Seventh Ward Bank - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 1, 1862*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: f7455c5c5107ee0c

Response Measures

None

Description

Article is a historical sketch noting that the Seventh Ward Bank (later Seventh National) suspended active business for a time in 1862 when its state charter expired, but maintained its charter and later in 1865 became a national bank. No bank run is described. Dates corrected/explicit from article.

Events (2)

1. January 1, 1862* Suspension

Cause: Voluntary Liquidation
Cause Details: State charter expired in 1862; suspended active business while maintaining charter (kept clerk to redeem notes).
Newspaper Excerpt: In 1862, when its State charter expired, it had $2,000,000 deposits... It suspended active business for a time, but kept its charter alive by sending a clerk to the Clearing House every day to redeem its notes.
Source: newspapers

2. January 1, 1865* Reopening

Newspaper Excerpt: In 1865 it took advantage of the National Banking act, and has since been known as the Seventh National Bank.
Source: newspapers

Newspaper Articles (1)

1. June 28, 1901 New-York Tribune New York, NY

Article from New-York Tribune, June 28, 1901

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Article Text

HISTORY OF THE SEVENTH NATIONAL. PERRY S. HEATH'S CONNECTION WITH THE INSTITUTION. The Seventh National Bank began its career in 1833 at No. 32 East Broadway as the Seventh Ward Bank. At that time there were only twelve banks in the city, and the old Seventh Ward contained nearly one-tenth of the total population of the city, which was 268,089. Peter Cooper was an original stockholder of the bank, and its first president was Walter Browne, who was Mayor of the city from 1829 to 1833. The bank was organized under what was known as the "safety fund system." In 1862, when its State charter expired, it had $2,000,000 deposits, and all of Its assets, except $180,000, in commercial paper, were in United States bonds. It suspended active business for a time, but kept its charter alive by sending a clerk to the Clearing House every day to redeem its notes In 1865 it took advantage of the National Banking act, and has since been known as the Seventh National Bank. Before coming to its present offices it was at Pearl-st. and Peck Slip, and for many years at Peart-st. and Burling Slip. The Seventh National Bank has been rather prominently in the public eye since the spring of 1899, when control of the institution was acquired by a syndicate in which Perry S. Heath and his brother, Fletcher S. Heath, were leading figures. William H. Kimball, formerly National Bank Examiner here, was installed as vicepresident, and a short time later was elected president, succeeding Colonel John McAnerney, who had for several years been at the head of the institution, and Fletcher S. Heath became vice-president. In June, 1899, the Seventh National succeeded the Chase National Bank as clearing agent for the Postmaster of New-York, collecting all money orders, postal notes and drafts on the Postmaster which have been deposited in the various banks of the city by their customers. The designation of the clearing agent is made by the Postmaster-General. At the time the Seventh National was substituted for the Chase National, which had acted as clearing agent for ten years, Perry S. Heath was First Assistant Postmaster-General.