Larchmont National Bank - Larchmont, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6019
Charter Number: 6019
Start Date: January 6, 1934
Location: Larchmont, New York (40.928, -73.752)

Metadata

Model: gpt-5-mini
Short Digest: e034077c

Response Measures

None

Receivership Details

Depositor recovery rate: 30.0%
Date receivership started: 1933-08-05
Share of assets assessed as good: 26.9%
Share of assets assessed as doubtful: 41.9%
Share of assets assessed as worthless: 31.2%

Description

Articles do not describe a depositor run; they refer to the bank's previous collapse (president committed suicide) and a receiver (Franklin R. Brooks) is named and being sued as of 1934-01-06. This indicates the bank suspended and was placed in receivership (closed permanently). Cause inferred as bank-specific insolvency/collapse.

Events (4)

1. November 13, 1901 Chartered

Source: historical_nic

2. August 5, 1933 Receivership

Source: historical_nic

3. January 6, 1934 Receivership

Newspaper Excerpt: Franklin R. Brooks, receiver of Larchmont National Bank is named defendant in suit in equity brought yesterday ... by Edward Edwards of Larchmont.
Source: newspapers

4. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank collapse/insolvency (president committed suicide over the bank's collapse).
Newspaper Excerpt: the late John W. Bell, president of the Larchmont National Bank, committed suicide over the bank's collapse.
Source: newspapers

Newspaper Articles (5)

1. November 10, 1933 Daily News New York, NY

Article from Daily News, November 10, 1933

Click image to open full size in new tab

Article Text

WIFE COLLAPSES DEFENDING SELF IN DIVORCE SUIT (Continued from page 3) and Mrs. Bell countered with a suit for separation on the grounds of cruelty. Just before his wife collapsed Bell had testified to his knowledge of her romance with one Maurice. He described a raid upon a W. 54th St. hotel, preceded by snooping from a fire escape, and told of Mrs. Bell's frequent drinking parties in mid-Manhattan speakies and swanky Westchester beach clubs. Bell, three years younger than his wife, said he first became suspicious of her actions last April 1, the day his father, the late John W. Bell, president of the Larchmont National Bank, committed suicide over the bank's collapse. He testified she came home "reeking with liquor" and refused to allow his father's body to be brought into the house. Thereafter. Bell said, he decided to have his wife watched. Summoned to Hotel. In June, he testified, John F. Maher, an investigator, called him to the Hotel Elysee, in Manhattan. There he learned that Maurice, carrying a bag, had registered and gone upstairs with Mrs. Bell, remaining four hours. On June 30, while Bell, Maher and two friends were climbing the fire escape of the same hotel seeking to gain admittance to a ninth floor room, where they hoped to find Maurice and Mrs. Bell, an assistant manager caught them. Bell agreed, he said, to telephone to Maurice. The latter said they could come up in fifteen minutes. When they did so, they found Mrs. Bell and Maurice fully dressed. A table was set for luncheon. (Other picture on page 1)

2. November 10, 1933 Daily News New York, NY

Click image to open full size in new tab

Article Text

WIFE COLLAPSES DEFENDING SELF IN DIVORCE SUIT (Continued from page 3) Bell, wealthy New Rochelle mortgage and securities broker. Bell named Maurice of 36 Laurel Place, New Rochelle, and 27 Park Place, Manhattan, and Mrs. Bell countered with a suit for separation on the grounds of cruelty. Just before his wife collapsed Bell had testified to his knowledge of her romance with Maurice He described a raid upon a W. 54th St. hotel, preceded by snooping from a fire escape, and told of Mrs. Bell's frequent drinking parties in mid-Manhattan speakies and swanky Westchester beach Bell. three years younger than his wife, said he first became suspicious of her actions last April 1, the day his father, the late John W. Bell, president of the Larchmont National Bank, committed suicide over the bank's collapse. He testified she came home "reeking with liquor" and refused to allow his father's body to be brought into the house. Thereafter, Bell said, he decided to have his wife watched. In June, he testified, John F. Maher, an investigator, called him to the Hotel Elysee, in Manhattan. There he learned that Maurice, carrying a bag, had registered and MODERATE gone upstairs with Mrs. Bell, remaining four hours. On June 30, while Bell, Maher PRICE and two friends were elimbing the fire escape of the same hotel seek- SHOP ing to gain admittance to a ninth floor room, where they hoped to find Maurice and Mrs. Bell, an assistant manager caught them. TH Bell agreed, he said, to telephone to Maurice. The latter said they 4 could come up in fifteen minutes. FLOOR When they did so, they found Mrs. Bell and Maurice fully dressed. A table was set for luncheon. (Other picture on page 1)

