13913. Union National Bank (Atlantic City, NJ)

View Charter #4420 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4420
Charter Number: 4420
Start Date: February 9, 1933
Location: Atlantic City, New Jersey (39.364, -74.423)

Metadata

Model: gpt-5-mini
Short Digest: 97e9309c

Response Measures

None

Receivership Details

Depositor recovery rate: 7.6%
Date receivership started: 1933-12-13
Date receivership terminated: 1937-11-30
Share of assets assessed as good: 4.1%
Share of assets assessed as doubtful: 26.3%
Share of assets assessed as worthless: 69.6%

Description

Articles (Feb 9, 1933) report Atlantic City banks closed and a receiver in charge of the Union National Bank; later 1934 items discuss receiver actions and suits by the receiver. No explicit contemporaneous run is described. Thus this is a suspension that resulted in closure/receivership.

Events (6)

1. September 22, 1890 Chartered

Source: historical_nic

2. December 15, 1931 Voluntary Liquidation

Source: historical_nic

3. February 9, 1933 Receivership

Newspaper Excerpt: Receiver ... report yesterday that Walter Hanstein had been appointed attorney for the receiver ... Another report was that City Solicitor Joseph Perskie had been named the attorney for the receiver at the National ... receiver in charge One government Atlantic City banks closed the courts. access The deposit boxes ... boxholders sign ... certifies that ... not indebted to the Atlantic City National Northside Trust Company Union National ... receiver the bank was appointed December (1933/1934 references).
Source: newspapers

4. February 9, 1933 Suspension

Cause: Government Action
Cause Details: Banks in Atlantic City were closed and a receiver was appointed to take charge of Union National Bank (closure by authorities/receiver).
Newspaper Excerpt: No attorney had been appointed as yet. The regulations concerning access to safe deposit boxes after closof bank's business are to be those the Treasury Department at Washington. ... receiver in charge One government Atlantic City banks closed
Source: newspapers

5. December 13, 1933 Receivership

Source: historical_nic

6. March 27, 1934 Other

Newspaper Excerpt: Receiver for Union National Recover Liability Assessment March ... collect from stockholders today ... named defendants ... receiver the bank was appointed December liability stock assessment levied last January
Source: newspapers

Newspaper Articles (6)

1. February 9, 1933 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, February 9, 1933

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Article Text

Receiver rowdy (Continued from Page One) stock. either own name or of any other person, actthe name ing directly or indirectly, as my nominee, (the same banks), nor have owned shares of stock the same banks) 60 days (in January 28. The He further subscribes that he holder the capital stock of the Northside Trust the Union National and that rent for my box has been paid to date." No any kind the public have been by either since the banks closed, but there street yesterday that Walter Hanstein had attorney for the receiver at the National Another report was that City Solicitor Joseph Perskie had been named the the Atlantic City but report that was without foundation, no attorney had been appointed as yet. The regulations concerning access to safe deposit boxes after closof bank's business are to be those the Treasury Department at Washington.

2. February 9, 1933 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, February 9, 1933

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Article Text

Duell Brings Suit for Acto Safe Deposit cess Box receiver in charge One government Atlantic City banks closed the courts. access The deposit boxes, times the action before yesterday Judge Duell, attorney the Charles Chelsea National Bank which will brought action, tested Duell other papers deposit the National Bank which Second claims that Faircloth, receiver and Charles of the representative refuses permit him the open reporter saw mimeYesterday affidavit which ographed the closed banks are boxholders sign and asking alleged, they their keys in the permitted boxes, rented by year. formal address the After and blank space for insertceiver number and the leasee's the box certifies that name, affiant "not indebted to the Atlantic City National Northside Trust Company Union Naliquidation) Bank either tional maker, endorser guarantor, rectly indirectly any form obligation held any other the said banks. boxholder asked and sayeth that he shares of the capital holder any (Continued on Page Five)

3. February 9, 1933 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, February 9, 1933

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Article Text

Receiver (Continued from Page One) stock. either my own name in the name of any other person, actdirectly my (the same owned any of stock the same banks) for 60 days (in January 1933 He further subscribes that he holder the stock the Northside Trust the Union National and that rent for my box has been paid No kind the public have been volunteered either receiver since the banks closed, there was street port yesterday that Walter Hanstein been appointed attorney for the receiver the National. Another report that Solicitor Joseph Perskie had been named attorney for the receivthe Atlantic City National, but report said that this without foundation, and no attorney had been appointed yet. The regulations concerning access deposit boxes after the closbank's banking business are said those of the Treasury Department at Washington.

4. March 27, 1934 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, March 27, 1934

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Article Text

Sue Bank Stockholders Receiver for Union National Recover Liability Assessment March collect from stockholders today leged receiver Union Bank. Atlantic the instituCity, merged the Atlantic City tions National Bank defendants and the Named amounts Margaret $300; William Brown, John Wil$4200; Andrew liam Jacoby, $2500; Gardner $200 for the bank pointed last December 100 was levied last January

5. March 27, 1934 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, March 27, 1934

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Article Text

Sue Bank Stockholders Receiver for Union National Seeks March collect six leged filed today the Union National Atlantic City, the institumerged with the Atlantic City Named and the are $300; William Brown, $1000; John William Andrew Jacoby, $2500; Mittie Gardner, Receiver the bank was appointed December liability stock assesslevied last January

6. April 28, 1934 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, April 28, 1934

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Article Text

Bank Classed Irregular Clevenger Charges When tional Took Over Union DECISION IS RESERVED Claims Directors Acted Without Shareholder Authority; Continued Union National Bank being then John president of the Atlantic Bank, and his without the the respective banks solely and entirely upon the for 977.63 paid the Atlantic City Bank to the Union Bank the was expressfixtures this the Atlantic City NaBank that all notes. regardcollected the City Bank from lantic Bank would of business on Sept. The petition goes on that by Slape and follows: the Union Bank Dec William Elsreth and Marion Mitchell, who voted their shares against noted the of the and well the liquidaAtlantic National Bank liquidating the Union charge John Tilton John directors Bank Bank into the property assets the Union National Bank failed and the pay cash the Union The petition said that Slaughter the but cash balance On these and accordreceiver included the Bills bonds building, $121.500; and fixtures, service charge mortgages, and $639.90. called the atten. court fact though the Union National Bank building valued sold Great Bay Corporation for $198,000.