Naugatuck National Bank - Naugatuck, CT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3020
Charter Number: 3020
Start Date: January 1, 1931*
Location: Naugatuck, Connecticut (41.486, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 9cb53b67

Response Measures

None

Description

The bank suspended business/closed in 1931 and remained in receivership through 1935. Articles describe receiver's accounting and transfer of receivership to the State Bank Commissioner under the Culhane bill; no contemporaneous depositor run is described.

Events (4)

1. July 21, 1883 Chartered

Source: historical_nic

2. January 1, 1931* Suspension

Cause Details: Article states the bank suspended business in 1931 but does not give a clear cause in the provided excerpts.
Newspaper Excerpt: the closed bank, which suspended business in 1931
Source: newspapers

3. July 31, 1935 Receivership

Newspaper Excerpt: the receiver's final accounting shows the depositor of the closed bank ... The receiver's final accounting ... the Naugatuck National Bank ... when he ordered the affairs of the receiver, the Naugatuck National Bank, turned over to State Bank Commissioner Walter Perry.
Source: newspapers

4. August 9, 1935 Other

Newspaper Excerpt: Attorney William W. Gager and Attorney John F. McDonough, counsel for the receiver for the Naugatuck Bank & Trust Co. were allowed $3,000 fees for services rendered ... when he ordered the affairs of the receiver, the Naugatuck National Bank, turned over to State Bank Commissioner Walter Perry.
Source: newspapers

Newspaper Articles (3)

1. July 31, 1935 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, July 31, 1935

Click image to open full size in new tab

Article Text

NAUGATUCK BANK RULING DELAYED (Continued from Page 1) cision on these matters he will then name the successor to the Naugatuck National Bank as receiver. The Culhane bill provides that the state bank commissioner take over all banks in receivership in the state not later than October 1. In its motion asking permission to resign as receiver, the Naugatuck National Bank announces it is taking the action to assist the state bank commissioner in accordance with the provisions of the Culhane bill. The Gulhane bill is the measure introduced and successfully carried through the leg islature by State Senator George C. Culhane of Wtaerbury. First in the State The action of the Naugatuck National Bank in resigning is the first of its kind in the state. Other receivers in the state have taken similar action, but this morning's court hearing is the first to be held in the state. The receiver's final accounting shows the depositor of the closed bank, which suspended business in 1931, have received 75 per cent of their deposits and that most of the other accounts such as Christmas clubs and thrift accounts, have been paid.

2. August 9, 1935 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, August 9, 1935

Click image to open full size in new tab

Article Text

Attorney William W. Gager and Attorney John F. McDonough, counsel for the receiver for the Naugatuck Bank & Trust Co. were allowed $3,000 fees for services rendered, under a decision of Judge John Rufus Booth at New Haven yesterday, when he ordered the affairs of the receiver, the Naugatuck National Bank, turned over to State Bank Commissioner Walter Perry. The fees allowed yesterday, bring the total of counsel fees to $11,500 which both lawyers have received

3. August 9, 1935 The Waterbury Democrat Waterbury, CT

Click image to open full size in new tab

Article Text

Bank Receiver Given Allowance Of $12,500 Counsel Also Allowed Fees for Services-Naugatuck Bank Depositors May Receive 5% Dividend Attorney William W. Gager and since the Naugatuck Bank & Trust Attorney John F. McDonough, Co. closed in 1931. In addition, the counsel for the receiver for the receiver, the Naugatuck National Naugatuck Bank & Trust Co. were bank, was allowed additional fees allowed $3,000 fees for services of $12,500, making the total rendered, under a decision of Judge amount received by the receiver, John Rufus Booth at New Haven $24,000. yesterday, when he ordered the afJudge Booth states also that fairs of the receiver, the Naugathere is sufficient cash on hand to tuck National Bank, turned over to pay an additional 5 per cent diviState Bank Commissioner Walter dend to commercial and savings Perry. depositors. If this 5 per cent diviThe fees allowed yesterday, bring dend is paid it will make 90 per the total of counsel fees to $11,500 cent the depositors have received which both lawyers have received since the bank closed. The court so indicated that there is a possibility that depositors would reGOV. CURLEY IS ceive 100 per cent on the dollar. The court accepted the resignation of the receiver and of the reSTILL FAITHFUL ceiver's final account. It is among the first bank receiverships in the state to be turned over to the bank TO ROOSEVELT commissioner, in accordance with the provisions or the bill pushed through the legislature by State Mistakes and Faults Can Senator George Culhane of Waterbury. Judge Booth adopted similar Be Found But He Is action in the cases of two New Haven bank receiverships. Greatest Leader