1361. Danbury National Bank (Danbury, CT)

View Charter #943 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
943
Charter Number
943
Start Date
December 8, 1921
Location
Danbury, Connecticut (41.395, -73.454)

Metadata

Model
gpt-5-mini
Short Digest
28fbda5eb4f7b287

Response Measures

None

Description

Articles indicate the Danbury National Bank was affected by the 1933 banking moratorium and did not open immediately after the banking moratorium was lifted. A federal conservator was named and the bank was reorganized, implying it later resumed operations. No article describes a depositor run. Separate 1921 item notes the bank was appointed receiver of a hat company (bank acting as receiver), which is unrelated to a failure of the bank itself. Dates for the 1933 suspension are inferred from the March 1933 national banking moratorium; the newspaper reporting and legal actions are from June 28, 1933.

Events (4)
1. March 28, 1865 Chartered
Source
historical_nic
2. December 8, 1921 Other
Newspaper Excerpt
Judge Frank D. Haines appointed the Danbury National Bank receiver of the Von Gal Hat Co., of this city.
Source
newspapers
3. March 1, 1933* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank did not reopen immediately after the March 1933 banking moratorium; federal conservator named and reorganization followed, linked in reporting to later discovery of embezzlement by bank cashier/executive.
Newspaper Excerpt
The Danbury National was one of the few in the state which did not open immediately after the banking moratorium was lifted. A federal conservator was named, and reorganization followed.
Source
newspapers
4. June 28, 1933 Other
Newspaper Excerpt
Fred C. Brown, former town treasurer and cashier of the Danbury National Bank, today was under a suspended sentence ... following his plea of guilty to a charge of embezzlement. He and John McCarthy, former president of the bank, were arrested last spring after the bank was reorganised.
Source
newspapers

Newspaper Articles (3)
1. December 8, 1921 New Britain Herald New Britain, CT
Article from New Britain Herald, December 8, 1921

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Article Text

BANK IS RECEIVER Danbury Institution To Take Charge Of Affairs of Von Gal Hat Co. Danbury, Dec. 8.-In the superior court in Bridgeport yesterday Judge Frank D. Haines appointed the Danbury National Bank receiver of the Von Gal Hat Co., of this city. This is said to be the first time in this county and perhaps in Connecticut that a national bank has been made receiver of a manufacturing concern. High costs of material and the great decline in prices following the war are said to be responsible for the hat company's difficulties. It is expected to continue the business with practically no interruption, as the concern has many orders upon its books. The factory employs about 300 operatives

2. December 9, 1921 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, December 9, 1921

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Article Text

In the superior court in Bridgeport Judge Frank D: Haines appointed the Danbury National bank receiver of the von Cal Hat company of Danbury. -

3. June 28, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, June 28, 1933

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Article Text

DANBURY BANK CASHIER MADE PLEA OF GUILTY Hartford, Conn, June 28-(UP) -Fred C. Brown. former town treasurer and cashier of the Danbury National Bank, today was under a suspended sentence of a year and a day in Lewisburg, Pa., prison, following his plea of guiltv to a charge of embezzlement. He also was ordered to pay a fine of $500 and was placed on probation for two years. Brown entered his plea in federal court here after a true bill was returned against him. He and John McCarthy. former president of the bank. were arrested last spring after the bank was reorganised. The Danbury National was one of the few in the state which Cid not open immediately after the banking moratorium was lifted. A federal conservator was named, and reorganization followed. Brown was charged with embezzlement on two counts. On one he allegedly misrepresented funds amounting to $216,000. The other covered an alleged illegal entry on the books in eference to the $216,000.