Article Text
Suspended Payment-A Receiver Appointed. NYACK, N. Y., December 28.-Rockland County bank, of Nyack, New York, suspended payment this morning. NEW YORK, December 28.-A receiver has been appointed for the Jer. sey City Savings bank.
16814. Rockland County Bank (Nyack, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 28, 1877
- Location
- Nyack, New York (41.091, -73.918)
Metadata
- Model
- gpt-5-mini
- Short Digest
47087485
Response Measures
None
Description
Bank suspended payment on December 28, 1877 and a receiver was appointed. The Sun article attributes the suspension to the failure of the Smith brothers and large holdings of their paper (bank-specific adverse information). No run is described in the articles; suspension led to receivership/closure.
Events (3)
1.
December 28, 1877
Receivership
- Newspaper Excerpt
- Suspended Payment-A Receiver Appointed. NYACK, N. Y., December 28.-Rockland County bank, of Nyack, New York, suspended payment this morning.
- Source
- newspapers
2.
December 28, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Failure of the Smith brothers whose paper (about $60,000) the bank held; heavy related bad assets and exposures led to suspension.
- Newspaper Excerpt
- NYACK, N. Y., December 28.-Rockland County bank, of Nyack, New York, suspended payment this morning.
- Source
- newspapers
3.
December 30, 1877
Other
- Newspaper Excerpt
- The Rockland county Bank of Nyack on the Hudson was organized in 1860 by the Smith brothers, whose failure has caused its suspension. It became a national bank. ... The directors of the bank went over the books with a United States bank examiner yesterday, and determined to reopen the bank at the earliest possible moment.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
THE NYACK BANK'S CONDITION. Belief Expressed that the Institution will Pay Dollar for Dollar. The Rockland county Bank of Nyack on the Hudson was organized in 1860 by the Smith brothers. whose failure has caused its suspension. It became a national bank. T. Smith's son is married to Cashier Morford's daughter, and President Blauvelt's son is married to D. D. Smith's daughter. Blauvelt, too, has business relations with the Smiths, and the Smiths have thus always been really. if not nominally, the Rockland County National Bank. The bank to-day holds $60,000 of the Smiths' paper, secured by a second mortgage on real estate. the first mortgage on which is $21,000. This real estate comprises three large and handsome houses. fronting a thousand feet or more on Broadway, the principal street in Nyack, inhabited by the Smith brothers and D. D. Smith, Jr., a so-called opera house, the Smithsonian Hotel. and the Smiths' store. Gen. Avery thinks all this might sell for enough to secure the bank at least one-third of the amount of the indebtedness. The bank has also the steamboat company's paper for $64,000. secured by mortgages for $1,000 over that sum on the company's fleet. The three steamboats and ferry boats of the company are insured by the bank for sufficient to cover this total. Gen. Avery summed up the situation with the declaration that, even if the Smiths' paper proved entirely valueless, the bank could still pay 100 cents on the dollar to stockholder as well as depositors, and have $7,000 or $8,000 to spare. Its circulation of $90,000 was secured by $106,000 in Government bonds deposited with the United States Treasurer, who also holds a further sum of $3,500 for meeting losses on damaged and worn-out notes. The bank. he believed, has $203,000 in good assets. The directors of the bank went over the books with a United States bank examiner yesterday, and determined to reopen the bank at the earliest possible moment. Unfortunately, although Mr. Lydecker. one of their number. owns $10,000 of the stock. all of them together hold scarcely a third of the $100,000. and they cannot carry out their determination without coaxing over stockholders who are not trustees, and who are indisposed to any such course.