Collingswood National Bank - Collingswood, NJ

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 7983
Charter Number: 7983
Start Date: December 21, 1933
Location: Collingswood, New Jersey (39.918, -75.071)

Metadata

Model: gpt-5-mini
Short Digest: cdc2ae7a

Response Measures

None

Receivership Details

Depositor recovery rate: 86.2%
Date receivership started: 1934-03-13
Date receivership terminated: 1939-05-31
Share of assets assessed as good: 66.9%
Share of assets assessed as doubtful: 26.8%
Share of assets assessed as worthless: 6.3%

Description

The Collingswood National Bank was under a conservator and closed/restricted; articles (Dec 1933) describe plans to reorganize and reopen as a new Citizens National Bank but reopening was delayed. RFC loan of $65,000 to the conservator was later authorized (reported Mar 12, 1934). No explicit depositor run is described; sequence is a suspension under conservatorship with plans/steps toward reopening.

Events (4)

1. November 20, 1905 Chartered

Source: historical_nic

2. December 21, 1933 Suspension

Cause: Government Action
Cause Details: Bank placed under a conservator (Millard F. Shute) and restricted/closed; reorganization required federal approval and RFC involvement.
Newspaper Excerpt: the Collingswood National Bank, which is to be replaced by the new bank... the holdup in appointing the directors and other necessary detail work has made impossible to reopen the bank until after the holiday season, the conservator said.
Source: newspapers

3. March 12, 1934 Other

Newspaper Excerpt: Other loans authorized included: Collingswood National Bank (conservator), $65,000; ... RFC report to Congress ... March 12, 1934.
Source: newspapers

4. March 13, 1934 Receivership

Source: historical_nic

Newspaper Articles (3)

1. December 21, 1933 Evening Courier Camden, NJ

Article from Evening Courier, December 21, 1933

Click image to open full size in new tab

Article Text

BANK DIRECTORS SELECTED SLOWLY Getting of Right Men Holds Up Announcement of Board at Collingswood The board of directors for the National Bank being organized in Collingswood still being will not be announced until the entire group is made up, according to Millard Shute, conservator of the Collingswood National Bank, which is to be replaced by the absence of one man from town for several days delayed us in preparing our list of directors for announcement, Shute said. rather difficult to locate men of the calibre necessary to run new find these to have the the necessary 100 shares stock. The directors are being appointed the committee, headed by Bartlett as chairman, stockholders the bank can hold meeting select the regular ion. Thirty must be given for the meeting, and the notices cannot out until the bank is functioning, Shute explained. It planned when the campaign for the purchase of stock in the new institution by depositors the old and restricted completed the new bank open before first the year. The holdup in appointing the directors and other necessary detail work has made impossible reopen the bank until after the holiday season, the said. Word confirmation is still lacking from Washington from the new endeavoring to on its frozen assets to make the initial dividend to depositors as possible- percent, if possible. Shute explained the R. F. men had demanded changes be in the type loan on which the be the loans had been made to the borough of Collingswood, it was necessary draft number special resolutions changing the loans, which had to be passed by the town commission. The changes been made, and the papers on the way the Capitol. Stationery for the new bank is being printed has been ordered. Shute said answer recent rumors in the town the plans for reopening the bank has been abandoned despite the success of the stock campaign.

2. December 22, 1933 Courier-Post Camden, NJ

Article from Courier-Post, December 22, 1933

Click image to open full size in new tab

Article Text

BANK DIRECTORS SELECTED SLOWLY Getting of Right Men Holds Up Announcement of Board at Collingswood The board of directors for the new Citizens National Bank being organized in Collingswood are still being appointed but will not be announced until the entire group is made up, according to Millard F. Shute, conservator of the Collingswood National Bank, which is to be replaced by the new bank. Premature listing of directors' names by local newspaper was attacked as unjust and unfair by Shute yesterday afternoon. "These men are being appointed by reorganization committee, Shute said. "They were nominated Monday night and their names are subject to the approval of federal authorities If federal approval not these men be placed in very unpleasant light through this breach of faith. absence of one man from town for several days has delayed us in preparing our list of directors for Shute said. "It rather difficult to locate men of the calibre necessary to run a new still find these men to have the wherewithal to purchase the necessary 100 shares of stock.' The directors are being appointed by the reorganization committee, headed by A. J. Bartlett as chairman, to serve until stockholders in the new bank can hold a meeting to select directors in the regular fashion. Thirty days notice must be given for the meeting, and the notices cannot be sent out until the bank is functioning, Shute explained It was planned when the campaign for the purchase of stock in the new institution by depositors in the old and restricted bank was completed two weeks ago, to have the new bank open before the first of the year. The holdup in appointing the directors and other necessary detail work has made impossible to reopen the bank until after the holiday season, the conservator Word of confirmation is still lacking from Washington officials of the Reconstruction Finance Corporation, from which the new bank is endeavoring to borrow on its frozen assets to make the initial dividend to depositors as large as possible-50 percent, if possible. Shute explained the R. F. C. men had demanded that changes be made in the type of loan on which the money is to be borrowed, and as all the loans had been made to the borough of Collingswood, it was necessary to draft number of special resolutions changing the loans, which had to be passed by the town commission The changes have been made, and the papers are on the way to the Capitol. Stationery for the new bank is being printed or has been ordered. Shute said to answer recent rumors in the suburban town the plans for reopening of the bank has been abandoned despite the success of the stock campaign.

3. March 12, 1934 The Times Trenton, NJ

Click image to open full size in new tab

Article Text

Loans Authorized For Jersey Banks RFC Report to Congress Says 14 Sanctioned In December WASHINGTON, March 12 (P).-The Reconstruction Finance Corporation, in its monthly report to Congress, made public the fact that 14 loans to New Jersey banks and trust companies had been authorized during December, 1933, the largest being $457,000 to the conservator of the Carlstadt National Bank. Other loans authorized included: Collingswood National Bank (conservator), $65,000; First National Bank of East Rutherford, $95,000; Elizabeth Trust Company, $245,000: Cliffside Park Title Guarantee Trust Company, $18,000; First National Bank (conservator), of Lyndhurst, $400,000; Margate Trust Company of Margate City, $75,000; Mount Ephraim National Bank (receiver), $50,000; New Brunswick Trust Company, $50,000; Hamilton Trust Company of Paterson, $25,000; Merchants Trust Company of Paterson, $20,000; Security Trust Company of Paterson, $7,500; First National Bank of Sea Isle City (receiver) $19,000; Woodlynne National Bank (receiver), $4,000. Exception for loans to the CliffPark Title Guarantee & Trust Company the Margate Trust Company, the Merchants Trust Company of Paterson. the Security Trust Company of Paterson, and the First National Bank of Sea Isle City, no part of the had been disbursed up to and including December 31.