1568. Greenwich Savings Bank (Greenwich, CT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 1, 1913*
Location: Greenwich, Connecticut (41.026, -73.628)

Metadata

Model: gpt-5-mini
Short Digest: 2c1f6238

Response Measures

None

Description

The bank was taken into the custody of the state bank commissioners late in 1913 (depositors' ledgers in tangled condition); this was a suspension rather than a depositor run. Subsequent reporting in 1914 discusses solvency and collection of bonds, but by summer 1914 the bank went into receivership (confirmed by a 1915 obituary noting the bank went into receivers' hands 'last summer'). Cause appears to be bank-specific adverse information (mismanagement/embezzlement and tangled ledgers).

Events (3)

1. December 1, 1913* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Commissioners found depositors' ledgers in tangled condition; could not verify deposits; suspected shortages and mismanagement (later arrest of bank bookkeeper on embezzlement charge).
Newspaper Excerpt: Late in the year we found the depositors' ledgers in the Greenwich Savings bank in such a tangled condition that we were unable to arrive at a correct total of its deposits... we deemed it best for all to close the institution and take possession of it until a thorough audit should reveal its exact condition.
Source: newspapers

2. March 20, 1914 Other

Newspaper Excerpt: GREENWICH BANK IS SOLVENT The depositors of the Greenwich Savings Bank have appointed a committee... The bank is solvent, and there is no question that the depositors will be paid one hundred cents on the dollar and interest in full. The shortage amounts to about $30,000, and the surplus to a sum in the neighborhood of $45,000.... the commissioners will collect $10,000 on the bond of the treasurer of the bank, and they have received about $1,500 from those who were benefitted by overdrafts.
Source: newspapers

3. July 1, 1914* Receivership

Newspaper Excerpt: Until last summer, when the bank went into the hands of a receiver, he had been cashier for forty years. Mr. Ferris was arrested, but later his case was nolled.
Source: newspapers

Newspaper Articles (7)

1. January 15, 1914 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, January 15, 1914

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bank commissioners, Fred P. The and Norris S. Lippitt, have governor just Holt in the hands of the savings placed annual report, covering savings their trust companies having 1913, departments banks, both as of Oct. statements 1, with the annual companies, together of the state banks and trust close of their condition at the date of business showing on Aug. 9, 1913, the the last call. 3 1-3 Per Cent. Gain. total amount on deposit in all The banks under the jurisdiction was of the this department on Oct. 1, 1912, 1913. was $344,994,319.37, and on Oct. 1. $356,870,739.05, a gain of $11,876,419.68, 3 1-3 per cent. in total deposits, the or which shows a healthy condition, report says. Regarding Banks Closed. Regarding financial institutions towards which the bank commissionhave found it necessary to exercise et's their powers in restraining continuance reof business, the commissioners port: The Windham County Savings bank, which was under a restraining order at the time of our last annual report, the continued in this condition until time when, acting with the approval to of the attorney general, we asked have a receiver appointed to wind up in its affairs. The case was delayed the court, not coming to trial until the Sept. 22. 1913. During the trial counsel for the bank offered to bring about an immediate and complete change in the management of the dis- institution and we were glad to continue the suit and thus save This the institution to the community, change in management has taken place. We are, therefore, gratified to report that the outlook for this bank is very bright. Greenwich Savings Bank. Late in the year we found the depositors' ledgers in the Greenwich Savings bank in such a tangled condition that we were unable to arrive at a correct total of its deposits. Under these circumstances we could not have allowed a dividend to be declared in January. We realized that, if the dividend were passed and heavy withdrawals made, an injustice would be done to as failed to It best for all to close the such therefore. We deemed depositors institution concerned, withdraw. thorough and take possession of it until a audit should reveal its exact condition. This audit is now being made by com- be petent accountants. We hope to able to report the bank solvent and return it to its directors in a few weeks. Thames Loan and Trust. The Thames Loan and Trust comof Norwich was closed on our motion pany on April 16th. Later a receiver was appointed who is now settling its affairs. Its condition had given us much concern for a considerable period before it seemed necessary to close it. In accordance with Chapter 79, Public Acts 1913, we notified the Columbia Trust company of Middletown on May 28th that an impairment of its capital must be made good by August 1. 1913. On August 2d, the trustees voted to terminate its corporate existence and it is now being liquidated under authority of the superior court. Putnam Savings Bank, On December 29th the assets of the Putnam Savings bank were found to be insufficient to meet its liabilities so that we, acting in concert with the counsel of the bank, issued an order restraining the bank from receiving deposits or paying out funds. The bank has an earning power of approximately $120,000 gross per annum. We hope, therefore, that it will be able to resume before any serious inconvenience results. Under former conditions the powers of the commissioners were exceedingly limited, but the legislature of 1913 extended their powers to a degree where it has been found possible to remedy intolerable conditions. It is a source of regret that for the protection of the depositors we have found it necessary to use these powers

