Manufacturers National Bank - Mechanicville, NY

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5037
Charter Number: 5037
Start Date: August 8, 1931
Location: Mechanicville, New York (42.903, -73.687)

Metadata

Model: gpt-5-mini
Short Digest: 9d04e807

Response Measures

Full suspension

Other: Receiver appointed after directors voted not to open following run.

Receivership Details

Depositor recovery rate: 79.6%
Date receivership started: 1931-08-10
Date receivership terminated: 1938-08-30
OCC cause of failure: Governance
Share of assets assessed as good: 46.9%
Share of assets assessed as doubtful: 49.0%
Share of assets assessed as worthless: 4.0%

Description

OCR in article shows Manufactures National bank — corrected to Manufacturers National Bank (matches provided bank). Article states a run occurred Saturday, directors did not open the bank the following day, and a receiver was appointed Aug 11, 1931. No specific cause for the run is given in the text.

Events (5)

1. April 16, 1896 Chartered

Source: historical_nic

2. August 8, 1931 Run

Cause Details: Article gives no specific trigger; simply reports a run occurred on Saturday.
Newspaper Excerpt: which by vote of its directors did not open yesterday after a run Saturday
Source: newspapers

3. August 10, 1931 Receivership

Source: historical_nic

4. August 10, 1931 Suspension

Cause Details: Directors voted not to open following the run (temporary suspension of payments/operations).
Newspaper Excerpt: which by vote of its directors did not open yesterday after a run Saturday
Source: newspapers

5. August 11, 1931 Receivership

Newspaper Excerpt: Pardon Rickey of Washington was named today for the Manufactures National bank
Source: newspapers

Newspaper Articles (1)

1. August 12, 1931 The Buffalo News Buffalo, NY

Article from The Buffalo News, August 12, 1931

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Article Text

MECHANICVILLE BANK RECEIVER APPOINTED MECHANICVILLE N. Aug 11 AP -Pardon Rickey of Washington. was named today for the Manufactures National bank, which by vote of its directors did not open yesterday after a run Saturday Mr Rickey also is for the First National bank of Meany hile business and city officials were to determine what can be done about the city's virtually bankless plight Last night they asked Troy bank to estabHsh branch their city but were informed such action would be contrary to the banking CZECHS ACT TO MAINTAIN PRICES Bureau the BUFFALO EVENING NEWS fort to declining prices and out an end to excessive competition. enterprises operating 31 porcelain and employing ap13,000 recently entered into general sales agreement to regulate prices, according the Commerce department N. Y. BANK STOCKS Securities by Auction A. J. WRIGHT & 00. New York Stock Exchange AUCTION DEPARTMENT offices ERIE COUNTY BANK BUILDING FOR ACCOUNT WHOM IT MAY CONCERN NEW YORK Aug. 11 Over the New York nabanks and trust follow NATIONAL BANKS Bid Asked 62% Phenix 230 First National TRUST COMPANIES Corn Exchange Empire 123 New York Trust 138 GASOLINE RAISED TO CENTS OKLAHOMA CITY. Okla Aug 11 U. Continental Oil company yesterday posted wholesale price of four cents gallon for motor gasoline, fractional advance.