Corinth National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6479
Charter Number: 6479
Start Date: December 15, 1931
Location: Corinth, New York (43.245, -73.832)

Metadata

Model: gpt-5-mini
Short Digest: 3229b3e8

Response Measures

None

Receivership Details

Depositor recovery rate: 87.0%
Date receivership started: 1932-01-20
Date receivership terminated: 1937-05-08
Share of assets assessed as good: 35.4%
Share of assets assessed as doubtful: 64.4%
Share of assets assessed as worthless: 0.2%

Description

Article (Dec 16, 1932) reports the Corinth National Bank was closed about one year earlier following the death of the vice president/cashier and that a federal receiver is administering the closed bank and paying dividends. No run is mentioned. Receivership actions and suits against former officials indicate bank-specific adverse problems.

Events (4)

1. November 6, 1902 Chartered

Source: historical_nic

2. December 15, 1931 Receivership

Newspaper Excerpt: With permission from the office of the Comptroller of Currency, Federal Receiver Frank M. Maryott, in charge of business at the closed Corinth National Bank, yesterday announced a second dividend of thirty-three and one-third percent to be paid depositors of the institution in the very near future.
Source: newspapers

3. December 15, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closure followed the death of VP/cashier and discovery of pledged assets/shortfalls; receiver suing former officials to recover pledged funds.
Newspaper Excerpt: When the bank was closed one year ago yesterday following the death of F. Eldred Pruyn, vice president and cashier of the institution, there was more than $1,500,000 owed depositors.
Source: newspapers

4. January 20, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. December 16, 1932 The Post-Star Glens Falls, NY

Article from The Post-Star, December 16, 1932

Click image to open full size in new tab

Article Text

Second Dividend to Be Paid Depositors of Closed Corinth National Bank, Receiver Reports ACTIONS ARE STARTED AGAINST OFFICIALS TO GAIN MONEY PLEDGED Receiver to Seek Funds Slated to Bolster Financial Standing; Second Payment Makes Seventy-three and One-third of Deposits STATEMENT IS ISSUED BY RECEIVER With permission from the office of the Comptroller of Currency, Federal Receiver Frank M. Maryott, in charge of business at the closed Corinth National Bank, yesterday announced a second dividend of thirty-three and one-third percent to be paid depositors of the institution in the very near future. possibly before Christmas. With this second payment, Corinth bank depositors will have received seventy-three and one-third per cent, a sum very favorable when compared to many banks in the south and other parts of the country where depositors may not receive any of their life savings This second dividend, in the form of checks, will represent more than $500,000. When the bank was closed one year ago yesterday following the death of F. Eldred Pruyn, vice president and cashier of the institution, there was more than $1,500.000 owed depositors. In addition to the dividend to be paid very shortly, it is known that Receiver Maryott has brought action in federal court against four former bank officials and the estates of two others to recover approximately $63,000 which the receiver claims was pledged about a year ago to bolster up the financial standing of the institution. Attorney James McPhillips of Glens Falls, will represent Isaac Densmore, Dennis O'Brien, Wilson J. Hall and Oscar S. Putnam in the court action, while the firm of Rommel and Hickey of Corinth, will represent the estate of the late J. Judd Dayton, and Attorney Henry Williams of Glens Falls will represent the estate of the late F. E. Pruyn. The statement coming from the bank yesterday follows"F. M. Maryott, receiver of the Corinth National bank, announces second dividend of 33 1-3 per cent has been declared and will be paid to depositors of the bank at an early date. The dividend checks are now in the course of preparation at the receiver's office in Corinth and upon completion will be forwarded to Washington for signature. When the checks have been returned from Washington, the receiver will inform the depositors of the fact through the newspapers. "This second dividend will be paid from funds collected by the receiver supplemented by loan from the Reconstruction Finance Corporation which is secured by a pledge of the remaining uncollected assets. No future additional dividend can be paid until the loan from the Reconstruction Finance Corporation has been fully repaid and any future dividend can be paid only from collections from such assets as may remain after the repayment of the loan. The second payment to depositors will exceed $500,000."