14379. Queensboro National Bank (New York, NY)

View Charter #12398 on SPMC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 12398
Charter Number: 12398
Start Date: August 1, 1931*
Location: New York, New York (40.747, -73.860)

Metadata

Model: gpt-5-mini
Short Digest: 6bce676e06dff0ae

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate: 79.3%
Date receivership started: 1931-08-26
Date receivership terminated: 1940-10-04
OCC cause of failure: Economic conditions
Share of assets assessed as good: 30.2%
Share of assets assessed as doubtful: 68.4%
Share of assets assessed as worthless: 1.3%

Description

Newspaper articles describe a run on the Queensboro National Bank triggered by the prior closing of the Globe Exchange Bank, followed by the bank's closing by the State Banking Department (Aug 25, 1931), appointment of a federal receiver (Sept 1931), and liquidation activity through early 1932. Reorganization efforts were attempted but the bank remained closed and in receivership/liquidation. OCR errors in articles corrected (e.g., 'Schumaker'/'Schumacher' -> Raymond E. Schumacher/Schumaker, 'Perlo' appears as Perlo/Parlo).

Events (7)

1. June 16, 1923 Chartered

Source: historical_nic

2. August 1, 1931* Run

Cause: Local Banks
Cause Details: Depositor panic/run triggered by the prior closing/distress of the Globe Exchange Bank (Brooklyn), which precipitated withdrawals at Queensboro National.
Measures: Directors and depositors attempted to raise reorganization funds ($100,000 from directors, $200,000 from depositors); plans to reorganize and reopen were submitted to Controller of the Currency; notices to depositors to file claims posted.
Newspaper Excerpt: the direct result of the closing of the Globe was the run on the Queens bank
Source: newspapers

3. August 25, 1931 Suspension

Cause: Government Action
Cause Details: Closed by the State Banking Department on Aug. 25, 1931 (after the run and depositor withdrawals).
Newspaper Excerpt: The bank was closed Aug. 25, 1931, by the State Banking Department.
Source: newspapers

4. August 26, 1931 Receivership

Source: historical_nic

5. September 22, 1931 Receivership

Newspaper Excerpt: Raymond E. Schumaker ... assumed charge ... appointed receiver by the Controller of the Currency ... for the Queensboro National Bank Corona . . . . he would cooperate with committees working in the interest of the banks and study the condition of the bank at the time of closing before making any announcement . . . . (Sep 22, 1931 articles).
Source: newspapers

6. February 9, 1932 Other

Newspaper Excerpt: Rapid progress is being made in liquidating the affairs of the Queensboro National Bank ... The Controller of the Currency assessed the shareholders of the bank's stock $200,000 to liquidate the bank ... Both banks paid 50 per cent. dividend before Christmas . . . depositors might receive 80 cents on the dollar.
Source: newspapers

7. December 8, 1932 Other

Newspaper Excerpt: Trial of a suit for $55,000 brought by 13 directors of the now defunct Queensboro National Bank, of Corona, against five directors of the Globe Exchange Bank ... the Queens bankers claim ... the direct result of the closing of the Globe was the run on the Queens bank that precipitated the necessity of calling in the Controller of Currency.
Source: newspapers

Newspaper Articles (13)

1. September 1, 1931 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, September 1, 1931

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BANK REOPENING DELAYED Corona Institution Plans Await Ap proval of U. Controller. Plans for the reorganization of the Queensboro Na. tional Bank of Corona will to await the final approval of the controller currency. Samuel Perol, attorney the bank, announced yesterday. Mr. Perlo said the which involve the raising of by depositors already by the tional bank meeting the held yesterwas attended Raymond Schumack bank that depositors and shareholders approached the reorganization fund had announced themselves in favor of the proposal.