2. March 12, 1914 Belington Progressive Belington, WV

Article from Belington Progressive, March 12, 1914

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3. March 13, 1914 The Penn's Grove Record Penns Grove, NJ

Article from The Penn's Grove Record, March 13, 1914

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General An earthquake was reported at Fairbanks, Alaska. The Giants and White Sox, baseball tourists, arrived in New York. A special election for a United States Senator from Alabama will- be held May 11. Fearing blindness, August P. Heyne, 51 years old, an architect, of Newark, committed suicide. According to police figures there are 49,617 unemployed men in Chicago. Reports from south Florida indicate that the vegetable crops were injured from 50 to 75 per cent. by the recent frost. William S. West, a wealthy lumberman of Georgia, was sworn in as senator to serve until the election in October. Claude Anderson, cashier of the Mercantile Bank of Memphis, Tenn., which recently closed its doors, was indicted on five counts. William E. Kelly, president of the National Letter Carriers' Association, will be the new postmaster at Brooklyn. C. L. Brown, agent for the Adams Express Co., at Farmington, Ill., was arrested charged with the embezzlement of $6,400. Assemblyman Law of New York introduced a bill appropriating $350,000 to pay for the State's share of eliminating grade crossings. The Merchants' Association of New York will guarantee $24,000 in receipts If the next Army-Navy football game is played in the metropolis. An anti-tipping bill was introduced in the New York Legislature. It makes it a misdemeanor for anyone to accept, promise, offer or receive a tip. Chas. Black, 17 years old, of Jersey City, was awarded $18,000 for injuries received when a wagon on which he was sitting was struck by a New Jersey Central train. P. M. Daniels, a New York realestate dealer, was sentenced to five months in the penitentiary and fined $500 on a charge of selling lots under false pretenses. William Ferris, bookkeeper of the Greenwich Savings Bank, of Greenwich, Conn., which suspended last December, was arrested on a charge of embezzlement and held in $5,000 bail. Schools, churches and moving picture shows at Florence, N. J., where 12 persons are dead from an epidemic of scarlet fever, were ordered closed. Cornelius Greenleaf, an undertaker of Englewood, N. J., telephoned to New York for a coffin for an infant. It arrived by parcel post, costing 18 cents. The steamer Cameronia of the Anchor line arrived in New York with 27 honeymoon couples from Scotland. The unemployed in Milwaukee number 7,000, according to a census taken by the police. The will of Jacob Friday, liquor dealer, of Pittsburgh, bequeathing an estate of $500,000, stipulates that any beneficiary engaging in liquor trade shall forfeit all claim. Sentence was suspended in the case of Samuel H. London and Henry C. Bohn, of New York, convicted of producing "The Inside of the White Slave Traffic." Because of a new state law, providing for the guarantee of deposits, the Mississippi State Bank, of Canton, capitalized at $100,000 and with deposits of $400,000, closed its doors. Bishop Lawrence of the Episcopal diocese of Massachuetts, has issued an appeal to have the collectors in the churches watched and wants the money counted in the vestries. "General" Kelley's army of unemployed were routed by 300 deputy sheriffs armed with pick handles when they attempted to cross the Southern Pacific's right of way at

