Pawcatuck Bank & Trust Company

Bank Information

Episode Type: 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: 6754b1dc

Response Measures

None

Description

Article states the Pawcatuck Bank & Trust Co. closed in July of 1932 and a receiver (National Bank of Commerce) is administering dividends in 1934. No mention of a depositor run; cause of closure is not given in the article.

Events (3)

1. July 1, 1932* Receivership

Newspaper Excerpt: for which the local bank is receiver. He also allowed payment of $5,000 to the National Bank of Commerce for services as receiver ... The bank ... closed in July of 1932.
Source: newspapers

2. July 1, 1932* Suspension

Cause Details: Article gives no reason for the closure; only states the bank closed in July 1932.
Newspaper Excerpt: The bank, located in Pawcatuck, closed in July of 1932.
Source: newspapers

3. December 11, 1934 Other

Newspaper Excerpt: Judge Frederick M. Peasley today authorized the National Bank of Commerce of this city pay dividends in dissolution of 24 and 40 per cent, respectively, to savings and commercial depositors of the closed Pawcatuck Bank & Trust Co. of Pawcatuck
Source: newspapers

Newspaper Articles (1)

1. December 11, 1934 The Day New London, CT

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Article Text

Orders Payment Of Dividends for Paweatuck Bank Judge Frederick M. Peasley to day authorized the National Bank of Commerce of this city pay dividends in dissolution of 24 and 40 per cent, respectively, to savings and commercial depositors of the closed Pawcatuck Bank & Trust Co. of Pawcatuck for which the local bank is receiver. He also allowed payment of $5,000 to the National Bank of Commerce for services as receiver and $4,000 to Hull, McGuire & Hull of this city as counsel for the reThe dividend on savings deposits will total $348,740.21 while $53,939.71 be distributed to commercial depositors. Part of the dividend payments will be made with bonds of the Home Owners' Loan Corp. which were received in exchange for mortgages held by the bank. The bank, located in Pawcatuck, closed in July of 1932.