Borough Bank - Brooklyn, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 7, 1910
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: c5aa0ad2

Response Measures

None

Description

The Borough Bank is described as defunct and closed its doors April 7, 1910 with a receiver handling liquidation and dividend payments to depositors. No run is mentioned in the articles; the bank appears to have suspended/closed and entered receivership. Cause inferred as bank-specific adverse information because of pending claims against an individual (William Gow) and stockholders' liability referenced in liquidation proceedings.

Events (2)

1. April 7, 1910 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed its doors April 7, 1910; liquidation with claims against William Gow and stockholders being pursued in courts.
Newspaper Excerpt: the defunct Borough Bank of Brooklyn ... the bank closed its doors April 7, 1910
Source: newspapers

2. * Receivership

Newspaper Excerpt: He acted as receiver for the Borough Bank of Brooklyn during its difficulties. (Isaac N. Cox...)
Source: newspapers

Newspaper Articles (2)

1. June 6, 1916 New-York Tribune New York, NY

Article from New-York Tribune, June 6, 1916

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Article Text

BOROUGH BANK DIVIDEND Richards's Statement Leads Depositors to Expect Early Payment. Prospects of an early dividend to depositors in the defunct Borough Bank of Brooklyn were brightened yesterday with the appearance of a statement of the affairs of the bank, completed by auditors working under Eugene Lamb Richards, State Superintendent of Banks. The bank superintendent had announced that he expected to make such payments to depositors within three months, but it is now expected they will be made sooner. The auditors' statement shows that the bank's receipts since it closed its doors April 7, 1910, total $818,749. Of this sum $762,833 was consumed in liquidating pressing obligations, thus leaving a total of $55,915 on hand. In addition to this sum the bank has a claim of several hundred thousand dollars pending against William Gow, and the receiver expects to recover large sums from the stockholders because of their liability for the bank's affairs under the law. Both claims are being pushed in the courts.

2. September 29, 1916 Evening Public Ledger Philadelphia, PA

Article from Evening Public Ledger, September 29, 1916

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Article Text

# Banker and Former Congressman Dead ELLENVILLE, N. Y., Sept. 29.—Isaac N. Cox, president of the Home National Bank of Ellenville, is dead here in his seventieth year. He also was a trustee of the Ellenville Savings Bank and a director of the Orange County Trust Company. He acted as receiver for the Borough Bank of Brooklyn during its difficulties. In 1886 Cox was appointed a commissioner by President Cleveland to examine the condition of the Northern Pacific Railroad. Two years later he was elected to Congress.