State Bank - Buffalo, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 18, 1842
Location: Buffalo, New York (42.886, -78.878)

Metadata

Model: gpt-5-mini
Short Digest: e2859769

Response Measures

None

Description

The article (New York Herald, 1842-02-18) explicitly announces 'The failure of the State Bank of Buffalo' and reports a deficit, indicating insolvency rather than a run or rumor. No reopening is mentioned. Classified as suspension leading to permanent closure due to bank-specific insolvency.

Events (1)

1. February 18, 1842 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Announced failure with reported deficit of $8,890 (insolvency/poor condition per Comptroller's return).
Newspaper Excerpt: The failure of the State Bank of Buffalo, the last of the free banks in that city, is announced. Its condition was as follows, according to the last return of the Comptroller; ... Deficit $8,890
Source: newspapers

Newspaper Articles (1)

1. February 18, 1842 The New York Herald New York, NY

Article from The New York Herald, February 18, 1842

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Article Text

OG-THE BILLS of the following Banks are Redeemed by the ALBANY CITY BANK. at 1 of 1 per cent diecount. Jan.24, 1842. Oneida Bank. Bank of Utica, Utica Branch Bank. Ontario Bank, Ontario Branch Bank, Yates County Bank, Tompkins County Bank, Herkimer County Bank, Genesee County Bank, Fort Plain Bank. Agricultural Bank of Herkimer, Bank of Brockport. Bank of Silver Creek. MONEY MARKET. Thursday, Feb. 17-6 P. M. The sales at the Stock Board to-day, were to a fair ex. tent, and prices fell-New York State 6 per cents, 1862, 2 per cent; do 5, 1858, 11 per cent; Illinois 6's improved t; Indiana 5's ;; Delaware and Hudson 1; Mohawk 5}; Patersen 1. Sales of bills on Philadelphia 5₫; Baltimore 3; Mobile 13 a 15; New Orleans 6. The failure of the State Bank of Buffalo, the last of the free banks in that city, is announced. Its condition was as follows, according to the last return of the Comptroller; Circulation $5,690 1,800 Secured by Illinois 6's, 9,000 Deficit $8,890 A late law of the State of Indiana, having authorized the receipt of its outstanding liabilities from its debtors, in payment of debts, a demand for coupons, post due, has sprung up, and they command readily 17 & a 18 for the coupon of $25, for this purpose. The suspended debt of $3,000,000, part of which is due by large houses in Baltimore and elsewhere, will be partly liquidated by this arrangement. The following is a comparative statement of the Cape Fear Bank of North Carolina on the 3d of January, as compared with last year :