Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
86.0%
Date receivership started
1903-08-14
Date receivership terminated
1906-06-09
OCC cause of failure
Fraud
Share of assets assessed as good
55.6%
Share of assets assessed as doubtful
22.4%
Share of assets assessed as worthless
22.0%
Description
Articles report a run/large withdrawals after news of an examination and rumors of defalcation; Comptroller closed the bank (Aug 14, 1903) and appointed an examiner/receiver. Embezzlement by the cashier (≈$40,000) was later confessed; the bank remained in receivership and did not resume business.
Events (5)
1.March 19, 1891Chartered
Source
historical_nic
2.August 14, 1903Receivership
Source
historical_nic
3.August 14, 1903Receivership
Newspaper Excerpt
Bank Examiner W. A. Mason has been appointed receiver. ... Examiner Mason, who is acting as receiver, discovered discrepancies ... Cashier Enoch L. Cowart ... has confessed ... he embezzled $40,000 of the bank's funds.
Source
newspapers
4.August 14, 1903Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors withdrew after reports of examination, discovered false entries/shortages and rumors of a defalcation (cashier later confessed embezzlement of about $40,000).
Measures
Directors and new officials attempted to put cash into the bank and a New York correspondent offered assistance to meet demands; receiver later appointed.
Newspaper Excerpt
the report spread, a number of depositors withdrew their cash...there was a run on the institution and about $30,000 was withdrawn.
Source
newspapers
5.August 14, 1903Suspension
Cause
Government Action
Cause Details
Acting Comptroller closed the bank after Examiner Mason discovered falsified reports, discrepancies, shortages and irregularities rendering the bank insolvent.
Newspaper Excerpt
The Navesink National Bank ... was closed tonight by the Acting Comptroller of the Currency. Examiner Mason has been appointed receiver.
Source
newspapers
Newspaper Articles (21)
1.August 15, 1903New-York TribuneNew York, NY
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NOTICE POSTED IN THE DARK. Excitement Expected in the Morning-Rumor of Defalcation Denied. Red Bank, N. J., Aug. 14.-Some hours after the close of business at the Navesink National Bank a notice was posted on the front door reciting that by direction of the Controller of the Currency the bank had been taken in charge by W. A. Mason, a national bank examiner. The fact is still unknown to most persons here. Mr. Mason came here yesterday and has been at the bank since then. Considerable excitement is expected in town in the morning when the suspension of the bank becomes known. Some time ago there was a rumor that the bank was in difficulty. This was denied at the time emphatically. There is a rumor of a defalcation, but one of the minor officers of the bank said late tonight that this was wholly unfounded. The bank was organized twelve years ago and always did a big business. Some thought it did too big a business, considering the capital, surplus and backing. The capitalization is $60,000 and the reserve $20,000. Besides these at the last (statement there was the sum of $7,000 in undivided profits. The bank also holds, or held recently, stocks and securities worth something like $36,000. When the bank was organized Captain James S. Throckmorton was elected president. and he remained in office until a short time ago, when he resigned, assigning ill health as the cause. He was succeeded by Edward E. Roberts. president of the Roberts Safety Water Tube Boiler Company. It is believed that Mr. Roberts soon convinced himself it was best to call the Controller's attention to the affairs of the bank. Mr. Roberts is a heavy stockholder. One director said to-night that there would be a reorganization at once and a resumption of business on a better basis as quickly as possible. No depositor would lose a cent, and there would be no assessment on the stockholders.
2.August 15, 1903The Montgomery AdvertiserMontgomery, AL
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Red Bank, N. J., Bank Closed. Washington, Aug. 14.-The Navesink National Bank of Red Bank, N. J., was closed tonight by the Acting Comptroller of the Currency. Shortage and Irregularities to such an extent were discovered as to render the bank insolvent. Examiner Mason has been appointed receiver.
