14364. Bergenline Trust Company (Union City, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
August 5, 1931
Location
Union City, New Jersey (40.780, -74.024)

Metadata

Model
gpt-5-mini
Short Digest
97254f0d

Response Measures

None

Description

The Bergenline Trust Co. was closed by the State Commissioner of Banking and Insurance on Aug. 5, 1931 and placed in liquidation/receivership. No article describes a depositor run prompting the closure; subsequent items describe the receiver and dividend payouts (50% Jan/Feb 1932 and later smaller dividends), indicating permanent closure and liquidation rather than reopening.

Events (5)
1. August 5, 1931 Suspension
Cause
Government Action
Cause Details
Closed by the State Commissioner of Banking and Insurance (Frank H. Smith) on Aug. 5, 1931; placed in liquidation by state authorities.
Newspaper Excerpt
depositors the Bergenline Trust Union City, closed by Commissioner of Banking and Insurance Frank H. Smith, last Aug. 5.
Source
newspapers
2. August 7, 1931 Receivership
Newspaper Excerpt
the liquidation the Jackson Trust the Bergenline Trust Co., Union cannot the state before which time Banking and Insurance Commissioner H. Smith will inaug. urate the liquidation task ... Andrew Gray, receiver for the [bank]. (articles dated Aug. 7, 1931 and later refer to receiver and liquidation).
Source
newspapers
3. January 25, 1932 Other
Newspaper Excerpt
Bergenline Trust Receiver Favors Initial 50% to Depositors. ... depositors the Bergenline Trust Union City, closed by Commissioner of Banking and Insurance Frank H. Smith, last Aug. 5. ... Receiver Gray today said he was not in position to reveal the total ... until the report was approved by the court.
Source
newspapers
4. February 6, 1932 Other
Newspaper Excerpt
50% Dividend Being Paid to Bergenline Trust Depositors. The 4,600 depositors of the closed Trust Union City, today were for 50 per cent of their money on deposit. The first checks have already gone out ... The dividend was recently approved by Chancery.
Source
newspapers
5. December 3, 1932 Other
Newspaper Excerpt
The Bergenline Trust Co. of Union City, whose depositors have already 50 per cent, will get five cent more per before the of according to present ... (additional smaller dividends being paid as liquidation proceeds).
Source
newspapers

Newspaper Articles (5)
1. August 7, 1931 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, August 7, 1931

Click image to open full size in new tab

Article Text

BANKS (Continued) believed that they would be allowed in shortly. Township of North Bergen, which had $125,000 deposit closed Steneck Trust Co. Hoboonly the closed Bank of North Hudson. had large acthe bank. Union City had distributed between the Bank North Hudson, Union City National Bank, and Trust M. Henry Better Archibald Henry. 68, president the his home, 68 Kensington Jersey City, today reported deeply affected, but not impaired. by the closing chain. had given most his personal fortune avert for Union City and the National Bank named today by the Washington wind affairs of national Deputy Comptroller the Currency Await, nounced the of Jones receiver for Union City National and B. Schramm was for the North The liquidation the Jackson Trust the Bergenline Trust Co., Union cannot the state before which time Banking and Insurance Commis sioner H. Smith will inaug. urate the liquidation task Chancery Court appeal the liquidation. Conrad Corade, assistant Cath olic Church of Union City, delivering in Italian from the steps Trust Company afternoon group depositors who gone to the bank to officials of Jackson Trust Company and the Bergenline ten until fill cation for order banks the closing order the and Thomas Lally, of Hud. $50,000 county funds on the National Bank of North Hudson and the BerTrust the Steneck Trust closed was County funds were deposit Arthur Potteralthough the Company, failed have Jersey City's deposit bank withdrawn before the situation saying he had the Co. in danger being and for not have the city's Dr Charles Purdy expressed the belief Henry there are unexpected He said short ago feared that attack diabetes, other complications, would fatally, then Mr. Henry responded well strong hopes entertained for restoration to the sacrifice that Mr. by the records at the Hudson County Court House the show that Mr. Henry. going for payable National Bank North Hudson, vacant plot on the side Cooper vacant 100x136 on north side Jewett Boulevard: brick dwellings, and Jersey and vacant 172 Railroad $75,000. payable demand the story prithe and the levard on of held by Eva S.

