First National Bank - Lyndhurst, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10417
Charter Number: 10417
Start Date: December 1, 1933*
Location: Lyndhurst, New Jersey (40.812, -74.124)

Metadata

Model: gpt-5-mini
Short Digest: 7c99ae12

Response Measures

None

Receivership Details

Depositor recovery rate: 89.8%
Date receivership started: 1934-03-05
Date receivership terminated: 1940-08-09
Share of assets assessed as good: 35.9%
Share of assets assessed as doubtful: 60.3%
Share of assets assessed as worthless: 3.9%

Description

The articles report a $400,000 RFC loan to the conservator of the First National Bank of Lyndhurst authorized in December 1933. 'Conservator' indicates the bank had been taken into conservatorship (government action) rather than a depositor run; no reopening or receivership/reopening details are given in the articles. Classified as a suspension (government action) leading to closure/receivership outcome (no evidence of reopening). Date for the suspension is inferred to be by December 1933 from the RFC report.

Events (3)

1. July 5, 1913 Chartered

Source: historical_nic

2. December 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank was under a conservator; RFC authorized a $400,000 loan to the conservator in December 1933, indicating government intervention/conservatorship rather than a depositor run.
Newspaper Excerpt: First National Bank (conservator), of Lyndhurst, $400,000;
Source: newspapers

3. March 5, 1934 Receivership

Source: historical_nic

Newspaper Articles (4)

1. March 12, 1934 The Times Trenton, NJ

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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.

2. March 12, 1934 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, March 12, 1934

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Article Text

14 JERSEY BANKS RECEIVE RFC AID Largest, of $457,000, Goes to Carlstadt Conservator. Two Canceled. WASHINGTON March 12. (AP)-The Finance in its monthly to congress, made public the fact that 14 loans to banks and trust had been authorized during December, 1933, the largest being to the conservator of the Carlstadt National bank Other authorized included: the National bank (conservator), $65,000 First National bank of East Rutherford, Elizabeth Trust company, Cliffside Park Title and Trust company, $18,000 First National bank (conservator), Lyndhurst, $400,000; Margate Trust company, Margate City, $75,000; the Mount Ephraim National bank (receiver), $50,000; New Brunswick Trust company, $50,000; the Hamilton Trust company of Paterson, $25,000; the Merchants Trust company of Paterson, $20.000; the Security Trust company, Paterson, $7,500 the First National bank of Sea Isle City (receiver) $19,000, and the Woodlynne National bank (receiver) With the execption of loans to the Cliffside Park Title Guarantee Trust company the Margate Trust company Merchants Trust company of Paterson: the Security Trust company Paterson, and the First Na. tional bank of Sea Isle City, no part of the amounts authorized been disbursed up and including December 31. 1933 Among the instiutions from which the RFC had agreed to purchase preferred stock the following in New Jersey, Fairlawn Radburn Trust company, Garfield Trust company, $200,000 the Hackensack Trust company, $300,000; Harrison Na. tional bank of Harrison. New Jersey, $112,500; Columbia Trust company Hoboken, $50,000; Chancellor Trust County National bank, Jersey City $1,500,000; Clinton Trust company, Newark, $250,000, and Citizens Trust company, Summit, $60,000. Under the statement of loans authorized during the period from July 21, 1932, to 30, inclusive, which were withdrawn or cancelled in part during December were the following in New Jersey and the withdrawn or cancelled Peoples bank of Hawthorne, and the New Jersey National Bank and Trust company of Newark (receiver), $250,500.00

3. March 12, 1934 The Record Hackensack, NJ

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Article Text

GOT LARGEST LOANS Other Bergen Banks Also To Purchase Stock SUBMIT March Reconstruction Corporation. report Congress, made the fact banks 1933, the largest the conservator the Carlstadt Bank. included: The National (conFirst National Bank East Rutherford, Elizabeth Trust Clifside Park Title Guarantee Trust Company First National Bank (conservator) Lyndhurst, $400,000; Company, Margate City, the Mount Na tional Bank $50,000: the Company erson, the Merchants Trust the curity Trust Company. Paterson. the First National Bank Sea National Bank (receiver) With the exception of loans to the Cliffside Park Guarantee Trust the Margate Company Trust ComPaterson: the and the First tional Sea part the up and including Dec. Among the institution which agreed purchase New Jersey: Company Trust Company The Trust Company, $300,000; Bank Trust Hoboken, ChancelIrvington, National Bank, Jersey loans thorized during the inclusive, which cancelled part during the following New Jersey the drawn Peoples Bank the New Company of

4. March 13, 1934 The Herald-News Passaic, NJ

Article from The Herald-News, March 13, 1934

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Article Text

Fourteen Loans to Jersey Banks Authorized by RFC in December ASHINGTON (AP) The Re Construction Finance Corporation in its monthly report to Congress, made public the fact that fourteen loans to banks and trust companies in New Jersey bad been authorized during December 1933. the largest being $457,000 to the conser of the Carlstadt Na tional Bank The Collingswood National Bank $65,000 First Na tional Bank of East Rutherford $245,000 Cliffside Park Title Guar antee Trust Company $18,000 First National Bank (conservator) Lyndhurst, $400,000 Margate Trust The Mount Ephraim National Bank (receiver). $50,000 New Brunswick Ilton Trust Company of Paterson $25,000 The Merchants Trust Company of Paterson. $20,000 The Security Trust Company, Paterson The First National Bank and the National Bank Among the Institutions from which the RFC had agreed to purchase preferred stock were the fol. lowing in New Jersey: Fair LawnRadburn Trust Company, Fairlawn. $200,000; The Hackensack Trust tional Bank of Harrison, $112.500 Columbia Trust Company Hoboken. $50,000 Chancellor Trust son County National Bank Jer. sey City, $1,500,000 Clinton Trust Company Newark $250,000. and Citizens' Trust Company, Summit