3.August 15, 1903The Evening WorldNew York, NY
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Cashier Enoch L. Cowart. of the suspended Navesink National Bank. at Red Bank, N. J., has confessed to Bank Examiner W. A. Mason, who is acting as receiver, that he embezzled $40,000 of the bank's funds. Accompanied by his wife. he went from his home at Asbury Park late this afternoon to surrender to the United States authorities and turn over to the bank authorities what property he posgesses. Cowart surrendered himself to the United States Marshall and was arraigned by the United States Commissioner at Freehold. He was held in $10,600 bail. Cowart was prevailed upon to make confession and restitution by Receiver Mason, who told him that to do so would go a long way in mitigating his @unishment. Cashier Was Prostrated. When Mr. Mason, acting as a Federal Bank Examiner, discovered discrepanates, erasures and false entries in the bark's books, Cashier Cowart was prostrated and was not able to leave his home at Asbury Park. The receiver went to him there and he made a clean breast of everything. Cowart said he had diverted the bank's funds, first to pay dividends on the bank's stocks in order to keep up its price, and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park. In Red Bank Cowart was known as a staid and practical business man. He had been with the bank for twelve years and was responsible for what prominence it had attained. He had been the moving factor in its reorganisation. In Asbury Park he mingled with a Last set and lived at an extravagant pace which his salary did not justify. No inkling of his double life ever
4.August 15, 1903The SunNew York, NY
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RED BANK SURPRISED. Said There That the Bank Tried to Do Too Large a Business. RED BANK, N. J., Aug. 14.- The news that the Navesink National Bank was closed came like a thunderbolt, and depositors thronged about the entrance of the bank. It is thought here that a reorganization of the bank will be effected. About three weeks ago Capt. James S. Throckmorton resigned as president of the bank, but the announcement was not made until this week, when Capt. Charles B. Parsons was elected to succeed him. Capt. Throckmorton's reasons for resigning were ill health and his wish to rid himself of business cares. Yesterday the board of directors held another meeting and it was announced that Capt. Parsons had resigned the presidency. Edward E. Roberts. a large depositor. president of the Roberts Safety Water Tube Boiler Company. was elected president. It was reported that Mr. Mason was making an investigation of the bank's affairs, and, the report spreading. a number of depositors withdrew their cash. Thinking that there might be a run on the bank, Enoch L. Cowart, the cashier, went to New York. and it was said that he returned with $100,000 to satisfy the possible demands of the depositors. It is said that the bank has done a large business, considering the amount of its capital stock and deposits, and that most of the time it needed a sum of money larger than it had on hand to meet borrowers' demands. Bank Examiner Mason said to-night: "I might say that for months past the condition of the Navesink National Bank has been unsatisfactory to the Comptroller of the Currency. Its business has been too much extended and its cash reserve has been much below the required amount fixed by the statute. "Acting under instructions from the Comptroller of the Currency, I came to Red Bank in the capacity of special bank examiner on Monday of this week. "To make a long story short. the case was readily diagnosed. but the remedy was not so easily prescribed. For a while a plan of reorganization and rehabilitation lent much encouragement. The heroic efforts on the part of some of Red Bank's best citizens to save the institution were particularly gratifying. Later, other complications set in and caused a run that resulted in the withdrawal of moral and financial support to such an extent that the Government had to take possession." When asked whether the depositors would receive their money, the examiner said that he was not prepared to answer. The Navesink bank was organized twelve years ago. Early this year a savings department was added. The directors are James S. Throckmorton, Enoch L. Cowart. Dr. Edwin Field, Charles B. Parsons, Thomas Davis, Jr., and Daniel Frost.
