First National Bank - North Rose, NY

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 10016
Charter Number: 10016
Start Date: October 27, 1931
Location: North Rose, New York (43.186, -76.892)

Metadata

Model: gpt-5-mini
Short Digest: af67a372

Response Measures

Full suspension

Other: Receiver/reorganization to follow; bank failed to open to conserve assets.

Receivership Details

Depositor recovery rate: 51.2%
Date receivership started: 1931-10-29
Date receivership terminated: 1937-09-23
OCC cause of failure: Governance
Share of assets assessed as good: 45.9%
Share of assets assessed as doubtful: 34.1%
Share of assets assessed as worthless: 20.0%

Description

Article (Democrat and Chronicle, 1931-10-27) reports the First National Bank of North Rose failed to open, citing persistent withdrawals and rumors of forced closing; nearby failures in Canandaigua and Newark are named as contributing. Comptroller's representative was placed in charge and a receiver/reorganization was to follow. OCR errors corrected (e.g., fragmented phrases).

Events (5)

1. May 19, 1911 Chartered

Source: historical_nic

2. October 27, 1931 Receivership

Newspaper Excerpt: Reorganization of receiver will follow, Mr. Tellier stated
Source: newspapers

3. October 27, 1931 Run

Cause: Local Banks
Cause Details: Persistent withdrawals and seepage of deposits triggered by rumors of forced closure, believed linked to recent failures in Canandaigua and Newark
Measures: Bank was closed for the day to conserve assets; comptroller's representative placed in charge
Newspaper Excerpt: Persistent withdrawals and gradual seepage of deposits, caused by rumors of forced us close
Source: newspapers

4. October 27, 1931 Suspension

Cause: Local Banks
Cause Details: Bank closed (failed to open) after withdrawals and rumors tied to other recent regional bank failures; regulator placed representative in charge
Newspaper Excerpt: failed to open for business this morning ... action was taken to conserve the interest of stockholders ... Thomas O'Connor from the comptroller's office is in charge
Source: newspapers

5. October 29, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 27, 1931 Democrat and Chronicle Rochester, NY

Article from Democrat and Chronicle, October 27, 1931

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Article Text

North Rose Bank Is Closed to Conserve Officer Says Assets, North Rose, Oct. First National Bank North Rose ing agricultural section ern Wayne County, failed to open for business this morning 'Persistent withdrawals and gradual seepage of deposits, caused by rumors of forced us close," Assemblyman Harry president the stated. He added that action was taken conserve the interest of stockholders. Mr. Tellier made it plain that there on the bank Recent failures Canandaigua and Newark are believed to have led to the gradual The tonight is in charge of Thomas O'Connor from the comptroller's office ton. Reorganization of receiver will follow, Mr. ment Tellier stated.