Ocean City National Bank - Ocean City, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12521
Charter Number: 12521
Start Date: November 5, 1934
Location: Ocean City, New Jersey (39.278, -74.575)

Metadata

Model: gpt-5-mini
Short Digest: 030d8eb38ad2b046

Response Measures

None

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%

Description

Article (Press of Atlantic City, 1934-11-05) reports the institution is a closed bank under a receiver (Richards) who is settling small forgotten accounts. OCR errors corrected (e.g., 'Ocean National Band' -> Ocean City National Bank; 'succeedby' indicates successor arrangements). No mention of a depositor run; the bank is under conservatorship/receivership, so classified as suspension leading to closure/receivership.

Events (4)

1. April 1, 1924 Chartered

Source: historical_nic

2. June 18, 1934 Receivership

Source: historical_nic

3. November 5, 1934 Receivership

Newspaper Excerpt: Receiver on Details of Shore Institution OCEAN Richards, receiver Ocean National Band ... started campaign eliminate from his books several hundred items parently been forgotten by their owners. The items represent those started when the bank under conservator, the bank holiwhich cent leased. According Richards, the neglected run as small eight cents.
Source: newspapers

4. November 5, 1934 Suspension

Cause: Government Action
Cause Details: Bank is under conservator/receiver (receiver Richards) and is described as a closed bank; suspension appears due to placement into receivership/conservatorship.
Newspaper Excerpt: 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.
Source: newspapers

Newspaper Articles (1)

1. November 5, 1934 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, November 5, 1934

Click image to open full size in new tab

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.