5.August 15, 1903The SunNew York, NY
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BANK CLOSED AT RED BANK. SHORTAGE, FALSE ENTRIES AND ERASURES ON BOOKS. Bank Examiner Mason Appointed Receiver of the Navesink National After New Officials Had Failed to Put Money Into Bank and Make It Solvent. WASHINGTON, Aug. 14-The Navesink National Bank of Red Bank, N. J., was closed to-night by direction of the Deputy and Acting Comptroller of the Currency, after a conference by telephone with National Bank Examiner W. A. Mason, who has been engaged during the past few days in making a special examination of the bank. The bank examination on July 27 disclosed a discrepancy between the individual and general ledgers of $10,000, a falsification of the last report of the bank's condition to the Comptroller of the Currency and numerous false entries and erasures on the books. A reëxamination was ordered and Examiner Mason, who was sent to the bank, discovered increased shortages and irregularities to such an extent as to render the bank insolvent. A new president. cashier and board of directors were elected and an effort made by the latter to put sufficient cash into the bank to restore its capital and solvency with the assistance of a correspondent bank. It was thought that this effort would be successful until advice was received at the Comptroller's office to-night to the contrary, coupled with a statement that nothing remained to do but close the bank's doors, as it would be impossible to meet demands to-morrow. Bank Examiner W. A. Mason has been appointed receiver. The last report of the condition of the bank, under date of June 9, 1903, which report, it is stated. was falsified, shows the condition on that date to have been as follows
6.August 15, 1903Evening StarWashington, DC
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NEW JERSEY BANK CLOSED. National Bank Examiner Discovered Many False Entries. RED BANK, N. J., August 14.-Some hours after the close of business at the Navesink National Bank of this city a notice was posted on the front door reciting that by direction of the controller of the currency the bank had been taken in charge by W. A. Mason. a national bank examiner. The examiner came here yesterday. He declined to make any statement. The bank was organized twelve years ago with a capital of $60,000. The Navesink National Bank of Red Bank. N. J., was closed last night by direction of the acting controller of the curcurrency after a conference by telephone with National Bank Examiner W. A. Mason, who has been engaged during the past few days in making a special examination of the bank. The bank was examined in regular order on the 27th of July, and the examination disclosed a discrepancy between the individual and general ledgers of $10,000. a falsification of the last report of condition to the controller of the currency, and numerous false entries and erasures on the books. A re-examination was ordered, and Examiner Mason discovered increased shortages and irregularities to such an extent as to render the bank insolvent. A new president. cashier and board of directors were elected. and an effort made by the latter to put sufficient cash into, the bank to restore its capital and solvency, with the assistance of a corresponding bank. It was thought until last night that this effort would be successful. Bank Examiner W. A. Mason has been appointed receiver. The last report of the condition of the bank. under date of June 9. 1903, which report. it is stated. was falsified, shows the condition on that date to have been as follows:
7.August 16, 1903The St. Louis RepublicSaint Louis, MO
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fession and restitution by Receiver Mason, who told him that to do so would go a long way in mitigating his punishment. Cowart said he had diverted the bank's funds first to pay dividends on the bank's stock in order to keep up its price, and later he began taking money to keep up the extravagant style of living he Indulged in at Asbury Park, where he mingled with a fast set and lived at an extravagant pace, which his salary did not justify. No inkling of his double life was ever had by his business associates in Redbank. Desperate efforts were made to keep the Navesink National Bank open, and ? New York bank offered assistance, but the run of depositors was FO great that It Was forced to close its doors.
8.August 16, 1903The St. Louis RepublicSaint Louis, MO
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BANK CASHIER CONFESSES THAT HE STOLE $40,000. Diverted Funds at First to Pay Dividends on Stock and Afterwards to Keep Up Extravagant Living. I REPUBLIC SPECIAL New York, Aug. 15.-Cashier Enoch L Cowart of the suspended Navesink National Bank, at Redbank, N. J., has confessed to Bank Examiner W. A. Mason, who is acting as receiver, that he embezzled $40,000 of the bank's funds. Accompanied by his wife, he went from his home in Asbury Park. late this afternoon to surrender to the United States authorities what property he possesses. After he has signed over his property to Receiver Mason. he will be taken charge of by United States Commissioner Freehold and a United States Marshal, who have charge of the details of his arrest. Cowart was nrevailed upon to make con-
9.August 16, 1903The SunNew York, NY
