Collinsville Savings Bank - Collinsville, CT

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: July 23, 1868
Location: Collinsville, Connecticut (41.813, -72.920)

Metadata

Model: gpt-5-mini
Short Digest: 15d3c924

Response Measures

None

Description

Articles (July 1868) report the Collinsville Savings Bank as suspended following large losses from the treasurer Seth P. Norton's defalcation and bad loans/expenses. No run is described; coverage treats this as a failure/suspension with likely permanent closure (article titled 'Failure of a Savings Bank').

Events (1)

1. July 23, 1868 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Defalcation by treasurer Seth P. Norton, plus losses from bad debts, expenses, uncollected interest; trustees charged depositors 24% to cover losses.
Newspaper Excerpt: the suspended Collinsville Savings Bank
Source: newspapers

Newspaper Articles (2)

1. July 25, 1868 The New York Herald New York, NY

Article from The New York Herald, July 25, 1868

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Article Text

# A SAVINGS BANK SMASH UP IN COLLINSVILLE, CONN. [From the Hartford Times, July 23.] Messrs. L. L. Holmes and J. G. Woodward, the special committee appointed by the Legislature to investigate the accounts of the suspended Collinsville Savings Bank, have made their report. The trustees last January voted to charge each depositor twenty-four per cent of the balance of his account in order to cover the losses sustalued by the operations of the Treasurer, the late Seth P. Norton, and to enable the bank to resume business. Maktug such charge the investigating committee figure out the bank's assets at $108,191 17 and its liabilities to depositors at $101,946 27, showing a nominal surplus of $6,244 30. Depositors, the committee think, may expect to get about eighty per cent-though this eighty per cent may be reduced by claims not yet presented or by fallure to collect some of the assets deemed good; or, if the society's claim on Norton's estate is ruled valid, a larger percentage may be expected. Norton's estate inventories not quite $15,000, and vand claims amounting to $4,000 have been presented against it. The bank has filed its claim for the whole amount of the deficiency; but it is unlikely to realize much. The report shows a very slipshod state of things in the management of the bank's accounts, Norton having had full swing; and what with his defalcation and the losses by bad debts, expenses, taxes, interest uncollected, &c. (these laiter amounting to $16,000, the bank's affairs make a sorry show.

2. July 25, 1868 The Evening Telegraph Philadelphia, PA

Article from The Evening Telegraph, July 25, 1868

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Article Text

Failure of a Savings Bank. From the Hartford Times, July 23. Messrs. L L. Holmes and J. G. Woodward, the Special Committee appointed by the Legislature to investigate the accounts of the suspended Collinsville Savings Bank, have made their report. The trustees voted last year to charge each depositor twenty-four per cent. of the balance of his account in order to cover the losses sustained by the operations of the Treasurer, the late Seth P. Norton, and to enable the bank to resume business. Making such charge the Investigating Committee figure out the bank's assets at $108,191 17, and its liabilities to depositors at $101,946 27, showing a nominal surplus of $6244.90. Deoositors, the Committee think, may expect to get about eighty per cent.-though this eighty per cent. may be reduced by claims not yet presented or by failure to collect some of the assets deemed good; or, if the society's claim on Norton's estate is ruled valid, a larger percentage may be expected. Norton's estate inventories not quite $15.000, and valid claims amounting to $4000 have been presented against it. The bank has filed its claim for the whole amount of the deficiency; but it is unlikely to realize much. The report shows a very slipshod state of things in the management of the bank's accounts, Norton having had full swing; and what with his defaleation and the losses by bad debts, expenses, taxes, interest uncollected, etc. (these latter amounting to $15,000), the bank's affairs make a sorry show.