Metropolitan Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: November 19, 1901
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e7083227

Response Measures

None

Description

Article states the Metropolitan Bank suspended on November 19 (1901) and wealthy Vanderbilts deposited funds to pay depositors in full, indicating the bank remained closed and was liquidated rather than reopening. Cause attributed to bank-specific failure/mismanagement.

Events (1)

1. November 19, 1901 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspension following the Metropolitan Bank's failure/financial embarrassment; management by Philip Vanderbilt Caesar and Jacob Vanderbilt implicated and prior liquidation steps had been taken previously (assets taken up by private advance).
Newspaper Excerpt: the Metropolitan Bank, which suspended on November 19.
Source: newspapers

Newspaper Articles (1)

1. December 22, 1901 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 22, 1901

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Article Text

ACOMA, Dec. 21:-George W. Vanderbilt, William K. Vanderbilt and Frederick W. Vanderbilt today deposited $509,000 in a New T York bank, subject to the order of Charles McNamee, their legal adviser and representative, who is now here. This money will be used in paying in full the depositors of the Metropolitan Bank, which suspended on November 19. This generous action on the part of the Vanderbilts results from a desire to keep the family name spotless in the business world. They had neither legal nor moral responsibility in the Metropolitan Bank failure. Their only connection with it lay in the fact that it was managed by Philip Vanderbilt Caesar and Jacob Vanderbilt, third and second cousins of the men who to-day advanced a half million dollars to pay off depositors. In May, 1898, George W. Vanderbilt personally advanced $500,000 under almost similar circumstances to liquidate the Metropolitan Savings Bank. He took the assets and has since realized something upon them, leaving his net loss about $300,000.