14086. Lyndhurst Trust Company (Lyndhurst, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
November 1, 1931*
Location
Lyndhurst, New Jersey (40.812, -74.124)

Metadata

Model
gpt-5-mini
Short Digest
ad322927

Response Measures

None

Description

The Lyndhurst Trust Co. was closed in November 1931 (Article dated 1931-12-24 says which was closed last Nov.). Subsequent 1932 article describes dividend distributions to depositors of the closed state banks, including Lyndhurst Trust Co., indicating it remained closed and in liquidation/administration with dividends paid — consistent with permanent closure under state supervision. OCR errors in Article 1 obscured some wording; I interpreted no evidence ... misconduct and that depreciation of assets caused closure.

Events (3)
1. November 1, 1931* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depreciation of assets (asset losses) led to the bank being closed; no evidence of misconduct noted in the report.
Newspaper Excerpt
report of the condition of the Lyndhurst Trust Co., which was closed last Nov.
Source
newspapers
2. December 24, 1931 Receivership
Newspaper Excerpt
Lyndhurst Trust Report Is Issued report of the condition of the Lyndhurst Trust Co.... Douglas Liston president of the organization and Peter, the secretary (report on liquidation and condition).
Source
newspapers
3. December 3, 1932 Other
Newspaper Excerpt
The Lyndhurst Trust Co. depositors already per cent and they will get five this month, plan to ask Lewis for the necessary order Dec. Next Tuesday ... nearly million dollars will paid out in dividends (describes dividend payments to depositors of closed state banks).
Source
newspapers

Newspaper Articles (3)
1. December 24, 1931 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 24, 1931

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Article Text

Lyndhurst Trust Report Is Issued report of the condition of the Lyndhurst Trust Co., which was closed last Nov. was made by of the Organization at meeting last night. According to the the bank has account from liquidation. sufficient to pay 25 the There be no distribution of funds, after March total the bank, stated. the liabilities $474,000 that the that there was no evidence misthe the bank, but that depreciation of caused be closed. Douglas Liston president of the organization and Peter, the secretary

2. December 3, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 3, 1932

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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

3. December 22, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 22, 1932

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Article Text

FALLON (Continued) but told of the information he received from the Fallon Steneck together to put this thing The witness also said he made freTrenton and quent tice settle North Bergen Township affairs and secure old North notes there decision Circuit Court Brown appeals of prop Probe Counsel Shelton Pitney called probe stand about by Henry He Trust New built up had balance In deposits of the which the Fnishing ship and matter the sade made the He said Jan 1932 Frank paid arrears garage 589 Park West from the personal account and after the hundred The for the benefit property by which property and Fallon held mortgage the this CounPitney turned his direct examination matters volving Hetfleld judge the Court of Appeals, Banking given by Judge told he celved in bank liquidation some which approved Smith general counsel for ComFebruary 1932 to totaling pending time $40 day judge the Court of Errors and Appeals The first allowances he told about $15,000 the Morsemere Bank paid to Lawyer Patrick H. Hickensack services an addition of this case bringing matter Questioned the amount time he the case answered tended many conferences did much securing indictments against officials kept no record his In the People's Bank and Trust Judge Hetfield received ances by ViceBuchanan He said the not Other testified to were in the Lyndhurst Trust which approved by Vicethe South the Jersey Trust Company Long Branch matter in which the fee was small from the and Mortgage Hetfield said he was named counsel the of the Steneck Trust Jersey City and Trust but that he Judge Hetfield he sug. geste. Commissioner Smith that another counsel appointed because he said felt that getting overloaded and besides banks North Jersey. Judge Hetfield Hetfield that Judge Brown recelved fees each but Judge Brown paid him me were not by "Judge Brown called me and said he wanted me for the which had done the month before he was Judge told of receiv$750 the Freehold Trust which he ceeded John Milton counsel. He this bank has since opened. The witness was quoted having agreed with Judge Carrick there doubt priety member Court of Appeals judges cisions might be appealed in his Fallon's letter to Advisory Master Carrick the discussed feature today session being freely predicted the make during master predictions based on the letter which pointed out failed specifically that ViceChancellor would appear and take Regarding any probability that the the which might indicate lead to the belief would ap. assure will acquaint myself the tranenable reply thereto by Friday of next letter follows "Owing the necessity of my devoting my attention this unable read much the transcript which Hoboken Monday take the ter tomorrow for continued presume will receive from Saturday transcript of the proceedings had and such had before be the latter respect thereto Wednesday assure strive acquaint myself transcripts enable thereto by Friday reported today Hudson County come discussion attempt would made that the