Garrett National Bank

Episode Information

Episode UID: 1377601608
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 137760 national
Charter Number: 13776
Start Date: December 1, 1933*
Location: Oakland, Maryland

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 598c7f01bc058f16

Response Measures

None

Description

Article refers to the old Garrett National Bank in receivership and a new bank opened weeks after the suspension.

Events (4)

1. September 18, 1933 Chartered

Source: historical_nic

2. December 1, 1933 Suspension

Cause: Government Action
Cause Details: Closed during the 1933 moratorium/banking holiday (started about December 1, 1933).
Newspaper Excerpt: the job of liquidation was slightly less than five and one-half years, having started about December 1, 1933.
Source: newspapers

3. December 1, 1933* Reopening

Newspaper Excerpt: some weeks after the new bank was opened for business.
Source: newspapers

4. April 20, 1939 Receivership

Newspaper Excerpt: Final interest dividend checks to depositors of the old Garrett National Bank of Oakland will be ready for distribution on Friday (tomorrow) morning, April 21, it was announced today by John H. Hoffman, receiver
Source: newspapers

Newspaper Articles (1)

1. April 20, 1939 The Republican Oakland, MD

Article from The Republican, April 20, 1939

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Article Text

DEPOSITORS OF OLD BANK TO GET INTEREST CHECKS Dividends Payable Friday Equal To 7.66 Percent of Original Claims Final interest dividend checks to depositors of the old Garrett National Bank of Oakland will be ready for distribution on Friday (tomorrow) morning, April 21, it was announced today by John H. Hoffman, receiver, who has been in charge of the affairs of the old bank for several months. The dividend amounts to 7.66 per cent of the original claims and will make the total paid to depositors $107.66 for each $100 on deposit at the date of suspension. So far as is known very few of the many thousands which were closed during the moratorium, have surpassed this record. The time required for the job of liquidation was slightly less than five and one-half years, having started about December 1, 1933. This was some weeks after the new bank was opened for business. The first payment was a 60-percent dividend. Mr. Hoffman stated that this trust had been mostly free from those distasteful and embarrassing tasks which many receivers experience. Mr. Hoffman said that within a short time he will turn over to the original stockholders what is left of the uncollected assets. Claimants are being requested to call promptly for checks so that there would be as little delay as possible in closing the trust.