Second National Bank - Paterson, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 810
Charter Number: 810
Start Date: January 12, 1878
Location: Paterson, New Jersey (40.917, -74.172)

Metadata

Model: gpt-5-mini
Short Digest: 01419a66

Response Measures

None

Description

Article (The Sun, 1878-01-12) reports a receiver (James Jackson) for the Second National Bank of Paterson and a receiver's report listing worthless bonds/mortgages and a worthless $4,500 check. No run is described; this appears to be a suspension/failure leading to receivership due to bank-specific bad assets.

Events (3)

1. February 17, 1865 Chartered

Source: historical_nic

2. January 12, 1878 Receivership

Newspaper Excerpt: The report of the receiver, James Jackson, cashier of the Second National Bank of Paterson, is now on file in the clerk's office of the New Jersey Court of Chancery at Trenton.
Source: newspapers

3. January 12, 1878 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Receiver's report lists several worthless bonds and mortgages and a worthless $4,500 check, indicating insolvency from bad assets
Newspaper Excerpt: The report of the receiver, James Jackson, cashier of the Second National Bank of Paterson, is now on file ... Among the bonds and mortgages, the report says, are several worthless ones. A check of Samuel Smith, for $4,500, is estimated as worthless, as is also a mortgage on a farm of ninety-six acres
Source: newspapers

Newspaper Articles (1)

1. January 12, 1878 The Sun New York, NY

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Article Text

Several leading business men of Paterson. upon the above showing. purchased additional stock believing, as they say, that the stock was a good investment. The report of the receiver, James Jackson, cashier of the Second National Bank of Paterson, is now on file in the clerk's office of the New Jersey Court of Chancery at Trenton. Mortgages. real estate, bonds, and furniture, amounting to $172,480.05, are estimated by the receiver to be worth $136,040.90. Among the bonds and mortgages. the report says, are several worthless ones. A check of Samuel Smith, for $4,500, is estimated as worthless, as is also a mortgage on a farm of ninety-six acres