First National Bank - Brooklyn, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 923
Charter Number: 923
Start Date: November 1, 1907*
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: 4051a3cb

Response Measures

None

Receivership Details

Date receivership started: 1907-10-25
Date receivership terminated: 1908-02-10
OCC cause of failure: Losses

Description

The article (New-York Tribune, 1909-10-01) reports that First National Bank of Brooklyn had been forced to close during the 1907 panic and by Oct 1909 was resuming dividend payments. No contemporaneous run is described; this is a suspension (1907 panic) followed by reopening/resumption of payments in 1909.

Events (6)

1. March 21, 1865 Chartered

Source: historical_nic

2. October 25, 1907 Receivership

Source: historical_nic

3. November 1, 1907* Suspension

Cause: Macro News
Cause Details: Closed during the nationwide 1907 panic; forced to suspend operations along with other banks
Newspaper Excerpt: one of the institutions that were forced to close their doors during the 1907 panic
Source: newspapers

4. February 10, 1908 Restored To Solvency

Source: historical_nic

5. September 30, 1909 Reopening

Newspaper Excerpt: resumed dividend payments on its stock yesterday, when the directors declared a quarterly disbursement of 2 per cent, payable on October 5.
Source: newspapers

6. November 22, 1928 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. October 1, 1909 New-York Tribune New York, NY

Article from New-York Tribune, October 1, 1909

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Article Text

BROOKLYN FIRST NATIONAL DIVIDEND First of Banks Closed in Panic to Resume Payments to Stockholders. The First National Bank of Brooklyn, one of the institutions that were forced to close their doors during the 1907 panic, resumed dividend payments on its stock yesterday, when the directors declared a quarterly disbursement of 2 per cent, payable on October 5. This placed the stock on an 8 per cent yearly basis, as compared with 16 per cent paid before the panic. The First National is the first of the banks that closed during the panic to be put on a dividend basis. It was formerly one of the chain of banking institutions controlled by the late John G. Jenkins, as was the Lafayette Trust Company, once the Jenkins Trust Company, of Brooklyn, which is about to make a dividend payment of 20 per cent to depositors. The last named institution is still in the hands of the State Banking Department. It has already made one payment of 10 per cent to depositors.