Sea Cliff Bank - Sea Cliff, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 24, 1911
Location: Sea Cliff, New York (40.849, -73.645)

Metadata

Model: gpt-5-mini
Short Digest: a6fea77c

Response Measures

None

Description

State Superintendent of Banks took possession and placed an examiner in charge for liquidation (closure). Articles cite impaired capital and large amount of slow assets as reasons. No run or depositor panic mentioned.

Events (2)

1. November 24, 1911 Receivership

Newspaper Excerpt: Superintendent Van Tuyl ... designated Harry L. Tompkins a bank examiner, to act as special deputy superintendent in liquidating its assets. The institution would probably be able to pay its depositors in full ... capital was impaired ... little hope that it could be continued with profit. (New-York Tribune, 1911-11-24).
Source: newspapers

2. November 24, 1911 Suspension

Cause: Government Action
Cause Details: State Superintendent closed the bank after examination found impaired capital and a large amount of slow assets; ordered liquidation.
Newspaper Excerpt: State Takes Charge of Sea Cliff, Which Will Liquidate. George C. Van Tuyl ... took possession yesterday morning of the Sea Cliff Bank at Sea Cliff, Long Island ... to act as special deputy superintendent in liquidating its assets.
Source: newspapers

Newspaper Articles (2)

1. November 24, 1911 New-York Tribune New York, NY

Article from New-York Tribune, November 24, 1911

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Article Text

JENKINS BANK CLOSED State Takes Charge of Sea Cliff, Which Will Liquidate. George C. Van Tuyl. it., Superintendent of the State Banking Department took posession yesterday morning of the Sea Cliff Bank at Sea CHIf, Long Island, of which John G. Jenkins, Jr., is president. and designated Harry 1. Tompkins a bank examiner, to act as special deputy superintendent in liquidating its assets. The bank. which was established in 1906, has $25,000 capital. Superintendent Van Tuyl said yesterday that the institution would probably be able to pay its depositors in full. but that a recent examination had shown that its capital was impaired and that, owing to the quantity of slow assets held. there was little hope that it could be continued with profit. The bank reported as of September 29 total resources of $146,495 due to depositors. $113,709. and surplus. $7,686. John G. Jenkins. jr., who has been prestdent of the Sea Cliff Bank from its opening, was president of the Jenkins Trust Company, of Brooklyn, when it failed in the panic of 1907. and a director of other banking institutions of the Jenkins group. He was acquitted on December 2. 1908. of the charge of having embezzied $50,000 from the Jenkins Trust Company, and subsequently indictments which had been found against him for perjury and conspiracy were dismissed

2. November 24, 1911 The Sun New York, NY

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Article Text

PANOTHERJENKINSBANK STOPS. Small Concern at Sea CHIT Shut Up by State Bank Superintendent The Sea Cliff Bank of Sea Cliff. L. I. was closed yesterday by order of State Superintendent of Banks George C. Van Tuyl. Jr. who placed Examiner Harry L. Tompkins in charge of the liquidation. Impairment of capital and the large amount of slow assets held by the bank were the reasons given by Superintendent Van Tuyl for closing the institution He said there was little hope that the bank could be continued with profit The bank. a small one with a capital of $25,000. was established in 1908 and did its principal business with summer residents of Sea Cliff. Its president is John G. Jenkins. Jr. who was indicted for forgery and conspiracy in connection with the failure of the banking enterprises of his father. John G. Jenkins, several years ago. He was formerly president of the Jenkins Trust Company. which wentunder in the 1907 panic. He was later indicted with his father and two brothers on for. gery and conspiracy charges The elder Jenkins died while under indictment John G. Jenkins. Jr. was again indicted. this time for the larceny of $100,000 A jury said he wasn't guilty and the other indictments were dismissed In July last Justice Blackmar gave a judgment for $222,077 against John G. Jenkins. Jr. and his two brothers as executors of their father's will. According to the Banking Department the Sea Cliff Bank on September 29 last had $146,495 total resources, owed $113,709 to depositors and had a surplus of $7,686. Charles W. Sniffin of Glen Cove, one of the directors, said yesterday that the closing of the bank puzzled him. since he saw $23,000 in cash in the bank when he went there in the morning. He said that he supposed that there must have been "a very heavy overestimate on property values." The other directors are Joseph Martin and Charles T. McCarthy of Gien Cove, Roger P. Conklin of Huntington and Joseph G. Jenkins, Jr. The directors met last night and began an investigation of the administration of the bank's affairs.