14070. Union Bank (Jersey City, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1875*
Location
Jersey City, New Jersey (40.728, -74.078)

Metadata

Model
gpt-5-mini
Short Digest
1f66c8bd

Response Measures

None

Description

The Union Bank of Jersey City failed in 1875 and was under receivership; articles from Jan 1881 discuss the removal of the original receiver (Michael Sandford) and appointment of a new receiver (William H. Corbin). No bank run is described in the articles. Cause of the original suspension/failure is not specified in the articles.

Events (4)
1. January 1, 1875* Suspension
Cause Details
Article states the bank failed in 1875 but gives no specific reason for failure.
Newspaper Excerpt
The bank failed in 1875
Source
newspapers
2. January 12, 1881 Receivership
Newspaper Excerpt
Michael Sandford, receiver of the Union Bank of Jersey City, has been adjudged in contempt by Chancellor Runyon ... when the Union Bank failed he was appointed receiver. ... The creditors of the Union Bank made application to the Chancellor for an order requiring Sandford to render an accounting. The Chancellor made an order directing the receiver to make an accounting December 27 ... Sandford obtained an extension of time until last Saturday upon the plea of sickness, and on Saturday he failed to appear.
Source
newspapers
3. January 13, 1881 Receivership
Newspaper Excerpt
William H. Corbin ... received notice yesterday from Chancellor Runyon that he had been appointed receiver of the suspended Union Bank of Jersey City, Michael Sanford, the original receiver, having been removed. Mr. Corbin took his oath of office at noon and gave bonds in the sum of $5,000. He then took possession of the safes and office furniture of the bank.
Source
newspapers
4. * Other
Newspaper Excerpt
The claims of the depositors were about $80,000, and they were paid 85 percent of the amount in less than three months. The new receiver will close up the affairs of the bank as soon as possible.
Source
newspapers

Newspaper Articles (2)
1. January 12, 1881 New-York Tribune New York, NY
Article from New-York Tribune, January 12, 1881

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Article Text

DECLARED TO BE IN CONTEMPT. Michael Sandford, receiver of the Union Bank of Jersey City. has been adjudged in contempt by Chancellor Runyon, of New - Jersey, and ordered to be sent to jail to await a hearing. Sandford was formerly cashier of the First Na ional Bank of Jersey City, but when the Union Bank failed be was appointed receiver. About a year ago he was appointed receiver of the Jersey City Savings Bank, and subsequently of the Homestead Association of Hoboken. He has never rendered any account of the condition of the institution, although small dividends have been paid at long intervals. The depositors and creditors have been clamoring for an accounting for some time, without effect. Some time ago the creditors of the Union Bank made application to the Chancellor for an order requiring Sandford to render an accounting. The Chancellor made an order directing the receiver to make an accounting December 27, before Master in Chancery Washington B. Williams, of Jersey City. Sandford obtained an extension of time until last Saturday upon the plea of sickness, and on Saturday he failed to appear. He had not been arrested yesterday.

2. January 13, 1881 New-York Tribune New York, NY
Article from New-York Tribune, January 13, 1881

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Article Text

A NEW RECEIVER FOR A BANK. William H. Corbin, of Elizabeth, N. J., who has a law office at Exchange-place and Hudson-st., Jersey City, received notice yesterday from Chancellor Runyon that he had been appointed receiver of the suspended Union Bank. of Jersey City, Michael Sanford, the original receiver, having been removed. Mr. Corbin took his oath of office at noon and gave bonds in the sum of $5,000. He then took possession of the safes and office furnture of the bank. The bank failed in 1875, and Mr. Sandford's bonds were $100,000. The claims of the depositors were about $80,000, and they were paid 85 percent of the amount in less than three Eouths. The new receiver will close up the affairs of the bank as soon as possible.