12579. First National Bank (Midland Park, NJ)

View Charter #12603 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12603
Charter Number
12603
Start Date
March 4, 1933
Location
Midland Park, New Jersey (40.989, -74.141)

Metadata

Model
gpt-5-mini
Short Digest
399c025b18fd52a8

Response Measures

None

Receivership Details

Depositor recovery rate
86.2%
Date receivership started
1933-09-15
Date receivership terminated
1938-06-29
Share of assets assessed as good
36.6%
Share of assets assessed as doubtful
56.7%
Share of assets assessed as worthless
6.6%

Description

The bank suspended (closed) in March 1933 and was placed under conservatorship/receivership; Comptroller ordered liquidation and the receiver assessed stockholders and paid dividends in 1934. There is no contemporaneous description of a depositor run; the articles describe insolvency and liquidation actions.

Events (8)
1. November 29, 1924 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent: large portion of bonds and notes worth far below book value; assets insufficient to meet liabilities, leading to suspension and later liquidation.
Newspaper Excerpt
bank closed March 4, 1933
Source
newspapers
3. September 15, 1933 Receivership
Source
historical_nic
4. September 15, 1933 Receivership
Newspaper Excerpt
John Kelly ... named receiver for the First National Bank of Midland Park ... took charge on Sept. 15 last, receiver the First National bank of Midland Park was named Sept. 15, 1933 (articles state Sept. appointment). It replaces William Gerdes conservator and earlier conservator Robertson died July. (Article 1 & 3 & 9 & 10).
Source
newspapers
5. January 25, 1934 Other
Newspaper Excerpt
plan to levy an assessment of 100 per cent on the par value of each share of stock held by shareholders of the First National Bank of Midland Park ... assessments are due and payable Feb. 13, 1934 (Article 11).
Source
newspapers
6. June 11, 1934 Other
Newspaper Excerpt
Depositors of the closed First National Bank of Midland Park can anticipate news as to the payment of a very substantial dividend this week ... bank closed March 4, 1933 ... Comptroller decided that the bank be liquidated (Article 14).
Source
newspapers
7. July 20, 1934 Other
Newspaper Excerpt
Dividend checks ... being prepared ... checks will be for sixty-five per cent of each individual's deposit total at the bank (Article 16).
Source
newspapers
8. December 17, 1934 Other
Newspaper Excerpt
Midland Park Bank Granted Pay ... authority to pay depositors ... payment of 10 per cent ... amount $175,000 ... receiver and attorney tried to obtain release from Comptroller (Article 19).
Source
newspapers

Newspaper Articles (19)
1. September 19, 1933 The Ridgewood Herald Ridgewood, NJ
Article from The Ridgewood Herald, September 19, 1933

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Politician In of Midland Charge Park First National PARTY LEADERS BACK HIM Comptroller Currency Names dale Democrat To Replace ConLiquidation Follow? There was profound shock among the depositors of the First National Bank of Midland Park the yesterday result of announcement that John Kelly, New York lawyer living Allendale, had been appointed by Comptroller of the Currency Washington, as receiver the bank. Mr. Kelly prominent Democratic politician Allendale. He organized the Club last year and its first President. He worked campaign and the their largest vote the history of the Borough. His appointment receiver recommended Comptroller the Currency by Judge Hamilton Cross, who recognized the Democratic leader Bergen County; State Senator William Democratic leader Bergen County, John Breslin, Chairman the Bergen County Democratic Committee. Replaces Conservator Mr. Kelly received notice of his last Friday. He replaces William Gerdes of this Village, conservator, who named to that position successor Robof Ridgewood, died July. Mr. Robertson had been cashier the bank since organized. The bank has been operating under since March. Deposits been accepted no has money been paid out except on these new deposits. The appointment of receiver an that the of the bank are to be liquidated. Dr. Joseph Payne, of the said last night that Cogge. has been making trips to Washington during the past six weeks the interests of re-organization plan and getting things shape when word came that Mr. Kelly had been named receiver. meeting of the Board of Directors held Saturday night, but Mr. Kelly not attend for reason had not received his formal ap pointment. Up last night no meeting of the Directors had been called. Washington Gets Plan Under the reorganization plan subto raised by the depositors, subordinate per of their deposits in order to the bank opened regular business. Coggeshall, said, informed by Federal Banking Department that would be necessary have the bank work reduce by $50,000 on what termed An official the bank said last that the National bad shape. The bank has no outstanding mortgages on which no interest paid, said, nor understood that the ment Mr. Kelly indithat Washington not satisfied the re-organization plan. under said, the bank could re-opened under organization plan that acceptable Comptroller the Currency. Mr. Kelly was busy day yesterday the bank study of the assets of bank. He said that has not as yet ceived full instructions from the partment Currency Washington his duties, and such holding any changes that may made.