4. March 13, 1914 Putnam Patriot Putnam, CT

Article from Putnam Patriot, March 13, 1914

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Editorial Scraps An earthquake was reported at Fair banks, Alaska. The Grants and White Sox, baseball tourists, arrived in New York. A special election for a United States Senator from Alabama will be held May 11. F aring blindness, August P. Heyne, 51 years old, an architect, of Newark, committed suicide. According to police figures there are 49,617 unamployed men in Chicago. Reports from south Florida indicate that the vegetable crops were injured from 50 to 75 per cent. by the recent frost. William S. West, a wealthy lumber man of Georgia, was sworn in as senator to serve until the election in October. Claude Anderson, cashier of the Mercantile Bank of Memphis, Tenn., which recently closed its doors, was indicted on five counts. William E. Kelly, president of the National Letter Carriers' Association, will be the new postmaster at Brooklyn. C. L. Brown, agent for the Adams Express Co., at Farmington, III., was arrested charged with the embezzlement of $6,400. Assemblyman Law of New York in troduced a bill appropriating $350,000 to pay for the State's share of eliminating grade crossings. The Merchants' Association of New York will guarantee $24,000 in receipts If the next Army-Navy football game is played in the metropolis. 1 An anti-tipping bill was introduced in the New York Legislature. It makes it a misdemeanor for anyone to accept, promise, offer or receive a tip. 1 Chas. Black, 17 years old. of Jersey City, was awarded $18,000 for injuries received when a wagon on which he was sitting was struck by a New Jersey Central train. - P. M. Daniels, a New York realestate dealer, was sentenced to five months in the penitentiary and fined $500 on a charge of selling lots under false pretenses. William Ferris, bookkeeper of the Greenwich Savings Bank, of Greenwich, Conn., which suspended last December, was arrested on a charge of embezzlement and held in $5,000 bail. Schools, churches and moving picture shows at Florence, N. J., where 12 persons are dead from an epidemic of scarlet fever, were ordered closed. Cornelius Greenleaf, an undertaker of Englewood. N. J., telephoned to New York for a coffin for an infant. It arrived by parcel post, costing 18 cents. The steamer Cameronia of the Anchor line arrived in New York with 27 honeymoon couples from Scotland. The unemployed in Milwaukee number 7,000, according to a eensus taken by the police. The will of Jacob Friday, liquor dealer, of Pittsburgh, bequeathing an estate of $500,000. stipulates that any beneficiary engaging in liquor trade shall forfeit all claim. Sentence was suspended in the case of Samuel H. London and Henry C. Bohn, of New York, convicted of producing "The Inside of the White Slave Traffic." Immediately following the recovery of the body of the American ranchman, Clemente Vergara, the first straight-out declaration in favor of armed intervention in Mexico, was heard in the Senate from Senator Albert B. Fall, Republican, of New Mexico. Champ Clark celebrated his 64th birthday. Representative Kinkead of New Jersey was named by President Wilson for postmaster at Jersey City, The House passed the Rocher bill, prohibiting the shipping of convictmade goods in interstate commerce. Norman Gaynor, youngest son of the late mayor of New York, is to be married April 16 to Miss Elizabeth B. Page, of Fairfax, Va. Mrs. Woodrow Wilson has emphatically denied the reported engagement of Miss Eleanor Wilson to Secretary of the Treasury McAdoo. Dudley Field Malone, collector of the port of New York, and his wife, will spend two weeks in the West Indies. Mrs. Ann Bowe is dead at Woburn, Mass., at the age of 103. Lieut. Col. Chebaieff, chief of the St. Petersburg police, was shot and killed in his office by Lieut. Ivanoff, who then tried to commit suicide. Frederick Townsend Martin, social leader, brother of Bradley Martin and uncle of the Countess of Craven, well known to the society of all capitals, author of "The Passing of the Idle Rich died in London.

