13937. First National Bank (Bradley Beach, NJ)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
10224
Charter Number
10224
Start Date
December 24, 1931
Location
Bradley Beach, New Jersey (40.202, -74.012)

Metadata

Model
gpt-5-mini
Short Digest
1adf0dbc

Response Measures

Capital injected, Full suspension, Books examined

Other: Turned over to Controller of the Currency; community capital drive to recapitalize and reopen.

Receivership Details

Date receivership started
1932-01-27
Date receivership terminated
1932-10-15

Description

Newspaper accounts (Dec 24, 1931) report heavy withdrawals and that the First National Bank of Bradley Beach closed/suspended and was turned over to the Controller of the Currency to conserve assets. This follows runs and multiple nearby bank failures in Monmouth County. Later (Jan 1932) items discuss reorganization plans and by Sep 1932 there was a capital drive to reopen the bank, but the articles provided do not confirm a completed reopening, so the final outcome is uncertain.

Events (6)

1. July 8, 1912 Chartered
Source
historical_nic
2. December 24, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by recent closures and suspensions of other Monmouth County banks (panic following Seacoast Trust and other local failures).
Measures
Board decided to suspend and turn the bank over to the Controller of the Currency to conserve assets.
Newspaper Excerpt
The First National Bank of Bradley Beach closed today in the face of heavy withdrawals.
Source
newspapers
3. December 24, 1931 Suspension
Cause
Government Action
Cause Details
Board suspended operations and turned the institution over to the Controller of the Currency for conservatorship following heavy withdrawals.
Newspaper Excerpt
When it appeared that the withdrawals were continue the board of directors decided to suspend and turn the bank over to the Controller of the Currency to conserve its assets.
Source
newspapers
4. January 27, 1932 Receivership
Source
historical_nic
5. September 30, 1932 Other
Newspaper Excerpt
Two Hundred and Seventy-five Persons Subscribe Toward Capital Needed For Reopening...campaign to raise for reopening the First National bank Bradley Beachhalf the stock subscribed so farReopening will be made easy because depositors have pledged themselves their deposits when the bank reopens . . . . (campaign to reopen).
Source
newspapers
6. October 15, 1932 Restored To Solvency
Source
historical_nic

Newspaper Articles (6)

Article from The Evening Sun, December 24, 1931

Click image to open full size in new tab

Article Text

RESERVE BANK CREDIT OUT STILL DECLINES in the first half of December. After with deposits of about $2,700,000, rethe middle of however, the closed today. board found that bank in The institution combination of New England were followed by some Averaged $360,000,000 Less In increased withdrawals of currency the former West Haven Bank and Week Of December 12 Than part of which has begun to return. Trust Company and the Home Bank Loans and of member and Trust Company, which merged October Peak banks in leading cities continued to last April with capital of $100,000. Dec. 24-The Federal decline and on December were $370. Reserve Board reports that the volume 000,000 smaller than four weeks earlier. Bonded Wheat Futures Up of reserve bank credit outstanding de- The decrease was equally divided beNew York, Dec bonded clined during November and the first tween the banks' loans and their inwheat futures traded on the Produce half of December, averaging $360,000.- Deposits of these banks, 000 less in the ending December both demand and time, showed Exchange were firm today. Trading 12 than at its October peak seven decrease, with consequent reduction was quiet, owing to the holiday dullweeks earlier. It said the decrease in required reserves. ness. Cables steady and export was in large part in the banks' port- sales aggregated 300,000 bushels. New 3 BANKS STAY CLOSED folio of acceptances, as discounts for York cleared 218,000 bushels. December member banks and holdings of United Asbury Park, N. Dec. 24 (A)-The closed 50 bid. up 1/2; May 547/8 bid. 55% States showed little change asked, up % and for the Asbury Park and Ocean Grove Bank. July 56 period. the largest in Monmouth county, did asked. up 1/2. The decline in total volume of renot open for today. Officials serve credit outstanding during the period reflected growth of $100,000. said they hoped the closing would be only ELEC. NOTICES, MEETINGS, ETC. 000 in the stock of gold The First National Bank of Bradley largely through imports from Japan. Beach also failed to open for business and continued reduction in the reThe serve balances of member banks, re- Trust Deposits of the Asbury Park and flecting further liquidation of memmore Ocean Grove Bank. as listed the ber bank credit. Demand for currency September 29 statement, were $9,951,989 declined during the last three weeks of November and showed considerably properly less than the usual seasonal increase West Haven Bank and Trust Company,


