First National Bank - Camden, NJ

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 431
Charter Number: 431
Start Date: October 17, 1931
Location: Camden, New Jersey (39.926, -75.120)

Metadata

Model: gpt-5-mini
Short Digest: 69c2831f

Response Measures

Accommodated withdrawals

Other: Banks joined a local stabilization plan/clearinghouse arrangement to reassure depositors.

Description

Newspaper (Oct 17, 1931) describes withdrawals/hysteria stemming from other bank closings (Philadelphia) and local panic. First National joined a local stabilization/clearing arrangement and remained open; no suspension or receivership is mentioned.

Events (2)

1. May 20, 1864 Chartered

Source: historical_nic

2. October 17, 1931 Run

Cause: Local Banks
Cause Details: Withdrawals and nervousness were driven by recent bank closings in nearby Philadelphia and related panic spreading to Camden.
Measures: Joined a local stabilization and clearing arrangement with Camden Safe Deposit & Trust and Jersey Trust to reassure depositors and stabilize operations.
Newspaper Excerpt: The First National ... joined this stabilization ... the hysteria that has swept the ... been about to frozen assets.
Source: newspapers

Newspaper Articles (1)

1. October 17, 1931 Evening Courier Camden, NJ

Article from Evening Courier, October 17, 1931

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Article Text

Camden Bankers See Crisis Past Here (Continued from Page One) Trust Company, and West Jersey Trust The recent flurry the city by notices savings funds fadaway. feel proud that the confidence the vast number such the and that who withdraw take the money. about be unsafe and taking out cripples ness. patriotic like But there speak louder than words, those to desire to their receive their funds, incident. hope, will be closed. the and 'Because Camden's proximity Philadelphia, we have the effects the bank closings and about that The sad that people and stagnated by to me entirely the closed stitutions while from slow loans solvent and would worked and every dollar for the bank had in only We the action banks in January not and while these difficulties think out of all has better solution the president Jersey Trust Company, stated: indications are that the hysteria that has swept the try at intervals last January finally "In opinion this is largely due to the by through which the billion dollar bank has been about to frozen assets. such an institution existed ago many good, sound that would still on any the given black eye While the depositor get his money full in time, sacrifices stockholders get the money for the to think their posits and its vaults their pay them interest for keeping not figure bank its paid the state and law keep sufficient reserve their vaults in or ordinary But when the not posfor the perand consequently tect the interests of their depositors afterwards. 'Fortunately, Camden has like panic, and the depositors the assured every placed them. The First National. the Camden Safe Deposit Trust Company and the Jersey Trust Company all nobly joined this stabilization apthat the clearing and will from now Elmer E. Long, president, the of Camden: "The banking situation in Camden basis. This due not only the fact that their banks but also the fact banks are my opinion that most the closed the suburban districts solvent were forced to because abnormal result hysteria. That subsiding, large the local and national stabilization programs."