Germantown National Bank - Germantown, NY

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 12242
Charter Number: 12242
Start Date: December 29, 1931
Location: Germantown, New York (42.134, -73.871)

Metadata

Model: gpt-5-mini
Short Digest: 9e8a7e9aeeffe2ed

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate: 68.5%
Date receivership started: 1932-01-22
Date receivership terminated: 1938-03-31
Share of assets assessed as good: 38.9%
Share of assets assessed as doubtful: 54.1%
Share of assets assessed as worthless: 7.1%

Description

Article (Ithaca Journal, 1931-12-29) reports Germantown National Bank closes its doors and that the Comptroller of the Currency (OCR error: troller of currency) is to take over affairs. It states loss of confidence tied to the Columbia County treasurer and that more than $100,000 was withdrawn prior to closing, indicating a run that precipitated a government takeover and permanent closure. OCR errors corrected where obvious.

Events (5)

1. July 31, 1922 Chartered

Source: historical_nic

2. December 29, 1931 Receivership

Newspaper Excerpt: controller of currency to take over its affairs.
Source: newspapers

3. December 29, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: Loss of confidence linked to Columbia County treasurer and handling of county funds, prompting heavy withdrawals.
Newspaper Excerpt: until the doors closed today more than $100,000 withdrawn by depositors.
Source: newspapers

4. December 29, 1931 Suspension

Cause: Government Action
Cause Details: Comptroller of the Currency to take over affairs following loss of confidence and heavy withdrawals; bank closed by regulatory action.
Newspaper Excerpt: Germantown Bank Closes Its Doors... controller of currency to take over its affairs.
Source: newspapers

5. January 22, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. December 29, 1931 The Ithaca Journal Ithaca, NY

Article from The Ithaca Journal, December 29, 1931

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Article Text

Germantown Bank Closes Its Doors Bank closed doors and the troller of currency to take over its affairs. Loss of confidence result last that Clyde Columbia County treasurer, the funds, was the for the closing the bank. that time, vicepresident of the gradual the bank over and until the doors closed today more than $100,000 withdrawn by depositors. The Germantown National the only bank historic old town on the Hudson