2. September 21, 1933 Ridgewood Herald-News Ridgewood, NJ
Article from Ridgewood Herald-News, September 21, 1933

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Over Week End News Happenings of The Closing Days of Last Week Told in Brief for Easy Reading Receiver Appointed for Bank John J Kelly, Allendale attorney has been appointed receiver for the First National Bank of Midland Park according to a telegram re ceived from Washington on, Friday night at m., notifying him offically of his appointment. Kelly replaces William H. A. Gerdes ef Ridgewood, conservator, who had been named to that position since the death of former conservator W. E. Rbertson of Claremont road, Ridgewood Mr. Kelly, whose appointment came through the office of J. F. O'Connor Comptroller of the Currency at Washington was recomhas been appointed attorney for the bank. Elks Tax Cut Not Political Mort O'Connell didate for sheriff and member of the Bergen County Board of Taxa tion in conversation with Ridgewood News representative caid, consider it an unfair accusation that politics were injected in any form into the decision of the Bergen County Tax Board in "regard exception granted the subject has been made very broad to such an extent that the board of Assessors in tion the Englewood Elke tax levy thout contest. Church Marks Anniversary Sunday marked the Tenth Anni versary of the dedication of the Upper Community be cele Church brated this week by numerous acthe shurch to which of the members and friends of the church are cordially invited. May Not Resort to Scrip Following conferences with the mayor and council this week, the Glen Rock board of education, is a bit more optimistic about the financial situation in that community and may be able to meet Ridge wood High School tuition bills and teachers salaries without resorting to the use of scrip. NRA Signers Reach 1877 Due to weather conditions the NRA drive in Ridgewood has been extended this week Of the 3.000 households in the village, 1,877 had gned consumer pledge cards up noon Saturday Few refusals had been encountered. Dies While At Work Acute indigestion caused the death of Andrew H Morrison of 16 Austin place, Glen Rock while at work in New 1ork Saturday morn ing. Faulty Fireplace Causes Fire Assistant Chief Henry Leuning presided at his first fire in his new capacity Friday afternoon which was Chief Arthur DeMouth's day If when fire in faulty fireplace called out the department from Box call 541. Fairlawn Strikers At special meeting held in Judge Hamilton Cross's offices Sat urday morning. special committee composed of Judge Cross J. Rob ert Stout of Ridgewood and Mayor Nichelas Kuiken of Fairlawn heard the various phases of the fur work ers strike of Fairlawn explained by representatives of the un on and by the employees.

3. September 27, 1933 The Morning Call Paterson, NJ
Article from The Morning Call, September 27, 1933

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Article Text

MIDLAND PARK Bank Receiver Calls Meeting Of Board of Directors Friday Has Made Study of Institution and Will Make His Recommendations Depositors to Meet Oct. John Kelly, Allendale lawyer, Since receiver the First Na- the tional Midland operating since March last night called of the the herein. for Friday banking house Godwin Cross position Kelly has been charge of the bank since Sept. when close, notified his appointment comptroller has Washington,

