14567. First National Bank (Newark, NY)

View Charter #349 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
349
Charter Number
349
Start Date
October 8, 1931
Location
Newark, New York (43.047, -77.095)

Metadata

Model
gpt-5-mini
Short Digest
c59c9a4176ba7bb6

Response Measures

None

Receivership Details

Depositor recovery rate
70.8%
Date receivership started
1931-10-23
Date receivership terminated
1938-05-31
Share of assets assessed as good
28.7%
Share of assets assessed as doubtful
66.2%
Share of assets assessed as worthless
5.1%

Description

Article from Oct 8, 1931 reports the First National Bank of Newark 'closed' and links its failure to closures at Canandaigua (Ontario County Trust Company). A 1934 article shows a receiver was in place (suit by receiver), confirming permanent closure and receivership. OCR errors in Article 1 were corrected (e.g., fragmented phrases). No explicit run is described in the texts provided.

Events (4)
1. March 29, 1864 Chartered
Source
historical_nic
2. October 8, 1931 Suspension
Cause
Local Banks
Cause Details
Closures of banks in nearby Canandaigua (Ontario County Trust Company and another Canandaigua bank) are cited as believed causes of Newark bank's failure
Newspaper Excerpt
The First National Bank Newark closed ... the Canandaiguia bank is believed have been the causes of the Newark failure
Source
newspapers
3. October 23, 1931 Receivership
Source
historical_nic
4. January 29, 1934 Receivership
Newspaper Excerpt
Suit has been filed ... on behalf of the receiver of the bank.
Source
newspapers

Newspaper Articles (2)
1. October 8, 1931 Elmira Star-Gazette Elmira, NY
Article from Elmira Star-Gazette, October 8, 1931

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Article Text

Banks at Newark Canandaigua Shut Their Doors banks in Western New Two closed their doors WednesYork The Ontario County Trust ComCanandaigua closed by pany order of the had the ed dividend The First National Bank Newark closed heavy the Canandaiguia bank is believed have been the causes of the Newark failure

2. January 29, 1934 Evening Star Washington, DC
Article from Evening Star, January 29, 1934

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Article Text

BANK STOCK SUIT FILED Newark Receiver Seeks $1,500 From Robert Werth. Suit has been filed in District Supreme Court against Robert W. Werth, Washington realtor, to collect $1,500 assessment on stock Werth held in the First National Bank of Newark, N. Y. The suit was filed by Guilford S. Jameson, attorney, on behalf of the receiver of the bank.