2. September 1, 1931 The Brooklyn Daily Times Brooklyn, NY

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BANK REOPENING DELAYED Corona Institution Plans Await Approval of U. Controller. Plans for the reorganization of the Queensboro Na. tional Bank of Corona will have to await the final approval of the controller currency, Samuel Perol, attorney for the bank, anyesterday. Mr. Perio said the plans, which by already approved by the national bank meeting day, by was made that depositors and $300,000 themselves

3. September 22, 1931 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, September 22, 1931

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BANK RECEIVER AT WORK IN QUEENS Takes Charge of Queensboro and Rockaway National. Raymond Schumaker of Indianapolis. Ind., assumed charge yesterday of the Rockaway Beach National Bank. of which he was appointed receiver by the Controller of the Currency at Washington last Saturday. Mr. Schumaker was appointed both for the closed Rockaway Beach National Bank and the Queensboro National Bank Corona. He said yesterday there was considerable work be done before he could issue any statements. It understood. however. that his appointment will no way interfere with plans for the organization the banks to make possible their reopening. Mr. Cehumaker said he would cooperate with committees working in the in. terest of the banks. will to study of the condition of the bank the time of closing and records and other data before will be in a position to make any announcement." said the tatements this will come from the office of the on(roller of the Currency.'

4. September 22, 1931 The Brooklyn Daily Times Brooklyn, NY

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BANK RECEIVER AT WORK IN QUEENS Takes Charge of Queensboro and Rockaway National. Raymond E. Schumaker Indianapolis, Ind., assumed charge yesterday the Rockaway Beach National Bank, of which was appointed receiver by the Controller of the Currency at Washington last Saturday appointed Rockaway Beach National Bank and National Bank Corona. He yesterday there work none before he could any statements that his appointment plans for organization of banks make possible their reopening. maker said would the make study the the bank closing and and other data before will position announcethis come office the Conroller of the

5. October 15, 1931 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, October 15, 1931

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BANK Attorney Wires Controller Silence Will Be Deemed Refusal of Plea. Abandonment of all plans reorganize the closed Queensboro National Bank of Corona and Corona Heights loomed today with the issuance state. ment from Samuel Parlo, attorney for Institution, that he had sent telegram Controller of Currency Washington, saying that unless word received from the capitol within day the would the silence as tacit refusal their application extend the time-limit set the raising of $200,000 fund from depositors. Controller of the Currency had given bank officers until Oc. tober raise $100,000 from among the directors and from the before permission would be granted for the creation reorganized Institution. By October the entire $100,000 required of the directors been pledged and of the required the depositors had been raised. The then ap. plied Washington for an extenthe time limit the remight be raised among the depositors. Word was the that the receive his has been since. notice has been posted window of the closed Corona bank, the days, asking that file within notice, signed by Raymond Schumacher bank asks that preduplicate deposit savings certificates statement of the bank's condition posted next notice assets and its bilities

6. October 15, 1931 The Brooklyn Daily Times Brooklyn, NY

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QUEENSBORO BANK Attorney Wires Controller Silence Will Be Deemed Refusal of Plea. Abandonment of all plans to reorganize recently closed Queensboro National Bank of Corona and Corona Heights loomed today of statement from Samuel Parlo, attorney for the institution, that he had sent telegram the Controller Currency in Washington, saying that unless some word was received from capitol within day the bank authorities would consider the silence tacit refusal of their application extend the set for the raising of $200,000 The Controller of the Currency had given bank officers until October raise $100,000 from among the directors and $200,000 from among the depositors before permission be granted for the creation of reorganized institution. October entire required the directors pledged and the had The then plied for an extension of the time limit the maining might raised among the received the that the receive his serino comhas been received since. notice has been posted on the for that proof claim within 90 The notice, signed by bank asks that depositors sent passbooks, deposit savings passbooks, certified checks. Christ. mas certificates of drafts, and other data. statement the bank's condition posted next to this notice assets at and its bilities

