to meet and discuss the situation. The demand has also been made stockholders of the closed Lyndhurst National Bank and was payable July None the was able to raise the money and an attorney was retained the assessment. which some of the stockholders believe, would total the value of the liabilities owed the bank and work an hardship on the stock The Carlstadt National Bank has not to date an for an assessment to bring about complete liquidation.