First National Bank - Brockport, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 382
Charter Number: 382
Start Date: March 5, 1933
Location: Brockport, New York (43.214, -77.939)

Metadata

Model: gpt-5-mini
Short Digest: c0ff6ae1

Response Measures

None

Receivership Details

Depositor recovery rate: 70.0%
Date receivership started: 1934-02-02
Share of assets assessed as good: 55.8%
Share of assets assessed as doubtful: 41.0%
Share of assets assessed as worthless: 3.1%

Description

Article (Democrat and Chronicle, 1934-07-27) reports First National Bank of Brockport suspended operations on Mar 5, 1933, was operated under a conservator and later placed in receivership; assets were purchased in reorganization by the new Brockport National Bank. No explicit contemporaneous depositor run is described, so classified as suspension followed by permanent closure/receivership.

Events (5)

1. April 15, 1864 Chartered

Source: historical_nic

2. March 5, 1933 Suspension

Cause: Government Action
Cause Details: Suspended operations and placed under conservator (regulatory intervention/conservatorship) on Mar. 5, 1933
Newspaper Excerpt: The bank suspended operations on Mar. 5, 1933, and was operated under conservator until Feb. 2. this year
Source: newspapers

3. February 2, 1934 Receivership

Source: historical_nic

4. February 2, 1934 Receivership

Newspaper Excerpt: when Mr. Kotta... assumed receivership. (statement for quarter ended June 30 made public...) The receiver has also paid $21,846.23 to the RFC to be credited against its loan. Total assets of the closed bank accounted for are $1,880,253.04. Total liabilities accounted for are $1,603,236.74 The bank suspended operations on Mar. 5, 1933, and was operated under conservator until Feb. 2. this year, when Mr. Kotta... assumed receivership.)
Source: newspapers

5. July 27, 1934 Other

Newspaper Excerpt: Spokane plan contract, under which the new Brockport National Bank purchased assets of the closed bank in reorganization, expired yesterday. Until he has report of all assets, he will be unable to give an estimate.
Source: newspapers

Newspaper Articles (1)

1. July 27, 1934 Democrat and Chronicle Rochester, NY

Article from Democrat and Chronicle, July 27, 1934

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Article Text

CLOSED BANK REPORT SHOWS $100,976 IN CASH Receiver of Brockport Institution Voices Satisfaction Cash on hand amounting to $100,976.46 was reported by Harold Kotta. receiver for First National Bank of Brockport, in his statement of the condition of the bank for the quarter ended June 30, made public The statement. which the receivor said was encouraging. shows collections from assets and stock assessment totaling $851,273.08 Total collections accounted for were $960,365.20. which included an RFC loan of $99,554 Disbursements show $193,199.49 paid secured and preferred liabilities, and dividends to unsecured creditors amounting to $616,861.42 or 46 per cent of deposits. Expense of the conservatorship amounted to $19,374.42 Receivership expense was $7,045.47. which includes $1,123 interest on the RFC loan and $752 for taxes on the bank The receiver has also paid $21.846.23 to the RFC to be credited against its loan. Total assets of the closed bank accounted for are $1,880,253.04. Total liabilities accounted for are $1,603,236.74 The bank suspended operations on Mar. 5, 1933, and was operated under conservator until Feb. 2. this year, when Mr. Kotta. who was formerly with the State Banking Department, assumed receivership. He was unable to estimate the amount of liquidation yesterday, explaining that the Spokane plan contract. under which the new Brockport National Bank purchased assets of the closed bank in reorganization, expired yesterday. Until he has report of all assets, he will be unable to give an estimate. he said.