14013. Haddon Heights Bank & Trust Company (Haddon Heights, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
July 28, 1932
Location
Haddon Heights, New Jersey (39.877, -75.065)

Metadata

Model
gpt-5-mini
Short Digest
aa690ad6

Response Measures

None

Description

Articles (1932-07-28 and 1932-12-03) indicate Haddon Heights Trust Co. was in receivership/closed and later paying dividends under state supervision. No mention of a depositor run; closure appears to be a state receivership with subsequent dividend distributions.

Events (2)

1. July 28, 1932 Suspension
Cause
Government Action
Cause Details
Bank was in receivership/closed and under investigation by State Department of Banking and Insurance; legal work/fees paid in connection with receivership.
Newspaper Excerpt
investigation now by officials of the State Department of Banking and Insurance into receiverships of closed banks... Congressman Wolverton was allowed $26,500 in fees in 13 months from the following banks: Haddon Heights Trust Co.
Source
newspapers
2. December 3, 1932 Other
Newspaper Excerpt
plan to ask Lewis for the necessary order Dec. Next Tuesday there will be an application to Francis Davis Camden for an order permitting ten dividend for of Haddon Heights Trust Co.... nearly million dollars will paid out in dividends In the case of the Steneck Trust series suits ... depositors ... will get dividends before end of this month, according Banking Commissioner William Kelly's office.
Source
newspapers

Newspaper Articles (2)

Article from The Daily Journal, July 28, 1932

Click image to open full size in new tab

Article Text

Reveals Bank Fees Former Senator McAllister Received From land Trust Company Further search into the records the State Banking and InsurDepartment has revealed that former Senator Albert R. McAllister of Bridgeton received for legal work in connection with the Vineland Trust Company durof little less than period a The allowances were years. by Vice Chancellor approved Robert Leaming of Camden and Chancellor Buchanan. McAllister's son was paid a numnotary fees. The report of the above nection with an investigation now by officials of underway present the State Department of Banking been and Insurance into receiverships of closed banks. The records show that Judge Thomas H. Brown of the Common Pleas Court of Hudson County and Charles Wolverof Camden have received sizefees for legal advice the The fees all department. recommended by Frank H. Smith, retired Banking Commissioner, Republican, who was succeeded by William H. Kelly, Democrat. Congressman Wolverton was lowed $26,500 in fees in 13 months from the following banks: Haddon Heights Trust Co., proved by Vice Chancellor Robert Ingersoll; Collingswood Trust, $3,500; allowed by Vice Chancellor Leaming; Merchantville Trust, $2,000, by Vice Chancellor Leaming; Glassboro Title and Trust 500, by Vice Chancellor Ingersoll, and Trust Company, $3,500, by Vice Chancellor Ingersoll. Banking Commissioner Frank Smith succeeded by Colonel was William and the DemoKelly, crats political control of the following the last elecState, tion. Many other counsel were named North Jersey bank cases, most of them Republican until the in administration when change they were ousted in favor of Democrats.


Article from The Jersey Journal, December 3, 1932

Click image to open full size in new tab

Article Text

PRIORITY SUITS DELAY STENECK TRUST PAY-OFF But Depositors of Other Closed State Banks Will Share $1,000,000 Dividends. While thousands of depositors of closed state banks will get Christmas offerings in the shape of dividends before end of this month, according Banking Commissioner William Kelly's there be no dividend this year for creditors of the Steneck Trust Co., in Hoboseries of about to move to untangle the Steneck in various parts of the the week after will called on sign orders permitting payment of five per cent Kelly expects that will be creditors time for Trust Co. of Jersey City, depositors already received cent. will get ditional five per cent dividend The Bergenline Trust Co. of Union City, whose depositors have already 50 per cent, will get five cent more per before the of according to present The Lyndhurst Trust Co. deposialready per cent and they will get five this month, plan to ask Lewis for the necessary order Dec. Next Tuesday there will be an plication to Francis Davis Camden for an order permitting ten dividend for of Haddon Heights Trust Co. In other the there expected nearly million dollars will paid out in dividends In the case of the Steneck Trust series suits about to be brought in will aim settiement of the question as to whether depositors or the holders mortgage certificates prior whether are par There now Steneck Trust Co. The number depositors The money hand total dividend about 35 per cent. but that dividend not be declaruntil the courts the matter prior rights. Those who invested in Steneck Trust Co. certifleates their should come ahead of those of depositors. Those put in the bank say their claims should ahead the holders. claims these two kinds of should the same one should not preferred the other. There are also various having to with the handling these mortgage certificate will come for an airing in the coming test It the new ligitstion will get under in Milton, legal adviser Commissioner Kelly will direct this litigation on behalf the state. the Title Mortgage Co. affairs Ridgewood and can be paid for some time. affairs of that company also much inbut some progress toward settlement will be made soon the market takes on new life it possible sell property held by the company at some advantage