2. January 25, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, January 25, 1932

Click image to open full size in new tab

Article Text

BANK PAYOFF RECOMMENDED Bergenline Trust Receiver Favors Initial 50% to Depositors. that depositors the Bergenline Trust Union City, closed by Commissioner of Banking and Insurance Frank H. Smith, last Aug. 5. receive 50 cents on the dollar first payment is report progress of liquidation of the assets the institution, which has been submitted to Judge Thomas H Brown by Andrew Gray, receiver for the The payment of the dividend is to the court and, if is accepted, expected the depositors the initial payment by Feb. It that the State Department Banking and Insurance has the initial payment of half of the deposits, liquidation of the assets has been proceeding satisfactorily. There are 9,500 depositors the bank. Receiver Gray today said he was not in position to reveal the total the total the bank in his report until the report was approved by the court.

3. January 25, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, January 25, 1932

Click image to open full size in new tab

Article Text

BANK PAYOFF RECOMMENDED Bergenline Trust Receiver Favors Initial 50% to Depositors. A recommendation that depositors the Bergenline Trust Co., Union City, which closed by Commissioner Banking Insurance Frank H. Smith, Aug. cents the dollar pay. ment report liquidation of the the which has been Judge Thomas H Brown Andrew Gray, receiver for the bank. The payment of the dividend approval of the court and, subject expected the if accepted, depositors will receive initial payment It the State Department of Banking and Insurance the payment the liquidation the proceeding satisfactorily There are 9,500 depositors bank. Receiver Gray today said he was position reveal the total payment recommended the total assets of the bank stated in his port until the report approved the court.

4. February 6, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, February 6, 1932

Click image to open full size in new tab

Article Text

BANK CHECKS ARE DUE NOW 50% Dividend Being Paid to Bergenline Trust Depositors. The 4,600 depositors of the closed Trust Union City, today were for 50 per cent of their money on deposit. The first checks have already gone out expected that many of the would theirs in the mail today. The dividend was recently approved by Chancery. "stagger system" be used in sending the checks, small number prevent Merchant's Trust Co. the Bergenline Trust where they will cashed. The are mailed according Persons wishing to accounts in other banks may depositing their checks will have to appear at either the Merchant's Trust or Bergenline Trust Co. The Trust will from to m. week to noon Saturdays. Depositors will bring their receipts books with them for identification.

5. December 3, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 3, 1932

Click image to open full size in new tab

Article Text

PRIORITY SUITS DELAY STENECK TRUST PAY-OFF But Depositors of Other Closed State Banks Will Share $1,000,000 Dividends. While thousands of depositors of closed state banks will get Christmas offerings in the shape of dividends before end of this month, according Banking Commissioner William Kelly's there be no dividend this year for creditors of the Steneck Trust Co., in Hoboseries of about to move to untangle the Steneck in various parts of the the week after will called on sign orders permitting payment of five per cent Kelly expects that will be creditors time for Trust Co. of Jersey City, depositors already received cent. will get ditional five per cent dividend The Bergenline Trust Co. of Union City, whose depositors have already 50 per cent, will get five cent more per before the of according to present The Lyndhurst Trust Co. deposialready per cent and they will get five this month, plan to ask Lewis for the necessary order Dec. Next Tuesday there will be an plication to Francis Davis Camden for an order permitting ten dividend for of Haddon Heights Trust Co. In other the there expected nearly million dollars will paid out in dividends In the case of the Steneck Trust series suits about to be brought in will aim settiement of the question as to whether depositors or the holders mortgage certificates prior whether are par There now Steneck Trust Co. The number depositors The money hand total dividend about 35 per cent. but that dividend not be declaruntil the courts the matter prior rights. Those who invested in Steneck Trust Co. certifleates their should come ahead of those of depositors. Those put in the bank say their claims should ahead the holders. claims these two kinds of should the same one should not preferred the other. There are also various having to with the handling these mortgage certificate will come for an airing in the coming test It the new ligitstion will get under in Milton, legal adviser Commissioner Kelly will direct this litigation on behalf the state. the Title Mortgage Co. affairs Ridgewood and can be paid for some time. affairs of that company also much inbut some progress toward settlement will be made soon the market takes on new life it possible sell property held by the company at some advantage