7. October 15, 1931 The Brooklyn Daily Times Brooklyn, NY

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BANK OPENING UP Attorney Wires Controller Silence Will Be Deemed Refusal of Plea. Abandonment of all plans to reorganize recently closed Queensboro National Bank of CorCorona Heights loomed today with issuance of statement from Samuel Parlo, attorney for institution, that he had sent a the Controller of Currency in Washington, saying that unless was from capitol within day the bank authorities would consider the silence as tacit refusal of their ap. plication to extend the limit set for the raising of a $200,000 fund from depositors. The Controller of the Currency had given bank until October to raise $100,000 from among the and from the depositors before permission would be granted for the creation of reorganized institution. By entire of the directors had pledged of required the dehad The bank authorities then applied to Washington for an extension of the time limit the maining might be raised among Word was received the Controller that the matter would his serious no communication has been since notice has been posted on the of the for the depositors file their proof within 90 days. notice, signed by Raymond Schumacher, bank receiver, that depositors preduplicate deposit savings passbooks, certified checks, Christmas cards, certificates of deposit, drafts, and other data. statement of the bank's condition posted next to this notice lists assets at and its liabilities at $2,282,751.55

8. February 9, 1932 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, February 9, 1932

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2-BANK RECEIVER REPORTS Depositor Outlook Optimistic, Raymond Schumacher Declared in Statement. Rapid progress is being made in liquidating the affairs of the Queensboro National Bank of Corona and Rockaway Beach National Bank, according to Raymond E. Schumacher, receiver for the institutions. In statement issued yesterday he reported an optimistic outlook for depositors. More than 6,000 claims had been filed against the Corona Bank of 103-02 Northern blvd. with branch, at 51-11 108th st., FlushIng. and an additional 1,000 claims expected, according to Mr. Schumacher. The bank was closed Aug. 25, 1931, by the State BankIng Department. The Controller of the Currancy assessed the shareholders of the bank's stock $200,000 to liquidate the bank. The Rockaway Bank at 95-02 Rockaway Beach blvd., with one branch at Beach 116th st., was closed Aug. 21, 1931. Its shareholders were assessed $200,000. Mr. Schumacher reported receiving claims from depositors with about 900 more to be filed. Many small accounts opened the bank last summer by residents of the city who came to the Rockaways for the summer, Mr. Schumacher said. It has been difficult to trace all the holders of such accounts, he said, and urged any persons with the right to file claims against the do so as soon as possible. Both banks paid 50 per cent. dividend before Christmas. The buildings owned by the banks represented substantial aslets, Mr. Schumacher said. Representative William Brunner of the Rockaways was working to have he two Rockaway bank buildings purchased by the Government for use as postoffice or library buildngs, he said, Mr. Schumacher said that any prediction he might make as to the 'inal payments by the banks would "only guess," but added that the depositors might receive 80 ents on the dollar.

9. February 9, 1932 The Brooklyn Daily Times Brooklyn, NY

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2-BANK RECEIVER REPORTS ON TASK Depositor Outlook Optimistic, Raymond E. Schumacher Declares in Statement. Rapid progress is being made in liquidating the affairs of the Queensboro National Bank of Corona and Rockaway Beach National Bank, according to Raymond E. Schumacher, receiver for the two institutions. In a statement issued yesterday he reported an optimistic outlook for depositors More than 6,000 claims had been filed against the Corona Bank of 103-02 Northern blvd. with branch at 51-11 108th st., Flushing. and an additional 1,000 claims are expected. according to Mr. Schumacher. The bank closed Aug. 25. 1931, by the State Banking Department The Controller of the Currancy assessed the shareholders or the bank stock $200. 000 to liquidate the bank. The Rocknway Bank at 95-02 Rockaway Beach blvd. with one branch at Beach 116th st. holders assessed Mr. claims from depositors with about more TO be filed Many small opened at The bank last summer by residents The city came to for the summer 11 difficult to trace all skid, any persons with the right claims against the The buildings owned by the substantial as Pilant Brunner of the to have buildings by the for or library buildMr stid that any final by the banks would be 'only but added that the positors might receive 80

