Atlantic County Trust Company - Atlantic City, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: March 17, 1934
Location: Atlantic City, New Jersey (39.364, -74.423)

Metadata

Model: gpt-5-mini
Short Digest: e9ad0327

Response Measures

None

Description

OCR of article is poor. The piece states the county closed the bank and funds are frozen pending litigation; no mention of a depositor run. Closure appears to be by county/official action and the bank remained closed (funds frozen and suit pending). Date taken from newspaper publication (1934-03-17).

Events (1)

1. March 17, 1934 Suspension

Cause: Government Action
Cause Details: County officials closed the bank and froze funds pending a test lawsuit over whether certain deposits are trust monies; closure appears to be by county/official action rather than depositor runs.
Newspaper Excerpt: County Closed Bank For Claims Amount Held as Trust Money; Test Case Next Week
Source: newspapers

Newspaper Articles (1)

1. March 17, 1934 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, March 17, 1934

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Article Text

County Closed Bank For Claims Amount Held as Trust Money; Test Case Next Week NEGOTIATIONS FAIL A test suit will be heard in Fedcourt next week to ascertain whether certain public funds closed continue frozen shall be treated trust monies will instituted by the Board Freeholders the NationTrust Company The trial held before Judge was the for trial this but had go over former Judge special for the county board he and to be able to next week. Cole because of the fact that County Counsel Gaskill the Atlantic County Trust Company the merger that Chelsea Second National banks. Involved Involved the suit the sum of this time of creased cash scarcity highly But that more important will the court decision the question presented. Shall monies deposited bank in for disbursement for certain designated purposes accordance longestablished trust funds considered another deposit, is the point to be settled. former be true then the have devote the the which the payment bond the the money frozen just many Federal banking officials and advisers now rigidly stuck to their the money trust. County counsel tends impend ing legal battle. The prospect county loses the District Court case fought finish higher courts. the stake the United Court decision guide national banks, in such cases the future. Negotiations Fail Incidentally outcome will probably determine county and other municipal bodies future their bond pay interest and principal. In the past been customary not pay (Continued on Page Five)