15218. Third National Bank (Malone, NY)

View Charter #3366 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3366
Charter Number
3366
Start Date
December 16, 1889
Location
Malone, New York (44.849, -74.295)

Metadata

Model
gpt-5-mini
Short Digest
ce4db49f

Response Measures

Full suspension, Books examined

Other: Bank was wound up by national treasury examiners; dividends and stock assessment later reported.

Receivership Details

Depositor recovery rate
99.2%
Date receivership started
1889-12-30
Date receivership terminated
1892-12-31
OCC cause of failure
Losses
Share of assets assessed as good
53.4%
Share of assets assessed as doubtful
22.5%
Share of assets assessed as worthless
24.2%

Description

Multiple dispatches (Dec 16-17, 1889) report a run and suspension/closure of the Third National Bank of Malone caused by heavy losses on Salmon River Paper Company paper; Washington examiners to wind up the institution. A March 1890 notice of a 30% dividend indicates settlement/liquidation activity rather than a resumption of normal operations.

Events (5)
1. July 15, 1885 Chartered
Source
historical_nic
2. December 16, 1889 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses from holding about $30,000 of Salmon River Paper Company paper (compromised) led to weakness and triggered a run that morning.
Measures
None reported except later suspension/closure.
Newspaper Excerpt
The Third National Bank of Malone suspended payment to-day. ... This, with a run on the bank this morning, forced the suspension.
Source
newspapers
3. December 17, 1889 Receivership
Newspaper Excerpt
The Banking Department at Washington has been notified, and an examiner will be sent on to wind the institution up.
Source
newspapers
4. December 17, 1889 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank held large amount of Salmon River Paper Company paper; extensions elsewhere afforded no relief, producing insolvency and causing suspension/closure; examiner to be sent to wind up institution.
Newspaper Excerpt
The Third National Bank, of Malone, has closed its doors. Notice was posted that depositors would be paid in full. The suspension was not unexpected.
Source
newspapers
5. December 30, 1889 Receivership
Source
historical_nic

Newspaper Articles (9)
1. December 17, 1889 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, December 17, 1889

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Article Text

A National Bank Closes Its Doors. PLATTSBURG, N. Y., Dec. 17.-The Third National Bank, of Malone, has closed its doors. Notice was posted that depositors would be paid in full. The suspension was not unexpected. The bank held a large amount of the paper of the Salmon River Paper Company, and the extension accorded the company three months ago by Boston and New York parties anorded no relief to the bank. The Banking Department at Washington has been notified, and an examiner will be sent on to wind the institution up.

2. December 17, 1889 The Morning News Savannah, GA
Article from The Morning News, December 17, 1889

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Article Text

A BANK IN A HOLE. The Third National of Malone Forced to Suspend Payment. TROY. N. Y., Dec. 16.-The Third National Bank of Malone suspended payment to-day. This was caused by heavy losses sustained cheifly on account of the Salmon River Paper Company. The bank was organized about five years ago, with a capital of $50,000. The Salmon River Paper Company's paper was compromised at 5 per cent., payable in from one to four years, and amounted to about $30,000 all told. This, with a run on the bank this morning, forced the suspension.

3. December 17, 1889 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, December 17, 1889

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Article Text

A New York Bank Closes. PLATTSBURGH, N. Y., Dec. 17.-The Third National bank of Malone closed its doors yesterday. Notice was posted that depositors would be paid in full. The suspension was not unexpected. The bank will be wound up by the national treasury officials.

4. December 17, 1889 Evening Journal Wilmington, DE
Article from Evening Journal, December 17, 1889

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Article Text

A Bank Closes Its Doors. PLATTSBURG, N. Y., Dec. 17.-The Third National bank of Malone has closed its doors. Notice was posted that depositors would be paid in full. The suspension was not unexpected. The bank beld a large amount of the paper of the Salmon River Paper company, and the extension accorded the company three months ago by Boston and New York parties afforded no relief to the bank. The banking department at Washington has been notified, and an examiner will be sent on to wind the institution up.

5. December 17, 1889 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 17, 1889

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Article Text

Depositors Will Be Paid. PLATTSBURGH, N. Y., Dec. 16.--The Third National Bank of Malone closed its doors to-day. Notice was posted that depositors would be paid in full, The suspension was not unexpected. The bank held a judgment on the paper of the Salmon River Paper company. and the extension accorded the company three months ago by Boston and New York parties afforded no relief to the bank. The banking department at Washington has been notified, and an examiner will be sent on to wind the institution up.

6. December 17, 1889 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, December 17, 1889

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Article Text

Depositors Will Be Paid. PLATTSBURGH, N.Y., Dec. 16.-The Third National Bank of Malone closed its doors to-day. Notice was posted that depositors would be paid in full, The suspension was not unexpected. The bank held a judgment on the paper of the Salmon River Paper company. and the extension accorded the company three months ago by Boston and New York parties afforded no relief to the bank. The banking department at Washington has been notified, and an examiner will be sent on to wind the institution up.

7. December 19, 1889 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, December 19, 1889

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Article Text

A Bank Closes Its Doors. PLATTSBURGH, N. Y., Dec. 17.-The Third National Bank of Malone has closed its doors. Notice was posted that depositors would be paid in full. The suspension was not unexpected. The bank held a large amount of the paper of the Salmon River Paper company, and the extension accorded the company three months ago by Boston and New York parties afforded no relief to the bank. The banking department has been notified and an examiner will be sent on to wind up the institution.

8. December 20, 1889 Middlebury Register Middlebury, VT
Article from Middlebury Register, December 20, 1889

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Article Text

DOMESTIC. The bank of Richfield, Kansas, has suspended. The third national bank of Malone, N. Y., has suspended. E. N. Dickerson, the famous patent lawyer of New York, is dead. Hector C. Havemeyer of New York, the famous sugar refiner, died in Paris on Friday last. The Cornell university register for the current school year announces the number of students as 1318. Hog cholera is prevalent in Kansas. In Greenwood county alone the losses run up into the thousands. The influenza has broken out in New York. It is of the same sort as that making so much trouble in Europe. Three miners were buried at Ishpeming, Mich., Monday morning by a fall of ground at the Iron mountain mines. Kilrain's sentence at Purvis, Miss., for fighting with Sullivan was a fine of $200 and imprisonment for two months. He has appealed and given bonds. The time for holding the 24th national encampment of the G. A. R. at Boston has been fixed for the second week in August beginning with the parade on Tuesday, August 12. Shokokio Jugilli, a Japanese who stabbed and killed a fellow-countryman and was convicted last week of murder in the first degree, has been sentenced at New York to death by electricity during the week beginning February 3, 1890.

9. March 9, 1890 New-York Tribune New York, NY
Article from New-York Tribune, March 9, 1890

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Article Text

SETTLING AFFAIRS OF THE MALONE BANK. Troy, N. Y., March 8.-On March 15 the suspended Third National Bank of Malone will pay a dividend of 30 per cent on its indebtedness. It is thought that an assessment of 30 or 40 per cent will be made on the stock to meet the debts.