3. November 10, 1933 Daily News New York, NY

Click image to open full size in new tab

Article Text

WIFE COLLAPSES DEFENDING SELF IN DIVORCE SUIT (Continued from page 3) and Mrs. Bell countered with a suit for separation on the grounds of cruelty. Just before his wife collapsed Bell had testified to his knowledge of her romance with one Maurice. He described a raid upon a W. 54th St. hotel, preceded by snooping from a fire escape, and told of Mrs. Bell's frequent drinking parties in mid-Manhattan speakies and swanky Westchester beach clubs. Bell, three years younger than his wife, said he first became suspicious of her actions last April 1, the day his father, the late John W. Bell, president of the Larchmont National Bank, committed suicide over the bank's collapse. He testified she came home "reeking with liquor" and refused to allow his father's body to be brought into the house. Thereafter, Bell said, he decided to have his wife watched. Summoned to Hotel. In June, he testified, John F. Maher, an investigator, called him to the Hotel Elysee, in Manhattan. There he learned that Maurice, earrying a bag, had registered and gone upstairs with Mrs. Bell, remaining four hours. On June 30, while Bell, Maher and two friends were climbing the fire escape of the same hotel seeking to gain admittance to a ninth floor room, where they hoped to find Maurice and Mrs. Bell, an assistant manager eaught them: Bell agreed, he said, to telephone to Maurice. The latter said they could come up in fifteen minutes. When they did so, they found Mrs. Bell and Maurice fully dressed. A table was set for lungheon. (Other picture 8 page 1)

4. November 10, 1933 Daily News New York, NY

Click image to open full size in new tab

Article Text

WIFE COLLAPSES DEFENDING SELF IN DIVORCE SUIT (Continued from page 3) Bell, wealthy New Rochelle mortgage and securities broker. Bell named Maurice of 36 Laurel Place, New Rochelle, and 27 Park Place, Manhattan, and Mrs. Bell countered with a suit for separation on the grounds of cruelty. Just before his wife collapsed Bell had testified to his knowledge of her romancè with Maurice. He described a raid upon a W. 54th St. hotel, preceded by snooping from a fire escape, and told of Mrs. Bell's frequent drinking parties in mid-Manhattan speakies and swanky Westchester beach clubs. Bell, three years younger than his wife, said he first became suspicious of her actions last April 1, the day his father, the late John W. Bell, president of the Larchmont National Bank, committed suicide over the bank's collapse. He testified she came home "reeking with liquor" and refused to allow his father's body to be brought into the house. Thereafter, Bell said, he decided to have his wife watched. In June. he testified, John F. Maher, an investigator, called him to the Hotel Elysee, in Manhattan. There he learned that Maurice, carrying a bag, had registered and gone upstairs with Mrs. Bell, remaining four hours. On June 30, while Bell, Maher and two friends were climbing the fire escape of the same hotel seeking to gain admittance to a ninth floor room, where they hoped to find Maurice and Mrs. Bell, an assistant manager caught them. Bell agreed, he said, to telephone to Maurice. The latter said they could come up in fifteen minutes. When they did so, they found Mrs. Bell and Maurice fully dressed. A table was set for luncheon. (Other picture on page 1)

5. January 6, 1934 The Standard-Star New Rochelle, NY

Article from The Standard-Star, January 6, 1934

Click image to open full size in new tab

Article Text

LARCHMONT BANK RECEIVER SUED Brooks Defendant in Action Started by Depositor of Closed Institution Special to The Standard-Star NEW YORK, Jan. Franklin R. Brooks, receiver of Larchmont National Bank is named defendant in suit in equity brought yesterday in United States District Court by Edward Edwards of Larchmont. In his complaint Mr. Edwards alleges he is depositor in the bank with balance of 20. He further asserts that on Feb. 15, 1927 he received bond and mortgage for $12,000 at six percent interest from Charles H. Nearing and Monna E. Nearing. covering premises at 212 Larchmont Avenue. On March 2, 1928, Mr. Edwards states, he assigned the mortgage to the bank and then on Jan. 6 last purchased the property on which he had previously held mortgage Says He Made Offer The complaint further states that on Sept. last Mr. Edwards made an offer to Mr. Brooks to pay off the mortgage on the property, less the amount of his deposit in the closed bank, and alleges that the receiver agreed to this. As result of the alleged agreement, Mr. Edwards complains, he withdrew money from various savings accounts and on Sept. presented certified check for $9,000 to Mr. Brooks. This amount, he says, represents the difference between the amount of the deposit and the amount of the mortgage. However, the complaint continues, the receiver failed to carry out the purported agreement and refused to set off the amount of the deposit against the mortgage. Later Mr. Edwards filed proof of claim for his deposit and then on Dec. 14 last, dividend of 15 percent of the amount of deposits was declared by the receiver. Says Dividend Unpaid The plaintiff charges that Mr. Brooks failed to pay him this dividend but instead applied the amount against the balance of the mortgage Mr. Edwards asserts this was improper and states that payment of the principal of the mortgage cannot be forced until July next On this basis the plaintiff asks that it be adjudged that the whole amount of his deposit be applied against the mortgage and that he be allowed to pay off by payment of the difference between the two amounts. He also asks the receiver be ordered to pay him the dividend, and any subsequent ones which may be declared, in the event that the balance cannot be so applied. Further he asks that the receiver be compelled to pay him interest of 3 percent on the $9,000 from Sept. 6 last to date. This is to compensate the plaintiff for loss of interest occasioned by the withdrawal of the $9,000.