4. October 4, 1933 The Record Hackensack, NJ
Article from The Record, October 4, 1933

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Article Text

260 Depositors Pledge Support Proposed Waiver Of Funds COMMITTEE NAMED Two hundred and sixty depositors First National Bank MidPark, in deposits, 50 per cent, signed asking O'Connor, Comptroller of take immediate reopen the bank for unrestricted committee to the the petition. since the President's of March under when John Kelly, Allendale named receiver. On the named negotiwith Washington Thomas Meidama, James Krote, Hartman, John Jacob Olthuis, John Fogg. Garret Smith and Elsie Smith. group's request, set forth in the resolution, that receivership be terminated expeditiously possible this institution merged with larger the vicinity branch the same, bringing strength both, in the alternathat the be terminand the bank placed the the one of the banks in the vicinity, Finance Corporation the Federal Reserve that program upon the which the bank be licensed for unrestricted business." WOULD END SECRECY Backing its request for promight and asking all regarding its plan, the group cites steps the depositors license. cent the petition says, pressed their their and have pledged not porthe remaining per has large of doubtful by acceptable colDespite these accomplishments, the complains in its petition, has been placed in charge this The also complains that been impossible "obtain authoritative information from any source intentions the government respect either licensthis Daniel chairman of the meeting LeRoy Speakers the appointed appointed the Mayor and Assemblyman Thomas Doughty Friday night at the Municipal Building.

5. October 6, 1933 The News Paterson, NJ
Article from The News, October 6, 1933

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Article Text

MIDLAND PARK Deny Rumor That Local Bank Will Merge With Ridgewood Trust Co. Official of Latter Institution Says Law Prevents Such a Move and Explains in Larger Cities An official of the North Jersey Trust company, Ridgewood, when yesterday, described the gossip that has been circulated effect that First National Bank of Midland Park might merge with Ridgewood institution "just rumor and nothing rumor apparently started after Tuesday night's meeting of the depositors, at which time petition passed among other things, that the local bank merge with some other institution in this vicinity The rumor apparently gained ground because Judge Hamilton Cross, attorney for the Midland Park bank's receiver, rector the North Jersey Trust. When interviewed. the North Jersey quoted state banking law which, said, prevents operation of branch banks except in cities of certain size. he said, would exclude the operation of the Midland Park bank branch of the North Jersey any other bank in the vicinity. would be possible, he said, for the Midland Park bank close its doors, merge with the North Jersey, or any other financial institution in the vicinity, and then conduct business part of the latter. Mrs. Charles Sheen, president, presided at meeting the Ladies' Aid society the Methodist Episcopal church on Wednesday afternoon. which committees were named for the annual church fair. Mrs. Ernest Terhune reported the recent supper the church; and the chowder sale her home. both which were successful. Another chowder sale will be held the home of Mrs. Ryer Flaker, Cross aveon October was announced that the soclety will attend conference in the Methodist Episcopal church Waldwiek. on October 22. The next meeting of the society will held the home of Mrs. Warren Terhune, of Cross avenue. Refreshments were served after the meeting. with Mrs. Dennis Jagt acting as hostess. At the meeting of the General Help society, held yesterday afternoon Trinity Reformed church, final plans were made for the part in the annual bazaar the church. Mrs. Albert Vander Bush, president, presided. Mrs. Taeke Bosch presided the meeting of the drama and literature department of the Woman's club yesterday afternoon, held at the home Mrs. Bruno Pizzimenti, Vreeland avenue. The 4-H club resumed meetlast night at the home of Mrs. Jack Van Saun, Morrow road. Mrs. John Fogg. of Center street, has been named district deputy of the Rebekah Grand lodge, will be installed in Atlantic City next Tuesday. The Midland Park Democratic club meet Tuesday evening of next week at the home Captain Donnelly, of Paterson avenue. Final plans for the club's card party, to be held October 27 in Columbia hall, will be made at this time. girl, Silen Margaret, was born Mr. and Mrs. Chester Verhulst, River Edge. Tuesday. Mr. Verhulst resided in the borough up few years ago. The William Cadman, rector of Christ chapel, is planning have his brother, Dr. Parkes Cadman famous preachspeak this vicinity soon for the benefit of the local church. Mrs. McGuill, Mrs. Armitage and Mrs. Arthur Chamber lain represented Methodist Episcopal church societies at convention in New York yesterday. The young people the Methodist Episcopal church will present play entitled "The Bachelor's Reverie" this evening in the church o'clock. Eddie Vreeland with his accordion, will be an added attraction James Sherlock, of Godwin taken into custody by Midland Park police on Wednesday complaint made his wife, charging assault and battery. He later released and will appear for trial in Hackensack later date.

