First National Bank - Port Norris, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10036
Charter Number: 10036
Start Date: November 24, 1933
Location: Port Norris, New Jersey (39.246, -75.035)

Metadata

Model: gpt-5-mini
Short Digest: 4e51e331

Response Measures

None

Receivership Details

Depositor recovery rate: 23.4%
Date receivership started: 1933-10-31
Date receivership terminated: 1940-05-16
Share of assets assessed as good: 69.2%
Share of assets assessed as doubtful: 26.6%
Share of assets assessed as worthless: 4.2%

Description

Article from Nov 24, 1933 names a receiver for the First National Bank, Port Norris (indicating the bank closed and a receiver was appointed). Later articles (Sept 1934) report RFC authorized a loan to the First National Bank of Port Norris, explicitly described as 'receiver' — this is assistance while in receivership, not a reopening. No mention of a prior depositor run in the provided articles.

Events (4)

1. June 17, 1911 Chartered

Source: historical_nic

2. October 31, 1933 Receivership

Source: historical_nic

3. November 24, 1933 Receivership

Newspaper Excerpt: has been pointed receiver for the First ... Bank, Port Norris, and this afternoon will succeed ... Mr. Corson was the secretary and treasurer the Millville Trust Com. before merging ... Appointment Mr. Corson was the Currency Ray O'Connor, Washington, information to this effect reaching Corson last night. succeeds Mr. Hoagland afternoon, the latter severing connection bank closing time Surrogate Hoagland ... Mr. Hoagland formerly the BridgeNational Bank, leaving countyseat some time since take place cashier the Millville Mechanics National Bank, Millville. Later moved back Asked the office Surrogate Hoagland said ready make along this line He admitted he had been asked this question good many people said he had made statement regard to this and was not ready to do SO this time.
Source: newspapers

4. July 1, 1934* Other

Newspaper Excerpt: The First National Bank of Port Norris, receiver, $50,000. (RFC authorized loans for the month of July, 1934)
Source: newspapers

Newspaper Articles (4)

1. November 24, 1933 The News of Cumberland County Bridgeton, NJ

Article from The News of Cumberland County, November 24, 1933

Click image to open full size in new tab

Article Text

BANK RECEIVER Russell C. Corson, Millville, Named to Succeed Surrogate Frank E. Hoagland. Millville, November formerly cashier Millville Mechanics National Bank Trust Company, has been pointed receiver for the First tional Bank, Port Norris, and this afternoon will succeed in this pacity Frank Hoagland, who elected Surrogate Cumberland County the general election already been sworn into office. Mr. Corson was the secretary and urer the Millville Trust Com. before merging with the Mechanics Bank. Appointment Mr. Corson was the Currency Ray O'Connor, Washington, information to this effect reaching Corson last night. succeeds Mr. Hoagland afternoon, the latter severing connection bank closing time Surrogate Hoagland tomorhis full-time duties the office of the Surrogate courthouse tomorrow. Mr. Hoagland formerly the BridgeNational Bank, leaving countyseat some time since take place cashier the Millville Mechanics National Bank, Millville. Later moved back Asked the office Surrogate Hoagland said ready make along this line He admitted he had been asked this question good many people said he had made statement regard to this and was not ready to do SO this time.

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

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

Click image to open full size in new tab

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 24, 1934 The Record Hackensack, NJ

Article from The Record, September 24, 1934

Click image to open full size in new tab

Article Text

JERSEY BANKS TO GET R. C. FUNDS Tenafly Institution Among Those Receiving Federal Grants Associated ReconARE You struction Corporation announced that for the of July 1934. loans totaling banks and trusts companies New Jersey The following loans were author- Fully ized, part which had been bursed July The First National Bank Columbus, receiver $20,000 the First National Bank Protected? the Pleasantville National Bank. ceiver, $35,000 the First National Bank Port Norris, receiver $50,000 and the Westmont National Bank, reIF that fire should also was authorized the Loan occurCompany of Jersey City, no part of

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

Article from Press of Atlantic City, September 25, 1934

Click image to open full size in new tab

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