12583. Mechanics National Bank & Trust Company (Millville, NJ)

View Charter #5208 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5208
Charter Number
5208
Start Date
February 1, 1933*
Location
Millville, New Jersey (39.390, -75.055)

Metadata

Model
gpt-5-mini
Short Digest
347c117b0c6b71f5

Response Measures

None

Receivership Details

Depositor recovery rate
61.5%
Date receivership started
1933-10-13
Date receivership terminated
1941-04-29
Share of assets assessed as good
23.2%
Share of assets assessed as doubtful
67.1%
Share of assets assessed as worthless
9.7%

Description

No bank run is described. The bank was placed on a restricted basis and effectively closed in early February (1933) after the banking holiday; a conservator was named and later a receiver was appointed in October 1933. The bank remained in receivership/liquidation (closed) with dividends later paid to depositors in 1934. Dates are taken from article context (newspaper dates).

Events (5)
1. July 12, 1899 Chartered
Source
historical_nic
2. February 1, 1933* Suspension
Cause
Government Action
Cause Details
Placed on restricted basis after the banking holiday and a conservator was named; bank not open to receive deposits.
Newspaper Excerpt
The Mechanics Bank was placed on a restricted basis early last February
Source
newspapers
3. October 13, 1933 Receivership
Source
historical_nic
4. October 14, 1933 Receivership
Newspaper Excerpt
Mr. Sievers, ... took over his duties as receiver at the banking institution, shortly after noon Saturday. He has not issued any statement. ... The appointment of a receiver for the bank will in no way interfere with the plans now underway to reestablish the bank. (article pub. 1933-10-16).
Source
newspapers
5. October 16, 1934 Other
Newspaper Excerpt
After waiting more than twenty months, depositors... will begin receiving checks from bank's receiver, Charles W. Munich, amounting to per cent dividend.
Source
newspapers

Newspaper Articles (8)
1. October 16, 1933 The News of Cumberland County Bridgeton, NJ
Article from The News of Cumberland County, October 16, 1933

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Article Text

NO CHANGE IN PLANS AT BANK Receiver Appointed For Millville Mechanics Bank Won't Interfere With Reorganization. Millville, October an interview this morning with Howard Melvin, former conservator of the Millville Mechanics' National Bank and Trust Company, he stated that the appointment of a receiver for the bank will in no way interiere with the plans new underway to reestablish the bank. Mr. Melvin said that there has already been large amount of Stock in the new bank subscribed and within few days a complete plan will be announced and every depositor and stockholder will be given an opportunity to take part. In the meantime, Mr. Melvin urges everyone interested in the bank and the community to give J. Henry Sievers, receiver, their full cooperation. Mr. Sievers, who comes from Vineland, took over his duties as receiver at the banking institution, shortly after noon Saturday. He has not issued any statement. Some weeks ago the Evening News published story from Washington, telling of the proposed appointment or a receiver. At that time there were plans for the reorganization of the bank and they have been continued with considerable success, it is understood. The bank is not open to receive any deposits, but payments are being accepted upon notes and obThe Mechanics Bank was placed on a restricted basis early last February and following the banking holiday, Mr. Melvin, president of the bank, was named as conservator. The bank continued to do business with no possible chance of earning money and it was admitted by the officers that a change of that plan would be helpful and beneficial to the institution.

2. January 13, 1934 The Daily Journal Vineland, NJ
Article from The Daily Journal, January 13, 1934

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Article Text

Bank Receiver Dies Suddenly J. Henry Sievers, Poultryman, Expired This Morning At His Home J. Henry Sievers, aged 48, a poultryman of Maple avenue, near Spring road, died at 8 A. M. today after a two-day illness, of heart disease. He was appointed Receiver of the Mechanics National Bank and Trust Company of Millville last October. Although confined to his home at various times since then because of illness, his death was unexpected and came as a shock to his relatives and many friends. He is survived by his wife. Mrs. Florence Sievers; two daughters, Florence M., a graduate of Glassboro Normal School, and Mabel E. Sievers, and by nis mother, Mrs. G. Sievers of Brooklyn, N. Y. He was an active Democrat. Funeral services are being arranged today.

