Central Savings Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 1, 1876
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 749ddbb1

Response Measures

None

Description

Articles (Feb and Apr 1876) report the Central Savings Bank under a receiver (Isaac T. Smith) with monthly reports and liabilities far exceeding assets. No run is mentioned; the bank is in receivership and appears closed permanently. 'Savings Bank' likely a state-chartered savings institution.

Events (2)

1. January 1, 1876 Receivership

Newspaper Excerpt: The assets, January 1, were:-Balance in cash in receiver's hands ... Liabilities ... amount to $12,919,950. Isaac T. Smith, receiver of the above bank, yesterday filed in the County Clerk's office his statement, showing that the liabilities, January 1, were $12,919 95, the assets $8,195, of which sum $3,629 30 was a claim against the Ocean National Bank, there being only $1,191.26 cash on hand to the bank. (Feb and Apr 1876 articles).
Source: newspapers

2. February 13, 1876 Suspension

Cause: Government Action
Cause Details: Bank placed in receivership (Isaac T. Smith) and filing receivers' reports; liabilities exceed assets.
Newspaper Excerpt: THE CENTRAL SAVINGS BANK. RECEIVER'S MONTHLY REPORT. The receiver of the Central Savings Bank, Mr. Isaac T. Smith, yesterday filed his monthly report ...
Source: newspapers

Newspaper Articles (2)

1. February 13, 1876 The New York Herald New York, NY

Article from The New York Herald, February 13, 1876

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Article Text

THE CENTRAL SAVINGS BANK. RECEIVER'S MONTHLY REPORT. The receiver of the Central Savings Bank, Mr. Isaac T. Smith, yesterday filed his monthly report in the County Clerk's office for the month of December, 1875. According to this statement the whole amount of receipts up to date is $10,135 42, of which $8,945 16 were disposed of in the following manner:Loan and interest to Mechanics and Traders' Savings Institution $3,039 12 First dividend to creditors (20 per cent) 3,102.96 Rent of banking room 1,281 50 Expenses of receivership 1,521 58 The assets, January 1, were:-Balance in cash in receiver's hands, subject to his commission and expenses, $1,190 26; amount due from receiver of Ocean Bank, $3,629 30, or a total of $4,819 56. Liabilities, which consist of depositors' and other creditors' claims, amount to $12,919,950.

2. April 22, 1876 The New York Herald New York, NY

Article from The New York Herald, April 22, 1876

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Article Text

THE CENTRAL SAVINGS BANK. Isaac T. Smith, receiver of the above bank, yester day filed in the County Clerk's office his statement, showing that the liabilities, January 1, were $12,919 95, the assets $8,195, of which sum $3,629 30 was a claim against the Ocean National Bank, there being only $1, 191 26 cash on hand 10 the bank.