Hope Bank - Albany, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 23, 1882
Location: Albany, New York (42.653, -73.756)

Metadata

Model: gpt-5-mini
Short Digest: 01eebd4a

Response Measures

None

Description

Article (New-York Tribune, 1882-03-24) states that the Hope Bank of Albany failed and discusses receivership and settlement with Colonel James Hendrick. No run or depositor panic is mentioned. Cause appears to be bank-specific insolvency/poorly secured assets and related claims. Exact failure date is not provided in the article.

Events (2)

1. March 23, 1882 Receivership

Newspaper Excerpt: met at the office of Edward Newcomb, the receiver of the Atlantic Mutual Life Insurance Company... connection of the company with the Hope Bank, of Albany... which had $122,025 deposited in the Hope Bank when the bank failed. ... Through judicial proceedings the matter was compromised by Mr. Hendrick paying $70,000 to the receiver. (Article dated March 24, 1882; meeting reported March 23.)
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failure arising from insolvency/poorly secured assets and large related claims (deposits nominally secured by bonds and mortgages valued below deposit).
Newspaper Excerpt: the Hope Bank, of Albany, of which Colonel James Hendrick was president... when the bank failed.
Source: newspapers

Newspaper Articles (1)

1. March 24, 1882 New-York Tribune New York, NY

Article from New-York Tribune, March 24, 1882

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Article Text

# INSURANCE RECEIVERSHIPS. ALBANY, March 23.-The Assembly Special Committee to investigate the affairs of certain life insurance receiverships, met at the office of Edward Newcomb, the receiver of the Atlantic Mutual Life Insurance Company, this evening, and continued his examination. In the course of his examination he explained the connection of the company with the Hope Bank, of Albany, of which Colonel James Hendrick was president. Colonel Hendrick was also vice-president of the Atlantic Mutual Company, which had $122,025 deposited in the Hope Bank when the bank failed. This amount was nominally secured by bonds and mortgages, the market value of which was $118,000. Colonel Hendrick put in a claim for $98,040 42 for salary as vice-president and travel-ling expenses. Through judicial proceedings the matter was compromised by Mr. Hendrick paying $70,000 to the receiver. He showed statements concerning the sale and purchase of bonds. In January last he sold Schenectady City, Buffalo City, Albany County and other bonds at a premium. The facts elicited this evening did not excite any comment on the part of the committee.