Ocean City National Bank (Ocean City, NJ)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
June 18, 1934
Location
Ocean City, New Jersey (39.278, -74.575)
Bank Type
national
Charter Number
12521

Metadata

Receivership Details

Depositor recovery rate
32.2%
Date receivership started
1934-06-18
Date receivership terminated
1940-09-13
Share of assets assessed as good
65.0%
Share of assets assessed as doubtful
27.0%
Share of assets assessed as worthless
8.1%

Notes

Articles show the bank in receivership; one article states insolvency in 1933 which conflicts with the provided 1934 receivership date.

Events (4)

1. April 1, 1924 Chartered
Source
historical_nic
2. June 18, 1934 Receivership
Newspaper Excerpt
George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in federal court yesterday for $19,375 ... When the bank was declared insolvent in 1933, the petition related, ...
Source
newspapers
3. June 18, 1934 Receivership
Source
historical_nic
4. May 8, 1935 Other
Newspaper Excerpt
George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in Federal court today for $19,375, which he alleged, the state illegally removed from the bank's assets.
Source
newspapers

Newspaper Articles (10)

Article Text

Change Set-up City of Wildwood plans to take administration unemployment relief after the first year the result complaints City relative present method operation, Mayor Doris Many for relief and work have found the method from Cape Courthouse, county seat, unwieldy conducive delays sultant hardship. Mayor the Federal fund would the ministration, the City Commissionbelieve. they would give the the benefit labor work stead having work in other sections of the County.

OCEAN CITY

Acts To Settle Small Accounts In Closed Bank

Receiver on Details of Shore Institution

OCEAN Richards, receiver Ocean National Band which was succeedby the National Bank Ocean City, started campaign eliminate from his books several hundred items parently been forgotten by their owners. Bob Gordon, of the bank staff. making personal contact with who small count The items represent those started when the bank under conservator, the bank holiwhich cent leased. According Richards, the neglected run as small eight cents.

Beautify School Grounds

Work of eliminating two parking spaces the north and south ends the school grounds has been completed, except for the planting grass Dr. Thornley president the Board reported. This done almost entirely ERA funds, consisted of building up the lawn extending the curb line to the street

Start 1935 Budget City are now working their penditures and income for various preparatory conferences the 1935 expectto start in about two weeks.

Youth Face Judge Frank Holden, said he Civilian tion Corps Woodbine, was arrested Sunday charge and city jail for hearing day. Dan Kennedy rested Holden after watched the youth the doors of several houses 17th and Central and finally enter one home.


Article Text

the field to others.

Commissioner Henry Roeser Jr. merely grins at queries and points to the fact that his hat still rests securely on his head. So does George D. Richards, Ocean City National Bank receiver, who, although more guessed about than any, still preserves silence. Edward B. Bowker, city assessor, also a rumored candidate, said he "really has not thought


Article Text

Commissioner Henry Roeser Jr

merely grins at queries and points to the fact that his hat still rests securely on his head. So does George D. Richards, Ocean City National Bank receiver, who, although more guessed about than any, still preserves silence. Edward B. Bowker, city assessor, also a rumored candidate, said he "really has not thought


Article Text

STATE IS SUED

Bank Receiver Says New Jersey "Illegally" Removed Assets.

TRENTON, May 8. (AP)β€”George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in federal court yesterday for $19,375 which he alleged the state illegally removed from the bank's assets.

When the bank was declared insolvent in 1933, the petition related, New Jersey had on deposit $34,000 in motor fuel taxes. It "illegally held in its possession" United States treasury bonds valued at $25,650, which, the petitioner said, was "the property of the bank."

Richards asserted that the state is entitled to $5,625 as the result of a dividend to creditors.


Article Text

Ocean City Bank Receiver Sues State for $19,375

Trenton, May 8. (AP)β€”George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in Federal court today for $19,375, which he alleged, the state illegally removed from the bank's assets.

When the bank was declared insolvent in 1933, the petition related, New Jersey had on deposit $34,000 in motor fuel taxes. It "illegally held in its possession" United States treasury bonds valued at $25,650, which, the petitioner said, was "the property of the bank."


Article Text

Trenton, May 8. (AP)β€”George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in Federal court today for $19,375, which he alleged, the state illegally removed from the bank's assets.


Article Text

Ocean City Bank Receiver Sues State for $19,375

Trenton, May 8. (AP)β€”George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in Federal court today for $19,375, which he alleged, the state illegally removed from the bank's assets.

When the bank was declared insolvent in 1933, the petition related, New Jersey had on deposit $34,000 in motor fuel taxes. It "illegally held in its possession" United States treasury bonds valued at $25,650, which, the petitioner said, was "the property of the bank."


Article Text

Ocean City Bank Receiver Sues State for $19,375

Trenton, May 8. (AP)β€”George D. Richards, receiver for the Ocean City National bank, sued the state of New Jersey in Federal court today for $19,375, which he alleged, the state illegally removed from the bank's assets.

When the bank was declared insolvent in 1933, the petition related, New Jersey had on deposit $34,000 in motor fuel taxes. It "illegally held in its possession" United States treasury bonds valued at $25,650, which, the petitioner said, was "the property of the bank."


Article Text

HOWELL IS NOW COLONEL

Bank Receiver in Ocean City, Sea Isle Promoted in Reserve

Lieut. Col. E. O. Howell, receiver of the Ocean City National Bank, the First National Bank of Ocean City, and the First National Bank of Sea Isle City, was yesterday promoted to the full rank of colonel in the Reserve Corps.

Colonel Howell, who is in command of the 309th Infantry, makes his home at Cape May Court House. Most of the personnel of the 309th comes from South Jersey and Delaware.

Officers and men of the 309th have been called into active service at Camp Dix for two weeks starting on Sunday. There are several officers of the regiment in Atlantic City, including Col. Frederick Hickman and Major James Cardwell.


Article Text

HOWELL IS NOW COLONEL

Bank Receiver in Ocean City, Sea Isle Promoted in Reserve

Lieut. Col. E. O. Howell, receiver of the Ocean City National Bank, the First National Bank of Ocean City, and the First National Bank of Sea Isle City, was yesterday promoted to the full rank of colonel in the Reserve Corps.

Colonel Howell, who is in command of the 309th Infantry, makes his home at Cape May Court House. Most of the personnel of the 309th comes from South Jersey and Delaware.

Officers and men of the 309th have been called into active service at Camp Dix for two weeks starting on Sunday. There are several officers of the regiment in Atlantic City, including Col. Frederick Hickman and Major James Cardwell.