First National Bank - Sea Isle City, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12279
Charter Number: 12279
Start Date: December 1, 1933*
Location: Sea Isle City, New Jersey (39.153, -74.693)

Metadata

Model: gpt-5-mini
Short Digest: 6a31e1c7

Response Measures

None

Receivership Details

Depositor recovery rate: 35.2%
Date receivership started: 1931-11-11
Date receivership terminated: 1938-02-26
Share of assets assessed as good: 40.4%
Share of assets assessed as doubtful: 55.3%
Share of assets assessed as worthless: 4.3%

Description

Contemporary RFC reports (Dec 1933, reported Mar 1934) list First National Bank of Sea Isle City (receiver) $19,000, indicating the bank was in receivership and had RFC assistance. No article describes a depositor run; the bank was placed in receivership (closure). Dates referenced are December 1933 (authorization period).

Events (4)

1. November 25, 1922 Chartered

Source: historical_nic

2. November 11, 1931 Receivership

Source: historical_nic

3. December 1, 1933* Receivership

Newspaper Excerpt: First National Bank of Sea Isle City (receiver) $19,000. With the exception ... no part of the amounts authorized had been disbursed up to and including December 31, 1933.
Source: newspapers

4. December 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank was in receivership (assigned a receiver); RFC authorized a loan to the conservator/receiver in December 1933.
Newspaper Excerpt: First National Bank of Sea Isle City (receiver) $19,000.
Source: newspapers

Newspaper Articles (3)

1. March 12, 1934 The Times Trenton, NJ

Click image to open full size in new tab

Article Text

Loans Authorized For Jersey Banks RFC Report to Congress Says 14 Sanctioned In December WASHINGTON, March 12 (P).-The Reconstruction Finance Corporation, in its monthly report to Congress, made public the fact that 14 loans to New Jersey banks and trust companies had been authorized during December, 1933, the largest being $457,000 to the conservator of the Carlstadt National Bank. Other loans authorized included: Collingswood National Bank (conservator), $65,000; First National Bank of East Rutherford, $95,000; Elizabeth Trust Company, $245,000: Cliffside Park Title Guarantee Trust Company, $18,000; First National Bank (conservator), of Lyndhurst, $400,000; Margate Trust Company of Margate City, $75,000; Mount Ephraim National Bank (receiver), $50,000; New Brunswick Trust Company, $50,000; Hamilton Trust Company of Paterson, $25,000; Merchants Trust Company of Paterson, $20,000; Security Trust Company of Paterson, $7,500; First National Bank of Sea Isle City (receiver) $19,000; Woodlynne National Bank (receiver), $4,000. Exception for loans to the CliffPark Title Guarantee & Trust Company the Margate Trust Company, the Merchants Trust Company of Paterson. the Security Trust Company of Paterson, and the First National Bank of Sea Isle City, no part of the had been disbursed up to and including December 31.

2. March 12, 1934 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, March 12, 1934

Click image to open full size in new tab

Article Text

14 JERSEY BANKS RECEIVE RFC AID Largest, of $457,000, Goes to Carlstadt Conservator. Two Canceled. WASHINGTON March 12. (AP)-The Finance in its monthly to congress, made public the fact that 14 loans to banks and trust had been authorized during December, 1933, the largest being to the conservator of the Carlstadt National bank Other authorized included: the National bank (conservator), $65,000 First National bank of East Rutherford, Elizabeth Trust company, Cliffside Park Title and Trust company, $18,000 First National bank (conservator), Lyndhurst, $400,000; Margate Trust company, Margate City, $75,000; the Mount Ephraim National bank (receiver), $50,000; New Brunswick Trust company, $50,000; the Hamilton Trust company of Paterson, $25,000; the Merchants Trust company of Paterson, $20.000; the Security Trust company, Paterson, $7,500 the First National bank of Sea Isle City (receiver) $19,000, and the Woodlynne National bank (receiver) With the execption of loans to the Cliffside Park Title Guarantee Trust company the Margate Trust company Merchants Trust company of Paterson: the Security Trust company Paterson, and the First Na. tional bank of Sea Isle City, no part of the amounts authorized been disbursed up and including December 31. 1933 Among the instiutions from which the RFC had agreed to purchase preferred stock the following in New Jersey, Fairlawn Radburn Trust company, Garfield Trust company, $200,000 the Hackensack Trust company, $300,000; Harrison Na. tional bank of Harrison. New Jersey, $112,500; Columbia Trust company Hoboken, $50,000; Chancellor Trust County National bank, Jersey City $1,500,000; Clinton Trust company, Newark, $250,000, and Citizens Trust company, Summit, $60,000. Under the statement of loans authorized during the period from July 21, 1932, to 30, inclusive, which were withdrawn or cancelled in part during December were the following in New Jersey and the withdrawn or cancelled Peoples bank of Hawthorne, and the New Jersey National Bank and Trust company of Newark (receiver), $250,500.00

3. May 22, 1934 The Jersey Journal Jersey City, NJ

Article from The Jersey Journal, May 22, 1934

Click image to open full size in new tab

Article Text

LOANS TOTAL $788,000,000 Banks of N. J. Allowed Total of More Than Sixteen Million. Jesse H. chairman the nance Corporation disclosed today that $788,000,000 of money has been closed banks and companies relief of and general liquidation connection frozen These authorizations, Mr announced, were made tutions embraced The period involved from 1932, through May 18, Receivers banks in New York State authorizations amounting list of to about to in New Jersey follows Receivers People's $25,000 East Orange, First National $425,000. Collingwood, Collingwood $84,000. Long Branch, Citizens' Long Beach, Mount Ephraim, Mount Ephriam Newark, Nat. Bank and Trust Newark, $1,770,000. Newark, National Bank and of Newark, Newark, Nat. Bank and Newark, $123,000 $425,000. Ocean Grove, Ocean Grove $145,000. Red Bank Broad Bank., $455,000. Sea City First Nat Isle City, National Sea $30,000 Union City National Bank of Hudson, Union City National Bank Hudson, $1,000,000 Union City, Union City National, $70.000. Union City, Union City $85,000. Westmont $25,000. Westmont, Westmont $61,000. West Paterson, Westside National of W. Paterson, $100,000. Whitehouse First National Whitehouse Stn., First Bank and Trust Woodbridge, First and Trust Woodbridge Woodlynne, Woodlynne Nation $12,000. Woodlynne, Woodlynne Conservators Carlstadt, Carlstadt Collingswood, Collingswood $65,000. East Rutherford East People's wood, $262,220. Lyndhurst, First Nat Ocean City, Ocean $40,000. Ocean City, Ocean City Nat, $40,000. Orange, Orange Nat. First Nat of antville, 561,000. Secaucus, First Nat West York, West New York, West West New York, Total $7,937,220 Supplementary List Matawan, Matawan 000. City, First City, Mortgage Loan Companies for Paterson, Broadway of State Title & Mtge anty Co., $84,000