Article from Brooklyn Eagle, December 24, 1931

Click image to open full size in new tab

Article Text

5 Small Banks Fail to Open Waterbury. Conn., Dec. 24 (AP)Kazemekas & Co., private bankers here since 1908. and capitalized at $100,000. failed to open today. The Merchants Trust Company, which suspended yesterday. was its depository. This, together with heavy withdrawals yesterday caused the suspension, officials said. The bank has deposits of about $300,000 Application for receivers for the Merchants Trust Company and for Sandits & Trauris, private bankers. who didn't open yesterday, was to be made today. Penna. Bank Closed Cornwells State Bank at Cornwells Heights. north of Philadelphia, closed its doors today and announced the business had been turned over to the State Banking Department. A notice posted on the door said the officers decided on the move because of heavy withdrawals and to protect depositors. Ocean Grove National Ocean Grove, N. J., Dec. 24-The Ocean Grove National Bank here suspended at noon. notice posted on the door of the bank announced that the bank had been closed by action of the board of directors to conserve its assets and that the Controller of the Currency would take charge. The bank has resources of $2,263,622 and deposits of $1,975,649. according to its statements on the last bank call day. Jersey Closing Bradley Beach, N. Dec. 24The First National Bank of Bradley Beach closed today in the face of heavy withdrawals. It had opened for business as usual in spite of the fact that heavy withdrawals were made yesterday. When it appeared that the withdrawals were continue the board of directors decided to suspend and turn the bank over to the Controller of the Currency to conserve its assets The First National is the sixth bank to close in Monmouth County within three days. Connecticut Bank Closed New Haven. Conn., Dec. 24 (AP)-The West Haven Bank & Trust Company, with deposits of about $2,700,000, remained closed today The institution was combination of the former West Haven Bank Trust Company and the Home Bank & Trust Company, which merged last April with a capital $100,000. The State Manual listed savings deposits of $1,875,375.38. commercial deposits of undivided profits of $47,777.94 and surplus of $30,770.67. Real Estate Exchange Lincoln BANKRUPTCY PETITIONS SLIPPER COMPANY. 320 and 384 Knickarbocker Ave.: involuntary. Liabilities alKings Highway: involuntary. Liabilities LOUIS LONSTEIN as BESSEL BABY CARRIAGE STORE, 339 Broadway: involuntary. Liabilities alleged. $1,277. NUGENT SHOE COMPANY INC., 77 Hall St.; involuntary. Liabilities alleged. EZRA HODOS as HODOS DEPARTMENT STORE. 140-20 Rockaway Boulevard. South Ozone Park: voluntary Lis. bilities about $7,000: assets. about $3,000. LOUIS HOLLANDER, grocer. 81-91 Bay 22d St.: voluntary. $115 MORRIS KAUFMAN, 6516 Bay Parkway: voluntary. Liabilities, $2. NELSON SPRINGER reporter. 30-01 39th Ave., Long City: voluntary Liabilities, $1,143; assets, $200.


