Pawcatuck Bank & Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: July 13, 1921
Location: Pawcatuck, Connecticut (41.377, -71.834)

Metadata

Model: gpt-5-mini
Short Digest: a5220d33

Response Measures

Full suspension

Other: Receiver appointed; winding up and inventory of assets described in receivership report.

Description

Article (The Day, 1932-12-19) describes a run on the Pawcatuck Bank & Trust Co., its closing by the state banking department (receiver appointed) and ongoing receivership/liquidation. The OCR is noisy; text indicates the bank was closed by order of the state banking department on July 13, 1921 and that a receiver was named. Cause of the run appears tied to bank insolvency (asset shrinkage) rather than a discrete hoax or rumor. No evidence the bank reopened.

Events (3)

1. July 13, 1921 Receivership

Newspaper Excerpt: the National Bank ... was named receiver the defunct institution ... The statement of the receiver ... assets of $426,072.35 while liabilities ... $57,517 Shrinkage ... The inventory of the assets ... by the appraisers reveals loss of $57,517.75 from the book value
Source: newspapers

2. July 13, 1921 Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals (a run) occurred while the bank was insolvent/asset shrinkage noted in receiver's inventory; assets insufficient to cover liabilities.
Newspaper Excerpt: On July 13, was closed order the state banking Exhibit Showing ... run on bank during which there heavy amounting to
Source: newspapers

3. July 13, 1921 Suspension

Cause: Government Action
Cause Details: Closed by order of the state banking department and receiver appointed; bank entered receivership and liquidation.
Newspaper Excerpt: On July 13, was closed order the state banking ... Several days later the National Bank ... was named receiver the defunct institution
Source: newspapers

Newspaper Articles (1)

1. December 19, 1932 The Day New London, CT

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Article Text

Depositors of Defunct Bank At Pawcatuck May Get Substantial Remittances That the depositors of the Pawea tional Surety Co. Gunder be colBank & Trust Co., of Pawcatuck lected, savings department colwill eventually receive substantial lateral savings amount of their deposits partment securities, savings tion the made full department bank balances and is by the inventory filed department real essuperior at Norwich where the tate $270,099.66. receivership proceedings are pending Receiver's Statement. Appraisers George Robinson and Albert Martin reveals The statement of the receiver as assets of $426,072.35. while liabilities filed court follows: as from receiver's section 3.927 count on shows Ex- of the general 1930 the the estate National Bank penses receivership expected taken care of the London, receiver, files the following accumulated interest statement and cash deposits belonging The names and residences the defunct far as known creditors of the stand lose entire the respectheir stock on the bank is tively due taken the records kept the defendant The Pawcatuck Bank Trust Co. time limited presentation claims not expired) this 1921. with capital stock showed following exhibits hereto attached On July 13, was closed order the state banking "Exhibit Showing savings acdepartment, run on bank during which there heavy amounting to Several days later the National Bank this 946.61 by reason of the governcity was named receiver the defunct ment tax paid since the appointment ing institution, by order the su. court for coun- "Exhibit Showing trust deposits comes The wherein the defendant trusEarle its trust "Exhibit defendant now engaged in winding affairs the bank issued in its behalf by its treasurer and dissolving the corporation 3.336 Savings Accounts. -Certified checks outThe report of filed in "Exhibit reveals that are checks out$84. in the savings list of all the assets of the who deposits defendant value of the amount to at the time of the receiver's ap- $57,517 Shrinkage The inventory of the assets the defunct bank by the appraisal the of $57,517.75 from the The value of the securities had book value while estimated value has placed the revealing loss The in the stock was the bank did not fare badly the fact that not much of its assets tied in this One parcel real estate at Pawcathe books the thus bank book to and estimated thus making Heavy Real Mortgages More than half the bank assets estate mortgages, revealed by receiver making every effort quidate mortgages hoped that full court place aggregate compared with their book and face that the mortgages are quidated appraisal will mean only to the Increase Over Book Value. One slight noted in the value, 8443 item by the appraisers for furniture was carried the books the 81. $68,091 in Cash. The receiver's statement reveals on or this the New the rate of per while 821 another count drawing two per cent interest Assets of $426,072.35 George and Albert G. Martin both the of Stoning. and the National Bank Commerce New London, by Earl trust officer and apthe the which they The items the are appraised follows: discounted. $43,333.63; unsecured demand loans, lateral collateral securities, $12,627.50; cash set trust terrace in lage commerbalances cash claim against Na- pointment "Bills unseloans with collateral. loans collateral, $9,532.82: curities owed partment $12,627 (carried by bank securities set aside for trust deposits. $500; furniture $443 by bank real estate Pawcatuck terrace taken foreclosure, $1,000 (carried by bank bank balances and cash on department, claim against National Surety on Gunder bond (collectsince appointment through H. W. whom claim had placed before receivitems to be collected. savings department collatsecurities owned bank savings (Carried by bank at $69,040) bank balance and savings real estate mortgages belonging to depart(carried by bank The assets stated above process collection: the receiver being diligent the collection thereof realized thereparticularly stated in Exhibit Whether be lect the value of items canbe told this time, and state this time detail the expense of all converting them into All assets shown in paragraph above except those collected stated paragraph on hand. and receiver trying to be diligent in the thereof The incurred by the date, including er's appraisers' and like expense shown Exhibit The amount of cash on hand on deposit the National Whaling bank, London, on rate per paid and thereof (or deposit) which interest of two per being paid The amount charges for ices of the receiver have not yet been determined and cannot be stated time; nor can the what the mode payment and the ment thereof may Nothing has been paid on account thereof.'