Central Fairfield Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: March 1, 1933
Location: Norwalk, Connecticut (41.118, -73.408)

Metadata

Model: gpt-5-mini
Short Digest: 9065531b

Response Measures

None

Description

Newspaper (Mar 1, 1933) refers to Norwalk Bank acting as receiver for the detunct Central Fairfield Bank and Trust Company, indicating the institution had closed and a receiver was appointed. The article describes an $85,000 shortage allegedly caused by officers' stock purchases; no explicit run is mentioned. Classified as suspension leading to permanent closure/receivership (suspension_closure).

Events (2)

1. March 1, 1933 Receivership

Newspaper Excerpt: The Norwalk Bank, as receiver for the detunct Central Fairfield Bank and Trust Company, had sought to recover the full amount of a $50,000 bond...
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged $85,000 shortage in the closed bank's funds, blamed on stock purchases by two bank officers (speculation), leading to bank failure/closure and appointment of a receiver; insurance bond claim dispute with Hartford Accident and Indemnity Company noted in suit for $50,000 bond coverage (article describes closure as already occurred).,random_run:false,random_run_snippet:null,measures:null},{
Newspaper Excerpt: The Norwalk Bank, as receiver for the detunct Central Fairfield Bank and Trust Company...
Source: newspapers

Newspaper Articles (1)

1. March 1, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, March 1, 1933

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Article Text

CIVIL ACTIONS SEEK $14,000 DAMAGES SETTLEMENT OF PRE-INAUGURAL POSE Four Suits Filed CASE ON TRIAL In Common Pleas FOR MANY WEEKS Norwalk Bank Had Sued And Superior Court Hartford Insurance Co. For $50,000 Bond Coal Company Asks $5,000 on Alleged Breach of Con= Amount Paid is Secret tract-Mary Raimo, Struck By Pinavich Auto= Bridgeport, Conn, March 1 mobile, Sues For $5,000 (UP) - An out-of-court settlement today ended the suit of the Merchants Bank and Trust ComIn the coal company suit, the Damages of $14,000 are asked in pany. of Norwalk, against the four civil actions filed to-day in the plaintiff charges the defendant Hartford Accident and Indemnity common pleas and superior courts. failed to go through with its part Company, which had been on trial The Vanasse Coal Co. Inc. asks of an agreement to lease the plainbefore Superior Court Judge P. B. $5,000 from the Waterbury Coal Co O'Sullivan for nearly three weeks. tiff's coal yards and that as a reon an alleged breach of contract The Norwalk Bank, as receiver for sult the plaintiff lost considerable suit filed in common pleas court: the detunct Central Fairfield Bank sums. Mary Raimo asks $5,000 from Wiland Trust Company, had sought Mary Raimo charges she was hit liam Pinavich for injuries suffered to recover the full amount of a by the defendant's car at Waterwhen hit by the defendant's car; $50,000 bond, issued by the insurtown avenue and Robbins street, Elizabeth Aspell asks $3,500 from ance company, protecting the FairFeb 15th as she was crossing the Joseph W. Handy on a note transfield bank against losses through action and John Bartush asks $500 street about 7 p. m. Injuries to her acts of its employes. arm and body are alleged to have from Feliz Roganski of Thomaston The Merchants Bank claimed an been suffered. on a commission suit. $85,000 shortage in the closed bank's funds had been caused by stock purchases, allegedly made by two of the bank officers. The insurance company contended reSystem Modification sponsibility lay with the board of directors in permitting the funds to be used for speculation purposes. The settlement was reached Depression Cure after a conference between Attorneys William H. Comley, for the bank, and Francis Cole, representing the insurance company. The Rev Joseph Todd Discusses Economics With Kiwanis amount was not divulged.