Citizens National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 12594
Charter Number: 12594
Start Date: February 17, 1926
Location: Putnam, Connecticut (41.915, -71.909)

Metadata

Model: gpt-5-mini
Short Digest: 5740b094

Response Measures

None

Description

Article (Feb 17, 1926 AP dispatch) describes huge embezzlements by former cashier G. Harold Gilpatric that led to the bank's crash and a receiver (George M. Coffin). OCR errors in the text were corrected (e.g., embezzlements, receiver). No explicit run is mentioned; bank went to a receiver, consistent with suspension and closure.

Events (3)

1. November 11, 1924 Chartered

Source: historical_nic

2. February 17, 1926 Receivership

Newspaper Excerpt: appearing today before George M. Coffin, First Bank... the receiver trying to ... former claims valued nearly $100,000 against the bank.
Source: newspapers

3. February 17, 1926 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Huge embezzlements by former cashier G. Harold Gilpatric that crippled the bank and precipitated its failure/suspension.
Newspaper Excerpt: PUTNAM. Conn., Feb. 17-(AP) ... told the story his fall from that financial throne through huge embezzlements ... appearing today before George M. Coffin, (the) receiver
Source: newspapers

Newspaper Articles (1)

1. February 18, 1926 The Morning Union Springfield, MA

Article from The Morning Union, February 18, 1926

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Article Text

GILPATRIC BACK IN CHAIR ADDS TO STORY Downfall Started in 1918 When Picked for State Treasury, He Tells Bank Receiver. PUTNAM. Conn., Feb. 17-(AP) Seated in directors' room the Citizens' National Bank, formerly the First National Bank, where as cashier once wielded far-reaching financial power in this thriving community, and surrounded by former employes, G. Harold Gilpatric, former state today told the story his fall from that financial throne through huge embezzlements. former cashier's bank's funds the institution, to suffer blindthrough an attempt suicide Atlanta Prison for the first time the former had inside the of the since the financial that for time crippled the this He as led by his guard, he crossed the and smile lighted up his face, around him that he ing of many days in that room he was looked upon Chats with Employes. Advancing the big passed his hand then continued to his chair the far side room. remarking that could visualize all. He turned to chat his former secretary, sat called by stenographer sat opposite him. scene that presented dramatic the story that followed from the lips of the federal prisoner. It was the time that the forbanker had frenzied against rapidly mounting debt that finally enguifed Appearing today before George M. Coffin, First Bank. Gilpatric questioned for notes, trust funds the receiver trying to Recalls Many Old Deals. Admitting that last few months the bank constant financial upheaval his bonds funds and loans transferred and there and to keep the books Mr. amazing the durpreceding the bank crash. the four Mr. Coffin failed to receive former claims valued nearly $100,000 that against the bank. The