Article Text
Bank Matters. The Washington County National Bank at Greenwich, New York, and the First National Bank of Dallas, Texas, have been placed in the hands of receivers by the acting comptroller of currency.
15127. Washington County National Bank (Greenwich, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 1266
- Charter Number
- 1266
- Start Date
- June 11, 1878
- Location
- Greenwich, New York (43.091, -73.499)
Metadata
- Model
- gpt-5-mini
- Short Digest
45a8feb2
Response Measures
None
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1878-06-08
- Date receivership terminated
- 1879-07-05
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 54.0%
- Share of assets assessed as doubtful
- 4.8%
- Share of assets assessed as worthless
- 41.1%
Description
Articles (June 1878) report the Washington County National Bank placed in the hands of a receiver and its doors closed after examiner reports of massive fraud by the cashier (and possibly president). No contemporaneous newspaper account describes a depositor run; bank was suspended/closed and put in receivership and later dividends to creditors were declared.
Events (6)
1.
June 13, 1865
Chartered
- Source
- historical_nic
2.
June 8, 1878
Receivership
- Source
- historical_nic
3.
June 11, 1878
Receivership
- Newspaper Excerpt
- The Washington County National Bank at Greenwich, New York, ... have been placed in the hands of receivers by the acting comptroller of currency.
- Source
- newspapers
4.
June 16, 1878
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Examiner reports showed the entire capital lost or stolen; cashier falsifying records and paying dividends from depositor funds (embezzlement/fraud).
- Newspaper Excerpt
- Mr. Price was sent ... to close the doors and take possession. He did two days after his arrival.
- Source
- newspapers
5.
June 19, 1878
Other
- Newspaper Excerpt
- Edwin Andrews, cashier of the Washington County National Bank of Greenwich, committed suicide this morning by hanging. The bank was recently suspended, and is found to be entirely wrecked by the operations of the cashier.
- Source
- newspapers
6.
October 10, 1878
Other
- Newspaper Excerpt
- The Controller of the Currency has declared a dividend of 25 per cent in favor of the creditors of the Washington County National Bank of Greenwich, New York, making in all dividends of 50 per cent.
- Source
- newspapers
Newspaper Articles (5)
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Article Text
4 BANK RUINED BY ITS OFFICERS. THE WASHINGTON COUNTY NATIONAL IN A VERY BAD CONDITION. IBY TELEGRAPH TO THE TRIBUNE.] WASHINGTON, June 16.-Mr. Langworthy, Acting Controller of the Curreney. refuses to give out for publication the late reports of the Bank Examiner concerning the affairs of the Washington County National Bank, at Greenwich, N. Y. These reports, he says, are made only for the information of the bureau, and not for publication, and as the condition of the bank is not yet fully ascertained, the publication of an incomplete statement would be very likely to produce unnecessary alarm among those holding claims against the bank and cause them to sacrifice their interests for little or nothing. It 18 not yet known what proportion of its debt the bank will be able to pay, and it is not impossible, Mr. Langworthy says. that all may be paid. The bank is now in the hands of Mr. L. M. Price, as receiver, a gentleman who has had long experience in the business, and in whom the department has the utmost confidence. It is learned from other gentlemen who have seen the latest reports made by the Examiner to the Controller's Office touching the Washington County Bank, that the affairs of that institution could hardly be in a worse condition. The entire capital of the bank has been lost or stolen. and recent dividends have probably been paid from funds belonging to depositors, a large pro portion of whom are poor people, many of them widows and orphans. It is thought that the cashier, and perhaps the president, of the bank have for months past been falsifying the statements made to the directors and to the Treasury Department. The last regular statement of the bank, made if May 1, would be a favorable showing for the bank on the statement was correct, but some of the items given in the report and sworn to are known to be false. Of the $26,000 claimed to be due from other banks, $15,000 was said to be on deposit in a bank in New-York City. It is known, however, that the Washington County Bank had withdrawn all except was of this fund sometime before the report be $3,000 A large portion of the $337,000 claimed to among made. the assets, was paper long overdue, not secured and utterly worthless. only grounds of hope for the creditors of the The he in a possible assessment upon the shareholders. be chase amount, bank comes When According money the liable if suspicion necessary, to in paid law case the for of of equal owner his fraud disaster stock, to in of the the not National but face management only for value to lose the pur. bank of his stock of stock this to became almost a certainly, Mr. Price was sent and, bank with instructions to look into matters, take Greenwich he found them as reported, to close the doors and possession. if This he did two days after his arrival.
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Article Text
# A BANK CASHIER'S SUICIDE. TROY, N. Y., June 19.--Edwin Andrews, cashier of the Washington County National Bank of Greenwich, committed suicide this morning by hanging. A revolver was found in his pocket. The bank was recently suspended, and is found to be entirely wrecked by the operations of the cashier, who has heretofore enjoyed a high reputation as a man and Christian.
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Article Text
Butler as a Greenbacker-Dividends in Favor of Bank Directors. WASHINGTON, Oct. 10.-In the House of Representatives, June 6. 1870, while the funding bill was being pressed to its passage, Hon. B. F. Butler, of Massachusetts, moved to amend section 4 by adding the words, "And the United States also solemnly pledges Its faith to make provision, at the earliest practicable period, for redemption of United States notes in coin." which amendment was disagreed to, though Mr. Butler voted in the affirmative. The Controller of the Currency has declared a dividend of 25 per cent in favor of the creditors of the Washington County National Bank of Greenwich, New York, making in all dividends of 50 per cent. He has also declared a dividend of 15 per cent in favor of the creditors of the First National Bank of Kansas City, Mo., making in all 30 per cent. Also a dividend of 12 per cent in favor of the creditors of the First National Bank of Bethel, Conn., payable as soon as the necessary schedules can be prepared by the receiver.
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Article Text
THE BRATTLEBORO STEAL - Linus M. Price, who closed up the affairs of the Commercial National Bank of Saratoga, and the Washington County Bank of Greenwich, N. Y., has arrivedat Brattleboro from Washington, to take charge of the crippled First National Bank, as receiver. He will collect all assets and pay off the creditors, three months being allowed for proof of claims, after which they will be disallowed. Mr. Price expects to conclude his labors within this period, after which a permanent receiver will be chosen and all matters pertaining to the bank be mmediately drawn to a close, unless some new discoveries are made by the expert. Nothing has been heard of Waite's wherebouts, although detectives profess ability to return him to Brattleboro.