Article from Brooklyn Eagle, December 24, 1931

Click image to open full size in new tab

Article Text

Trend Curb Stocks; Trade Quiet CURB EXCHANGE 2:45 P. M. TICKER PRICES See Later Edition for Closing Net 5 Small Banks Curb Bonds High Low Stock share Kirby Pet Kolster DOMESTIC Fail to Open BONDS $1,000 High 37 Lackaw See Alabama 81% 12% Aluminum 25% Lefcourt Kazemekas & Cc., private bankers LoneStGas Am Com 19% 18% here since 1908, and capitalized at 112% Fairly Steady but Net $100,000. failed to open today. High Low Stock share lots High Ticker De- 70 Tendency 43. The Merchants Trust Company, 1% Inv which suspended yesterday. was its Inv in Later Prices 3% Allegheny depository. This, together with MapesCM 3% Allied Mills Mass Exchange heavy withdrawals yesterday caused Curb 224 48 Co. the Aluminum Mavis again today in Am the suspension officials said The British MeadJohn Pow&Lt of the ismajority bank has deposits of about $300,000. Capital approximately 38% AmCP&L 20 Application for receivers for the eased off of AmCP Chain Company Merchants Trust Company and for Aluminum AmComA been constant has Cyana Sanditz & Traurig, private bankers. up around held Equities who didn't open yesterday, was to &Traction Light opening be made today from the Founders Louisiana & Amer 70. losing Penna. Bank Closed at from opened previous sale. Philadelphia, Dec. 24 (P)-The Marcibo Refining Company Fuel& Nat Cornwells State Bank at Cornwells 45%. Ford Mo- Invest around AmStaPS Heights. north of Philadelphia, did numerous fraction as NatP&L including Associated closed its doors today and anCities Service, 3% nounced the business had been NatSecInv AmU&G Share, Gulf turned' over to the State Banking & NatShTrm 8% Appalachian International Petrole- NatSugNJ Department. A notice posted on the Cities Utilities, Niagara Transit door said the officers decided on the 10 Arcturus and United Bradfd Pennroad 6% move because of heavy withdrawals Nat Gas American Cyanamid Arundel and to protect depositors fraction over the previous AssoElInd American Superpower 23% AsG&E M Ocean Grove National 24% 10 AsG&E Electric NiaHPw AssoG&E Ocean Grove, Dec. 24-The International SeNiaHPw AsLaund Ocean Grove National Bank here preferred registered Lobos Md suspended at noon notice posted points from the opening Sec on the the bank announced Standard Oil issues, Atlas Util 8% that the bank had been closed by the outstanding one AviaSecNEng Norden Cor action of the board directors to of nearly point conserve its assets and that the Conprice of yesterday Ind 19 Benef troller of the Currency would take Industries allotment BlissSEW charge The bank has resources of points, opening at Blue Ridge Ohio Copper $2,263,622 and deposits of $1,975,649. loss was recorded 38% 16 BlueRdg Brazil according to its statements on the May. Stern preferred, Brill tast bank call day Light & Power pre- PacG&E of 19% BufNEP 1.60 to around 40, show- Tin Corp Butler Bros. point from Jersey Closing Pandem Oil Bradley Beach. N Dec 24CAMCo Pantepec Gatineau 1-16 the Curb Exchange The First National Bank of Braddull. ParkeDav ley Beach closed today in the face % Canadian Mar. ParkrRusP heavy withdrawals. It had Carib Synd BANK CLOSED PenderGA opened for business usual in Carnat PennroadCp Dec. 23 (AP) The Celluloid spite of the fact that heavy with29% 29% PennP&L and Trust Company 13½ CenHG&E made yesterday When Phoenix near