First National Bank - Pleasantville, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6508
Charter Number: 6508
Start Date: April 6, 1934
Location: Pleasantville, New Jersey (39.389, -74.514)

Metadata

Model: gpt-5-mini
Short Digest: d6563af8

Response Measures

None

Receivership Details

Depositor recovery rate: 25.0%
Date receivership started: 1934-11-21
Date receivership terminated: 1939-05-01
Share of assets assessed as good: 32.1%
Share of assets assessed as doubtful: 54.2%
Share of assets assessed as worthless: 13.7%

Description

The articles show the First National Bank of Pleasantville was placed under a conservator and was receiving RFC aid in mid-1934; a separate Pleasantville National Bank is noted as in receivership. A 1934 court article discusses liquidation and trust-fund issues. There is no explicit description of a depositor run in these clippings, but the bank was in conservatorship/ liquidation and received RFC support, consistent with suspension leading to closure/receivership. Dates are from the newspaper reports (RFC authorization appears in July 1934; reported Sept. 24, 1934).

Events (5)

1. November 26, 1902 Chartered

Source: historical_nic

2. April 6, 1934 Other

Newspaper Excerpt: Pleasantville's Trust Fund Contention Denied in Bank Liquidation ... Federal Judge John Boyd Avis ... deposit not subject to liquidation ... First National Bank of The city sought ruling ... Judge Avis many decisions ... Miami Fla March against presumption of trust fund in the
Source: newspapers

3. July 1, 1934* Suspension

Cause: Government Action
Cause Details: Bank placed under conservatorship and required RFC loan authorization (indicating regulatory intervention/receivership process).
Newspaper Excerpt: The First National Bank of Pleasantville, conservator, $360,000; the Pleasantville National Bank, receiver, $35,000.
Source: newspapers

4. September 24, 1934 Receivership

Newspaper Excerpt: The First National Bank of Pleasantville, conservator, $360,000; the Pleasantville National Bank, receiver, $35,000. (RFC announced loans Sept. 24.)
Source: newspapers

5. November 21, 1934 Receivership

Source: historical_nic

Newspaper Articles (3)

1. April 6, 1934 Courier-Post Camden, NJ

Article from Courier-Post, April 6, 1934

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Article Text

SCHOOL CASH RULED GENERAL DEPOSIT Pleasantville's Trust Fund Contention Denied in Bank Liquidation Federal Judge John Boyd Avis in United District Court here tion the deposit National Bank trust fund not subject to liquidation by the bank's Alonzo The deposited in the by Martin ruary 1933 the day bank the payable the order First National Bank of The city sought ruling to the effect because private clearing arrangement between two the of the check National automatically set as trust in hands of the PleasNational Judge Avis many decisions including by court Miami Fla March against presumption of trust fund in the

2. September 24, 1934 The Central New Jersey Home News New Brunswick, NJ

Article from The Central New Jersey Home News, September 24, 1934

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Article Text

JERSEY BANKS Can't You Just Hear the Wedding Bells? NEW LOANED $481,000 Hightstown Trust Company Among Those to Sell Stock to RFC By The Associated Press WASHINGTON, Sept. 24.-The Reconstruction Finance Corporation announced today that for the month of July, 1934, it authorized loans totaling $481,000 to banks and trust companies in New Jersey. The following loans were authorized, no part of which had been disbursed up to July 31: The First National Bank of Columbus, receiver, $20,000; The First National Bank of Pleasantville, conservator, $360,000; The Pleasantville National Bank receiver. $35,000; The First National Bank of Port Norris, receiver, $50,000. and the Westmont National Bank, receiver, $16,000. A loan of $22,500 also was authorized to the Manufacturers Loan Company of Jersey City, no part of which had been disbursed up to the end of the month The corporation during the month authorized subscriptions for preferred stock in 12 New Jersey institutions, none of which had been disbursed up to July 31 They follow: The Dover Trust Company $175,000; The Gloucester City Trust Company, $60,000 The Haddonfield National Bank, $200,000: Hights town Trust Company, $50,000; The First National Bank of Marlton. $15,000; The Penn's Grove National Bank and Trust Company, $50,000; Plainfield Trust Company, $750,000; Princeton Bank and Trust Company, $300,000; South Orange Trust Company, $75,000; The First National Bank of Springfield, $25,000; The Swedesboro National Bank, $50,000. and the Tenafly Trust Company, $100,000.

3. September 25, 1934 Press of Atlantic City Atlantic City, NJ

Article from Press of Atlantic City, September 25, 1934

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Article Text

2 Pl'ville Banks GetR.F.C.Loans Allot $360,000 to First National and $35,000 for Pleasantville National WASHINGTON Sept. 24 (AP).The Reconstruction Finance Corporation announced today that for the month of July, 1924, it authorized loans totaling banks and trusts companies in New Jersey The following loans were authorized, no part of which had been disbursed up to July 31: The First National Bank of Columbus, receiver, $20,000; The First National Bank of Pleasantville, conservator $360,000; the Pleasontville National Bank, receiver, $35,000; The First National Bank of Port Norris, receiver. $50,000, and the Westmont National Bank, receiver, $16,000. loan of $22,500 also was authorized to the Manufacturers' Loan Company, of Jersey City, no part of which had been disbursed up to the end of the month. The during the month authorized subscriptions for preferred stock in 12 New Jersey institutions, none of which had been disbursed up to July 31. They follow The Dover Trust Company $175,000; The Gloucester City Trust Company, $60,000; the Haddonfield National Bank, $200,000; Hightstown Trust Company, $50,000; The First National Bank of Marlton, $15,000; The Pennsgrove National Bank and Trust Company, $50,000; Plainfield Trust Company, $750,000; Princeton Bank and Trust Company, $300,000; South Orange Trust Company. $75,000; The First National Atlantic City Hotels