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ARREST OF A JERSEY BANKER. CASHIER COWART OF RED BANK HELD FOR GRAND JURY Charged With Embezzling $40,000 From the Navesink National Bank-Was Bonded In $20,000-Gives $10,000 Ball-There May Be More Prosecutions RED BANK, N. J., Aug. 15.--The sensation caused last night by the closing of the Navesink bank was as nothing compared with the announcement this afternoon that Enoch I.. Cowart. the cashier. had been arrested for einbezzlement. The amount he is alleged to have embezzled is $40,000. There were ugly rumors yesterday concerning a defalcation. but the special examiner, W. A. Mason, in his statement to the newspapers last night did not incriminate any one. It is said that yesterday Mr. Cowart told the examiner that he would answer any immediate call that might be made for him. Mr. Cowart S residence is at Asbury Park. To-day Mr. Mason notified the cashier that he was wanted, and when he arrived in town he was arrested by United States Marshal Garside and taken before United States Commissioner Frank P. McDermott. Mr. Cowart waived a hearing and was required to furnish a $10,000 bond for his apparance before the United States Grand Jury. His bondsmen are Samuel C. Cowart of Freehold, his brother; T. A. Beringer, E. C. Van Cleaf and John F. Hawkins of Asbury Park. When asked what statement he had to make, Mr. Cowart refrerred to Edmund Wilson, his attorney. Mr. Wilson would give no information. Mr. Cowart left on an evening train for Asbury Park. The bank examiner made no statement to-night. and the facts relating to the alleged embezzlement are unobtainable. The amount said to have been taken corresponds with the discrepancy between the individual and general ledgers of the bank. Mr. Cowart has always been considered an upright and honorable man. He was one of the organizers of the Navesink National Bank, having previously been employed in the Second National Bank of Red Bank. He has been cashier of the Navesink National Bank ever since its organization. He is a prominent member of the Monmouth Boat Club and has always mingled in the best society of the community. He has a wife and three children, who are at Asbury Park. Yesterday after the rumors were circulated that the bank was in straits there was a run on the institution and about $30,000 was withdrawn. To-day the First and Second National banks took the checks of the defunct bank to the makers of the checks for redemption. Some business houses which deposited in the bank were handicapped to-day on account of their money being tied up. It is not known whether the depositors will be paid in full, but there is considerable hopefulness in town over the outlook. This morning a farmer drove many miles to Red Bank to secure a sum of money from the bank to pay off a small mortgage, and he was nearly heart-broken when he discovered the state of affairs. Cowart was bonded in the American Surety Company in the sum of $20,000. It was reported to-night that the receiver discovered in the cellar of the bank a number of loose sheets from the cashier's ledger which the cashier acknowledged having torn from the book The sheets contained lists of large deposits. The cashier exonerates the other officials of the bank. The embezziements, it is said, cover a period of about ten years. WASHINGTON. Aug. 15.-It is more than probable that one or more officers of the Navesink National Bank of Red Bank, N. J., will be prosecuted for criminal violation of law. The acting Comptroller has said that
10.August 16, 1903The Washington TimesWashington, DC
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CASHIER E.L. COWARTH ADMITS EMBEZZLEMENT Navesink National Bank Expected to Pay Depositors. NEW YORK, Aug. 15.-Eugene L. Cowarth, cashier of the suspended Navesink National Bank, of Red Bank, N. J., acting upon the advice of Federal Bank Examiner W. A: Mason, today surrendered himself to the United States marshal and admitted that he had embezzled $40,000 of the bank's funds. He was arraigned before United States Commissioner Freehold and held in $10,000 bail. Mr. Cowarth said he had first taken the money in order to pay dividends on the stock in order to keep up its price, and later took more money to conduct an extravagant establishment which he had at Asbury Park. It is probable that the depositors will be paid in full and the bank will be permitted to resume business.
11.August 20, 1903Iron County RegisterIronton, MO
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BANK CASHIER CONFESSES. Diverted Funds at First to Pay Divi. dends on Stock and Then to Keep Up Extravagant Living. New York, Aug. 17.-Cashier Enoch L. Cowart of the suspended Navesink national bank, at Redbank, N. J., has confessed to Bank Examiner W. A. Ma. son, who is acting as receiver, that he embezzled $40,000 of the bank's funds. Cowart was prevailed upon to make confession and restitution by Receiver Mason, who told him to do so would go a long way in mitigating S punishment. Cowart said he had diverted the funds first to pay dividends on the bank's stock in order to keep up its price, and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park, where he mingled with a fast set and lived at an extravagant pace, which his salary did not justify. No inkling of his double life was ever had by his business associates in Redbank. Desperate efforts were made to keep the Navesink national bank open, and a New York bank offered assistance but the run of depositors was so great that it was forced to close its doors.