was CenPuSA it appeared that the withdrawals Mor St were continue the board of diby the State BankChain Stck St. statement by PitneyBP rectors decided to suspend and 20% Cities Ser bank said that turn the bank over to the Conthe 35% troller of the Currency to conserve the institution Colt Fire 22 its assets. The First National is withdrawals. Colum Prudential 256% 109 Comwith Ed the sixth bank to close in MonDec. The ComwhEd mouth County within three days. Trust Company here Pyrene today half an hour Connecticut Bank Closed 101 57% ConG&EB 3.60 was opened for busiConGEB 14% Raytheon New Haven. Conn. Dec. 24 (AP)108 taken over by the Reeves The West Haven Bank & Trust 17% of Banking and Reiter Fost Cons Retail Company. with deposits about the request of K. H. Thea Reliance 2,700,000. remained closed today. Cont Sh Reybarn president. 54% The institution was combinaRhodeIPS 2. tion of the, former West Haven 15 Cord Roan Roosevelt Bank & Trust Company and the 22 CorpSecC of governors of the Rossia Home Bank & Trust Company, Corroon Stock Exchange and the RyersonJT which merged last April with a 51% Curb Exchange have 15 Cosden capital $100,000. The State petitions of members 3% Creole Manual listed savings deposits of Regis Dec. 26. Cen Cr $1,875,375.38. commercial deposits Crown Crk Int. SeaboardUt undivided profits of Cuban Allied $47,777.94 and surplus of $30,770.67. Mex Selectd Ind Bank and Trust Dayton & Real Estate Exchange Sentry 44% Deere Shenan High. Sinkey Singer Aircraft Smith DixonJCru Penn Oil Sinkey, Dubilier Cond BANKRUPTCY PETITIONS Durant Mot Southern SOL DEITEL ORCHARD SHOE As 42d South SLIPPER COMPANY 320 and 384 Knick 24 Span who 25 erbocker Ave.: involuntary. Liabilities alSpiegel NatPw&L 5B 2030. Util Edison Br DEUTSCH OLANS. INC., grocers 1507 business Eisler El Kings Highway: involuntary. Liabilities Earle Stuart 108% EIB&S pf 56 Oh LOUIS LONSTEIN as BESSEL BABY last two ears CARRIAGE STORE 339 Broadway: invol has Niagara untary. Liabilities alleged, $1,277. Bro who will be the Stroock&Co Neisner NUGENT SHOE COMPANY, INC., 77 37% Share Stutz Mot Hall St.: involuntary. Liabilities alleged. Share SunrayO Nor 79% EmpG&F Swan HODOS EZRA HODOS EmpG&F New MENT STORE 140-20 Rockaway Boulevard. South Ozone Park: voluntary. LiaEurope Independ'c Evans Taggart Ind PeoGasL&C LOUIS HOLLANDER grocer. 81-91 Bay Tampa Technicolor 22d voluntary. Lincoln Tenn Metals Oil Am Shipyd Majestic Bay Parkway: voluntary. Liabilities, $2.Maryland Trans Mass FordMCan NELSON SPRINGER reporter, 30-01 Merch FordMLtd 39th Ave., Long Island City; voluntary. Tubize Foremost Foundtn Nat LEGAL NOTICES 12 Found Cor STATE OF NEW YORK, COUNTY OF do certify that 94 33 conduct GlobeUnd UdL&Pw 186 BroadGoldman Kings Gold UdPortoRico GorhmIn 10 that the real full names of true Verde persons the Dairy 180 Lenox Road GtA&P Dairy USElecPw facob 7337 Austin St., Forest Gulf Oil CHARLES LD. Stand HamiltonG Stand 40. this Hecla me appeared Helena Greenvald Hd and be known and the and they HumbleO duly to me that HydroElSe they JAMES McKENNA Huyler Corp Walker H Notary Hygrade th West Va File 1929) 90 Pw OF THE THE NEW WoolwthLtd .18 the free Wstchester Terr Ford, Eleanor Fin Lillian Gallagher D. see later for sales. Pub Va Srv Insul Inv 100 Isabell Kemp. Mary Bank Stocks Extras. Extras Extras. Eleanor Corrigan (Sister Mary Astor Blanche Pet. Cash share annually. sPayable Thomas Lavinia Securities Dealers Intercent last West 6'44 Genevieve when earned. no regular Int Pet r1/5th share Participating Tex 57% Send 4% Int Prod Corp. and Rights resides Lows previous close. Ex-Dividend Veronica Lafayette from net change. 