12827. First National Bank (Woodbridge, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8299
Charter Number
8299
Start Date
November 14, 1931
Location
Woodbridge, New Jersey (40.558, -74.285)

Metadata

Model
gpt-5-mini
Short Digest
e76e0972bf91d0ec

Response Measures

None

Receivership Details

Depositor recovery rate
61.7%
Date receivership started
1931-12-02
Date receivership terminated
1940-11-08
Share of assets assessed as good
26.8%
Share of assets assessed as doubtful
70.9%
Share of assets assessed as worthless
2.4%

Description

Contemporary articles (Jan–Apr 1933) refer to the First National Bank of Woodbridge as a closed bank with a court-appointed receiver (Walter Lewis) and lawsuits by depositors/creditors. Articles mention misappropriation by the former cashier (J. Joseph Grace), indicating bank-specific malfeasance. No article describes a depositor run prior to suspension; the bank is already closed and in receivership.

Events (4)

1. July 9, 1906 Chartered
Source
historical_nic
2. November 14, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Former cashier J. Joseph Grace was later sentenced for misappropriating funds; negligence/misappropriation cited in lawsuits tied to the bank's closure/suspension.
Newspaper Excerpt
Claiming that he deposited $800 in the closed First National Bank of Woodbridge on November 14, 1931...
Source
newspapers
3. December 2, 1931 Receivership
Source
historical_nic
4. January 29, 1933 Receivership
Newspaper Excerpt
Claiming ... was refused a return of the money, Saul Bell ... has started Supreme Court action against Walter Lewis, receiver for the bank, the First National Bank of Woodbridge, and J. Joseph Grace, former cashier of the bank.
Source
newspapers

Newspaper Articles (2)

Article from The Central New Jersey Home News, January 29, 1933

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Article Text

Bank Receiver Sued for $800 By Rahway Man Bell's Drug Store, Rahway, Claims Dèposit Never Was Credited Claiming that he deposited $800 in the closed First National Bank of Woodbridg eon November 14. 1931, and was refused a return of the money, Saul Bell, trading as Bell's Drug Store, 38 East Grand street, Rahway, has started Supreme Court action against Walter Lewis, receiver for the bank, the First National Bank of Woodbridge, and J. Joseph Grace of 175 Granvill avenue, Woodbridge, former cashier of the bank. Bell alleges, that he never received credit for the funds by reason of the negligence, carlessness or willful act of J. Joseph Grace, recently sentenced to serve 6 months in state prison for misappropriating funds. Bennett and Denison Cranbury asks $606,63 with interest from May 8, claimed due on note from Dominicus C. Mershon of Main Cranbury, in Supreme Court action instituted Saturday. The First National Bank of Englishtown asks $252.26 with interest from December 19, in Supreme Court action instituted against Mores Shapanka and Morris Fischler, both of Jamesburg.


Article from The Central New Jersey Home News, April 11, 1933

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Article Text

BANK RECEIVER FILES SUIT FOR COLLECTION Walter Lewis, receiver for the First National Bank of Woodbridge, seeks $3,005.16 with interest from December 28, 1931, in Common Pleas Court action against John and Leon S. Rymsha of Sewaren and Fords, respectively, the amount being claimed due on note. The Federated Textiles, Inc., of New York City, asks $754.82 with interest, from William Gross, trading as the Gross Pleas action instituted today the amount being claimed on a book account.