12782. First National Bank (Somers Point, NJ)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
12559
Charter Number
12559
Start Date
October 16, 1933
Location
Somers Point, New Jersey (39.318, -74.595)

Metadata

Model
gpt-5-mini
Short Digest
7e0c176c9f2fbedb

Response Measures

None

Receivership Details

Depositor recovery rate
73.7%
Date receivership started
1933-10-13
Date receivership terminated
1937-12-14
Share of assets assessed as good
37.1%
Share of assets assessed as doubtful
56.7%
Share of assets assessed as worthless
6.2%

Description

Articles (Oct 16, 1933) report the First National Bank of Somers Point had been on a restricted basis since the national bank holiday in March and was placed in the hands of a receiver for liquidation by the Comptroller on Oct 16, 1933. No article describes a depositor run prior to the suspension; the action is tied to regulatory/receiver placement (government action). RFC loan authorizations in 1934 list the bank as 'receiver.'

Events (4)

1. July 8, 1924 Chartered
Source
historical_nic
2. October 13, 1933 Receivership
Source
historical_nic
3. October 16, 1933 Receivership
Newspaper Excerpt
George ... cashier of the Seaside Trust Company Atlantic City, was named receiver by ... O'Connor, comptroller ... was placed in the hands of receiver for liquidation today.
Source
newspapers
4. October 16, 1933 Suspension
Cause
Government Action
Cause Details
Bank had been operating on a restricted basis since the National Bank Holiday (March); on Oct 16, 1933 the Comptroller placed the bank in the hands of a receiver for liquidation.
Newspaper Excerpt
The First National Bank of Somers Point ... was placed in the hands of receiver for liquidation ... was named receiver by ... comptroller
Source
newspapers

Newspaper Articles (4)

Article from The Times, October 16, 1933

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Article Text

Somers Point Bank In Receiver's Hands SOMERS POINT. N. Oct. 16 The First National Bank of Somers had been operating on Point, which basis since the national restricted bank holiday, March was placed in the hands of receiver for liquidation bank did not open for business The this but was announced the by George that all guaranteed accounts accepted the bank holiday would be paid since either today or cashier of the side Trust Company Atlantic City, was named receiver by J. F O'Connor, comptroller of the in Washinfton on Saturday


Article from The Record, October 16, 1933

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Article Text

BANK RECEIVER Somers Point Institution Closed; Guaranteed Accounts to Be Paid. Somers Oct. The First National Bank Somers Point, which had been on restricted basis since, the National Bank Holiday, March was placed in hands receiver for liquidation today. The bank did open for business George the bank holiday would be paid today cashier of the Seaside Trust Co., Atlantic by currency, in Washington, on


Article from The Central New Jersey Home News, August 8, 1934

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Article Text

LOAN LIST Total Authorized in State For May, None Disbursed Associated Press Aug. construction Finance Corporation, report its activities in made public, revealed had authorized loans New Jersey banks trust totaling no which had been part disbursed 31. The authorized loans were First National Bank Avonreceiver, MarTrust Company, $8,250; The Ocean Grove National Bank, ceiver, $188,000; The First National Bank Somers Point, receiver, First National Bank West New York, receiver, $100,Three loans authorized the Manufacturers Loan Company Jersey totaling which was disbursed May Authorization of funds for subscriptions preferred stock New Jersey institutions, which up to May Asbury Park National Trust Company, The Atco National Bank, $25,000; First National Bank Bordentown, $50,000; West Jersey Trust pany, $300,000; The National Bank Cape May, $100,000: The National Bank, First National Bank Dunel$25,000; First National Bank Englishtown, $12,500; The Peoples National of Keyport, $115,000; Merchantville Bank Trust Co., $125,000; The First National Bank $125,000; Fidelity Trust pany, The Peoples National Bank New Brunswick, Second National Bank Paterson, Citizens First and Company $150,000; Ventnor National Woodstown National Bank Trust Company, $50,000.


Article from The Millville Daily, August 8, 1934

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Article Text

R.F.C. HAS LOANED MUCH TO BANKS Report Shows Loans to Banks Total More Than $438,000 AUTHORIZED BONDS Washington, Aug. Reconstruction Finance Corporation. in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust totaling $438,250 no part of which had been disbursed up to May 31st. Included among the authorized loans were: The Ocean Grove National Bank, receiver. $188,000; first National Bank of Somers Point, receiver. $67.000. Authorizations of bonds for subscription for preferred stock in New Jersey none of which was disbursed up to May 31st, included: Asbury Park National Bank & Trust Co., $300,000; The Atco National Bank, $25,000; Merchants National Bank of Cape May, $100,000; Dumont