Palmyra National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11793
Charter Number: 11793
Start Date: March 1, 1933*
Location: Palmyra, New Jersey (40.003, -75.035)

Metadata

Model: gpt-5-mini
Short Digest: 04b04249

Response Measures

None

Receivership Details

Depositor recovery rate: 53.4%
Date receivership started: 1934-01-06
Date receivership terminated: 1940-02-24
Share of assets assessed as good: 31.0%
Share of assets assessed as doubtful: 44.6%
Share of assets assessed as worthless: 24.4%

Description

Articles (June–Aug 1934) describe depositors suing to force reopening of the Palmyra National Bank after it had been closed since March of the prior year; a federal receiver is in place and the RFC authorized funds to the receiver. No run is described. The bank appears to remain closed under receivership.

Events (6)

1. July 23, 1920 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause Details: Bank had been closed since March of the prior year (no run or specific cause given in articles).
Newspaper Excerpt: reopen the March of last year, bank now has ...
Source: newspapers

3. January 6, 1934 Receivership

Source: historical_nic

4. June 21, 1934 Other

Newspaper Excerpt: Injunction proceedings ... will come up court in Newark next Monday as the action of taken depositors of the Palmyra National Bank. The proceedings filed ... will be asked to grant preliminary injunction ... to restrain James O'Connor ... and the bank holding because 85 percent deposits been signed by depositors ... reorganization committee would give the bank ... (Evening Courier, 1934-06-21).
Source: newspapers

5. June 21, 1934 Receivership

Newspaper Excerpt: filed bill of equity federal court ... against James O'Connor, the bank's receiver and the bank proper. ... asked that and his agents be restrained interfering with the payment liquidating ... the bank's receiver named by Comptroller O'Connor is referenced in suit filing dated June 21, 1934. (Article 1 & 2 excerpts).
Source: newspapers

6. August 25, 1934 Other

Newspaper Excerpt: R.F.C. Authorizes $65,000 For Midland Pk. First National ... the Palmyra National Bank Hudson and receiver. ... The authorizations follow ... (The Record, 1934-08-25).
Source: newspapers

Newspaper Articles (3)

1. June 21, 1934 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, June 21, 1934

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Article Text

CHARGE REOPENING BANK BLOCKED Equity Suit Alleges Malicious Interference In Palmyra National Plan. TEST CASE WILL AID IN OPENING CITIZENS' BANK Press) NEWARK, June licious interference by national bank authorities with attempts to reorganize the Palmyra National bank, Lester Leonard, Red Bank, who has directed moves for the reopening of the institution, yesterday filed bill of equity federal court before Judge William Clark against James controller of currency, the bank's ceiver and the bank proper. The bill states that the complainants represent percent the depositors and 85 percent of the deposits and that the bank can pay percent claims, that this payment has prevented thru the conduct Gibbs Lyons, deputy controller Lyons charged "negligently and deliberately failing to appraise' Controller O'Connor the and conditions surrounding the Leonard, instrumental in the reopening the Asbury Park and Ocean Asbury Park, and who directing reorganizaefforts the National bank, Long Branch, and the Mount Holly bank, this suit test brought would aid in the reopening the Long Branch Mount institutions The bill asked that and his agents be restrained interfering with the payment liquidating (Continued on Page Two)

2. June 21, 1934 Evening Courier Camden, NJ

Article from Evening Courier, June 21, 1934

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Article Text

DEPOSITORS COMPTROLLER Charge Fraud in Injunction Move to Force Reopening of Palmyra Bank Injunction proceedings charging fraud Deputy Comptroller of the Currency will come up court in Newark next Monday as the of taken depositors of the Palmyra National Bank. The action taken of the applans for the The proceedings filed in and will come before Judge William will be asked to grant prèliminary injuncThis injunction would restrain James O'Connor, William Rorary the bank's and the bank holding because 85 percent deposits been signed by depositors three tees depositors reorganization Although the action an Initial step the Lester the committee, neither bank officials those named the action obtainable make any of the reopen the March of last year, bank now has of percent of more than required the government for opening, that the committee's finance would give the bank Page

3. August 25, 1934 The Record Hackensack, NJ

Article from The Record, August 25, 1934

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Article Text

BERGEN BANK 1 OF OBTAIN R. F. C. Authorizes $65,000 For Midland Pk. First National NO DISBURSEMENTS 25-The struction nouncing activities for June reports authorizations for loans five New Jersey banks and trust companies totaling $631 The authorizations follow The First National Bank of Midland Park ceiver. $65,000; the Palmyra National Bank Hudson and receiver. the Union City tional Bank. and First National Bank and Woodbridge With the of that First National Bank and Trust Com. pany of Woodbridge. part the amounts had been disbursed June 30. inclusive The Industrial Mortgage Loan Corporation of Trenton, was thorization for three loans in amounts $90,000 and $50,000 none of which had been disbursed June 30 The Corporation authorized loans preferred three New Jersey institutions Orange In. vestment Inc. East on the Savings Investment & Trust of East Orange: the Llewellyn Cor. poration. Montclair. on the preferred stock of the Bank Mont. clair and the Bay Shore Realty Com. pany. South Amboy $100.000 the preferred stock the First National Bank of South Amboy No part of had been disbursed up to June