Mechanics Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 1, 1898*
Location: Nashua, New Hampshire (42.765, -71.468)

Metadata

Model: gpt-5-mini
Short Digest: 46e6c40b

Response Measures

None

Description

The bank closed its doors in 1898 and an assignee (receiver) is paying dividends in 1901. No run is described in the articles; this is a suspension that resulted in permanent closure/receivership/liquidation.

Events (2)

1. January 1, 1898* Suspension

Cause: Government Action
Cause Details: Bank closed its doors in 1898 and was placed in the hands of an assignee/receiver (insolvency leading to suspension).
Newspaper Excerpt: the bank since it closed its doors, in 1898
Source: newspapers

2. November 30, 1901 Receivership

Newspaper Excerpt: Assignee Charles W. Hoitt, of the Mechanics' Savings Bank, of this city, will pay a 10 per cent dividend to depositors, beginning Monday morning. This will be the third dividend paid by the bank since it closed its doors, in 1898, making 40 per cent in all.
Source: newspapers

Newspaper Articles (1)

1. November 30, 1901 The Evening Times Washington, DC

Article from The Evening Times, November 30, 1901

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Article Text

SUSPENDED BANK DIVIDEND. Third Paid by Assignee of New Hampshire Tastitution. NASHUA, N. H., Nov. 30.-Assignee Charles W. Hoitt, of the Mechanies' Savings Bank, of this city, will pay a 10 per cent dividend to depositors, beginning Monday thorning. This will be the third dividend paid by the bank since it closed its doors, in 1898, making 40 per cent in all. There will be some more money for the depositors, but how much is uncertain.