12.August 20, 1903Oxford EagleOxford, MS
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BANK CASHIER CONFESSES. Diverted Funds at First to Pay Dividends on Stock and Then to Keep Up Extravagant Living. New York, Aug. 17.-Cashier Enoch L. Cowart of the suspended Navesink national bank, at Redbank, N. J., has confessed to Bank Examiner W. A. Mason, who is acting as receiver, that he embezzled $40,000 of the bank's funds. Cowart was prevailed upon to make confession and restitution by Receiver Mason, who told him to do so would go a long way in mitigating ...S punishment. Cowart said he had diverted the funds first to pay dividends on the bank's stock in order to keep up its price, and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park, where he mingled with a fast set and lived at an extravagant pace, which his salary did not justify. No inkling of his double life was ever had by his business associates in Redbank. Desperate efforts were made to keep the Navesink national bank open, and a New York bank offered assistance, but the run of depositors was so great that it was forced to close its doors.
13.August 21, 1903The Washington TimesWashington, DC
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EXAMINER RELIEVED AT BANK OF RED BANK, N. J. Receiver of Asbury Park Bank Will Serve Both Institutions. John W. Schofield has been appointed receiver of the Navesink National Bank of Red Bank, N. J., to relieve Bank Examiner W. A. Mason, who was appointed receiver, temporarily, when the bank was closed. The purpose of this change, the Comptroller of the Currency states, is to enable Examiner Mason to resume his regular work of bank examinations. Mr. Schofield is also receiver of the First National Bank of Asbury Park, N. J. The proximity of these trusts will enable one receiver to liquidate the affairs of both at less total expense than by independent receivers. The affairs of the First National Bank of Asbury Park are so nearly wound up that the receiver will be able to devote the most of his time to the Navesink Bank. The Asbury Park Bank was closed in February last and 70 per cent in dividends have been paid to the crediors. There is money enough on hand and in sight to pay another dividend in the early fall.
14.August 21, 1903The Penn's Grove RecordPenns Grove, NJ
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NEW JERSEY STATE NEWS Bank Cashier an Embezzler. Cashier Enoch L. Cowart, of the Navesink National Bank, at Red Bank, which was closed by the Controller of the Currency, confessed to Bank Ex. aminer W. A. Mason that he embez zled $40,000 of the bank's funds. Ac companied by his wife, he went from his home at Asbury Park to surrender to the United States authorities and turn over what property he possesses. After he had signed over his property to Receiver W. A. Mason he was taken in charge by United States Commissioner McDermott. of Freehold, and held in $10,000 bail. Cowart was prevailed upon to make a confession and restitution by Examiner Mason, who told him that to do SO would go a long way in mitigating his punshment. Cowart said he had diverted the bank's funds first to pay dividends on the bank's stock, in order to keep up its price, and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park. The receiver was asked what the outlook was in reference to the depositors getting their money back, and he replied that he had nothing to say other than it was infrequent for national bank depositors to lose their money by the failure of such a bank.
15.August 21, 1903The Montgomery TribuneMontgomery City, MO
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BANK CASHIER CONFESSES. Diverted Fands at First to Pay Dividends on Stock and Then to Keep UP Estravagant Living. New York, Aug. 17.-Cashier Enoch in Cowart of the suspended Navesink national bank. at Redbank, N. J., has confessed to Bank Examiner W. A Mason. who is acting as receiver, that he embezzled $10,000 of the bank's funds. Cowart was prevailed upon to make confession and restitution by Receiver Mason, who told him to do so would go a long way in mitigating ..8 punishment. Cowart said he had diverted the funds first to pay dividends on the bank's stock in order to keep up its price. and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park, where he mingled with a fast set and lived at an extravagant pace. which his salary did not justify. No inkling of his double life was ever had by his business assectates in Redbank. Desperate efforts were made to keep the Navesink national bank open. and a New York bank offered assistance, but the run of depositors was 80 great that it was forced to close its doors.