991 New has preFOREIGN. of Collins & Aikman OHIO BANKS PAYING lately residing Produce Exchange Stocks BONDS Ticker $1,000 Collins & Aikman Corporation Officials of Ohio State Banking and Agr Sales New and subsidiaries report net profit for Department have concluded distriher be Basin Mont Mtg Bk the nine months ended Nov. 30. 1931, bution of the initial dividend totalMissouri therefore and each of you of $1,203,323. as compared with ing $11,500,000 to 137,000 depositors FinInd MtgBk hereby of four banks in Toledo which have Ger Mun $217,245 in the corresponding pe- held the Ger County Kings, on the day riod of 1930. After deducting pre- been closed four months. January in Guan&W Rys 5'58 why such not ferred dividends paid, amounting to Deutsch Tobe be Companies BOND OFFERINGS UP In testimony we caused $405,842, there remained $795,481 West TOTAL SALES New bond offerings during the Mendoza 7½ affixed Dealers available for common or $1.41 per Stock 9,420 George Albert common share, as compared with a past week totaled $48,000,000 against Parana our $19,020,000 in the preceding week the Borough deficit in the 1930 nine months. 21 INVESTORS EQUITY said and $9,897,000 in the same 1930 Gvt the day 1931 In a comparative statement of The Investors Equity Corporation week. earnings for the nine months ended Clerk of the Surrogate Court reports net income for the six Nov. 30, 1931 and 1930, operatmonths ended Nov. 30, 1931, was O. K. WILLIAMSON POST Saxon 21% ing profit of $1,908,068 was reported, $16,574 after expenses and taxes, The Interstate Commerce Comas against $1,196, 706 1930. Interest IN ORDER OF against $182,424 in the like period mission has authorized Frederick E. George gate earned amounted to $82,034, in comthe County notice parison to $44,752 last year. Deduct- Williamson to assume the position the Studeof 1930 Investments carried in the today the JOSEPHINE CORE ing $55,597 reservse for depreciation of director and president of the baker against balance sheet at adjusted cost of James (against in 1930) and $131,- New York Central Railroad and the the Stud they are required exhibit $11,482,070 had market or appraised Studebaker's subsidiary subscribers 000 reserve for taxes (against $15,- affiliate lines. place of Companies 000 in 1930), and inventory write-off value on Nov. 30 of $7,073,305. ling Cleary Studebaker and Pierce vice pr Arrow truckr. 261 Broadwa and City New or before the of $285,967 (against $592,747 in Since May 31, 1931, the company the truck corporation sales Securities GOLD FROM JAPAN manager Studebaker passenger cars. 1930, and adding $185,785 excess of has reacquired additional amounts The Yokohama Special Bank in- ENNIE WISWALL par value of preferred stock pur- of its own debentures to the extent MARRY SNOOK of $1,406,000 Series and $1,655,300 day shipped 30,000,000 yen in gold chased and held in Treasury over Please send check for and. it is understood. will ship 30. attorney cost (against $137,508 in 1930) re- Series B. making total of $4,349.more shortly to the United Eagle's Neediest Cases. reported 100 of both issues reacquired to sulted in net profit as Borough Manhattan York above.


