15228. First National Bank (Mechanicville, NY)

View Charter #3171 on SPMC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3171
Charter Number: 3171
Start Date: February 26, 1931
Location: Mechanicville, New York (42.903, -73.687)

Metadata

Model: gpt-5-mini
Short Digest: c6f6f308

Response Measures

Accommodated withdrawals

Receivership Details

Depositor recovery rate: 72.7%
Date receivership started: 1931-07-09
Date receivership terminated: 1937-08-24
Share of assets assessed as good: 35.8%
Share of assets assessed as doubtful: 62.8%
Share of assets assessed as worthless: 1.3%

Description

Newspaper accounts (Feb 26, 1931) report a 'freak' run caused by a depositor misinterpreting a foreclosure notice. Later coverage (Aug 10, 1931) indicates the First National Bank remained closed (reference to closure in June), suggesting the bank suspended and remained closed. OCR errors corrected (e.g., 'Mechanicsville' -> Mechanicville). The June suspension date is inferred from the Aug article mentioning closure since June; no exact day given.

Events (4)

1. May 1, 1884 Chartered

Source: historical_nic

2. February 26, 1931 Run

Cause: Rumor Or Misinformation
Cause Details: Depositors misinterpreted a foreclosure announcement posted near the bank as meaning the bank would close, triggering withdrawals.
Random Run: Yes
Random Run Snippet: Depositors misinterpreted foreclosure notice as bank closing; false rumor
Measures: Bank officials characterized the withdrawal as a 'freak' and assured the public the bank was in sound condition; no special suspension or formal measures reported in these accounts.
Newspaper Excerpt: Nearly 200 depositors, mistaking a foreclosure announcement for a statement that the First National Bank of Mechanicville would close, withdrew their savings in wild scramble yesterday.
Source: newspapers

3. June 1, 1931* Suspension

Cause Details: Article (Aug 10, 1931) states the bank remained closed and references the bank being closed in June; the exact trigger for suspension is not specified in the text provided.
Newspaper Excerpt: That institution remains closed and its affairs ... The National Bank on June ... That institution remains closed
Source: newspapers

4. July 9, 1931 Receivership

Source: historical_nic

Newspaper Articles (6)

1. February 26, 1931 The Washington Daily News Washington, DC

Article from The Washington Daily News, February 26, 1931

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Article Text

(Turn to Page 2) SIGN IN FIELD IS THE CAUSE OF FREAK RUN ON BANK By United Press MECHANICVILLE, N. Y.-Nearly 200 depositors, mistaking a foreclosure announcement for a statement that the First National Bank of Mechanicville wou'd close, withdrew their savings in wild seramble yesterday. The announcement, displayed on a lot near the bank, said that the bank was foreclosing on the property of Gilbert de Luccia. Apparently a depositor misinterpreted it and spread the news to others, bank officials said.

2. February 26, 1931 Press and Sun-Bulletin Binghamton, NY

Article from Press and Sun-Bulletin, February 26, 1931

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Article Text

Misinterpreted Notice Starts "Freak" Run on Bank in Mechanicville Mechanicville, Feb. (United 200 depositors, mis taking foreclosure for statement that the First tional Bank of withdrew their savings in scramble yesterday displayed on lot the said that the on the property Gilbert positor and spread news to others, bank officials Robert Moore, characterized withdrawal He said the bank is in condition

3. February 26, 1931 The Daily Times Mamaroneck, NY

Article from The Daily Times, February 26, 1931

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Article Text

False Rumor Causes Run On Mechanicville Bank 200 mistaking foreclosure ment that the First National Bank would close, withdrew their savings wild yesterday The displayed lot near the bank. said that the bank the property Gilbert De Luccia Apparently depositor misinterpreted and spread the news to bank ficials Robert cashier, terized the withdrawal as He said the bank is sound dition.

4. February 26, 1931 The Buffalo News Buffalo, NY

Article from The Buffalo News, February 26, 1931

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Article Text

RUN ON MECHANICSVILLE BANK IS CALLED "FREAK" MECHANICSVILLE N Y., Feb. 26 200 mistaking for statement that the First National Bank Mechanicsville withdrew their in wild scramble yesterday The announcement. on near the bank. said that the bank on the propof Gilbert De Luccia. Apparently it spread the to others, bank officials Robert C. Moore cashier. characterized the withdrawal as "freak. He said the bank in sound dition.

5. February 27, 1931 The Buffalo News Buffalo, NY

Article from The Buffalo News, February 27, 1931

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Article Text

RUN ON MECHANICSVILLE BANK IS CALLED "FREAK" MECHANICSVILLE N. Y., Feb. 26 200 mistaking announcement for statement that the First National Bank Mechanicsville would close. withdrew their savings in scramble yesterday The announcement displayed on a lot near the bank. said that the bank was the property of Gilbert De Luccia Apparently and spread the news to others, bank officials said Robert Moore cashier, characterized the withdrawal as "freak He said the bank is in sound condition.

6. August 10, 1931 The Bennington Evening Banner Bennington, VT

Article from The Bennington Evening Banner, August 10, 1931

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Article Text

RUN ON BANK IN MECHANICVILLE Second Demand by Depositors Keeps Hot Foot the in front The up 12 custom Most interest withdres from a as as and $6000 frequent violated own in The money night from the thought the of the them that and The when The earlier began morning and lasted 45 in the hour Bank to reveal persons had how had been withdrawn believed to have been The by persons recognized A M started Douglas federal rived the bank Friday periodic of the books Douglas face become residents of with the ing of the National Bank on June That institution remains closed and its affairs of Ref Pardon C Rickey from depositors of deposit the First National Bank with figures on the There that bank may be and ready to reopen within three