14802. First National Bank (Yonkers, NY)

View Charter #653 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
653
Charter Number
653
Start Date
April 1, 1933*
Location
Yonkers, New York (40.931, -73.899)

Metadata

Model
gpt-5-mini
Short Digest
f22828c7564a42c0

Response Measures

None

Receivership Details

Depositor recovery rate
50.0%
Date receivership started
1934-01-23
Share of assets assessed as good
57.1%
Share of assets assessed as doubtful
36.7%
Share of assets assessed as worthless
6.3%

Description

The articles describe the old First National having been closed and then reorganized/reopened under a stock subscription plan. There is no mention of a depositor run triggering the closure; the coverage focuses on stockholder meetings and subscription sales to enable reopening. Dates are approximate: April 1933 coverage discusses a reopening plan; July 1933 article reports stock subscriptions toward reopening; by Jan 16, 1934 the reopened bank is operating and described as liquid. I infer the sequence is a suspension/closure followed by successful reopening. OCR errors in articles corrected (e.g., 'Yontoday' -> Yonkers; some missing words).

Events (6)
1. December 29, 1864 Chartered
Source
historical_nic
2. April 1, 1933* Suspension
Cause Details
Article references the 'old National' having been closed prior to reorganization but does not state a cause (no run, no government action, no specific adverse scandal described).
Newspaper Excerpt
Despite fact that the old National was closed nine months ...
Source
newspapers
3. April 22, 1933 Other
Newspaper Excerpt
Stockholders in First National be called together next week ... act on reopening plan that require their common shares to ... depositors contribute from their accounts ... receive common stock ... select their own officers and directors. (Herald Statesman 1933-04-22).
Source
newspapers
4. July 1, 1933 Other
Newspaper Excerpt
With the receipt of more than 150 new subscriptions the new First National Bank $800,000 stock issue ... total of approximately 850 stock purchases was announced today ... Forty thousand shares ... must be sold before the bank can reopen ... (Herald Statesman 1933-07-01).
Source
newspapers
5. January 16, 1934 Reopening
Newspaper Excerpt
The First National Bank in Yonkers today completed its operations ... the new institution opened ... the deposits today exceeds the ... institution opened ... officers described it as 'absolutely liquid institution.' (Herald Statesman 1934-01-16).
Source
newspapers
6. January 23, 1934 Receivership
Source
historical_nic

Newspaper Articles (3)
1. April 22, 1933 The Herald Statesman Yonkers, NY
Article from The Herald Statesman, April 22, 1933

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Article Text

Surrender Of Common Stock First National Stockholders Due To Be Called Soon on Reopening Program By ROBERT ROTH Stockholders in First National be called together next week. probably Thursday. act on reopening pian that require the their common shares to This was decided on conferheld yesterday afternoon Supreme Court Justice William Bleakley with representatives of stockholders officers the bank. No official statement this parley issued learned that definite program discussed which can carried effect current examination of the bank's assets has been completed. Under this program. depositors contribute from their accounts whatever the examination indicates needed for reopenIn return they are to, receive common stock surrendered by stockholders and with the right to run the bank and select their own officers and directors. Officials the bank are to conYork on this plan today Monday and after that conference definite announcement of the prowill be The discussion yesterday tended Trudeau conservaCaptain Robert president Eisen. of the special stockholders' (Continued on Page Two)

2. July 1, 1933 The Herald Statesman Yonkers, NY
Article from The Herald Statesman, July 1, 1933

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Article Text

150 More Buy First National Opening Stock With the receipt of more than 150 new subscriptions the new First National Bank $800,000 stock issue, total of approximately 850 stock purchases was announced today Arthur H. Snodgrass, president of the bank in charge of reorganization plans. The number of shares of stock represented by these subscriptions has not yet tabulated. Mr Snodgrass said, but computations will be made over the weekend and the results early next week. Forty thousand shares stock must be sold before the bank can reopen on that will make per cent of the deposits in the old bank available to the depositors in the new institution. The organization committee for the new bank met last night but due to the absence of Mayor Loehr chairman, Wendell P. Barker and David Gorfinkel no definite steps were taken toward selecting president and board of directors for the new institution. It is expected that such action may be deferred until after the July holiday.

3. January 16, 1934 The Herald Statesman Yonkers, NY
Article from The Herald Statesman, January 16, 1934

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Article Text

First National Gain In Shows Serve To New Accounts Increase Deposits Over The First National Bank in Yontoday completed its operation the financial institution. completes that month, its official claim, in an even stronger position than enjoyed when opened, when was described its officers as absolutely liquid institution." Despite fact that the old National was closed nine months and the funds made available the new sorely needed depositors, opened such volume that the deposits today exceeds the the the institution opened, Braisted, cashier, said today. The number depositors having accounts has increased, said. The officers directors of the were month ago the organization committee, with approval federal meeting stockholders the were reelected and renamed Frank Xavier Louis Rossire, conservator for old First National, today served notice holders special trust accounts that after days those longer ed separate deposits. Up to now those have held in cash, ready for payment on dehave been voluntarily transferred bank. expirathe 15-day period such accounts in the old institution will to the and will be subject withdrawal on same basis as any other deposits.