Watkins National Bank - Watkins Glen, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 456
Charter Number: 456
Start Date: April 12, 1878
Location: Watkins Glen, New York (42.381, -76.873)

Metadata

Model: gpt-5-mini
Short Digest: 04b35edd3a436d20

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1876-07-12
Date receivership terminated: 1888-05-23
OCC cause of failure: Fraud
Share of assets assessed as good: 61.6%
Share of assets assessed as doubtful: 31.9%
Share of assets assessed as worthless: 6.5%

Description

Article (New-York Tribune, 1878-04-13) reports the Controller of the Currency declaring dividends for creditors of the Watkins National Bank in Watkins, N.Y., indicating the bank was in the hands of a receiver. No run or reopening is mentioned. OCR shows dividend percentage as 1212 per cent, making in all 100 per cent — likely an OCR error (probably 12½%). Event is a receivership/government action leading to permanent closure.

Events (3)

1. June 2, 1864 Chartered

Source: historical_nic

2. July 12, 1876 Receivership

Source: historical_nic

3. April 12, 1878 Receivership

Newspaper Excerpt: The Controller of the Currency has declared dividends in favor of creditors of National Banks in the hands of receivers as follows: Watkins National Bank, Watkins, N. Y., ... making in all 100 per cent.
Source: newspapers

Newspaper Articles (1)

1. April 13, 1878 New-York Tribune New York, NY

Article from New-York Tribune, April 13, 1878

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Article Text

WASHINGTON NOTES. WASHINGTON, Friday, April 12. 1878. The subscriptions to the new loan to-day were $125,000. The House Committee on Patents to-day further considered the bill providing for a general revision of existing patent laws, but reached no definite conclusion thereon. Henry F. Gilley, principal of the American Exchange at London, had an interview with the Presinent to-day. and met with a cordial reception from other prominent gentlemen in official circles. Representative Hiram P. Bell, of Georgia, appeared before the House Committee on Coluage. Weights and Measures to-day in behalf of the establishment of a branch mint at Athens, Ga. The Secretary of the Navy left Washington this morning for Terre Haute, to be absent about two weeks Rear Admiral Howell is Acting Secretary of the Navy in the absence of Secretary Thompson. The House Committee on Naval Affairs to-day agreed to report a bill appropriating $250,000 to be expended in purchasing and testing the various terpedoes in existence, with a view of reaching a conclusion as to the best quality manufactured. The Controller of the Currency has declared dividends in favor of creditors of National Banks in the hands of receivers as follows: Watkins National Bank, Watkins, N. Y., 1212 per cent, making in all 100 per cent: First National Bank, Franklin. Ind.. 20 per cent, making in all 45 per cent; First National Bank of Winchester, III., 10 per cent. making in all 40 per cent.