Binghamton Trust Company - Binghamton, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: April 9, 1900
Location: Binghamton, New York (42.099, -75.918)

Metadata

Model: gpt-5-mini
Short Digest: 8f7eb0b7

Response Measures

None

Description

Article states the closing of the Binghamton Trust Company in connection with insolvency (April 9, 1900) linked to large exposure ($700,000) to the Outing Publishing Company. No run is described; bank closed/failed.

Events (1)

1. April 9, 1900 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed due to insolvency linked to large creditor exposure ($700,000) to the Outing Publishing Company; bank was insolvent at time of deposits/closure.
Newspaper Excerpt: the failure of the Knapp bank on April 9. 1900, was simultaneous with the appointment of receivers for the Outing Publishing company ... and the closing of the Binghamton Trust company.
Source: newspapers

Newspaper Articles (1)

1. June 29, 1910 The Citizen Honesdale, PA

Click image to open full size in new tab

Article Text

AUBURN FOR KNAPP DEPOSIT BANKER CONVICTED OF RECEIVING MONEY WHEN HE KNEW INSTITUTION WAS INSOLVENT -JUDGE COMAN GIVES HIM 13 MONTHS TO TWO YEARS. After deliberating all night, a jury Friday morning at Cooperstown returned a verdict of guilty against Charles P. Knapp, charged with receiving a deposit in Knapp Bros.' private bank at Deposit, Broome county, when he knew the bank to be insolvent. The failure of the Knapp bank on April 9. 1900, was simultaneous with the appointment of receivers for the Outing Publishing company, of which the Knapp bank was a creditor to the extent of $700,000. and the closing of the Binghamton Trust company. Charles J. Knapp. uncle of Charles P. Knapp and a member of the firm of Knapp Bros., was president of the Binghamton Trust company. The trial of Charles P. Knapp was held at Cooperstown, Otsego, a change of venue having been secured by the defendant on the ground that a fair trial could not be had in Broome. Charles P. Knapp and Charles J. Knapp are indicted jointly, charged with receiving deposits in a bank knowing it to be insolvent. Justice Henry B. Coman sentenced Knapp to Auburn State prison for not less than 15 months nor more than two years. Charles P. Knapp attained some prominence in New York several years ago as the leader of Knapp's "millionaire band."