1623. Merchants Bank (Alexandria, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1821*
Location
Alexandria, District of Columbia (38.811, -77.047)

Metadata

Model
gpt-5-mini
Short Digest
0764e7a69a14b716

Response Measures

None

Description

Articles (Apr–May 1822) refer to the 'late Merchants' Bank of Alexandria', a chancery suit and trustees (Swann, Auld, Lee) ordered to sell the bank's property and bring proceeds into court. This indicates the bank had been assigned/placed in trusteeship (receiver-like) and is being wound up. No contemporaneous run is described. Dates reference November Term, 1821 and orders from 13 May 1819; the sale notices appear in spring 1822.

Events (2)
1. November 1, 1821* Suspension
Cause Details
Bank placed in trusteeship/assignment under deed of trust and subject of chancery suit (creditors' claims); implies failure/insolvency leading to suspension/assignment
Newspaper Excerpt
IN CHANCERY...the Merchants Bank of Alexandria...the said trustees do, after making said sale, report to this court a full account of all their transactions under the said deed of trust
Source
newspapers
2. May 23, 1822 Receivership
Newspaper Excerpt
we shall sell, by public auction, all the property, debts and effects conveyed to, or in any manner vested in us as trustees of the late Merchants' Bank of Alexandria...THOS. SWANN, Trustees. EDM. I. LEE, COLIN AULD, Swann aprl 4
Source
newspapers

Newspaper Articles (3)
1. April 5, 1822 The Alexandria Herald Alexandria, VA
Article from The Alexandria Herald, April 5, 1822

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Article Text

DISTRICT OF COLUMBIA, Alexandria County, to wit : November Term, 1821, 31st day. IN CHANCERY. Romulus Riggs and others—COMPLAINANTS. against Thomas Swann, Colin Auld, and Edmund I. Lee, and the Merchants Bank of Alexandria, and others—DEFENDANTS. The defendants, the Mechanics' Bank of Alexandria, the Bank of Washington, the Bank of the Metropolis, the Patriotic Bank, and the Central Bank of Georgetown and Washington, appeared, by Walter Jones, their solicitor, and by consent of the plaintiffs, and of the several defendants to this suit, including the Banks in the Bill named, as claiming preference, it is ordered, That the trustees, Swann, Auld, and Lee, do proceed to make sale of all the property, debts and effects, claimed or held by them as trustees under the said assignment in the bill mentioned, or which may, in any manner, have arisen from the property and effects so assigned, upon the terms and in the manner provided in the order made in this cause on the thirteenth day of May, 1819; and that they bring the proceeds thereof into court, to be subject to their final order and decree, as directed by said order. It is further ordered, That the said trustees do, after making said sale, report to this Court a full account of all their transactions under the said deed of trust, shewing the nett amount of disposable funds remaining in their hands subject to the trusts declared by said deed; and shewing also the amount of claims made upon them by creditors of said Bank, and stating, as far as may be in their power, the validity of such claims. And this suit abates as to James H. Dulany, by his death, and is dismissed as to John A. Stewart; (A copy.) Teste. EDM. I. LEE, C. C.

2. May 23, 1822 The Alexandria Gazette Alexandria, VA
Article from The Alexandria Gazette, May 23, 1822

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Article Text

District of Columbia, Alexanaria County, to wit: November Term, 1821, 31st day. IN CHANCERY. Romulus Riggs & others -Complainants. AGAINST Thomas Swann, Colin Auld, and Edmund 1. Lee, and the Merchants Bank of Alexandria, and others-Defendants. The defendants, the Mecbanics Bank of Alexandria, the Bank of Washington, the Bank of the Metropolis, the Patriotic Bank, and the Central Bank of Georgetown and Wasbington, appeared, by Walter Jones, their solicitor, and by consent of the plaintiffs, and of the .several defendants to this suit, including the Banks in the bill named, as claiming preference, it is ordered, That the trustees, Swann, Auld and Lee, do proceed to make sale of all the property, debts and effects, claimed or held by them as trustees under the said assignment in the bill mentioned, or which may, in any manner, have arisen from the property and effects so assigned, upon the terms and in the manner provided in the order made in this cause on the of 1819; and that thev the thereof bring 13th day proceeds May, final order into and court, decree, to be subject to their as directed by said order. It is further ordered, That the said trustees do, after making said sale, report to this court a full account of all their transactions under the said deed of trust, shewing the nelt amount funds remaining in 'their to the trusts hands of disposable subject also declared the amount by said deed, and shewing of claims made upon them by creditors of said Bank, and stating, as far as may be in their power, the validity of such claims. And this suit abates as to James H. Dulany, by his death, and is dismissed as to John A. Stewart. (A copy.) Teste. EDM. I. LEE, C.C pursuance of the foregoing order, and IN of the order of 13th May, 1819, therein mentioned, at the merchants' Coffee town of on the day ten turday House, in the first of Alexandria, June next, at Soio'clock, A. M. we shall sell, by public auction, all the property, debts and effects conveyed to, or in any manner vested in us as trustees of the late Merchants' Bank of Alexandria-one fourth part of the purchase money to be paid in cash, and the residue in three equal instalments at 6, 12 and 18 montsh, to be secured by such good and sufficient personal security, with a reserved hen upon the premises, as we shall deem safe. THOS, SWANN, Trustees. EDM I. LEE, COLIN AULD, 8w april 4

3. May 30, 1822 The Alexandria Gazette Alexandria, VA
Article from The Alexandria Gazette, May 30, 1822

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Article Text

District of Columbia, Alexanaria County, to wit: November Term, 1821, 31st day. IN CHANCERY. Romulus Riggs & others -Complainants, AGAINST Thomas Swann, Colin Auld, and Edmutid J. Lee, and the Merchants Bank of Alexandria, and others-Defendants. The defendants, the Mechanics Bank of Alexandria, the Bank of Washington, the Bank of the Metropolis the Patriotic Bank, and the Central Bank of Georgetown and Washington, appeared, by Walter Jones, their solicitor, and by consent of the plaintiffs, and of the several defendants to this suit, including the Banks in the bill named, as claiming preference, it is ordered, That the trustees, Swann, Auld and Lee, do proceed to make sale of all the property, debts and effects, claimed or held by them as trustees under the said assignment in the bill inentioned, or which may, in any manner, have arisen from the property and effects so assigned, upon the terms and in the manner provided in the order made in this cause on the 13th day of May, 1819; and that they bring the proceeds thereof into court, to be subject to their final order and decree, as directed by said order. It is further ordered, That the said trustees do, after making said sale, report to this court a full account of all their transactions under the said deed of trust, shewing the nett amount of disposable funds remaining in their hands subject to the trusts declared by said deed, and shewing also the amount of claims made upon them by creditors of said Bank, and stating, as far as may be in their power, the validity of such claims. And this suit abates as to James H. Dulany, by his death, and is dismissed as to John A. Stewart. (A copy.) Teste. EDM. I. LEE, С. С.