6. October 19, 1933 Ridgewood Herald-News Ridgewood, NJ
Article from Ridgewood Herald-News, October 19, 1933

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Depositors' Final Plans Committee in Charge of Af. fairs of Midland Park Bank Meets TO PUBLISH FACTS Members of the depositors committee chosen meeting of the depositors of the First National Bank of Midland October the public met Monday night the municipal building their third meeting since their tion They made statement to the press the conclusion of the meeting that they have "formulated finite plans the details of which will be announced Judge Hamilton Cross. attorney for John Kelly, Allendale lawyer and bank receiver, present and talked informally with the committee. He said ready to cooperate any the committee to reach an equitable solution of the problem. Many items of importance discussed and the cided meet again Monday October 23, the municipal building when reports of ious committees will be received.

7. December 8, 1933 The Record Hackensack, NJ
Article from The Record, December 8, 1933

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IN DEFENSE QUIETNESS Depositors' Committee 'Anger,' 'Rumor' NOTES LOSS FACED In the face of criticism of the parent publicity actions the First National Bank Midland Park, the hands ceiver and March the chairman last issued the following statement: the Depositors First Midland Park, devolves upon make statement activities up this the situation the bank aiming its affairs. held Each meeting definite the the depositors the not "Rush to Press' the details its plans and doing would thwart the pose which it was "The Committee finally arrived directors) that no further progcould made figures the bank actually and finally at this writing that both the the tee have by receiver, Kelly, the figures the about placed United States Comptroller receiver's Judge exact obtained the condition bank. The figures be revealed short that the Directors, Depositors Committee approached angle the situation; up everything done; the have been asleep. concerned pushed important things interests of interested in the Bank. things emerging from. all the which must recognized inevitable: The first receivers wield unlimited the laws constituted. only the powers which appointed them. second apears that opened basis, certain be stone will place before government the strongest kind appeal the good people Borough will not suffer The circulation unfounded rumors; the making angry not get time and constructive planning.'

8. December 8, 1933 The News Paterson, NJ
Article from The News, December 8, 1933

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Liquor Licenses Issued in Borough Max Goodman, Morris Pochettini Get Permits for Sales Borough Clerk L. Yonkers issued two liquor licenses yesterOne went Max Goodman 253 Park avenue and the other Morris Pochettini, Vreeland The fee the first retail distribution license, $300 year and the second. retail $600 The licenses year. are good until February Yonkers said he granted the licenses under authority Monday night the mayor and borough coun- REV. FENN MAKES REPORT ON BANK CONDITIONS Francis R. Fenn, minister Trinity Reformed church, and chairman of the Depositors committee closed First tional Midland Park issued the following statement last chairman of the Depositors committee National Bank Midland Park. devolves upon statement pertaining committee's activities this date. and the the bank -aiming the solutions of its The committee held eight each held with view of some definite To the of the committee could press' the details and doing would the very purpose for which organThe finally arrived the conclusion conjunction with directors) that no ther could made until the figures of the bank were actually and up. writing that both the and depositors committee been informed the bank Mr. Kelly that the actual of the bank about be placed before the United States Ter by Judge Cross No exact on

