First National Bank - Newark, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 349
Charter Number: 349
Start Date: October 8, 1931
Location: Newark, New York (43.047, -77.095)

Metadata

Model: gpt-5-mini
Short Digest: 8ff4d5f2

Response Measures

None

Receivership Details

Depositor recovery rate: 70.8%
Date receivership started: 1931-10-23
Date receivership terminated: 1938-05-31
Share of assets assessed as good: 28.7%
Share of assets assessed as doubtful: 66.2%
Share of assets assessed as worthless: 5.1%

Description

Articles report the First National Bank of Newark closed (suspended) in October 1931; closure is linked to other local bank closures (Canandaigua, Ontario County Trust). A 1934 article names a receiver for the bank, confirming it did not reopen and entered receivership. No explicit run is described in the articles.

Events (4)

1. March 29, 1864 Chartered

Source: historical_nic

2. October 8, 1931 Suspension

Cause: Local Banks
Cause Details: Closure linked to failures/closures of nearby Canandaigua bank and Ontario County Trust Company; those local bank shutdowns believed to have caused Newark's failure.
Newspaper Excerpt: The First National Bank Newark closed ... the Canandaigua bank is believed have been the causes of the Newark failure
Source: newspapers

3. October 23, 1931 Receivership

Source: historical_nic

4. January 29, 1934 Receivership

Newspaper Excerpt: suit ... filed ... on behalf of the receiver of the bank.
Source: newspapers

Newspaper Articles (2)

1. October 8, 1931 Elmira Star-Gazette Elmira, NY

Article from Elmira Star-Gazette, October 8, 1931

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Article Text

Banks at Newark Canandaigua Shut Their Doors banks in Western New Two closed their doors WednesYork The Ontario County Trust ComCanandaigua closed by pany order of the had the ed dividend The First National Bank Newark closed heavy the Canandaiguia bank is believed have been the causes of the Newark failure

2. January 29, 1934 Evening Star Washington, DC

Article from Evening Star, January 29, 1934

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Article Text

BANK STOCK SUIT FILED Newark Receiver Seeks $1,500 From Robert Werth. Suit has been filed in District Supreme Court against Robert W. Werth, Washington realtor, to collect $1,500 assessment on stock Werth held in the First National Bank of Newark, N. Y. The suit was filed by Guilford S. Jameson, attorney, on behalf of the receiver of the bank.