12778. First National Bank (Seabright, NJ)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
5926
Charter Number
5926
Start Date
December 7, 1914
Location
Seabright, New Jersey (40.361, -73.974)

Metadata

Model
gpt-5-mini
Short Digest
97687b0e4dbc7163

Response Measures

None

Receivership Details

Depositor recovery rate
10.1%
Date receivership started
1935-01-28
Date receivership terminated
1938-11-30
Share of assets assessed as worthless
100.0%

Description

Multiple contemporary newspaper accounts (Dec 7โ€“8, 1914) report Seabright inundated by a storm tide; All business was suspended and the First National Bank did not open because vaults were flooded two feet deep. No articles mention depositor runs or permanent closure; suspension appears to be a temporary storm-related closure (local shock).

Events (4)

1. July 31, 1901 Chartered
Source
historical_nic
2. December 7, 1914 Suspension
Cause
Local Shock
Cause Details
Severe storm and high tides flooded Seabright; banking rooms and vaults were flooded two feet, preventing the bank from opening.
Newspaper Excerpt
All business was suspended. The First National bank did not open. The banking rooms were flooded and the water in the vault was two feet deep.
Source
newspapers
3. July 27, 1931 Voluntary Liquidation
Source
historical_nic
4. January 28, 1935 Receivership
Source
historical_nic

Newspaper Articles (4)

Article from Evening Times-Republican, December 7, 1914

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Article Text

SEVERE LOSS AT SEABRIGHT. Residents Fear Further and More Serious Damage From High Tide. Seabright, N. J., Dec. 7.-The turning of the ebb tide here today found Seabright's chief streets under water, the railroad tracks covered by the ocean for two miles, and a storm lashed sea sweeping thru breaks in the sea wall constructed after the flood of last year. With high tide to come, the situation was alarming, and residents practically abandoned hope of preventing property loss. The tide was sweeping over the ground floors of houses and there appeared to be an unbrokn stretch of water between Normandio and the highlands, several miles. Losses, estimated at $100,000, were caused by the storm during the night. All business was suspended. The First National Bank vaults were flooded two feet deep. The waves covered the ocean boulevard and cottages thede were in danger of collapsing.


Article from The Brattleboro Daily Reformer, December 7, 1914

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Article Text

WAVES BATTERED THE TOWN ALL NIGHT Tide Sweeping Over the Ground Floors of Houses in Seabright, N. J.Loss $100,000. SEABRIGHT, N. J., Dec. 7. - The returning of the ebb tide here today found Seabright's chief streets under water, the railroad tracks covered by the ocean for two miles and a stormlashed sea sweeping through breaks in the sea wall constructed after the floods of last year. With high tide to come the situation was alarming. The waves battered the town all night and the tide was sweeping over the ground floors of houses this morning. Loss estimated at $100,000 had been caused by the storm during the night. All business was suspended. The First National bank did not open. The banking rooms were flooded and the water in the vault was two feet deep. As the tide came in the waves broke over Ocean boulevard and washed the earth from under mรกny houises, Several were in danger of collapsing.


Article from Ottumwa Tri-Weekly Courier, December 8, 1914

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Article Text

www.up WITH grounded near this place yesterday was reported by the life saving service here about noon today to be nowhere visible, and it was presumed she had freed herself and proceeded seaward. Washington, D. C., Dec. 7.-Steadily increasing in its intensity and moving slowly northward, the sixty mile gale which has been whipping the Atlantic coast since Saturday night, was central today off the Virginia capes. Storm warnings were displayed from Hatteras, N. C., to Eastport, Me. The unknown warship reported ashore off the Delaware coast is believed by navy department officials here to be one of a foreign fleet. The safe arrival of two American destroyers at Norfolk and a report from the captain of the battleship Kansas that he was riding out of the storm off the Delaware capes, disposed safely of all the American war crafts in the vicinity. The following message was received today from the keeper of the life saving station at Ocean City, Me., in answer to an inquiry by Secretary Daniels: "Unable ascertain nationality or kind of ship; has four funnels. two masts, fighting top on each as far as possible to see. Weather thick. Blow. ing for assistance." Although the Kansas had reported she was waiting for the gale to abate, Secretary Daniels early today sent instructions for her to report again. Seabright is Flooded. Seabright, N./J., Dec. 7.-The turning of the ebb tide here today found Seabright's chief streets under water, the railroad tracks covered by the ocean for two miles and a storm lashed sea sweeping through breaks in the sea wall constructed after the floods of last year. With high tides to come, the situation was alarming and residents practically abandoned hope of preventing great loss. The tide was sweeping over the ground floors of houses and there appeared an unbroken stretch of water between Normandie and the highlands, several miles. Losses estimated at $100,000 were caused by the storm during the night. All business was suspended. The First National bank vaults were flooded two feet deep. Waves broke over Ocean boulevard, skirting the shore. and washed the earth from under many cottages. Several were in danger of collapsing. New York Hard Hit. New York, Dec. 7.-The gale swept New York harbor and bay with great violence. Vessels lying at dock in some instances were pounded against the piers. In one case a fire boat, lying at a slip in St. George, Station Island, was sunk in this manner. The upper harbor was almost cleared of crafts.


Article from West Virginia Argus, December 10, 1914

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Article Text

Sea Bright, N. J., Inundated. Sea Bright, N. J., Dec. 8.-The turning of the ebb tide here found Sea Bright's chief streets under water, the railroad tracks covered by the ocean for two miles and a storm lashed sea sweeping through breaks in the sea wall constructed after the floods of last year. The. tide was sweeping over the ground floors of houses and there appeared to stretch an unbroken stretch of water between Normandle and the Highlands, several miles. Loss, estimated at $100,000, was caused. All business was suspended. The First National bank vaults were flooded two feet deep. Waves broke over Ocean boulevard, skirting the shore, and washed the earth from under many cottages. Several were in danger of collapsing.