13249. Union Bank (Brooklyn, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 21, 1917
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
964e963464ae5d0c

Response Measures

None

Description

Articles describe the Union Bank of Brooklyn as a defunct/failed bank under the State Superintendent of Banks, with a receiver/estate making dividend payments to depositors (1917) and later mention (1919) of the failed bank. No article describes a depositor run; the bank was closed and in liquidation/receivership.

Events (3)
1. March 21, 1917 Receivership
Newspaper Excerpt
State Superintendent of Banks Eugene Lamb Richards made application ... for authorization to pay another 5 per cent dividend to the depositors of the defunct Union Bank, of Brooklyn.
Source
newspapers
2. March 21, 1917 Suspension
Cause
Government Action
Cause Details
Placed in receivership/closed and under supervision of State Superintendent of Banks; bank is defunct and in liquidation.
Newspaper Excerpt
defunct Union Bank, of Brooklyn
Source
newspapers
3. April 21, 1919 Other
Newspaper Excerpt
would allow depositors of the failed Union and Borough Banks of Brooklyn to go before the State Court of Claims in an effort to collect for their losses
Source
newspapers

Newspaper Articles (2)
1. March 21, 1917 New-York Tribune New York, NY
Article from New-York Tribune, March 21, 1917

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Article Text

New York Union Bank Depositors to Receive Another Dividend.-State Superintendent of Banks Eugene Lamb Richards made application yesterday to Supreme Court Justice Aspinall, of Brooklyn, for authorization to pay another 5 per cent dividend to the depositors of the defunct Union Bank, of Brooklyn. This will be the second 5 per cent dividend payment made within the last seven months, and will mean the disbursement of over $185,000. The application was supported in court by the depositors' committee of the Union Bank. The payment of the dividend was made possible through the sales of various parcels of real estate and the insistence by the Superintendent of Banks on the payment in full of $100,000 of Ohio Copper bonds, which was up as collateral with the so-called Heinze loan. The 5 per cent payment to stockholders will leave a balance of about $6,000 for liquidation purposes. The immediate payment of the dividend was authorized by Justice Aspinall. Long Island Suit Dismissed.-Justice Lehman yesterday decided against Evans R. Dick, a banker, and other minority stockholders of the Long Island Railroad in their action for a receivership for the company and the restitution by the Pennsylvania Railroad Company and its directors of $28,000,000 for moneys which the plaintiffs alleged were wasted and diverted. It was alleged by Mr. Dick that the Pennsylvania Railroad. controlling the Long Island Railroad, had spent money injudiciously and in other manner had

2. April 21, 1919 The Sun New York, NY
Article from The Sun, April 21, 1919

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Article Text

Bill for Aircraft Insurance. Other measures before the Governor would permit fire, marine and casualty insurance companies to take risks on airplanes, fiying boats and dirigible balloons and their operators: would allow depositors of the failed Union and Borough Banks of Brooklyn to go before the State Court of Claims in an effort to collect for their losses and would provide for an investigation of the State right to develop water power at Niagara and Long Sault Rapids, St. Lawrence, and to figure on the cost of this development. Included in the list are the Lockwood conductorette bill and the Sammis measure regulating service of women elevator operators. Both prohibit the employment of women for more than nine hours a day, or after 10 o'clock at night and before 6 o'clock in the morning. The Lockwood bill provides that no woman under 21 shall be employed in the operation of surface, elevated or underground railways, and the Sammis bill prohibits the employment of females under 18 to run elevators. Three bills carrying out the recommendations of the Governor, and which he undoubtedly will sign, are: Providing for reorganization of the New York city five man Public Service Commission under a single commissioner. creating a rapid transit commissioner to build the rest of the city's subways, and providing that the Industrial Commission must conduct a review of every workman's compensation case in which direct settlements are made. Awalting signature also is the bill of Senator Clayton R. Lusk of Cortland which permits cities and villages to create industrial aid commissions. to remedy unemployment conditions, and to furnish food, shelter and clothing to persons unemployed until they find jobs and begin receiving wages.