10. December 8, 1932 Times Union Brooklyn, NY

Article from Times Union, December 8, 1932

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2 FORMER BANKS INVOLVED IN SUIT 13 Queens Directors Say Five Brooklyn Officials Owe $55,000 Under Agreement. Trial of a suit for $55,000 brought by 13 directors of the now defunct Queensboro National Bank, of Corona, against five directors of the Globe Exchange Bank of Brooklyn, is being continued today before Justice Adel and a jury in Queens Supreme Court, Long Island City. The suit is the result of an alleged contract under which the Brooklyn bankers agreed to buy stock held in the Queens bank by the Queens bankers. The Queens bankers allege that in 1929 the Brooklyn bankers purchased a controlling interest in the Queens bank, but induced the local men to remain as directors. The Queens bankers claim they agreed to do this on condition the Brooklyn group promised to purchase the required ten shares each director was required to hold to qualify as director on or before Dec. 4, Say Agreement Was Signed They claim an writing to this effect was drawn up and signed by all those interested. They also claim that pay ments totaling 000 were made on the agreement, the total amount of which called for the payment of $70 000, and they seek payment of the plus In defense the Brooklyn group claims the bankers, acting as directors of Queensboro National, requested the United States Controller of Currency, in August, 1931 to take possession of the bank and that this brought about the closing of the institution. As result, the value of the stock in question depreciated heavily. They claim that such action was not and the for the depreciation of the stock lies with the Queens directors. The latter, however, claim the Globe Exchange closed before the Queensboro bank did: direct result of the closing of the Globe was the run on the Queens bank that the necessity of calling in the Controller of Cur- One Witness Examined Only one witness, a director and counsel for the bank. Samuel Perlo, was yesterday, and are the case will continue or four days. Directors of the Queensboro Na. tional, who are plaintiffs in the action, are John M. Cragen, Elmo, Inc., John Hart, John LaDuke, Joseph Linhart, Alphonse Martinez, Walter Morris, Samuel Perlo. Paul Roth, Edward H. Ruhl, Charles Scarfule, Lonzio Scileppi and Frank Yager. The Globe Exchange directors named as defendants are Morris Walzer, Max Blumberg. Michael Weinsier, Jacob Davis and Harry Ginsberg.

11. December 8, 1932 Times Union Brooklyn, NY

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FORMER BANKS INVOLVED IN SUIT 13 Queens Directors Say Five Brooklyn Officials Owe $55,000 Under Agreement. Trial of suit for $55,000 brought by 13 directors of the now defunct Queensboro National Bank, of Corona, against five directors of the Globe Exchange Bank of Brooklyn, is being continued today before Justice Adel and jury in Queens Supreme Court. Long Island City. The suit is the result of an alleged contract under which the Brooklyn bankers agreed to buy stock held in the Queens bank by the Queens bankers. The Queens bankers allege that in 1929 the Brooklyn bankers purchased controlling interest in the Queens bank, but induced the local men to remain as directors. The Queens bankers claim they agreed to do this on condition the Brooklyn group promised to purchase the required ten shares each director was required to hold to qualify director on or before Dec. Say Agreement Was Signed They claim an agreement in writing to this effect was drawn up and signed by all those interested. They also claim that payments totaling $17,000 were made on the agreement, the total amount of which called for the payment of $70,000. and they seek payment of the balance plus interest. In defense, the Brooklyn group the bankers, acting as directors the Queensboro National, requested the United States Controller of Currency, August, 1931, to take possession the bank and that this brought the As result, the value of the stock question depreciated heavily. They claim that such action was not and the for the depreciation of the stock lies with the Queens The latter. however, claim Globe Exchange closed before the Queensboro bank did; that direct result of the closing of the Globe was the run on the Queens bank that the calling in the Controller of Currency. One Witness Examined Only one witness, director and counsel for the Samuel Perio, yesterday, and indications are the case will continue three or four days. Directors of the Queensboro Na tional, who are plaintiffs in the action, are John M. Cragen, Elmo, Inc., John Hart, John Joseph Linhart, Alphonse Mar tinez, Walter Samuel Charles Scarfule, Lonzio Scileppi and Frank Yager. The Globe Exchange directors as fendants are Morris Walzer, Max Blumberg, Michael Weinsier, Jacob Davis and Harry Ginsberg.

