State Bank - Olean, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 30, 1878
Location: Olean, New York (42.078, -78.430)

Metadata

Model: gpt-5-mini
Short Digest: 0a0ad459

Response Measures

None

Description

The Superintendent's report (Jan 15, 1879) lists Commercial Bank, Rochester among seven state banks closed during the fiscal year ending Sept. 30, 1878. The brief mention does not specify a run or receivership; closure appears permanent. It is unclear whether this was a voluntary closure or forced, so cause is set to 'other'. Date uses the fiscal reporting cutoff (1878-09-30).

Events (1)

1. September 30, 1878 Suspension

Cause Details: Report only notes the bank was closed during the fiscal year; no specific trigger (run, receivership, or voluntary liquidation) given.
Newspaper Excerpt: Seven banking associations were closed during the year, viz.: ... Commercial Bank, Rochester;
Source: newspapers

Newspaper Articles (1)

1. January 16, 1879 New-York Tribune New York, NY

Article from New-York Tribune, January 16, 1879

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Article Text

THE STATE BANKS. SUPERINTENDENT LAMB'S REPORT. COMPARATIVE CONDITION OF THE BANKS-THEIR TAXATION-INVESTMENTS AND CIRCULATION. FROM THE REGULAR CORRESPONDENT OF THE TRIBUNE.) ALBANY, Jan. 15.-Superintendent Lamb, of the Banking Department. transmitted to the Legislature to-day his annual report. on the State banks, of which the important parts are included in the following abstract : ABSTRACT OF THE REPORT. The number of banks and banking associations organized under laws of the State, and reporting to the Bank Department on the 30th of September. 1878, was seventy-five. The total number which reported at the close of the previous fiscal year was eighty-one. During the last fiscal year one new banking association, to wit. the New-York State Banking Company. Syracuse, was formed. Seven banking associations were closed during the year, viz.: Brewers and Grocers' Bank. New-York; Bull's Head Bank, New-York; Bank of Caenango, Norwich; Commercial Bank, New-York: Commercial Bank, Rochester; State Bank. Olean : Bank of Wappingers' Falls. Five of these voluntarily closed their business, and two closed as State banks and reorganized as National banks. In compliance with the requirements of chapter 324. Laws of 1874. eleven trust, loan and mortgage companies reported to the Superintendent on June 30, 1878. During the fiscal year one company, the National Trust Company. New-York, failed, and is now in the hands of a receiver. During the same period the Equitable Trust Company, organized under the laws of the State of Connecticut and doing business in this State, and the United States Mortgage Company of New-York, first reported to this Department, as required by chapter 324, Laws of 1874. THE COMPARATIVE CONDITION OF THE BANKS. Below are presented the tabulations of the two quarterly reports of all the reporting banks and banking associations for the dates respectively stated, which were near the close of the last two fiscal years: