First National Bank - Yonkers, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 653
Charter Number: 653
Start Date: April 1, 1933*
Location: Yonkers, New York (40.931, -73.899)

Metadata

Model: gpt-5-mini
Short Digest: f9d95935

Response Measures

None

Description

Articles describe the old First National being closed and a conservator and reorganization plan that converts deposits/stock to reopen as a new First National. There is no description of a depositor run; closure appears to have been handled via conservatorship and stock reorganization. Dates approximate from article dates: reopening appears to have occurred around April 1933 (Jan 1934 article says bank had been closed nine months).

Events (4)

1. April 1, 1933* Reopening

Newspaper Excerpt: Despite the fact that the old National was closed nine months and the funds made available the new ... opened such volume that the deposits today exceeds the institution opened ... described its officers as 'absolutely liquid institution.'
Source: newspapers

2. April 1, 1933* Suspension

Cause: Government Action
Cause Details: Conservator and court involvement (Supreme Court Justice William Bleakley met with representatives; Frank X. Louis Rossire named conservator), indicating closure handled by authorities and conservatorship.
Newspaper Excerpt: Stockholders in First National be called together next week...act on reopening plan...current examination of the bank's assets has been completed. Under this program, depositors contribute from their accounts whatever the examination indicates needed for reopening
Source: newspapers

3. July 1, 1933 Other

Newspaper Excerpt: 150 More Buy First National Opening Stock...With the receipt of more than 150 new subscriptions the new First National Bank $800,000 stock issue...Forty thousand shares stock must be sold before the bank can reopen...said Arthur H. Snodgrass, president of the bank in charge of reorganization plans.
Source: newspapers

4. January 16, 1934 Other

Newspaper Excerpt: The First National Bank in Yonkers today completed its operation ... the old National was closed nine months and the funds made available the new ... the deposits today exceeds ... the institution opened ... officers described it as 'absolutely liquid institution.'
Source: newspapers

Newspaper Articles (3)

1. April 22, 1933 The Herald Statesman Yonkers, NY

Article from The Herald Statesman, April 22, 1933

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Article Text

Surrender Of Common Stock First National Stockholders Due To Be Called Soon on Reopening Program By ROBERT ROTH Stockholders in First National be called together next week. probably Thursday. act on reopening pian that require the their common shares to This was decided on conferheld yesterday afternoon Supreme Court Justice William Bleakley with representatives of stockholders officers the bank. No official statement this parley issued learned that definite program discussed which can carried effect current examination of the bank's assets has been completed. Under this program. depositors contribute from their accounts whatever the examination indicates needed for reopenIn return they are to, receive common stock surrendered by stockholders and with the right to run the bank and select their own officers and directors. Officials the bank are to conYork on this plan today Monday and after that conference definite announcement of the prowill be The discussion yesterday tended Trudeau conservaCaptain Robert president Eisen. of the special stockholders' (Continued on Page Two)

2. July 1, 1933 The Herald Statesman Yonkers, NY

Article from The Herald Statesman, July 1, 1933

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Article Text

150 More Buy First National Opening Stock With the receipt of more than 150 new subscriptions the new First National Bank $800,000 stock issue, total of approximately 850 stock purchases was announced today Arthur H. Snodgrass, president of the bank in charge of reorganization plans. The number of shares of stock represented by these subscriptions has not yet tabulated. Mr Snodgrass said, but computations will be made over the weekend and the results early next week. Forty thousand shares stock must be sold before the bank can reopen on that will make per cent of the deposits in the old bank available to the depositors in the new institution. The organization committee for the new bank met last night but due to the absence of Mayor Loehr chairman, Wendell P. Barker and David Gorfinkel no definite steps were taken toward selecting president and board of directors for the new institution. It is expected that such action may be deferred until after the July holiday.

3. January 16, 1934 The Herald Statesman Yonkers, NY

Article from The Herald Statesman, January 16, 1934

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Article Text

First National Gain In Shows Serve To New Accounts Increase Deposits Over The First National Bank in Yontoday completed its operation the financial institution. completes that month, its official claim, in an even stronger position than enjoyed when opened, when was described its officers as absolutely liquid institution." Despite fact that the old National was closed nine months and the funds made available the new sorely needed depositors, opened such volume that the deposits today exceeds the the the institution opened, Braisted, cashier, said today. The number depositors having accounts has increased, said. The officers directors of the were month ago the organization committee, with approval federal meeting stockholders the were reelected and renamed Frank Xavier Louis Rossire, conservator for old First National, today served notice holders special trust accounts that after days those longer ed separate deposits. Up to now those have held in cash, ready for payment on dehave been voluntarily transferred bank. expirathe 15-day period such accounts in the old institution will to the and will be subject withdrawal on same basis as any other deposits.