3. January 16, 1934 The News of Cumberland County Bridgeton, NJ
Article from The News of Cumberland County, January 16, 1934

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Article Text

NEW RECEIVER FOR MILLVILLE BANK Charles W. Munich, of Washington Office, Named to Succeed the Late J. H. Sievers. Millville, January -Charles W. Munich, who has deputy receiver at the First National Bank of Ocean City, has been named receiver for the Mechanics National Bank and Trust Company, of Millville. The information of the appointment was made public late yesterday. It is stated he will assume his duties immediately. Mr. Munich comes from the office of J. F. T. Conner, Comptroller of Currency, Washington. He has been in Millville couple of times being called here to advise Sievers, and he has some information concerning the local bank. He succeeds J. Henry Sievers, who died suddenly last Saturday morning after having been ill health for several months He was appointed receiver of the local bank last October.

4. January 16, 1934 The Millville Daily Millville, NJ
Article from The Millville Daily, January 16, 1934

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Article Text

Charles W. Munich Named Mechanics Bank Receiver of the Ocean City Bank Announced Late Yesterday Afternoon as Successor of the Late J. Henry Charge This That Meeting Will Be Called. RECEIVER FROM COMPTROLLER'S OFFICE Charles deputy receiver the Ocean City National Bank. announced late yesterday afternoon receiver the Mechanies National Bank and Trust Company here. ceeding the late Henry Selvers. died early Saturday morning after Mr. Munich. who has been direct representative of Comptroller, office in the liquidation of O'Connor's the Ocean City bank affairs. expect ed to resign from that office accept the receivership of the local banking institution expected that the new receiver will take charge of the bank's affairs immediately the holders officially notified of the cent against each per and share of the Mechanics Na every Bank and Trust Company. official statement was forthcoming from receiver's office early today believed that will although promote program of quick according to advices from semition. circles. The work of liquidating the bank's assets have delayed by the health of the late condition compelled him to absent himself from his official duties during his term which terminated Saturday his learned that Mr. Munich had was conferred with the former receiver on least occasions matters pertaining to the National Bank and believed that is with the local condi tions and the long delay tion. Official circles stated last night that several prominent in various businesses were suggested post but their names were rejected after it was learned they were connected in some manner, either as or with the depositor One prominent official State County affairs said last evening. that the position could regret given to any one of number Millville men suggested but the laws do not permit anyone connected restricted bank. either as positor to be the post of receivership. One prominent business man. who the effort to affect has been active in delay in liquidation of the Mechanics National and Trust Company's assets greatly hindered the reorganization plans. We had expected to have been able to make an the of Miliville not ment to people than first of the year but the delay has caused slowing down of our

5. April 25, 1934 The Millville Daily Millville, NJ
Article from The Millville Daily, April 25, 1934

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Article Text

Statement Of Condition Bank Made Receiver Charles Munich Places Total Assets Accounted for at $1,559,912.35 With Total Liabilities at $987,of Committee on Formation of New Will Be Held This Evening. REPORT OF BANK RECEIVER PROVES INTERESTING A special committee of stockholders In and depositors of the closed MechanMechanics ics National Bank and Trust Company will be held tonight, been learned today. The March committee was appointed to obtain special information and data regarding the collection, tions to date and the financial condition the bank which is now in the hands of receiver, Charles Munich. committee is made Charles The Stowman, Dorchester: John Gaskill, assets Newport; Walter Owen, Joseph Riley, Jr., and LaDow, of Miliville. ment was Owens and Stowman were members of another committee which was organized some time ago to attempt to organize another bank here. They have conferred with officials at Wash912.35. ington and the belief that city Under the size of Millville should have two shows banks. The appointment of this special committee was authorized in resolution submitted at recent meeting of the depositors and stockholders. Under the tentative plan, new bank would organized with capital stock of $125,000. Previous tempts have failed because local business men refused to assume the sposibility as directors of the new bank. the date Now, however. the project has been 1933: endorsed by several organizations throughout the city and it beleved the proposal can be successfully acment complished. Clarence Wolf. president of the Millville Board of Trade, signified the Rents support of that body in co-operative campaign to establish the new bank. Roy Oliver, president of the Owners wants Club, the proposal. Mayor Harry Van Hook stated that the City will do what possible in the plan. Stowman said that support the at- Accounted tempt the residents of he believes the proposal can cessfully accomplished. "statement of condition" of the National Bank and Trust Company, as of the quarter ended 31, 1934, Charles W. Munich, receiver of the closed banking Instituplaced the total assets ed for at $1,559,912.35 while the total liabilities accounted for are statement pointed out, under accounted for, that total cash collected from assets and stock assess Offsets allowed assets totaled $1,262.75 This shows $1,395,137.38 remaining uncollected assets and stock ments, bringing the total to $1,559,the statement that "secured and bilities paid in cash to $98,075.59. The off. totaled $1,262.75. Unpaid secured liabilities, proved and unproved. total $263.210.75. Unsecured liabilities not paid or proved total $624,924.98, bring. the total liabilities accounted for Under collections and disbursements, Mr. Munich issued the following statement, covering these accounts from of suspension on February Cash collected from assets and stock assess$163,512.22 Cash collected from Interest, Premium, and 2,605.63 Cash collected by Receiver, and held as Trustee for 1,037.79 Finance Corporation Loans Received any Total Collections to Be For $167,155.64 Disbursements of Every Character: Secured and Liabilities Paid (Including Dividends) 98,075.59 Paid Collateral Account (Collections held by Secured Creditors and not yet applied) 6.33 Advances in protection of Assets (Taxes, Insurance, etc.) 112.00 Expenses of Conservatorship 13,008.73 Expenses of Receivership 7,538.55 Dividends Paid to Unsecured Creditors Reconstruction Finance Corporation Loans Repaid Cash in hands of Receiver and Comptroller 37,733.61 Total Collections Accounted For $167,155.64

