First National Bank - Waverly, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 297
Charter Number: 297
Start Date: January 1, 1933*
Location: Waverly, New York (42.013, -76.540)

Metadata

Model: gpt-5-mini
Short Digest: cc0eed52

Response Measures

None

Description

Article (Oct 12, 1934) refers to the First National Bank of Waverly having been closed by executive order last year and a receiver (James R. Flynn) bringing suit. No mention of depositor runs; closure appears to be by government action and the bank remained in receivership.

Events (2)

1. January 1, 1933* Receivership

Newspaper Excerpt: James R. Flynn, receiver of the First National Bank of Waverly, against Mrs. Alice Lang Dayton, ... transferred the stock ... shortly prior to closing of bank by executive order last year. Federal Jury Finds Towanda Woman Unlawfully Transferred Stock in First National of Waverly SYRACUSE, N. Y., Oct. 12(Special to The Times)-After deliberating five hours, jury in federal court here last night rendered verdict of $22,200 in two actions brought by James R. Flynn, receiver of the First National Bank of Waverly, ... (Oct 12, 1934).
Source: newspapers

2. January 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank was closed by executive order (government action) in the year prior to Oct 1934 (i.e., 1933).
Newspaper Excerpt: shortly prior to closing of bank by executive or der last year
Source: newspapers

Newspaper Articles (1)

1. October 12, 1934 The Evening Times Sayre, PA

Article from The Evening Times, October 12, 1934

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Article Text

Mrs. Dayton Must Pay $22,000 To Bank Receiver Federal Jury Finds Towanda Woman Unlawfully Transferred Stock in First National of Waverly SYRACUSE, N. Y., Oct. 12(Special to The Times)-After deliberating five hours, jury in federal court here last night rendered verdict of $22,200 in two actions brought by James R. Flynn, receiver of the First National Bank of Waverly, against Mrs. Alice Lang Dayton, Towanda, Pa., for alleged unlawful transferance of stock from the institution shortly prior to closing of bank by executive or der last year. Judge Frederick H. Bryant denied a motion for temporary withdrawal of verdict pending new trial proposed by Henry Sayles, Elmira, attorney for Mrs. Dayton. A 90-day stay of execution of payment was granted by the court. The defendant was ordered to pay $500 interest on stock from Feb. 7, 1934. Frederick E. Hawkes, Waverly, was attorney for the plaintiff. Of a panel of 30, only 11 jurors could be found who had not lost money in a bank. closing or who did not hold bank stock. With the panel exhausted and only 11 chairs in the box filled, the court permitted a stock holder to sit, on consent of the attorneys. The plaintiff contended in the case that Mrs. Dayton had transferred the stock to Elwyn L. Foster, a miller receiving $20 a week in the Dayton Milling company at Towanda of which Mrs. Dayton's husband is president. They introduced evidence to show that Mrs. Dayton, herself and as Mrs. Hall's estate executrix, knew of the condition of the bank and transferred the stock but remained its beneficial owner. The defense, however, declared that the transfer was made because for several months efforts to merge the Citizens' National and First National banks had been made and that officers of the institutions had Lad conferences in New York City, Washington, D. C., and Elmira but that Mrs. Dayton and Mrs. Hall opposed the merger so sold the stock, in a bona fide sale, to Mr. Foster on a payment plan. The sale, they contended, was made before anyone suspected that the bank was insolvent or in danger of being closed. The transfer was made on the books of the bank in Nov. 1932 by Mr. Dayton. The price, $20 a share, the defense said, was a fair price for bank stock at that time. They also said that it was assessed at $25 a share in Mrs. Hall's estate. Attorney E. W. Eaton of Waverly of defense counsel, stated today that an appeal is expected to be taken to the federal circuit court of appeals in the near future.