14366. National Bank of North Hudson (Union City, NJ)

View Charter #9867 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
9867
Charter Number
9867
Start Date
August 1, 1931*
Location
Union City, New Jersey (40.780, -74.024)

Metadata

Model
gpt-5-mini
Short Digest
62aaf9a9

Response Measures

Full suspension

Other: Receiver appointed; bank closed by the Comptroller and placed in receivership; various receivership actions (asset sales, suits, stock levies).

Receivership Details

Depositor recovery rate
61.5%
Date receivership started
1931-08-06
Date receivership terminated
1940-04-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
27.6%
Share of assets assessed as doubtful
72.1%
Share of assets assessed as worthless
0.2%

Description

Newspaper articles indicate a depositor run in Aug 1931, the bank was closed by the Comptroller in August 1931 and a receiver (B. Schram) was appointed and subsequently sold securities and pursued claims. No evidence of reopening; receiver actions through 1932–1933 confirm permanent closure.

Events (5)
1. October 8, 1910 Chartered
Source
historical_nic
2. August 1, 1931* Receivership
Newspaper Excerpt
Schram, receiver for the National Bank of North Hudson, Union City ... since Aug. when the bank pended business, Mr. Schram has charge ... receiver has been disposing of securities and pursuing claims against debtors and stockholders through 1932–1933 articles mention receiver actions and sales of assets and suits to recover funds from depositors/stockholders and levy appeals by stockholders to pay par value into the receivership fund (excerpts across articles).
Source
newspapers
3. August 1, 1931* Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors withdrew funds in August 1931 as a run began amid reports of the bank's impending closing/financial trouble
Newspaper Excerpt
he withdrew the funds ... when run on the bank started
Source
newspapers
4. August 1, 1931* Suspension
Cause
Government Action
Cause Details
The bank was closed by the U.S. Comptroller of the Currency in August 1931 and placed in receivership
Newspaper Excerpt
the closing of the bank by the U. comptroller ... since Aug. when the bank pended business
Source
newspapers
5. August 6, 1931 Receivership
Source
historical_nic

Newspaper Articles (9)
1. November 3, 1931 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, November 3, 1931

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Article Text

North Hudson Nat'l Receiver May Sell $4,700,045 Securities Securities belonging the National Bank of North Hudson, Union City, said to have book value of be offered for sale by the 045 may bank's receiver, B. Schram. under order made yesterday by Federal an Judge William Since Aug. when the bank pended business, Mr. Schram has charge Federal Comptroller of the the filed by Enright, and attorneys for the receiver, par value held by the bank is $5,743.004. Under the court's order. the ceiver report the Comptrolto the the sale turn the proceeds the Treasurer of the United States. Mr. Schram explained today that the order does imply any securities mediately that eventusell them He said that the ally order simply empowers him to dispose of them when necessary.

2. November 17, 1931 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, November 17, 1931

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Article Text

DECKER REFUTES RECK ON BANKS No Cash Under Liquidation For Two Years, He Says. William E. Decker, counsel for the stockholders and amalgamation and positors seeking of the National Bank of reopening North the Union City National Bank. today took issue with Jacob Reck's that Lawyer the Union City National depositors Bank could paid almost immedithrough The group have Union branch of larger institu- leading depositors of the Reck smaller to the of the Bank Reck that can made totalthat building, fixtures, collateral notes, on and $300,000 against the stockholders. Agreeing that Reck's figures posthat are Reck wrong the time that the depositors under would take Separate Trust Funds of the Union City National Bank branch National Bank North Hudson in the former bank penny what coming Decker Assets of bank would be kept separate said. And the proposed trust funds would kept he conDue the of the Union City trust fund all pay according This, to the cash would would 100 the dollar, the posed per cent. in stock in the bank Denying that he would be trustee the trust fund of either bank under reorganization Decker been that the would be named trustee Depositors Sign The National Bank of North Hudopened offices yesterday give chance sign of the bank the the for day. The the day those reopening the bank The payment the old depositors cent. in cash, 7½ per cent. in stock of the proposed new bank, 32% participation ficates trust fund which would assets the new be take held last night by the of the opposition will held St. John's Parish Hall, 157 North St., Jersey stockholders' committee. of which Decker seeks have Bank North Hudson and the Union National Bank under with the bank branch of the The for receiving approvals being every day.

3. November 27, 1931 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, November 27, 1931

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Article Text

Judgment Is Won By Bank Receiver Schram, receiver for the Na. tional Bank of North Hudson, Union City, has judgment of $367 against the Hudsonia Drug Co., City. The judgment was taken North Hudson District Court note taken by the bank June For he received when he fell Aug Brett, that $75 against the Asphalt obtain$263 Ray Neeres Jersey bus for damhis Sept. 1930. collision on Baldwin AveJersey

4. February 8, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, February 8, 1932

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Article Text

MORTGAGES Trustee Sues Bankruptcy Bank Receiver on $225,000 Transfers. J. Murphy, as trustee in bankruptcy of Archibald M. Henry Jersey City, today Make the test tonight through his attorney, Mark Sullivan, filed suit in Federal Court against B. receiver National Hudson. to set aside mortgages total which given Henry file the Buit granted by Federal Judge Guy Fake. National Bank of North HudSmall Business Union City, one the Henry chain of four banks which closed last year. The one for $150,000 on property Neptune one for $75,000 on property on Kensingwere given the bank by Main Office ton Henry on July 1931, July 33 West 42nd St. respectively, according to Murphy, indebt- New York edness which Henry owed to the bank. the contention of Murphy MONTHLY that, the time the Henry insolvent and Invest Surplus Funds that the mortgages were given to the bank valuable considerHe contends that the mortation. gages were fraud upon Henry's other creditors.