6. September 21, 1934 The News of Cumberland County Bridgeton, NJ
Article from The News of Cumberland County, September 21, 1934

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Article Text

DATE OF DIVIDEND PAYMENT IS NOT SET Miliville Bank Receiver Says Depositors Will be Notified In Due Time-Not This Week. Millville, September 21.-Announcement made that it not known when the 20 per cent dividend checks for depositors of the closed Millville Mechanics National Bank and Trust Company will be paid. Charles Munich, receiver at the closed bank, made the statement yesterday. Those who attended the meeting of stockholders and in Firemen's Hall last Monday evening knew that there would be no checks sent out this week. Mr. Munich states that notification will be sent the depositors of the within short time but he cannot announce the exact date yet. SANG AT MAURICETOWN Millville, September Shekinah Glee Club sang at the

7. October 2, 1934 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, October 2, 1934

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Article Text

JERSEY INDUSTRIES AID FROM Five Loans Made by GovernGiven to Bank Receiver. WASHINGTON Oct. its report activities for August, the Reconstruction Finance corporation showed only loan authorized to New Jersey bank. This was the receiver the Mechanics National Bank and Trust company of Millville no part which beeen disbudrsed up toAug. Industries in NewJerseyreceived five loans follows Ransome Concrete company, of Dunellen, $67,500; Leuckel and company, inc., Trenton. $15000; Fitz Gibbon and Crisp, Trenton, the Trenton Iron company, $50,000. and the Trenton Tile company, inc. No part these authorized loans had disbursed at the end the month. Authorizations of subscriptions for preferred stock, with part of the amounts thru Aug 31, follows The National Bank and Trust of Belleville, $150.000: Cranford Trust the Franklin bank of Jersey $250,000: the Iron bank of Morristown, Federal Trust company, Newark the First National bank Nutley $75,000; the Peoples National Bank and Trust company Pemberton, the Perth Amboy National bank, Trust company, Mainland National bank Pleasantville, $50,000: Ridgefield Park Trust company, $100,000; the First National bank Riverside $25,000; the West Englewood National bank, $50,000; the First National bank of Westwood $125,000. Under the statement of loans on and subscriptions for stock purchase capital notes debentures, banks and trust companies, the listed Robert Douglas Elizabeth, the stock the Union County Trust company; Theo. Budd. of Pemberton. the stock thePeoples National Bank and Trust company of

8. October 16, 1934 The Millville Daily Millville, NJ
Article from The Millville Daily, October 16, 1934

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Article Text

After waiting more than twenty months, depositors, of the Mechanics National Bank and Trust Company. will begin receiving checks from bank's receiver, Charles W. Munich, amounting to per cent dividend. Mr. Munich officially released the per cent dividend this morning and the checks will be the in mails The checks are drawn on the Corn Exchange Bank, of Philadelphia. $138,000 will he included in the disbursement and will be scattered among more than 1,000 depositors, who have filed claims with the closed banking institution. was learned that less than one-half the total depositors had filed claims to date but that provision had made for the delinquent claims. The Mechanics National Bank and Trust Company closed its doors early February last year, but continued receive deposits safe keeping tinder Howard president of the institution. Early the Fall, the Henry of Landis Township, was pointed receiver but, due to his health, little progress made durhis brief administration. Following his death, Mr. Munich, was then assistant to the receivof an Ocean City bank, was named the receiver for the Millville bank and he came to Millville immediately to take charge of the bank's liquidation. At least four separate plans have been submitted to the of Currency, in re-organ and re-open the bank but these efforts failed when the could be met the committees comprised of depositors and stock (Continued on Page