Union Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 10, 1908
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e9b99204

Response Measures

None

Description

Article (Evening World, 1908-02-12) reports the Union Bank suspension of the institution a tow days ago and discusses an internal bonus/embezzlement problem tied to the merger with Mechanics and Traders' Bank. There is no mention of a depositor run or of a reopening; the suspension appears tied to bank-specific adverse information (improper use of branch funds/bonus). OCR correction: 'a tow days ago' -> 'a two days ago' interpreted as two days before publication (≈1908-02-10). I classify this as a suspension that leads to closure (no reopening reported).

Events (1)

1. February 10, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Investigation into $125,000 bonus paid after merger; bonus allegedly came out of branch funds still controlled by recipients (improper use of funds/possible embezzlement).
Newspaper Excerpt: a thriving banking business carried on up to the suspension of the institution a tow days ago
Source: newspapers

Newspaper Articles (1)

1. February 12, 1908 The Evening World New York, NY

Article from The Evening World, February 12, 1908

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Article Text

Department Wants to Know. The passing of the presidency of the Mechanics and Traders" Bank from Mr. Moyer to Mr. Sullivan gave the Union Bank its desired New York Clearing-House connection, and since then other branches, have been opened and a thriving banking business carried on up to the suspension of the institution a tow days ago, In getting his Union Bank into general banking circles by acquiring the New York Clearing-House connection afforded by the merger with the Mechanics and Traders' Bank Mr. Sullivan is said to have paid the bonus of $125,000. The right of the recipients of this bonus to accept it. knowing that it came out of the funds of a branch of the institution which they still continued to direct is the problem now before the Department of Banking.