New Britain Bank - New Britain, CT

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: *
Location: New Britain, Connecticut (41.661, -72.780)

Metadata

Model: gpt-5-mini
Short Digest: b3b8e4b3

Response Measures

Accommodated withdrawals

Description

Article (Waterbury Evening Democrat, 1908-07-23) describes a prior depositor drain tied to the flight of a defaulter (Walker). No suspension or closure is mentioned. Bank president advanced funds, guaranteed interest, and retained detectives and lawyers to recover the defaulter and securities. Date of the run is not explicitly given in the article; the piece references events around Walker's flight and capture (capture in prior December).

Events (1)

1. * Run

Cause: Bank Specific Adverse Info
Cause Details: Flight and defalcation by bank employee/defaulter William F. Walker led to heavy withdrawals by depositors
Measures: President Philip Corbin advanced personal funds, guaranteed 4% interest on deposits; bank retained Pinkerton detectives and lawyers to recover the defaulter and securities
Newspaper Excerpt: the bank at the time of Walker's flight had all it wanted to attend to in recuperating after the drain made by its depositors
Source: newspapers

Newspaper Articles (1)

1. July 23, 1908 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, July 23, 1908

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Article Text

AN EXPENSIVE LUXURY. Walker Has Cost New Britain Bank Big Money. New Britain, July 23.-When the expense which the capture and extradition of Walker has caused the bank and the state is figured out, it will be found to amount to thousands of dollars. It is estimated that the bank's share of it is more than $30,000, in addition to the reward to be given for the capture of the defaulter. President Philip Corbin has advanced the money out of his own pocket, as the bank at the time of Walker's flight had all it wanted to attend to in recuperating after the drain made by its depositors, and this estimate is made of the amount paid out by him by a friend. Mr Corbin also guaranteed at the time the payment of the 4 per cent interest on the deposits. For a time the bank had the full service of the Pinkerton detective agency at its command, in running down clues. Later, when the chances of the capture of Walker seemed to be remote, the expenses were curtailed, but as soon as the tip came from Consul Bailey, leading to the arrest at Ensenada, the detectives were at once set to work again on the case. Detective Hoffman. with a posse of men went into the mountainous Mexican region and scoured the country, finally capturing Walker by his campfire. That was the latter part of last December. Since then Detective Hoffman has been retained steadily at Ensenada, looking out for the bank's interest. Julius H. Pease was sent from here as some one had to identiy Walker and see what track, if any, of the securities could be obtained, and this made additional expense. In addition to the detective machinery, the bank retained able lawyers in its interests, the firm of Kirkham & Cooper of this city and Merrill & Rogers of New York. The bank was not obliged to bear any of the expense of extraditing Walker, this all falling on the state, and the unwinding of all the necessary red tape and retaining of Superintendent T. F. Egan there cost the state no small penny, it may be easily imagined. President Corbin will in due season be reimbursed by the bank for what he has advanced without a murmur. "Catch Walker" was his slogan, no matter what the cost, and no man probably will have more satisfaction in seeing Walker run down than Mr Corbin. Treasurer E. N. Stanley said that he had heard nothing further in regard to Walker. State's Attorney Hugh M. Alcorn received a telegram from Thomas F. Egan, superintendent of the state police saying that he is speeding on his way east with William F. Walker, the New Britain bank absconder.