Union Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 3, 1912
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 8302d769

Response Measures

None

Description

Article (New-York Tribune 1912-10-03) describes the Union Bank in liquidation under the Deputy Superintendent of Banks, unable to pay dollar for dollar and undergoing asset realization. There is no mention of a depositor run; the bank is in official liquidation/receivership (government action).

Events (2)

1. October 3, 1912 Receivership

Newspaper Excerpt: E. L. Dodge, a Deputy Superintendent of Banks, in charge of the liquidation of the Union Bank, announced yesterday that the Institution would never pay dollar for dollar ... Suits involving more than $1,000,000 and now pending are expected to add several hundred thousand dollars to the assets.
Source: newspapers

2. October 3, 1912 Suspension

Cause: Government Action
Cause Details: Placed in liquidation and being handled by the Deputy Superintendent of Banks; unable to pay dollar for dollar.
Newspaper Excerpt: E. L. Dodge, a Deputy Superintendent of Banks, in charge of the liquidation of the Union Bank...
Source: newspapers

Newspaper Articles (1)

1. October 3, 1912 New-York Tribune New York, NY

Article from New-York Tribune, October 3, 1912

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Article Text

BANK CAN'T PAY IN FULL But Union Depositors May Get Whatever Is Coming Soon. E. L. Dodge, a Deputy Superintendent of Banks, in charge of the liquidation of the Union Bank, announced yesterday that the Institution would never pay dollar for dollar, according to the recent inventory made of its assets and liabilities. Other experts who have recently looked into the affairs of the bank have asserted that 50 cents on the dollar was the most to be expected. However, what little is coming to the depositors may come soon. The payment of $240,000 on a $500,000 note held by the Metropolitan Trust Company is the chief obstacle to readjustment, it was pointed out. Mortgages on nearly all the real estate owned by the Union Bank are being held by the trust company as collateral, part of the security being $191,000 in bonds and mortgages on the Liberty Avenue Theatre, in Brownsville. These bonds are not due. Mr. Dodge secured the release of a $48,000 obligation against the Union Bank due to a lease which had four years to run. He rented the rooms which the bank had leased at the Temple Bar Building to another bank. According to his investigation, once the Union Bank is released of its $240,000 obligation to the Metropolitan Trust Company, it will have as part of its assets about $500,000 in real estate. Suits involving more than $1,000,000 and now pending are expected to add several hundred thousand dollars to the assets.