Norwalk Savings Bank - Norwalk, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: November 28, 1857
Location: Norwalk, Ohio (41.243, -82.616)

Metadata

Model: gpt-5-mini
Short Digest: 11df4452

Response Measures

None

Description

Articles (Dec 1857) report the Norwalk Savings Company suspended payment and made an assignment of its effects; an assignee was named and depositors expected ~50 cents on the dollar. The cause was internal malfeasance and bad assets (treasurer's indebtedness and worthless railroad bonds). Date of suspension reported in source material (Sandusky Mirror) is Nov 28, 1857.

Events (2)

1. November 28, 1857 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Treasurer Cortland Latimer's large indebtedness ($30,000–$35,000) to the institution and $20,000 in Peru & Indianapolis Railroad bonds now nearly worthless; prompted suspension and assignment.
Newspaper Excerpt: The Norwalk Savings Company, at Norwalk, has suspended payment to depositors and made an assignment of its effects.
Source: newspapers

2. December 5, 1857 Other

Newspaper Excerpt: The assignee, Dr. G. G. Baker, has informed us that depositors will get about fifty cents on the dollar, and we do not think he would place it any lower than the result will prove.
Source: newspapers

Newspaper Articles (2)

1. December 5, 1857 The New York Herald New York, NY

Article from The New York Herald, December 5, 1857

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Article Text

Another Swindling Concern "Gone Up." [From the Sandusky (Ohio) Mirror, Nov. 28.] The Norwalk Savings Company, at Norwalk, has suspended payment to depositors and made an assignment of its effects. The total amount of deposits was about $73,000, belonging to all classes of society, and varying in amount from $1 to $5,000. This arose from the fact that the institution enjoyed the unbounded confidence of the community, in quite a degree, in consequence of the faith and. confidence reposed in Cortland Latimer, its treasurer, whose operations go to show that he is entirely qualified in heart, if not in head, to rank among the "experts" in "wild catting." A partial investigation shows among the assets $20,000 in bonds of the Peru and Indianapolis Railroad, now worth nine cents on the dollar, and indebtedness from Latimer from $30,000 to $35,000. We gather the above facts from the Experiment, which, among other things, says:The business men of our village feel the suspension most keenly. A great portion of the deposits belonged to farmers, mechanics and laborers, who had placed their money in the savings bank as a matter of safety and convenience, checking it out as they required it for use. We have been told, by those who have had a peep behind the curtain, that the total amount of deposits is about $63,000, and there is due other banks about $11,000making the total amount of liabilities $74,000. The sum due the banks must be paid in full, in order to release the securities held by them. The total amount of assets, of every description, is about $112,000, which includes the railroad bonds which we have mentioned, and the indebtedness of Mr. Latimer to the institution, amounting to some $30,000 or $35,000. The assignee, Dr. G. G. Baker, has informed us that depositors will get about fifty cents on the dollar, and we do not think he would place it any lower than the result will prove. He is well qualified for the task he has undertaken to perform, and will do the best that can be done for the interest of the sufferers.

2. December 16, 1857 Daily Iowa State Democrat Davenport, IA

Article from Daily Iowa State Democrat, December 16, 1857

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Article Text

ANOTHER SWINDLIG CONCERN "GONE Up."The Norwalk Savings Company, at Norwalk, has suspended payment ta depositors and made an assignment of its effects. The total amount of deposits was about $73,000, belonging to all classes of society, and varying in amout from 81 to $5,000, This arcse from the fact that the institution enjoyed the unbounded confidence of the community in quite a degree, in consequence of the faith and confidence reposed in Conrtland Latimer, its treasurer, whose operations go to show that he is entirely qualified in heart, if not in head, to rank among the "experts" in "wild catting." A partial investigation shows among the assets $20,000 in bonds of the Peru and Indianapolis Railroad, now worth nine cents on the dollar, and indebtedness from Latimer from $30,000 to $35,000. We gather the above from the Experiment, which among other things says: "The business men of onr village feel the suspension most keenly. A great portion of the deposits belonged to farmers, mechanics and laborers who had placed their money in the savings bank as a matter of safety and convenience, checkin it out as they required it for use. "We have been told by those who have had a peep behind the curtain, that the total amount of deposits is about $63,000, and there is due other banks $11,000-making the total amount of liabilities $74,000. The sum due the banks must be paid in full, in order to release the securities held by them. The total amount of assets, of every descrip. tion, is about $112,000, which includes the indebtedness of Mr. Latimer to the institution, amounting to some $30,000 or $35,000. The assignee, Dr. G. G. Baker, has informed us that depositors will get about fifty cents on the dollar, and we do not think he would place it any lower than the result will prove. He is well qualified for the task he has undertaken to perform, and will do the best that can be done for the interest of the sufferers."-Sandusky (0.) Mirror.