1739. Pawcatuck Bank & Trust Company (Pawcatuck, CT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
July 1, 1932*
Location
Pawcatuck, Connecticut (41.377, -71.834)

Metadata

Model
gpt-5-mini
Short Digest
3adc6457

Response Measures

Full suspension, Books examined

Other: Closed at directors' request following state banking department action; later placed in receivership with National Bank of Commerce of New London as receiver.

Description

Articles report a run in the weeks before July; bank suspended operations on July 13, 1932 at the request of the State Banking Department and was later placed in receivership (reported Sept 22, 1932). Cause of initial withdrawals tied to uneasiness after the death of a director (bank-specific adverse information causing loss of confidence). OCR errors in Article 1 corrected (Paweatuck -> Pawcatuck).

Events (3)
1. July 1, 1932* Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals in the weeks before July 13, 1932 attributed to uneasiness of depositors after the recent death of director Henry Stahle.
Measures
Directors closed the bank at the request of the State Banking Department; deputy bank commissioner took charge.
Newspaper Excerpt
There had been run the bank in recent weeks due, thought at the time to uneasiness of some depositors following death two weeks ago of Henry Stahle
Source
newspapers
2. July 13, 1932 Suspension
Cause
Government Action
Cause Details
Closed to depositors at directors' request following a request from the State Banking Department; precautionary measure pending liquidation/receivership.
Newspaper Excerpt
the bank suspended operations on July 13
Source
newspapers
3. September 22, 1932 Receivership
Newspaper Excerpt
verification of the amount of these accounts has been received from the National Bank of Commerce of New London, the receiver.
Source
newspapers

Newspaper Articles (2)
1. July 14, 1932 Hartford Courant Hartford, CT
Article from Hartford Courant, July 14, 1932

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Article Text

Paweatuck Bank Closed At Directors' Request July State Banking Department request the directors, today took the Pawcatuck Bank & Trust Company in the town was closed to of positors and statement said the institution probably would liquidated. The bank was organized in 1921. Its the State Bank last in it had deposits about $522,550. There had been run the bank in recent weeks due, thought at the time to uneasiness of some depositors following death two weeks ago of Henry Stahle, the and Loren assistant short time before of the directors to the banking department was cautionary measure. was understood that when the bank closed for business its deposits were about belonging to 2100 depositors. H. Gordon deputy bank commissioner took the institution. No action been taken toward temporary receiverThe president is Elias the secretary Frank Wilcox and treasurer Robertson. The average value of all privately owned timber lands Montana 1931 was an acre county 1,474,206 acres in dozen counties.

2. September 22, 1932 The Day New London, CT
Article from The Day, September 22, 1932

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Article Text

Stonington Sets Up Reserve Of $58,965 to Equal Funds in Closed Bank at Pawcatuck (Special To The Day) STONINGTON Sept. reserve of $58,956 out of surplus to provide for possible as result of the closing of the Pawcatuck Bank & Trust Co., has been set up by the of Stonington, Pfannensteil and Nye, certified public acand Town Treasurer Elias B. Hinckley, have announced. And this precautionary measure, the statement adds, causes book deficit of $19,527 When, the bank suspended operations on July 13. the had six in the depository the treasurer's to and the tax collector's rent to 220 two sinking funds, the bond redemption fund of $35,742 09 and the 1:am F. Noyes fund of $9 and two trust funds, the Mary Floyd Hendrickson fund $227 and the Allen Avery fund of toas the reserve indicates, of $58, 956 It is Interesting to note that just prior to the bank's going into receivership the Noyes fund amounted On July just 12 days before it the selectmen paid town hall building bonds No. and 3. amounting to Relative to accuracy of this statement. the point out that verification of the amount of these accounts has been received from the National Bank of Commerce of New London, the receiver. "At date," they add. "it not 'possible to ascertain the loss, if any, which may be suffered by the town on these accounts through liquidation of this depository. The reserve already set up. however, will provide for this possible contingency In detailed explanatory statement concerning the book deficit of 819.527.70 the accountants point out that at the beginning of the year there was book of $17,610. 45. This amount was decreased by an adjustment covering expenditures made during the present fiscal year but applicable to the orior year of 083 resulting in an adjusted book surplus at Aug. 1, 1931, of 85,The net income for the fiscal year just ended as shown on the state- ment of operations in the town report amounted to $19,489.1 the cost of voting machines purchased appropriations and added to the equipment was $8,031 70, making total of $33,048.23. Deductions from this amount include adjustments to the various tax levies aggregating 029 together with the segregation from of an amount covering reserve for contingent loss on deposits in the Pawcatuck Bank & Trust Co., amounting to $58,956.76 less deposits in this bank previously set up under reserve for trust funds resulting in book deficit at date of $19