5. August 8, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, August 8, 1932

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Article Text

Bank Stock Levy Appeals Up Today Appeals of four of the largest National Bank of North Hudson, Union City federal of 100 per from face the stock cent. of the were to be heard in District Court, Newark, today. appellants August the bank: Harry former North Jager Bergen: Theresa Hornung and Kate The claim the bank of City. for the bank receiver at the

6. August 8, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, August 8, 1932

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Article Text

Bank Stock Levy Appeals Up Today Appeals four the largest closed National Bank of North Hudson City per the face heard District appellants August Miller the bank Harry Jager former Bergen Theresa Hornung and Kate The quartet claim bank when Edward Smarak Union City appeared the bank ceiver at the hearing

7. November 29, 1932 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, November 29, 1932

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Article Text

Liable Bank Shares' Owner Must Pay Their Value Into Fund NEW YORK, Nov. Schwartz, stockholder in the National Bank of North Hudson Union City, now in bankmust pay $1925 the par value his shares into the receiverFederal Judge Francis Caffey today. The bank's receiver demanded that stockholder in accordance law governing bank receiverships, holdings the fund. others decline, alledging that bank not insolwhen closed its doors and Miss that losses occurred through short opinion, Judge Caffey said the on fraud its and the (and really charged here) neither the above issues open court quiry the instance of stockholder. losses through waste, Judge Caffey said belongs the bank, Marie the

8. December 20, 1932 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 20, 1932

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Article Text

ISSACS BANK SUIT RULING IS RESERVED Defendant Testifies He Took Only Receiver Funds From Toppling Institution. (Special to The Jersey Journal) depend cision by Federal Judge William Clark whether Schram receiver the National Bank North Hudson, will be in his attempt compel Lionel Issacs to return the closed Union City banking institution the sum $6. 514.64 receivership funds withdrawn by At the continued hearing yesterday. Judge Clark reserved the application of James Carpenter attorney for the bank's receiver. The money withdrawn by receivership funds, and the withdrawal was August 1931 the day prior to the closing of the bank by the U. comptroller the currency Issues took the and festified that August he of his funds, this money not withdrawn by him. "Protected Creditors" Schram contends that Isancs made unfair use of his the impending closing of the bank of which he Issacs. who says the money receivership fund of the and B Manufacturing Co. of Jersey City which was receiver, testified that he acted to protect the creditors when run on the bank started that he withdrew the funds with the full knowledge of the officers of the bank and that the bank did not close the day after meeting of board of directors which he attended Issace insisted that the decision to close did not come until the next day and that he could not, therefore. have used any previous that the bank was going to close

9. October 31, 1933 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, October 31, 1933

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Article Text

AROUND THE STATE For Asks Roosevelt, Ickes to Approve Raritan and Picatinny Appropriations TRENTON, Oct. Harry Moore appealed today President Roosevelt Harold ed Ickes, Secretary the approve for work Raritan Ordnance Depot the Picatinny Arsenal, estimated cost about Informed projects had been approved the War the asked that grants made would employment for 2000 men. Work the Raritan Depot Middlesex County estimated and Picatinny in Mor$600,000. report saying that Federal thorities appeared inclined funds marine tunnel Bayonne was received day by Governor Moore. Bank Receiver Sells Debtors' Property Judge WilClark today Samuel Stock, Receiver National Bank North Hudson, Union City, for $7300 property owned William and Margaret Thorborg, Union City. The proceeds the applied obligations the Thorborgs the bank. Newark Contractors Road Nesto ContractCompany, Newark. made lowest bid before the State Highway Commission today for the contract pave Route Jersey City, between Communipaw Danforth The more than $100,000 less than department engineers estimated the project would cost. The second lowest bid was 052, submitted William Eisenberg Sons of Camden. Federal funds used nance the section, designed relieve traffic the Hudson boulevard form part direct route tween George Washington Bridge and the Bayonne Bridge. Asked To Aid Dutch Beetle Fight Federal governbe asked by Governor Harry Moore furnish funds for fighting the Dutch elm disease in Jersey next year. Governor Moore made the antoday after being formed by William Duryee, State Secretary Agriculture, that was agreed recently $500.would necessary combat disease New Jersey and neighboring States next year. There about 1,000,000 elm trees worth practical standpoint" Duryee The year affected 603 trees in North Jersey Dump Paint On Porch Ford Foreman Vandals today dumped the contents of fivegallon cans paint the front porch of the home Edgar Rothe, foreman the Ford assembly plant Edgewater. Rothe recently refused to join strike progress the Edgewater plant police believe to responsible for the vandalism. Dr. Hibben's Estate Put $28,422. TRENTON. Executors reported today the John Grier Hibben, President Princeestate of which $23,000 bonds. Dr. Hibben and his wife, Mrs. Jenny fatally injured automobile collision near May wife's estate the executors, The Princeton and Trust Company, at