Danbury National Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 943
Charter Number: 943
Start Date: December 8, 1921
Location: Danbury, Connecticut (41.395, -73.454)

Metadata

Model: gpt-5-mini
Short Digest: 2b58ecb4

Response Measures

None

Description

No run is described. In 1933 the Danbury National did not open immediately after the national banking moratorium; a federal conservator was named and the bank was reorganized. Article 1933-06-28 reports a later embezzlement conviction of the former cashier tied to the reorganization. Earlier 1921 articles mention the bank acting as receiver for a local hat company (not a bank failure). Dates: suspension tied to the March 1933 banking moratorium; exact suspension/reopening dates not stated in the clipping.

Events (3)

1. December 8, 1921 Other

Newspaper Excerpt: Judge Frank D. Haines appointed the Danbury National Bank receiver of the Von Gal Hat Co., of this city. This is said to be the first time in this county and perhaps in Connecticut that a national bank has been made receiver of a manufacturing concern.
Source: newspapers

2. January 1, 1933* Reopening

Newspaper Excerpt: He and John McCarthy, former president of the bank, were arrested last spring after the bank was reorganised. The Danbury National was one of the few in the state which did not open immediately after the banking moratorium was lifted. A federal conservator was named, and reorganization followed. (Waterbury Democrat, 1933-06-28).
Source: newspapers

3. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Did not reopen immediately after the 1933 national banking moratorium/banking holiday; federal conservator appointed and reorganization followed.
Newspaper Excerpt: The Danbury National was one of the few in the state which did not open immediately after the banking moratorium was lifted. A federal conservator was named, and reorganization followed.
Source: newspapers

Newspaper Articles (3)

1. December 8, 1921 New Britain Herald New Britain, CT

Article from New Britain Herald, December 8, 1921

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Article Text

BANK IS RECEIVER Danbury Institution To Take Charge Of Affairs of Von Gal Hat Co. Danbury, Dec. 8.-In the superior court in Bridgeport yesterday Judge Frank D. Haines appointed the Danbury National Bank receiver of the Von Gal Hat Co., of this city. This is said to be the first time in this county and perhaps in Connecticut that a national bank has been made receiver of a manufacturing concern. High costs of material and the great decline in prices following the war are said to be responsible for the hat company's difficulties. It is expected to continue the business with practically no interruption, as the concern has many orders upon its books. The factory employs about 300 operatives

2. December 9, 1921 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, December 9, 1921

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Article Text

In the superior court in Bridgeport Judge Frank D: Haines appointed the Danbury National bank receiver of the von Cal Hat company of Danbury. -

3. June 28, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, June 28, 1933

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Article Text

DANBURY BANK CASHIER MADE PLEA OF GUILTY Hartford, Conn, June 28-(UP) -Fred C. Brown. former town treasurer and cashier of the Danbury National Bank, today was under a suspended sentence of a year and a day in Lewisburg, Pa., prison, following his plea of guiltv to a charge of embezzlement. He also was ordered to pay a fine of $500 and was placed on probation for two years. Brown entered his plea in federal court here after a true bill was returned against him. He and John McCarthy. former president of the bank. were arrested last spring after the bank was reorganised. The Danbury National was one of the few in the state which Cid not open immediately after the banking moratorium was lifted. A federal conservator was named, and reorganization followed. Brown was charged with embezzlement on two counts. On one he allegedly misrepresented funds amounting to $216,000. The other covered an alleged illegal entry on the books in eference to the $216,000.