Article from Omaha World-Herald, December 24, 1931

Click image to open full size in new tab

Article Text

Bank Suspensions. Asbury Park, N. J., Dec. 24 The Asbury Park and Ocean Grove bank, the largest in Monmouth county, failed today The First National bank Bradley Beach also failed Deposits of the Asbury Park Ocean Grove bank, as listed September 29 statement, were $9.951 New Haven, Conn. Dec 24 The West Haven Bank and Trust company, with deposits of about $2,700,000, remained closed today. Land Bank Bonds. Federal


Article from The Keyport Weekly, January 1, 1932

Click image to open full size in new tab

Article Text

STATE WOULD COMPEL PLANT (Continued from first page) Irom which a revenue could be derived and that the return would barely pay the interest on the cost of making the extension. He said that would be necessary to celve at least 10 per cent return on the principal invested. We are quite willing. said Mayor Wyckoff, "to water at a profit and if you can show us a guarantee that will warrant making the extension the proposition will be considered. It was suggested that the Matawan Township Committee submit to the Borough Council a statement of what would Councilman Smith chairman of the Water Committee, in reporting on the feasibility of rebuilding and extending water mains on a portion of Fulton and Eighth Streets sug. gested that the Council as whole look over the situation and It was decided that this would be done Councilman Van Pelt reported progress on the matter of introducing ordinances providing for merchantile licenses and prohibiting the distribution of circulars The introduction of such ordinances had been requested by the Keyport Chamber of Commerce Mayor Wye. koff suggested that the Council have a conference with the Cham ber of Commerce on the matter and that the merchants of Keyport be invited to attend a meeting of the Council and express their individual opinions of the needs of such ordinances The matter of a compromise of tax liens on the George Crawford property was presented by Borough Attorney Howard W. Roberts The property was bid in at tax sale by Attorney Ezra W. Karkus for the benefit of the heirs to the estate Allen Poling represented the heirs at the meeting Monday night. The matter was referred to a committee consisting of Councilmen Camp. Smith and Van Pelt The financial statement of Collector Charles R. Davison showed that there was a balance of $8,896.71 in the general fund. $437.03 in the water account and $834.14 in the capital and trust account Bills to the aggregate sum of $7.977 45 were approved for payment. By resolution, an emergency appropriation of $284.20 was made for the care of the poor A water anticipation note for $1,300 was authorized. This note, given for three months. is payable at the Peoples National Bank An unexpended balance of the street appropriation of $843.62 the sum of $446.02 was transferred to the police appropriation and $397.60 to the sewer appropriation. accounts All excitement has entirely subsided. Many deposits were made to express confidence in the institution and a cial confidence was manifest in large private deposit made the first the Hon, Henry E. Ackerson, president of The Peoples National Bank when interviewed said, "We are deeply appreciative of the splendid confidence manifested at this time by the people of the community in the integrity and stability of the Borough's financial institutions The Matawan Bank is the eighth Lanking institution to close Monmouth County in less than week. The Seacoast Trust Company of Asbury Park was the first to close on Tuesday afternoon last week. The following day the Merchants Trust Company of Red Bank the New Jersey Trust Company and the Citizens National Bank both of Long Branch, were closed The fifth bank to suspend business was the Asbury Park and Ocean Grove Bank of Asbury Park and the following notice signed by George Compton a bank examiner was posted on the The of Banking and Insurance has taken of the business and property of the Asbury Park and Ocean Grove Bank The bank is state institution and is the largest in Monmouth County in the matter of resources which total more than $12,000,000 The combined resources of the other four banks according to the financial statements filed with the State Department of Banking and and Insurance on September 29 last amounted to $11,361,326 Bank depositors continuing their heavy withdrawals from Monmouth County banks forced two more of the institutions in the Asbury Park district to close immediately after the Asbury Park and Ocean Grove bank suspened business These were the First National Bank of Bradley Beach and the Ocean Grove National Bank The officers and directors of these banks said the institutions were sound. that the closings were necessary to conserve assets and that the banks would be reorganized at once and pay all demands in full They attributed the heavy withdrawals to the failure of the Seacoast Trust Company and the withdrawals from other banks that resulted. The general unrest was probably largely responsible for the closing of all the banks. along with the inability to realize on loans due to the depression and that business was suspended in the interest of depositors


Article from Asbury Park Press, September 30, 1932

Click image to open full size in new tab

Article Text

Half Of Stock In Pledged Bradley Beach Bank Drive Two Hundred and Seventy-five Persons Subscribe Toward Capital Needed For Reopening. Mass Meeting Monday to End the Campaign. Enthusiasm running higher than cash in the campaign raise for reopening the First National bank Bradley Beach, mass meeting held the Bradley Beach school Monday night, which hoped attain the quota, Mayor Frank Boran active participant in the drive, today. There are already plenty of subscribers, the mayor in times many there the bank closed. The however, are for small amounts. About 275 persons far have subscribed about half the stock. The bank had capital stock and surplus about $100,000, with only 38 subscribers. the in Mayor den explained the situation, they want to help. but think that small subscription since certain. However, should scribe the amount when the people learn the situation the mass meet- reopen. the committee must represented 5,000 shares stock share. capital stock bank $50.surplus and in undivided profits. Reopening will made easy because depositors have pledged themselves their deposits the percent bank. percent when They may the bank they want The fire which had been used announce subscription. broke down yesterday after sounding and Borden today the times, fire will be rung time new subscription