Union Bank - Brooklyn, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 21, 1917
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: c3556d13

Response Measures

None

Description

Article (New-York Tribune, 1917-03-21) refers to the 'defunct Union Bank, of Brooklyn' under the State Superintendent of Banks and a depositors' dividend paid during liquidation. No run is mentioned; the bank is in receivership/liquidation and remains closed. Closure/suspension appears to have been by state banking authorities (government action).

Events (3)

1. March 21, 1917 Other

Newspaper Excerpt: application ... for authorization to pay another 5 per cent dividend to the depositors of the defunct Union Bank, of Brooklyn. This will be the second 5 per cent dividend payment made within the last seven months, and will mean the disbursement of over $185,000.
Source: newspapers

2. * Receivership

Newspaper Excerpt: State Superintendent of Banks Eugene Lamb Richards made application ... for authorization to pay another 5 per cent dividend to the depositors of the defunct Union Bank, of Brooklyn. This will be the second 5 per cent dividend payment made within the last seven months, and will mean the disbursement of over $185,000.
Source: newspapers

3. * Suspension

Cause: Government Action
Cause Details: Closed and placed under supervision/receivership by the State Superintendent of Banks (defunct bank).
Newspaper Excerpt: the defunct Union Bank, of Brooklyn
Source: newspapers

Newspaper Articles (1)

1. March 21, 1917 New-York Tribune New York, NY

Article from New-York Tribune, March 21, 1917

Click image to open full size in new tab

Article Text

New York Union Bank Depositors to Receive Another Dividend.-State Superintendent of Banks Eugene Lamb Richards made application yesterday to Supreme Court Justice Aspinall, of Brooklyn, for authorization to pay another 5 per cent dividend to the depositors of the defunct Union Bank, of Brooklyn. This will be the second 5 per cent dividend payment made within the last seven months, and will mean the disbursement of over $185,000. The application was supported in court by the depositors' committee of the Union Bank. The payment of the dividend was made possible through the sales of various parcels of real estate and the insistence by the Superintendent of Banks on the payment in full of $100,000 of Ohio Copper bonds, which was up as collateral with the so-called Heinze loan. The 5 per cent payment to stockholders will leave a balance of about $6,000 for liquidation purposes. The immediate payment of the dividend was authorized by Justice Aspinall. Long Island Suit Dismissed.-Justice Lehman yesterday decided against Evans R. Dick, a banker, and other minority stockholders of the Long Island Railroad in their action for a receivership for the company and the restitution by the Pennsylvania Railroad Company and its directors of $28,000,000 for moneys which the plaintiffs alleged were wasted and diverted. It was alleged by Mr. Dick that the Pennsylvania Railroad. controlling the Long Island Railroad, had spent money injudiciously and in other manner had