9. January 13, 1934 The News Paterson, NJ
Article from The News, January 13, 1934

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MIDLAND PARK National Bank Receiver Relates Condition of Local Institution John Kelly, in Public Statement, Cites Fact That Much of Assets Are Worth Half of Book Liquidation Best Plan John Kelly. receiver for the closed First National bank, condition of the stitution. issued yesterday, reveals for the first time publicly that although the assets of the book value, about more the fact that much of the about 50 per cent. their book value, showing that reality and will time before assets might more valuable, the best plan resort the statement, the date value, not and liabilities Of the assets listmuch bonds and notes. reported that the only bonds that are their full value today are Liberty and other States securiOf the assets the bank neither this type the list. list the bank does hold said on their price least Many of the notes held by the bank are from residents way can clear which pay off the obThese two types of assets (bonds and notes down the actual value of the assets large percentage. Just how large not revealed. that part the the statement bonds Kelly declined to make statement with release the statement other than the "figures speak themasked by the writer the bank, in figures, had enough assets than take liabilities. Kelly said that he wished explained thoroughly that figure of the value" only, and does not take injo consideration the that the bonds and notes held by bank off value least 50 other he one case where figures do Included in the statement the cost which has cost since September Operation of the bank under the conservators from March amounted to report shows. The report, full, follows: Assets Assets at date suspension (book value, not actual), $506.assets acquired since suspension (book value. not total, Total assets to be accounted for: Cash collected from cash collected from additional assets, $32.32: total cash collected from assets stock assessment, $88,442.63. Offsets allowed on assets, $16.400.15. Losses charged On assets, Uncollected assets, $394,795.89: uncollected additional assets, $76.84; maining uncollected assets, $394.872.73. Total assets accounted for Liabilities Secured liabilities date of suspension, Unsecured liabilities date of suspension, total liabilities this Secured and preferred liabilities offset. unpaid secured liabilities (both paid and unpaid) unsecured liabilities paid or proved. total liabilities counted for Collections Collections from all sources: collected from assets stock above includes assets of conservacash collected from interest, premium and rents. cash collected by held trustee for total collections to be accounted for. Disbursements every character: Secured and preferred liabilities paid (including dividends), receivership. penses cash in hands of ceiver and $35.collections counted for. JOHN KELLY, Receiver.

10. January 13, 1934 The Morning Call Paterson, NJ
Article from The Morning Call, January 13, 1934

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MIDLAND PARK Receiver Issues Statement On Condition of Closed Book Value of Assets Exceed Liabilities, But Kelly Explains That Much of Assets Is Only Worthy Fifty Per Cent. of Par. Release of "statement of condition" of the closed First National bank of Park today, shows for the first time publicly that though the assets the bank, are about the the fact much of the are worth much than their book value shows the reality "in the red" and will be some time assets might become more valuable. John Kelly, the bank receiver who took charge on Sept. 15 last, the "statement of condition" assets at date of suspension (book value, actual) of $506.and liabilities Of the assets listed much bonds and notes. reported the only that are up to their full value today are Liberty and other United curities. Of the assets of the bank in bonds neither of type included the list. The the bank are said to be far below their par value. Of the notes held by the bank many of them are from residents who cannot off the obligations. These two types so-called "assets" alone, said, cuts down the actual market present day value "assets" by very great percentage, how great not revealed. felt, however, that much the in collected assets" in the statement in bonds and notes. Receiver Kelly would make no statement conjunction with the release the statement other than that "the figures speak for themselves." In answer to question propounded this paper's reporter in figures, would appear that the bank enough assets to more than take care its liabilities. Kelly said he wished plained that the figure the assets "book value" and as such does take into conthe fact that bonds and notes held the bank are off in value least fifty per cent. "In other words, said, "here one where figures do interesting to note in the statement that the of receivership Sept. 15 and this will to put rest in the borough many rumors that the receivership the bank would costly. stated federal receiverships have never case been some noteable state receiverships, in this section. That the expense of receivership reasonable shown in that the expenses of the two conservators since March last when the bank closed listed at $4,What release of the statement will mean was asked Receiver Kelly stated that merely to show the condition of the bank as of Dec. 30, 1933. Midland Park pupils at Ridgewood high school football and awards during chapel, yesterday. Letters for football went to John Taylor Stagg manager of the team, and Football went to Walter and James Wehrell. Mr. and Mrs. Vaecava, of the are the proud parents son, Donald, born Monday, Christ Chapel Boys' club will give prty the Girls' club members tonight in the parish house. Mrs. R. W. Maurer. of La Grange, Ill., has returned home after here with parents, Mr. Mrs. George Jackson, Center street. meeting the congregation the Midland Episeochurch called for Tuesday, Jan. 30, the minister, Rev. R. The will elect lay member and member for the annual Three trustees term of three to be Arthur Jacob replacing Kleiand Lambert Klopman. board stewards elected take the place Charles Archer, Miss Fleta Christopher, Miss Virginia Evans, Ryer Flaker. Mrs. Ryer Flaker. Mrs. Barton Green, Hartman, Lawrence McGuill, Mrs. Lawrence McGuill, Snyder, Warren Terhune. and Warren Officers of the board of trustees and the official board will also occur.

