First National Bank - East Rutherford, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12228
Charter Number: 12228
Start Date: March 19, 1934
Location: East Rutherford, New Jersey (40.834, -74.097)

Metadata

Model: gpt-5-mini
Short Digest: c1686f53

Response Measures

None

Receivership Details

Depositor recovery rate: 85.8%
Date receivership started: 1934-03-01
Date receivership terminated: 1938-07-25
Share of assets assessed as good: 77.4%
Share of assets assessed as doubtful: 22.2%
Share of assets assessed as worthless: 0.4%

Description

The First National Bank of East Rutherford is described as closed since the bank holiday and in liquidation with a conservator and receiver appointed (Daniel P. Westbrook). No article describes a depositor run. The Comptroller of the Currency (O'Connor) and receiver actions indicate regulatory/receiver intervention rather than a depositor-driven run.

Events (4)

1. June 28, 1922 Chartered

Source: historical_nic

2. March 1, 1934 Receivership

Source: historical_nic

3. March 19, 1934 Receivership

Newspaper Excerpt: Samuel W. Thompson, former cashier of the First National Bank of this Borough now in liquidation and who conservator until Daniel P. Westbrook was appointed receiver, has been appointed manager of the East Rutherford Branch of the Rutherford National Bank... The receiver being appointed ... Mr. Thompson automatically got through as conservator and recently was placed in the new position. (The Herald-News, 1934-03-19).SEEK EXTENSION IN BANK ACTION... Receiver Mayor Daniel P. Westbrook forwarded the order which came through from O'Connor comptroller the currency. (The Record, 1934-07-25).
Source: newspapers

4. * Suspension

Cause: Government Action
Cause Details: Bank closed since the bank holiday and placed in liquidation with a conservator and receiver appointed by regulators (Comptroller involvement).
Newspaper Excerpt: East Rutherford has been closed since bank holiday.
Source: newspapers

Newspaper Articles (3)

1. March 19, 1934 The Herald-News Passaic, NJ

Article from The Herald-News, March 19, 1934

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Article Text

EAST RUTHERFORD Samuel W. Thompson Appointed Manager Now in Full Charge of the Local Branch Bank Samuel W. Thompson, former cashier of the First National Bank of this Borough now in liquidation and who conservator until Daniel P. Westbrook was appointed receiver, has been appointed manager of the East Rutherford Branch of the Rutherford National Bank The receiver being appointed Mr. Thompson automatically got through as and recently was placed in the new position. He is now the cashier of the new branch bank, but has nothing more to do the liquidation of the old bank His salary is paid by the Rutherford National Bank and not from the funds of the old Institution about which there was a misunder- ST. AGNES GUILD HOST AT COVERED LUNCHEON St. Agnes Guild of Grace Epis. copal Chapel covered dish luncheon at the Community House Boiling Springs Avenue Mrs. Anna Jackson was in charge. The Borough Couneil will meet tonight at the Municipal Build- Miss Anna Paterson Avenue, accompanied by Mrs. R. Strehle is enroute via automobile to St. Petersburg. Florida where they will remain several months. has called a general meeting of the membership of all organizations alliliated with the church for Thursday evening March 29 at 8 P. M. at the church Cariton Ave.

2. March 19, 1934 The Herald-News Passaic, NJ

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Article Text

EAST RUTHERFORD Samuel W. Thompson Appointed Manager New in Full Charge of the Local Branch Bank Samuel W. former the First National Bank of this Berough now in and conservator until P. Westbrook was appointed has been manager of the East Rutherford Branch of the Rutherford National Bank The being appointed Mr. automatically got through as conservator and recently was placed the new position. He the cashier of the new branch bank, but has nothing more to do with the liquidation of the old His salary paid by the Rutherford National Bank and not from the funds of the old institution about which there was misunder- ST AGNES GUILD HOST AT COVERED LUNCHEON St. Agnes Guild of Grace Episcopal Chapel covered dish luncheon at the Community House, Bolling Springs Avenue Mrs. Anna Jackson was in charge. The Borough Counefl will meet tonight at the Municipal Build- Miss Anna Hensch, Paterson Avenue, by Mrs. R. Strehle is enroute via automobile to Petersburg, Florida where they will remain several months. Hold The Rev. Arthur O. Hoppe, pasof M. E. Church, has called general meeting of the membership of all organizations alliliated with the church for Thursday evening March 29 at P. M. at the church Cariton Ave-

3. July 25, 1934 The Record Hackensack, NJ

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Article Text

SEEK EXTENSION IN BANK ACTION E. Rutherford Stockholders Protest Order Stockholders of the First National Bank of East called for Friday night in the Square School to plan secure time extension on 100 placed on them an effort to speed liquidation of the bank Receiver Mayor Daniel P. Westbrook forwarded the order which came through from O'Connor comptroller the currency. at Washington, by registered mail to each of the stockholders Payment is due Aug 13, with the proviso made that the be made in payments necessary The meeting has been called because the inability of most of the stockholders money stock within the three alloted East Rutherford has been closed since bank holiday. The Rutherford National Bank is now erating local branch the old bank building in East Rutherford. dition to the two branches has set up in place of the Carlstadt National Bank, the Lyndhurst National which are process of liquidation Mayor The capital stock the East Ruth. erford bank listed at 500 shares with total valuation $50,000 Freeholder John Edwards president the old East Rutherford institution, expected preside the session Albert Westervelt was vice president, and Samuel Davidson George Lemort E. Hutten, and Former Mayor Karl among the directors. 'We do not understand the situathe stockholders explained. Our only chance to lay full plans protect and clear in our minds the payment is to meet and discuss the situation. The demand has also been made stockholders of the closed Lyndhurst National Bank and was payable July None the was able to raise the money and an attorney was retained the assessment. which some of the stockholders believe, would total the value of the liabilities owed the bank and work an hardship on the stock The Carlstadt National Bank has not to date an for an assessment to bring about complete liquidation.