Garrett National Bank (Oakland, MD)

View Charter #13776 on SPMC View balance sheet

Episode Information

Episode UID
1377601622
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
137760 national
Charter Number
13776
Start Date
February 28, 1935
Location
Oakland, Maryland

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
af23001e1b69248f

Response Measures

None

Description

No run is described in these items; bank was in receivership and liquidating with assets sold to a new bank.

Events (4)
1. September 18, 1933 Chartered
Source
historical_nic
2. February 28, 1935 Receivership
Newspaper Excerpt
Receiver for the Garrett National Bank of Oakland, Maryland. JOHN H. BANE, Receiver for the Garrett National Bank of Oakland, Maryland.
Source
newspapers
3. December 19, 1935 Other
Newspaper Excerpt
OLD GARRETT NATIONAL TO PAY THIRD DIVIDEND ... announced by Mr. John H. Bane, receiver. The payment of this dividend makes a total of 95% which has been paid to the depositors of this institution.
Source
newspapers
4. May 28, 1936 Other
Newspaper Excerpt
RECEIVER IS AUTHORIZED TO SELL BANK BUILDING ... an order was passed authorizing the receiver to sell the bank building to the new bank, the Garrett National Bank in Oakland.
Source
newspapers

Newspaper Articles (5)
1. February 28, 1935 The Republican Oakland, MD
Article from The Republican, February 28, 1935

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Article Text

SATURDAY, MARCH 23, 1935, at the hour of 2:00 o'clock P. M., in front of the Court House in the Town of Oakland, Maryland, offer and sell to the highest bidder all of the following described real estate, to-wit: All that piece or parcel of land situate, lying and being in Garrett County, Maryland, containing the quantity of ONE HUNDRED EIGHTEEN AND ONE-FOURTH ACRES, it being the same property as described in a confirmatory deed from Jane Wolf to Jennie Browning and Gertrude Browning, dated the sixth day of May, 1903, and recorded in Liber E. Z. T., No. 44, folio 541, etc., one of the Land Records of Garrett County; also described in a deed from Jennie Schultz and Paul A. Schultz, her husband, to Gertrude Browning and Veronica Browning as tenants in common, dated the 13th day of May, 1903, and recorded in Liber E. Z. T., No. 44, folio 543, etc., one of said Land Records; also described in a deed from Veronica Whitehill (nee Browning), and William D. Whitehill, her husband, to Gertrude Browning, dated the 17th day of September, 1909, and recorded in Liber E. Z. T., No. 59, folio 219, etc., one of said Land Records; especial reference being made to the aforesaid deeds and the records thereof for a more particular description of said parcel of land. This is a valuable farm property, improved by a good dwelling, barn and outbuildings. TERMS OF SALE AS PRESCRIBED BY SAID MORTGAGE: Cash on day of sale. JOHN H. BANE, Receiver for the Garrett National Bank of Oakland, Maryland.

2. February 28, 1935 The Republican Oakland, MD
Article from The Republican, February 28, 1935

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Article Text

Mortgagee's Sale VALUABLE REAL ESTATE In Garrett County, Maryland. Under and by virtue of a power of sale contained in a mortgage from Gertrude Browning and George D. Browning, to the Garrett National Bank of Oakland, Maryland, dated February 27, 1928, and recorded among the Mortgage Records of Garrett County in Liber E. Z. T., No. 96, folio 361, etc., default having occurred under the terms and conditions of said mortgage, the undersigned Receiver for the Garrett National Bank of Oakland, Maryland, hereby gives notice that he will, on

3. February 28, 1935 The Republican Oakland, MD
Article from The Republican, February 28, 1935

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Article Text

Receiver for the Garrett National Bank of Oakland, Maryland.

4. December 19, 1935 The Republican Oakland, MD
Article from The Republican, December 19, 1935

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Article Text

OLD GARRETT NATIONAL TO PAY THIRD DIVIDEND Will Make Total of 95 Percent Which Has Been Paid To Depositors of This Bank PAYMENT ABOUT $81,000 A payment of a third dividend of 10% to the depositors of the closed Garrett National Bank of Oakland has been announced by Mr. John H. Bane, receiver. The checks have been prepared and are now ready for distribution and all depositors who have proven claims are requested to call at the bank and receive their checks. The payment of this dividend makes a total of 95% which has been paid to the depositors of this institution. The payment of a dividend at this time was made possible through a loan from the Reconstruction Finance Corporation and this makes it necessary for the Receiver to collect the remaining assets and repay the loan before future dividends can be paid. The amount of the distribution is approximately $81,000 and should greatly stimulate the rush of Christmas buying in this section.

5. May 28, 1936 The Republican Oakland, MD
Article from The Republican, May 28, 1936

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Article Text

RECEIVER IS AUTHORIZED TO SELL BANK BUILDING Will Be Purchased By New Organization for Sum of $27,500 Following an open hearing on the petition of John H. Bane, receiver of the Garrett National Bank of Oakland (old bank), held in the Garrett County Court House on Monday, May 25, before Judge David A. Robb, an order was passed authorizing the receiver to sell the bank building to the new bank, the Garrett National Bank in Oakland. The consideration was to be $27,500. It was testified at the hearing by parties from the bank and by the receiver that the consideration was agreed upon as adequate and a fair price, considering the present market for real estate, age and condition of the building. The banking house, furniture and fixtures were valued at $79,415 in a published statement of the old bank on December 31, 1932, a few months prior to the bank holiday. It is understood that as soon as the transaction is consummated the new bank will proceed to recondition and repair the building at an estimated cost of about $2,500. Mr. Bane stated that this sale would enable him to bring the liquidation of the old bank near conclusion and that steps would be taken shortly to collect the remaining unpaid notes and other claims now in his hands as the receiver. Mr. Bane will retain his present office in the building until the final liquidation of the old bank.