First National Bank - Putnam, CT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 448
Charter Number: 448
Start Date: August 1, 1902*
Location: Putnam, Connecticut (41.915, -71.909)

Metadata

Model: gpt-5-mini
Short Digest: b1bde299

Response Measures

None

Receivership Details

Depositor recovery rate: 86.2%
Date receivership started: 1924-08-13
Date receivership terminated: 1931-12-01
OCC cause of failure: Governance
Share of assets assessed as good: 83.6%
Share of assets assessed as doubtful: 8.3%
Share of assets assessed as worthless: 8.1%

Description

Article (1925) states Charles E. Searls served as counsel for George M. Coffin, the receiver of the First National Bank of Putnam in August 1902 (OCR shows '102' — corrected to 1902). The article describes receivership/untangling of affairs; no bank run is mentioned. Therefore this is a suspension/closure with receiver assigned.

Events (3)

1. June 1, 1864 Chartered

Source: historical_nic

2. August 1, 1902* Receivership

Newspaper Excerpt: Mr. Searls served as personal counsel for George M. Coffin the receiver of the First National bank of Putnam in August 102 and he looked after the litigation which over untangling of the affairs of that institution
Source: newspapers

3. August 13, 1924 Receivership

Source: historical_nic

Newspaper Articles (1)

1. July 15, 1925 The Day New London, CT

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Article Text

STATE ATTORNEY C. SEARLS DIES AT THOMPSON, AGED 79 One of Oldest Members of Connecticut Bar-Declined Superior Court Judgeship 40 Years Ago July 15. Charles E Searls, attorney for Windham county. died at his home here afternoon at 5.30 o'clock. He had been in failing health for two years. His last IIIthree became pronounced ness ago, and for the past two days he has been unconscious Mr. Searis of the Connecticut bar in members the length of service, and the oldes Windham practicing county bar. having been admitted month He years having held office continuously since 1893. Declined Judgeship Mr Two generations was one of the active men in Republican politics in the state and county leader known to electors every town in eastern Connecticut peal strongly to him and while many offices were open he accepted years ago he declined an appoint ment to the superior court bench and also in those days he declined the opportunities for nomination for congress and did not encourag his friends have him quired wealth in the practice of his profession as wealth noted in community like his home town or the in which he practiced throughout his life He. however general from Thompson in 1971 and 1886. In 1880 he elected secretary one term during ad ministration Gov Hobart Bige low of Haven. He went the senate from the 28th distric in the 1909 session and chairman of committee on the judiciary and party leader upper He address 10 the senate on the death of Gov. George Lilley prior to the memorial service. He was delegate to the national convention in 1896 which was nominated William McKinley Native of Pomfret Mr. Searls was native of Pom fret, being born March 25, 1846 He was the son of Mr. and Mrs. Edwin Clark Searls His father was stock broker and his son re. celved his early schooling in tha city He came to Thompson the age of 11, Thompson Jemy and was graduated from Yale in 1868 He studied law in the office of Gilbert W. Phillips Putnam and hung out his shingle in 1870. In 892 he formed part nedship with Frank F. Russell and 1910 Howard C. Bradford was mitted the firm. Mr. Searle served Thompson as town clerk. school and justice of the peace. He had been president of the State Bar associaion and was member the Am erican Bar association. His frater nal connections were with three Greek societies at Kappa Sigma, Psi Upsiion and Psi. and the senior society Wolf's Head. He was not Mr Searls married October 1892 Miss Sarah Alice Fell of Boston who There no hildren by the For years Mr and Mrs Searls spent wo months winter at Cam. den. S. C., and summer at seashore resort in session of the the January Windham county criminal he personally conducted nearly of the cases. His eye sight was well preserved and even then he read his briefs and law books without useof glasses. Counsel For Bank Receiver. Mr. Searls served as personal counsel for George M. Coffin the receiver of the First National bank of Putnam in August 102 and he looked after the litigation which over untangling of the affairs of that institution Mr. Searls' death brought to end long and tive life of what he frequentl: termed "a country lawyer. Five years ago when he observed the fiftieth anniversary of his sion to the bar he reminiscences not only lawyer but as politician He had very keen recollection of events in conventions which seemed at the time and in retrospect to changed the course of party He also. with told of his admission to the bar the vience consisting of quiz on he thought was law and of what he had learned at college, by two senior members in and then his admission in the ternoon with little formality He contrasted the incident with the examinations which are now quired. Mr. Searls served in senate which had among its Andrews G. D. S. Brins. made Moses W. Manwaring Shanley Frank Stiles and Luzerne Luddington Among those who survive are Dents Congressman E. Hart Fenn. for mer President S. Luther of Trinity college, J. W. Alsop H A JH. Chase and John Hurley. Funeral Friday. Funeral services for Mr. Searls will be held at the home Friday Hernoon o'clock standard Livingston. pastor of the at Pomfret school. Burial