11. January 25, 1934 The News Wyckoff, NJ
Article from The News, January 25, 1934

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BANK DEPOSITORS ARE ASSESSED The news coming officially from Washington relative to the plan to levy an assessment of 100 per cent on the par value of each share of stock held by shareholders of the First National Bank of Midland Park was a shock to many, although this had been discussed from time to time It was not believed it would actually occur. This will affect eighty-two stockholders who reside in the borough and in nearby municipalities, and that it will seriously affect some is certain. John J. Kelly who has been in charge of the bank as for the past few weeks, stated that he had received this order from J. F T. O'Conner, comptroller of the currency at Washington after an official and detailed statement had been sent him which satisfied him that the assets of the bank were not sufficient to pay its liabilities in full and that therefore it was necessary to levy this assessment against the stockholders. Stockholders have been informed that assessments are due and payable Feb. 13. 1934. but they were further informed that an ex. tension would be given to anyone of them who pays twenty per cent. of his liability under the assessment on or before that date and who gives written agreement satisfactorily guaranteed to pay this with an additional twentyfive per cent on or before March 13: a third on or before April 13 and the remainder on or before May 13, 1934 Failing to keep this agreement will give Mr. Kelly the right to start suit after Feb. 13, against any stockholder who omits payment.

12. January 26, 1934 The Record Hackensack, NJ
Article from The Record, January 26, 1934

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POSTPONE BANK MEETING The meeting the insolvent First National Bank Midland Park, scheduled night Municipal Building in Midland Park, has been postponed stated this morning No date was set for another meetThe stockholders planned the John Kelly, 100 their by O'Connor, Comptroller of the Currency.

13. January 26, 1934 The Morning Call Paterson, NJ
Article from The Morning Call, January 26, 1934

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MIDLAND PARK Dando Elected President Of Taxpayers' League, Inc. The annual meeting of the payers' league, Inc., night chambers the building. The feature election officers. Dando was named president: John treasand Terhune, secretary. latter was re-elected, all the others new nominees, following trustees elected: Joseph Payne, John Albert Samuel Terhune, Wilson, John Hammersma, Talbot. Herman Pruiksma, John Hammersma, Sr., and Archie Dando. The officials all unanimously elected had been nominated. Secretary Terhune read the minutes the tees Jan. the home of Dr. Payne presided the meeting and invited fourth Wednesday evening each month. The secretary was the state chamber of comthe He was also the powered get the borough council, the clerk. will the budThe trustees making when received budget hearing on Feb. In matter of the school the the league stressed that they favored political candidates who were for tax reduchad said Frank Therefore was and Hugh Connelly, Stagg the board for for Feb. should on done fine job with reto about ducing this Councilman Andrew Rubin was and present at swered number of various borough matters. to him on The tentative budget set up Monweek showed An increase relief last night receipt letter from Hawes, county director, in which said the state emergency relief pected provide the budget for this year's costs. This the borough did not consent placed the budget 1934 and for 1933 years, bills These not take the costs was explained but the officials did not want to crease the budget further. Besides the relief costs the budget because with the borough default state counfor and about in Interest included. there road partment of $2,500, due storm summer and of state tax the council they had actually the budonly $505 they had and this for police car which he said no doubt budget shows appropriations for 1934 antioipated the amount For 1933 figures order 050 $37,711.54. The Midland Garden their January meeting Tuesday evening the home Mertie Schreur, Godwin nue. large and gathering, twenty being present. Albert Vanderbush, presipresided. guest speaker was Frederica Woelfle, street, teacher agriculture in the Paterson talked and analyzed samples as were presented The meeting of stockholders closed and insolvent National Bank Midland Park. called for tonight the municipal building discuss the 100 per cent. levy against their receivers has been was last No postponed date has been set said. but when ranged will be announced through the press.

