12597. Mount Holly National Bank (Mount Holly, NJ)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
1356
Charter Number
1356
Start Date
August 1, 1933*
Location
Mount Holly, New Jersey (39.993, -74.788)

Metadata

Model
gpt-5-mini
Short Digest
5ef9dec7b13b35ff

Response Measures

None

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1933-08-04
Date receivership terminated
1939-11-30
Share of assets assessed as good
45.0%
Share of assets assessed as doubtful
40.8%
Share of assets assessed as worthless
14.1%

Description

Articles indicate Mount Holly National Bank was closed/placed in receivership in August 1933 (receiver in control since Aug. 1933), subject of reorganization efforts in Feb 1934, and criminal prosecution of the cashier for misapplication of funds. No article describes a depositor run prior to suspension; the sequence is a suspension with receivership and likely permanent closure.

Events (4)

1. June 28, 1865 Chartered
Source
historical_nic
2. August 1, 1933* Receivership
Newspaper Excerpt
former George Holly, receiver for the ... since Aug. 1933 ... the bank ... in the hands of Hillman as receiver. ... He wrote the comptroller he was informed the bank's receiver was securing many makers and endorsers of notes. Powers ... was continuing efforts ... to procure reorganization of the Mount Holly National Bank. Dading ... former cashier of the Mt. Holly National Bank ... sentenced ... misapplying $10,000 of the bank's funds ... Dading came the bank in 1924 ... bank placed August, 1933. Dading was indicted June last, and arrested ... two weeks later. (Aug 1934 article).
Source
newspapers
3. August 1, 1933* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was closed and placed in receivership amid discovered shortages/misapplied funds by the cashier and resulting insolvency concerns; criminal investigation followed for misapplication of funds dating back to 1931-1933.
Newspaper Excerpt
the bank was placed August, 1933. ... receiver for the national bank since Aug. 1933
Source
newspapers
4. August 4, 1933 Receivership
Source
historical_nic

Newspaper Articles (3)

Article from The Central New Jersey Home News, February 9, 1934

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Article Text

POWERS MEASURE HITS AGE LIMIT Plans to Eliminate Discrimination Against Employes Over 40 By The Associated Press WASHINGTON, Feb. Repre sentative D. Lane Powers of Tren ton said yesterday he was holding daily conference with members of Federal Employes organizations and American Federation of Labor representatives to gain facts to support a bill he intends to introduce this session to eliminate discrimination against employing persons more than 40 years of age because of age alone. The contemplated measure is along the same lines, he said, as the bill he introduced in the New Jersey Assembly in 1928 prohibiting discrimination against the same age group in filling State positions. Details of the bill are not yet complete but are in the formative state, powers explained, but said it would affect not only the government employes of one section, but throughout the entire nation. Powers also said he was continuing efforts through the office of the comptroller of the currency to procure reorganization of the Mount Holly National Bank. He wrote the comptroller, J. F. T O'Connor, several days ago urging the acceptance of the plan submitted by the depositors' committee headed by Mark Reynolds. Yesterday he wrote the comptroller he was informed the bank's receiver was securing many makers and endorsers of notes. He asked that the receiver be requested to withhold such actions pending the outcome of the proposed reorganization plan. He said these actions were causing hardship to those who assumed obligations with the expectation of relaying them over a period of two years.


Article from Courier-Post, June 1, 1934

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Article Text

Jury Probes Bank at Mt. Holly (Continued from One) gation report by national bank Former George Holly, receiver for the since Aug. 1933, one of eral county before the jury, he knew no iner appeared at the Mt. Holly Names, Details Withheld Asked prompted the probe, Hillman said through an investigation by the Justice The bank declinreveal names of other Burwitnesses appeargrand jury. Both he and details the bank, or the amount involved. Evidence in the investigation the federal grand from Attorney Benson, according to Arrowsmith denied that any indictments had been returned declined to many persons may be involved the probe. reported that 20 persons, bank ers Tuesday that five were called, among them Hillman, The bank the national bank holiday decreed President Roosevelt. under closed again. and the hands of Hillman as ceiver. TO CANCEL LOAN Shanghai. drafting celling the flour of Finance poration's wheat China, was learned reliably today. IN PITMAN CRASH PStman, Carl Prickett, bruised the head and today when car struck Seneca avenue and Broadway. The "butcher is


Article from Courier-Post, August 25, 1934

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Article Text

EXAMINERS BY JUDGE IN MT. HOLLY CASHIER Dading Gets 2 Years as Counsel Insists He Only Tried to Save Bank Trenton, Aug. -George W. Dading, 48, former cashier of the Mt. Holly National Bank, was sentenced to two years in the Federal penitentiary today by Judge John Boyd Avis on charges of misapplying $10,000 of the bank's funds. the penalty Judge Avis when he learned that their reports showed shortages far back as 1931 "I can't understand why bank examiners cannot find out these ages when they occur. When they are found the be closed right away Some day the bank exwill wake plea exoneration of Dading on that he the money "save the bank" and took none of the money for himself, was by Dading's counsel, John H. Cafes. "Profits were built up falsely the bank was money, said Cafes that dividend to the stockholders could continue. Mr. Dading was virtually captain who trying "to save sinking ship. He took none of the money for himself Harold O. Schroder, special agent for the Division of Investigation, that Dading stole collateral of by the bank and put the proceeds into his own count, and that he also took money from accounts of depositors to buy back the securities given as collateral. some cases, the notes "were altoDading came the bank in 1924 from Philadelphia. bank placed August, 1933. Dading was indicted June last, and arrested in Washington, D. two weeks later.