12. December 8, 1932 Times Union Brooklyn, NY

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FORMER BANKS INVOLVED IN SUIT 13 Queens Directors Say Five Brooklyn Officials Owe $55,000 Under Agreement. Trial of a suit for $55,000 brought by 13 directors of the now defunct Queensboro National Bank, of Corona, against five directors of the Globe Exchange Bank of Brooklyn, is being continued today before Justice Adel and jury in Queens Supreme Court. Long Island City. The suit is the result of an alleged contract under which the Brooklyn bankers agreed to buy stock held in the Queens bank by the Queens bankers. The Queens bankers allege that in 1929 the Brooklyn bankers purchased a controlling interest in the Queens bank, but induced the local men to remain as directors. The Queens bankers claim they agreed to do this on condition the Brooklyn group promised to purchase the required ten shares each director was required to hold to qualify director on or before Dec. 4, 1931. Say Agreement Was Signed They claim an agreement in writing to this effect was drawn up and signed by all those interested. They also claim that payments totaling 17,000 were made on the the total amount of which called for the payment of $70,000, and they seek payment of the balance plus interest. In defense, the Brooklyn group claims the Queens bankers, acting as directors of the Queensboro National, requested the United States Controller of Currency, August, 1931, take possession the bank and that this brought about the closing of the institution. As result, the value of the stock question depreciated heavily. They claim that such action was not and the for the depreciation of the stock lies with the Queens directors. The latter, however, claim the Globe Exchange closed before Queensboro bank did; that direct result of the closing of the Globe was the run on the Queens bank that precipitated the necessity of calling in the Controller of Currency. One Witness Examined Only one witness, director and counsel for the bank, Samuel Perlo, was examined yesterday, and indications are the case will continue three or four days. Directors of the Queensboro National, who are plaintiffs in the action, are John M. Cragen, Elmo, Inc., John Hart, John LaDuke, Joseph Linhart, Alphonse Martinez, Walter Morris, Samuel Perlo, Paul Roth, Edward H, Ruhl, Charles Scarfule, Lonzio Scileppi and Frank Yager. The Globe Exchange directors named as defendants are Morris Walzer, Max Blumberg, Michael Weinsier, Jacob Davis and Harry Ginsberg.

13. December 8, 1932 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, December 8, 1932

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Queensboro Bank Board Asks $55,000 From Five Globe Directors Fourteen directors of the now closed Queensboro National Bank, located in Corona. are suing five directors of the Globe Exchange Bank of Brooklyn for $55,000 result of an alleged contract under which the five Brooklyn bankers agreed buy stock held in Queens bank the Queens bank Trial of the action started yesterday Frank Adel and in Part III of the jury term of the Court, Queens, Long Island City In the bankers claim that 1929 the Brooklyn terest the Queens bank. but induced the men to directors of the bank The Queens bankers claim that they agreed do this on the Brooklyn bankers promise to purchase the required 10 shares that each director must hold to qualify director on or before Dec. 1931. They claim an agreement in writing this effect was drawn and signed all 20 of the persons interested They claim that payments totaling $17,000 were made on the agreement, the total amount which called for the payment $70,000. they seek payment the balance plus interest, the tire amount coming to close to $60,000. Charge Stock Depreciation In defense, the Brooklyn bankers claim in that the Queens bankers, acting directors of the Queensboro Bank, quested the United of Currency 1931, to take the bank. that this brought about the closing of the bank and greatly depreciated the value of the stock question. They claim that such action was not and the responsibility for the the stock lays with the Queens directors The Queens bankers claim that Globe Exchange before the Queensboro bank did that direct result of the closing of Globe bank was run on the Queens that precipitated the necessity calling in the Controller of Currency Only one witness. director and counsel for the bank, Samuel Perlo, was examined yesterday and indications are the will three or four days more Parties in Action The directors of the Queensboro Bank, who are plaintiffs in the action, are John M. Cragen, Elmco Inc., John Hart, John LaDuke, Alphonse Martinez, Walter Morris. Samuel Perlo, Paul Roth, Edward H Ruhl. Charles Scarfula, Scileppi and Frank Yager, The directors the Globe Exchange Bank who are named as defendants are Morris Walser. Max Blumberg Michael Weinsier, Jacob Davis and Harry Ginsberg

Bank Information

Metadata

Response Measures

Receivership Details

Description

Events (7)

Newspaper Articles (13)

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