Plantsville National Bank - Plantsville, CT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12637
Charter Number: 12637
Start Date: June 26, 1939
Location: Plantsville, Connecticut (41.584, -72.892)

Metadata

Model: gpt-5-mini
Short Digest: 778a2ca8

Response Measures

None

Receivership Details

Depositor recovery rate: 70.0%
Date receivership started: 1939-06-26

Description

Article (June 27, 1939) reports the bank was suspended the previous day after examiners found an $80,000 shortage charged to the cashier who disappeared. FDIC preparing to settle depositors and a national bank examiner placed the bank in charge — indicates suspension leading to closure/receivership rather than a simple temporary suspension. No run is reported.

Events (3)

1. February 10, 1925 Chartered

Source: historical_nic

2. June 26, 1939 Receivership

Source: historical_nic

3. June 26, 1939 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Federal examiners discovered an approximate $80,000 shortage charged to the cashier Edward L. Sullivan, who disappeared May 31; bank was suspended and closed by examiner action.
Newspaper Excerpt: The institution was suspended yesterday after federal examiners disclosed an approximate shortage of $80,000, which was charged against Edward L. Sullivan... The bank now is in charge of W D. Fridstrom, R National Bank examiner, who conducted an audit of the books and posted the closing notice yesterday morning.
Source: newspapers

Newspaper Articles (1)

1. June 27, 1939 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, June 27, 1939

Click image to open full size in new tab

Article Text

BANK TO SETTLE WITH DEPOSITORS Southington, Conn., June 27-(UP) The Federal Deposit Insurance Corporation made preparations today for depositors of the closed Plantsville National Bank to recover up to $5000 each on the total amount of their deposits. The institution was suspended yesterday after federal examiners disclosed an approximate shortage of $80,000, which was charged against Edward L. Sullivan, 39-yearold cashier who disappeared May 31 after announcing he was going to New York on a business trip. The bank, listed approximately 2600 depositors, but it was not revealed how many of these were credited with more than $5000 on the books and consequently would suffer some losses. The bank now is in charge of W D. Fridstrom, R National Bank examiner, who conducted an audit of the books and posted the closing notice yesterday morning.