16.August 22, 1903Macon BeaconMacon, MS
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BANK CASHIER CONFESSES. Diverted Funds at First to Pay Dividends on Stock and Then to Keep Up Extravagant Living, New York, Aug. 17.-Cashier Enoch L. Cowart of the suspended Navesink national bank, at Redbank, N. J., has confessed to Bank Examiner W. A. Mason, who is acting as receiver, that he embezzled $40,000 of the bank's funds. Cowart was prevailed upon to make confession and restitution by Receiver Mason, who told him to do SO would go a long way in mitigating punishment. Cowart said he had diverted the funds first to pay dividends on the bank's stock in order to keep up its price, and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park, where he mingled with a fast set and lived at an extravagant pace, which his salary did not justify. No linkling of his double life was ever had by his business associates in Redbank. Desperate efforts were made to keep the Navesink national bank open, and a New York bank offered assistance, but the run of depositors was SO great that it was forced to close its doors.
17.August 28, 1903Evening StarWashington, DC
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Condition of Navesink Bank. The report of the receiver of the Navesink National Bank of Red Bank, N. J., has been received, and shows the assets and liabilities of the bank to be as follows: Assets-Bills receivable, estimated good, $211,624; bills receivable, estimated doubtful, $81,693; bills receivable, estimated worthless, $58,409; all other resources, estimated good, $125,479; all other resources, estimated doubtful, $11,021; all other resources, estimated worthless, $5,316. Total, $491,545. Liabilities-Individual deposits, $287,391; outstanding drafts, $26,592; certificates of deposit, $7,855; due to national banks, $105,154; rediscounted paper, $36,000. Total, $462,993. This shows that the liabilities of the bank exceed the assets by about $33,173.
18.August 28, 1903The Jasper Weekly CourierJasper, IN
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BANK CASHIER CONFESSES. Diverted Funds at First to Pay Divi. dends on Stock and Then to Keep Up Extravagant Living. ----New York, Aug. 17-Cashier Enoch L. Cowart of the suspended Navesink national bank. at Redbank. N. J., has confessed to Bank Examiner W. A. Mason. who is acting as receiver, that he embezzled $40,000 of the bank's funds Cowart was prevailed upon to make confession and restitution by Receiver Mason, who told him to do so would go a long way in mitigating punishment. Cowart said he had diverted the "unds first to pay dividends on the bank's stock in order to keep up its price. and later he began taking money to keep up the extravagant style of living he indulged in at Asbury Park, where he mingled with a last set and lived at an extravagant pace, which his salary did not justify. No inkling of his double life was ever had by his business associates in Redbank. Desperate efforts were made to keep the Navesink national bank open, and a New York bank offered assistance but the run of depositors was so great that it was forced to close its doors.
19.October 6, 1903The St. Louis RepublicSaint Louis, MO
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TRENTON, N. J.-Enoch L, Cowart. cashier of the Navesink National Bank of Red Bank, N. J., which is now in the hands of a receiver, pleaded guilty to two charges, one of them embezzling $20,000 and the other the aiding of the making of false reports to the Treasury.
20.October 6, 1903Evening JournalWilmington, DE
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Pleads Guilty to Embezzlement. Trenton, N. J., Oct. 6.-Enoch L. Cowart, cashier of the Navesink National Bank of Red Bank, N. J., which is now in the hands of a receiver, pleaded guilty to two charges, one of them embezzling $20,000 and the other in aiding the making of false reports to the treasury. Cowart's bond of $10,000 was continued for his appearance for sentence next Monday.
Cowart Pleads Guilty. Trenton, N. J., Oct. 8.-E. L. Cowart, cashier of the Navesink National bank at Redbank, N. J., which is now in the hands of a receiver, pleaded guilty to two charges, one of them embezzling $20,000, and the other in aiding of the making of false reports to the treasury. His bond of $10,000 was continued for his appearance for sentence next Monday.
