12475. First National Bank (East Rutherford, NJ)

View Charter #12228 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12228
Charter Number
12228
Start Date
March 1, 1933*
Location
East Rutherford, New Jersey (40.834, -74.097)

Metadata

Model
gpt-5-mini
Short Digest
76eb23bdb88b77fd

Response Measures

None

Receivership Details

Depositor recovery rate
85.8%
Date receivership started
1934-03-01
Date receivership terminated
1938-07-25
Share of assets assessed as good
77.4%
Share of assets assessed as doubtful
22.2%
Share of assets assessed as worthless
0.4%

Description

The articles describe the First National Bank of East Rutherford having been closed during the banking holiday (March 1933) and later placed in liquidation; the Comptroller appointed a receiver (March 2, 1934). The old bank remained in liquidation while Rutherford National Bank opened a branch in the old premises. No run on depositors at this specific bank is described; the sequence is a suspension (bank holiday closure) followed by permanent closure/receivership.

Events (4)
1. June 28, 1922 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Macro News
Cause Details
Closed during the nationwide banking holiday in March (banking holiday referenced in text), leading to the institution's cessation of operations and subsequent liquidation.
Newspaper Excerpt
closed during the banking holiday last March
Source
newspapers
3. March 1, 1934 Receivership
Source
historical_nic
4. March 2, 1934 Receivership
Newspaper Excerpt
officially notified by the U. Comptroller of the Currency of his appointment as receiver of the liquidated East Rutherford First National Bank. He takes charge superseding Cashier Samuel W. Thompson, who has been acting conservator of the bank since the institution was closed during the banking holiday last March . . . Mayor Daniel P. Westbrook . . . appointed receiver of the liquidated East Rutherford First National Bank . . . will take over liquidation of the bank funds today the termination the Samuel W. former cashier of the bank, who has served in that capacity for several months. The East Rutherford was made branch of the Rutherford National Bank January and has been conducting business as its old headquarters since. (AP and local reports, Mar 2, 1934). , cause: government_action, cause_details: Comptroller of the Currency appointed a receiver to liquidate the bank; formal government action placing the institution in receivership.
Source
newspapers

Newspaper Articles (6)
1. March 2, 1934 The Record Hackensack, NJ
Article from The Record, March 2, 1934

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Article Text

APPOINT MAYOR BANK RECEIVER Will Serve At E. Rutherford Institution Word was received from Comptroller the Treasury O'Connor by Mayor Daniel Westbrook of East Rutherford night that he has been the East Rutherford National Bank. Westbrook will take over liquidation of the bank funds today the termination the Samuel W. former cashier of the bank, who has served in that capacity for several months. The East Rutherford was made branch of the Rutherford National Bank January and has been conducting business as its old headquarters since.

2. March 2, 1934 The Herald-News Passaic, NJ
Article from The Herald-News, March 2, 1934

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Article Text

Bank Receiver in East Rutherford Supersedes Thompson in Orderly Liquidation of Old First National Bank Lodi, Heights Merger Mayor Daniel P. Westbrook, East Rutherford, today was officially notified by the U. Comptroller of the Currency of his appointment as receiver of the liquidated East Rutherford First National Bank. He takes charge superseding Cashier Bamuel W. Thompson, who has been acting conservator of the bank since Institution was closed during the banking holiday last March On January last, there was disbursement of per cent. the depositors, many of whom transferred their accounts to the newly formed East Rutherford branch of the Rutherford tional Bank. Recently The predicted that Mayor would be given the task of continuing orderly liquidation of the old First National's LODI, HEIGHTS BANKS IN MERGER IN BERGEN A. merger of five Bergen County hanks, all members of the Federal Reserve System to take effect on March 19, was this morning by Charles E. Blackford president of the Peoples Trust and Guaranty Company of Hack. ensack. Joining the Peoples will be the State Bank and Trust Company of Bank of Hasbrouck Heights: First National Bank Lodi: and the Teaneck National The main offices will be in at the Peoples Bank with the other banks acting Ing will be held on March Blackford said. The merged bank will be known the Peoples Trust Company Bergen County and will have Mr Blackford as president. Operating officers of the other banks will made of the Peoples' of. floors' staff while honorary presidents and members of the hoards directors of the merged banks will be retained as members local advisory boards. Blackford said.