14. June 11, 1934 The Record Hackensack, NJ
Article from The Record, June 11, 1934

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Midland Park Bank May Release Funds Shortly Depositors Of First National Can Look For Substantial Payment, Kelly Announces Depositors of the closed First National Bank of Midland Park can anticipate news as to the payment of a very substantial dividend this week, it was intimated today by John J. Kelly, bank receiver, and Hamilton Cross of Ridgewood, attorney for the receiver. AWAITS REPLY Cross has been in communication with Treasury Department Washington, in regard to payment depositors and he stated feels word from the Treasury officials will occur "within week, and the payment "will be a very substantial In the last "statement of condition" of the bank for the quarter ending March Kelly, showed cash on hand $52,315.10. This amount has now been augumented by sale about $75,000 bonds and the total amount has provided sum from which first payment in the liquidation proceedings will be paid. bank closed March 4, 1933 and John W. Robertson was When Robertson died William H. W. Gerdes replaced him Then Sept. 15. 1933, John Kelly of Allendale named as receiver. and Gerdes went back to his position cashier. Hamilton Cross was named attorney. Since that time Kelly has gone over the bank records completely and after first three months at the bank issued report the Department D. On the basis of this report the Comptroller the Currency, decided that the bank be liquidated. In order to bring in money to make up fund for protection of depositors, he ordered 100 per cent levy on the $50,000 stock held by eighty some odd stockholders large of this has come and the for final payment has passed, suits are being prepared against those still in default Kelly has paid off number of preferred creditors in his eight months at the bank and has everything in shape that payment dividend depositors is now possible.

15. June 12, 1934 The Morning Call Paterson, NJ
Article from The Morning Call, June 12, 1934

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MIDLAND PARK Bank Depositors To Be Big Dividend This Hamilton Cross, Attorney For Receiver, Says stantial Payment Will Be Made In Near Future. News the date of and amount dividend depositors of closed National of Midland occur the payment Hamilton Cross. Ridgewood, for the receiver, John Kelly The has been closed since 1933 and the hands of two John and William Gerdes, John Kelly, of Allendale, September 1983 and then after check up records the departordered liquidated. 100 per the stock holders Mr. Cross was in communication with the treasury department Washngton stated felt well results the matter the for the first dividend to and the amount to be released. The Sunday school of the Methodist Episcopal their Day" program Sunday night in the church large of friends. Barton Green. Mrs. John Fogg and Mrs. Fred charge Rev. Schriver heard remarks appropriate Those participating included: Barbara Bush. Katherine werda, Margaret Howard, Lohman, Joan Siersma, Payne, William Ward, Pitman, Robert Gardner. Clairs Walters, Norma Knfyd, Virginia Kimble. Edith Gladys dyke. Carol Powell, Lois Miedms, Doris Terhune, Dorothy Armitage. Jean Thomson, Katherine Cronk, Edna Hutchinson. Marion Streetman. Owen Baker, Jackie Phillips, Kenneth Gardner, Iva Mae Board man. Midland Park Democratic Club. Garfield to morning. pitched for the Democrats. Junta got homers with bases loaded both times and Brokaw knocked homer with Mickey Chapman for the starred with four hits in four times The Garfield walked the Ranger Midland Park Saturday game Mund lane, saying Junta, the umpire, not them breaks. The were leading at the time to Orie Yonkers and Bernard Bowern Pa. Saturday. The strawberry festival and on the lawn of Methodise church, Godwin avenue, under auspices Larry Fellowship and proved cessful. The barrel opening the M. church Thursday, June announced charge Robert Terhune William Vance. Rev. Worboys of Sunday and Trinity church the absence Rev. Fenn. The monthly meeting of Citizen's League, Inc., Friday night headquarters on Prospect Two Midland Park speeders peared Saturday morning Ridges wood police court before William Buskirk plaints Patrolman Janas speed Henry Streelman, avenue, fined and costs and Philip Lucas, 232 avenue, got suspended sentence and was assessed costs. In the borough today the this afternoon of Meeting Altar Guild Christ chapel home Mrs. Joseph Harsch. avenue. Ball Ranger game Ridgewood Spiras. Meeting church the Sunday school Meeting the education.

