Sixpenny Savings Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 1, 1870*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: d01af365

Response Measures

None

Description

Article (1900) refers to historical forced closure in the early 1870s due to betrayals of trust by officers (embezzlement/misconduct). No specific day/month given; classified as a suspension that resulted in permanent closure/receiver assignment.

Events (2)

1. January 1, 1870* Receivership

Newspaper Excerpt: In the early seventies several of these institutions were forced to close their doors on account of the shameless betrayals of trust on the part of the officers. Among these were the Mutual Benefit, the Sixpenny and the People's Savings banks.
Source: newspapers

2. January 1, 1870* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Shameless betrayals of trust by officers (embezzlement/misconduct) forced the bank to close.
Newspaper Excerpt: In the early seventies several of these institutions were forced to close their doors on account of the shameless betrayals of trust on the part of the officers. Among these were the Mutual Benefit, the Sixpenny and the People's Savings banks.
Source: newspapers

Newspaper Articles (1)

1. February 23, 1900 New-York Tribune New York, NY

Article from New-York Tribune, February 23, 1900

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Article Text

A BILLION IN ASSETS. It is clear from the annual reports filed at Albany that the savings banks of the Empire State flourished in 1899. Their total resources were increased nearly $37,000,000, and their surplus was enlarged by more than $5,000,000, reaching an aggregate of almost $112,000,000. More than a quarter of a billion dollars were deposited in twelve months, while the amount withdrawn was somewhat in excess of $217,000,000. The figures of the sums due depositors are impressive. On January 1, 1899, the total was $816,144,367. and on January 1, 1900, It was more than $70,000,000 larger, going up to $887,480,650. The total resources of the savings banks on January 1, 1900, expanded to the magnificent aggregate of $1,000,209,099. This is in truth a splendid showing, and the people of this city may well be gratified by the convincing proofs of the sound and able management of the savings banks in the various boroughs. In the early seventies several of these institutions were forced to close their doors on account of the shameless betrayals of trust on the part of the officers. Among these were the Mutual Benefit, the Sixpenny and the People's Savings banks. In the Tweed era the money of the poor was wickedly misused in a number of instances. Now our institutions for savings are SO conducted as to justify the faith in them which is felt so generally. Some of the depositors might be better pleased if they were getting higher rates of interest, but most of them are intelligent enough to understand the difficulties that lie in the way of investing the hundreds of millions which they have deposited in such securities as are safe and sure, and from which reasonable returns may be looked for without check or delay. Financial ability of a high order is constantly devoted to the watchful guardianship and the wise investment of the savings which are committed to the care of the many Boards of Trustees. The depositors have cause to be thankful.