City Bank - Brooklyn, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 25, 1870
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: f8f56c4996105c52

Response Measures

None

Description

Article (Aug 25, 1870) reports the 'suspended Brooklyn City Bank' with depositors losing 25% and stockholders losing full nominal value, indicating a suspension that resulted in permanent loss/closure. No explicit run is mentioned in the excerpt; cause not specified beyond insolvency/losses.

Events (1)

1. August 25, 1870 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended and losses realized: depositors lost 25% and stockholders wiped out, indicating bank-specific insolvency or adverse information.
Newspaper Excerpt: The case of the suspended Brooklyn City Bank turns out worse than was expected. Depositors lose 25 per cent., and stockholders the full nominal value of their stock.
Source: newspapers

Newspaper Articles (1)

1. August 25, 1870 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, August 25, 1870

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Article Text

SPARKS FROM THE WIRES. The laying of the ocean cable between the West Indies and Panama progresses well. The case of the suspended Brooklyn City Bank turns out worse than was expected. Depositors lose 25 per cent., and stockholders the full nominal value of their stock. From Washington we hear that a large number of assistant assessors in the South and West have been dismissed. George Wood, chief of the navigation division in the Treasury Department at Washington, is dead.