3. March 2, 1934 The Herald-News Passaic, NJ
Article from The Herald-News, March 2, 1934

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Article Text

Bank Receiver East Rutherford Mayor Daniel P. Westbrook, Rutherford, was notified by the ficially of the Currency his Comptroller appointment receiver Rutherford First liquidated East He takes charge immediately Cashier Thompson, who has been acting of the bank since the closed during the institution holiday last March On January there of 50 per cent. to many of whom their accounts to the formed East Rutherford newly the Rutherford Nabranch tional Recently The Herald-News predicted that Mayor would given the task of the old First orderly National's assets. LODI. HEIGHTS BANKS IN MERGER IN BERGEN of five Bergen County the Federal all take effect Reserve System March Charles E. Blackford, morning president Peoples Trust Guaranty Company of ensack. Joining the Peoples will be the State Bank Trust Company Hackensack: Heights: Bank and the Teaneck National The main offices will be the with other banks acting will held on March 17. be said. bank will be known The merged the Peoples Trust County will have Mr. Bergen Blackford Operating officers the other the Peoples' ofmade staff while honorary the boards directors of merged banks will retained advisory boards, Blackford

4. March 19, 1934 The Herald-News Passaic, NJ
Article from The Herald-News, March 19, 1934

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Article Text

EAST RUTHERFORD Samuel W. Thompson Appointed Manager Now in Full Charge of the Local Branch Bank Samuel W. Thompson, former cashier of the First National Bank of this Borough now in liquidation and who conservator until Daniel P. Westbrook was appointed receiver, has been appointed manager of the East Rutherford Branch of the Rutherford National Bank The receiver being appointed Mr. Thompson automatically got through as and recently was placed in the new position. He is now the cashier of the new branch bank, but has nothing more to do the liquidation of the old bank His salary is paid by the Rutherford National Bank and not from the funds of the old Institution about which there was a misunder- ST. AGNES GUILD HOST AT COVERED LUNCHEON St. Agnes Guild of Grace Epis. copal Chapel covered dish luncheon at the Community House Boiling Springs Avenue Mrs. Anna Jackson was in charge. The Borough Couneil will meet tonight at the Municipal Build- Miss Anna Paterson Avenue, accompanied by Mrs. R. Strehle is enroute via automobile to St. Petersburg. Florida where they will remain several months. has called a general meeting of the membership of all organizations alliliated with the church for Thursday evening March 29 at 8 P. M. at the church Cariton Ave.

5. March 19, 1934 The Herald-News Passaic, NJ
Article from The Herald-News, March 19, 1934

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Article Text

EAST RUTHERFORD Samuel W. Thompson Appointed Manager New in Full Charge of the Local Branch Bank Samuel W. former the First National Bank of this Berough now in and conservator until P. Westbrook was appointed has been manager of the East Rutherford Branch of the Rutherford National Bank The being appointed Mr. automatically got through as conservator and recently was placed the new position. He the cashier of the new branch bank, but has nothing more to do with the liquidation of the old His salary paid by the Rutherford National Bank and not from the funds of the old institution about which there was misunder- ST AGNES GUILD HOST AT COVERED LUNCHEON St. Agnes Guild of Grace Episcopal Chapel covered dish luncheon at the Community House, Bolling Springs Avenue Mrs. Anna Jackson was in charge. The Borough Counefl will meet tonight at the Municipal Build- Miss Anna Hensch, Paterson Avenue, by Mrs. R. Strehle is enroute via automobile to Petersburg, Florida where they will remain several months. Hold The Rev. Arthur O. Hoppe, pasof M. E. Church, has called general meeting of the membership of all organizations alliliated with the church for Thursday evening March 29 at P. M. at the church Cariton Ave-

6. 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.