16. July 20, 1934 The Record Hackensack, NJ
Article from The Record, July 20, 1934

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PREPARE CHECKS FOR DEPOSITORS Midland Park Bank Receiver Announces Initial Dividend Dividend checks that will total being prepared the the closed First National Bank Midland Park. Receiver John Kelly stated yesterday supplies received from Treasury and the undertaken by the bank staff. will take least two weeks do job, said. When these checks are ready deposwill call for them the bank Godwin and Cross date to set by Kelly and announced through the The checks be for sixty-five each individual's deposit total at the bank. WALDWICK COUNCIL TO MEET The Waldwick Mayor Borough Council will meet tonight Council room the MuniciBuilding for their meeting. special committee, comprising Councilmen Rafferty, and Lightell will change the by-laws which will three Councilmen and the Mayor, Councilmen in the absence of the Mayor, The matter of progress on improvework on Borough streets will gone reports heard by Councilman Bush. chairman the read committee.

17. July 26, 1934 The Morning Call Paterson, NJ
Article from The Morning Call, July 26, 1934

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MIDLAND Statement Issued Bank Receiver By Shows $32,375 Collected From Stockholders Of Institution John Kelly, receiver the closed First National Bank land Park, yesterday released for the third statement of the bank of June 1934. bank suspended March 1933. Kelly named receiver of the bank on September 15, 1933. The shows that the $50,000 stock the bank stockholders, the collected Suits instituted many cases force collection of the out. The collections accounted for, show figure of

18. August 9, 1934 Ridgewood Herald-News Ridgewood, NJ
Article from Ridgewood Herald-News, August 9, 1934

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KELLY OF BANK'S DIVIDEND Midland Park Bank Receiver Explains How He Collected Debts for Bank On invitation of Stanley Stanof the program committee, the Rotary Club heard John Kelly Allendale, receiver of the Midland Park National Bank, tell something the story of operation the regular meeting Tuesday modestly but quite frankly and welcomed questions which put to which answered promptly and opening Kelly said felt that he might appearing under colors. banking job, The receiver collect and collect money and possiHe acknowledged that he was fortunate obtaining services of Hamilton Cross who acted his attorney. He told who had $2,000 deposited in the (Please Turn To Page Three)

19. December 17, 1934 The Record Hackensack, NJ
Article from The Record, December 17, 1934

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SLATED Midland Park Bank Granted Pay Authority pay depositors of the Bank by John Kelly, he Kelly attorney Judge Cross Ridgewood, tried hard this payment made Christmas but although they authority to the cent Comptroller the Currency Washington, have not the release This payment of 10 per cent the Aug. per an amount $175,000. Realizing that there may be some dire dend for the Christmas season, stated he will be the Godwin and Cross Avenues day to matter over him.