1349. Pequonnock National Bank (Bridgeport, CT)

View Charter #928 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
928
Charter Number
928
Start Date
July 27, 1867
Location
Bridgeport, Connecticut (41.167, -73.205)

Metadata

Model
gpt-5-mini
Short Digest
143bf1815bf0152d

Response Measures

None

Description

Contemporary newspapers (Aug 1867) report that the Pequonnock National Bank of Bridgeport suspended business (July 27) after its cashier W. Hamilton Barnum absconded with about $50,000. The articles give no later account of reopening; given the embezzlement and suspension language, I classify this as a suspension leading to closure. If later reopening evidence is found, classification should be revised.

Events (3)
1. March 23, 1865 Chartered
Source
historical_nic
2. July 27, 1867 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier W. Hamilton Barnum absconded with approximately $50,000 (embezzlement), prompting suspension.
Newspaper Excerpt
July 27.-The Pequonnock National Bank of Bridgeport, Connecticut, suspended business and offered a reward of $500 for the fugitive cashier, W. Hamilton Barnum, who absconded with $50,000.
Source
newspapers
3. December 3, 1913 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. August 1, 1867 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, August 1, 1867

Click image to open full size in new tab

Article Text

Currency and the National Banks. The following list embraces some of the suspensions and failures of National Banks since January, 1867:March 2.-The National Bank of Newton, Mass., failed with liabilities amounting to $110,000. March 2.-The National Bank of Hudson, N. Y., discovered an embezzlement by the cashier to the amount of $50,000. The concern revived after several weeks' suspension, and resumed business. March 4.-First National Bank of Medina, Mo., failed with liabilities of $82,000. March 4.-The Mechanics' National Bank of Baltimore broke down from the effects of a series of defalcations, carried on for a long time by two officers of the institution. July 25.-The Weedsport (Cayuga county) National Bank closed doors, its liabilities being $125,000. July 26.-The National Bank of Unadilla, Otsego county. failed, its liabilities being $200 000. July -The Pequonnock National Bank of Bridgeport, Connecticut. suspended business, and offered a reward of $500 for the fugitive cashier, W. Hamilton Barnum, who absconded with $50,000. In the above brief statement the reasons for the difficulties of the National Banks in question are too lamentably obvious to need further comment.-N. Y. World.

2. August 9, 1867 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 9, 1867

Click image to open full size in new tab

Article Text

CURRENCY AND THE NATIONAL BANKS.-The following list embraces some of the suspensions and failures of National Banks since January, 1867: MARCH 2.-The National Bank of Newton, Massachusetts, failed, with liabilities amounting to $110,000. The National Bank of Hudson, New York, discovered an embezzlement by the cashier to the amount of $50,000. The concern revived after several weeks suspension, and resumed business. MARCH 4.-First National Bank of Medina, Missouri, failed, with liabilities of $82,000. The Mechanics' National Bank of Baltimore, broke down from the effects of a series of defalcations, carried on for a long time by two officers of the institution. JULY 25.-The Weedsport (Cayuga County) National Bank closed doors, its liabilities being $125,000. JULY 26.-The National Bank of Unadilla, Otsego County, failed, its liabilities being $200,000. JULY 27.-The Pequonnock National Bank of Bridgeport, Connecticut, suspended business and offered a reward of $500 for the fugitive cashier, W. Hamilton Barnum, who absconded with $50,000.