5. March 13, 1914 The Olneyville Times Providence, RI

Article from The Olneyville Times, March 13, 1914

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General An earthquake was reported at Fairbanks, Alaska. The Giants and White Sox, baseball tourists, arrived in New York. The Missouri, Kansas & Texas will soon begin construction of the new $1,000,000 terminal for San Antonio. A special election for a United States Senator from Alabama will be held May 11. Fearing blindness, August P. Heyne, 51 years old, an architect, of Newark, committed suicide. According to police figures there are 49,617 unemployed men in Chicago. The Louisville & Nashville Railroad announced it will reduce its passenger fares in Kentucky from 3 to 2½ cents a mile, before May 1. Reports from south Florida indicate that the vegetable crops were injured from 50 to 75 per cent. by the recent frost. William E. Kelly, president of the National Letter Carriers' Association, will be the new postmaster at Brooklyn. C. L. Brown, agent for the Adams Express Co., at Farmington, III., was arrested charged with the embezzlement of $6,400. Assemblyman Law of New York introduced a bill appropriating $350,000 to pay for the State's share of eliminating grade crossings. The Merchants' Association of New York will guarantee $24,000 in receipts If the next Army-Navy football game is played in the metropolis. An anti-tipping bill was introduced in the New York Legislature. It makes it a misdemeanor for anyone to accept, promise, offer or receive a tip. Chas. Black, 17 years old, of Jersey City, was awarded $18,000 for injuries received when a wagon on which he was sitting was struck by a New Jersey Central train. P. M. Daniels, a New York realestate dealer, was sentenced to five months in the penitentiary and fined $500 on a charge of selling lots under false pretenses. William Ferris, bookkeeper of the Greenwich Savings Bank, of Greenwich, Conn., which suspended last December, was arrested on a charge of embezzlement and held in $5,000 bail. Diplomatic and Congressional circles had a sensation when it became known that John Bassett Moore, the distinguished authority on international law and diplomacy, had resigned from the office of Counsellor of the State Department. When a slight fire started in the High School at Worcester, Mass., the 700 pupils got out in 1% minutes. William J. Kelly, president of the National Letter Carriers' Association, has been recommended for appointment as postmaster of Brooklyn. Colonel Nelson O'Shaughnessy, 71 years old, father of the American Charge d'Affaires in Mexico, died of pneumonia in his home in New York. The Navy Department announced the r ecognition of the new government in Hayti. All American warships that have been in that vicinity have been withdrawn.

6. March 20, 1914 The Bridgeport Evening Farmer Bridgeport, CT

Article from The Bridgeport Evening Farmer, March 20, 1914

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Fairfield County News GREENWICH BANK IS SOLVENT The depositors of the Greenwich Savings Bank have appointed a committee to look after their interests, and to find out when they will be able to withdraw their deposits if they feel so disposed. The bank is solvent, and there is ne question that the depositors will be paid one hundred cents on the dollar and intérest in full. The shortage amounts to about $30,000, and the surplus to a sum in the neighborhood of $45,000. In addition to this, the commissioners will collect $10,000 on the bond of the treasurer of the bank, and they have received about $1,500 from those who were benefitted by ever-drafts. Receiver of Hat Companies. Judge Thomas in the United States District Court has appointed M. T. Cuff of New York, permanent receiver of two Danbury hat concerns: S. Hawes, Von Gal, Incorporated, and the E. J. Von Gal Hat company. Mr. Cuff has been acting as temporary receiver. Considerable opposition to his appointment developed at the hearing. The total indebtedness of the two companies is $250,000. Mr. Cuff's bond was fixed at $75,000. Miss Smith's Public Bequests. The will of Miss Maria C. Smith of Stamford, has been offered for probate. The estimated value of the estate is $28,000. Three public bequests are made, one of $3,000 to the Astorville, N.C., farm school for a scholarship; $1,000 to help make a happy Christmas for the students in that school, and $1,000 to the Stamford Presbyterian church, the income to be used by the Woman's Home Missionary society. The residue of the estate goes to three nieces. Grants Three Divorces. Three decrees of divorce were granted by Judge Burpee, in the superior court, at Danbury, Wednesday, in uncontested cases. In one the parties only lived together two weeks. This was the action of Isabel Kouhoupt vs. Frederick Kouhoupt. The bride was only fifteen years of age when she ventured on the seas of matrimony on December 31, 1908. The couple lived together just two weeks when the husband deserted. The decree was granted on the grounds of desertion and non-support and the plaintiff allowed to change her name to Isabel Seaman. Nettie Riley, of Redding, was granted a divorce from Joseph Riley, of Ridgefield. The couple were married on May 8, 1900 and the husband deserted the following December. The decree was granted on the ground of de-

7. May 5, 1915 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, May 5, 1915

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OBITUARY, William F. Ferris. Greenwich, Conn., May 4.-William F. Ferris, former treasurer of the Greenwich Savings bank, died today in the Greenwich hospital after a long illness, aged 65. Until last summer, when the bank went into the hands of a receiver, he had been cashier for forty years. Mr. Ferris was arrested, but later his case was nolled.