13841. Milford Five Cents Savings Bank (Milford, NH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1893*
Location
Milford, New Hampshire (42.835, -71.649)

Metadata

Model
gpt-5-mini
Short Digest
fa273c49

Response Measures

None

Description

Articles refer to Milford Savings Bank that failed/closed in the panic of 1893 and was wound up by assignees with final dividends paid in 1905. The user-provided name Milford Five Cents Savings Bank likely refers to the same institution but the newspaper text omits Five Cents; marked bank_name_unsure = true. No run is described; failure/suspension occurred during the 1893 panic and the bank remained closed and was wound up by assignees (receivers).

Events (3)
1. January 1, 1893* Suspension
Cause
Macro News
Cause Details
Failed/closed as a result of the Panic of 1893, a nationwide financial crisis.
Newspaper Excerpt
All three failed as the result of the 1893 panic which closed dozens of New Hampshire institutions.
Source
newspapers
2. April 10, 1905 Receivership
Newspaper Excerpt
The affairs of the Milford Savings Bank ... have been wound up by the assignees who, today, filed their final accounting in the Hillsboro county court. The Milford Bank has paid 99 per cent. ... All three failed as the result of the 1893 panic which closed dozens of New Hampshire institutions.
Source
newspapers
3. May 3, 1905 Other
Newspaper Excerpt
Assignee Carl E. Knight of the Milford Savings bank today paid a final dividend of four per cent to depositors, thus closing out the affairs of the institution. Depositors received in all 99 cents on the dollar.
Source
newspapers

Newspaper Articles (2)
1. April 11, 1905 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 11, 1905

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Article Text

AFFAIRS CLOSED. Bank Failures of 1893 Wound Up By Assignees. Manchester. N. H.. April 10.-The affairs of the Milford Savings Bank of Milford: Wilton Savings Bank of Wilton and Bank of New England of this city, have been wound up by the assignees who, today. filed their final accounting in the Hillsboro county court. The Bank of New England depositors received 96 per cent. of their deposits; the Milford Bank has paid 99 per cent. and the Wilton Bank, 85 per cent. All three failed as the result of the 1893 panic which closed dozens of New Hampshire institutions.

2. May 9, 1905 The Providence News Providence, RI
Article from The Providence News, May 9, 1905

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Article Text

DEPOSITORS IN FAILED BANK RECEIVE 99 CENTS ON DOLLAR Milford, N. H., May 3.-Assignee Carl E. Knight of the Milford Savings bank today paid a final dividend of four per cent to depositors. thus closing out the affairs of the stitution. The bank had assets of $1,500,000 in 1893. the year of the panic, which forced the bank to close its doors. Depositors received in all 99 cents on the dollar.