1796. Citizens & Manufacturers National Bank (Waterbury, CT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2494
Charter Number: 2494
Start Date: December 23, 1931
Location: Waterbury, Connecticut (41.558, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 8b6b2eda

Response Measures

None

Description

The articles describe the Citizens & Manufacturers National Bank as having suspended business (appraisal mentions the date the bank suspended business) and subsequently being in receivership with dividends and distributions to depositors. There is no description of an antecedent depositor run; the evidence points to suspension/closure and receivership rather than a run followed by reopening. I corrected no names or locations.

Events (5)

1. October 25, 1880 Chartered

Source: historical_nic

2. December 23, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended operations and was placed in receivership; appraisals and inventory were prepared indicating asset shortfalls and segregation of assets for savings deposit protection.
Newspaper Excerpt: the date the bank suspended business.
Source: newspapers

3. April 20, 1932 Receivership

Newspaper Excerpt: The appraisal ... was as on last December 23, the date the bank suspended business. ... Pursuant to the direction of the ... the Appraisals ... Subscribed sworn to before Waterbury, April, A. D. 1932. THOMAS Notary Public.
Source: newspapers

4. June 16, 1933 Other

Newspaper Excerpt: Citizens & Manufacturers National Bank, receiver, against A. Distefano ... Citizens & Manufacturers National Bank, receiver, against Nick Mecca ... Citizens & Manufacturers National Bank, receiver, against Charles B. Johnson, motion for judgment by default.
Source: newspapers

5. December 20, 1933 Other

Newspaper Excerpt: A suggestion to those depositors ... of the closed bank, the Citizens & Manufacturers National bank. Attorney Reeves stated that up to today the receiver has taken in $217,750 worth of these bonds.
Source: newspapers

Newspaper Articles (13)

1. January 21, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, January 21, 1932

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TEMPORARY RECEIVER IS CONFIRMED Citizens and Manufactur= BETTER, THANKS! ers National Bank Ap= By To-day proved Judge Peasley to Act in Merchants Trust Co Settlement - Appoint= ment of Appraisers Not Made NAMES OF EIGHT APPLICANTS The Citizens & Manufacturers National Bank was confirmed as temporary receiver for the Merchants Trust Co following ,a hearing before Judge Frederick M. Peasley in superior court this morning. Judge Peasley reserved decision on the appointment of appraisers, for which positions there were eight applicants. Among the names Judge Peasley has under consideration are Leroy S. Andrew, treasurer of the Colonial Trust Co., Theodore F. Nuhn, Carl Olsen, assistant treasurer of the Waterbury Trust Co., F. W. Judson, president of the Waterbury National Bank, James .T. Dillon, Charles Rosengarten, George A. Baronian and a Mr Basford of New Britain, formerly employed as a banker here. Mr Dillon, Mr Nuhn, Mr Rosengarten and Mr Baronian are real estate men. NEA The application was presented by Attorney Bernard A. Kosicki This picture contains good news of the attorney general's office in for Fordham university students. behalf of George J. Bassett, state It shows John Szymanski, football bank commissioner. Mr Kosicki star injured in a game with Buck said the applicants for the appraisnell last season, able to be up and ers' positions have stated they walking again with the aid of would perform the duties as a nurse. The partial paralysis which matter of public service rather followed his injury is reported to than for any substantial monetary be disappearing. (Continued on Page 4.)

2. March 3, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, March 3, 1932

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BANK ALLOWED TO BORROW SUM OF ONE MILLION Judge Peasley Renders Decision in Merchants Trust Co Case - Lewis S. Reed and Thomas F. Moore Will Leave for Boston to Get Loan / Judge Frederick M. Peasley granted the petition of the Citizens & Manufacturers National Bank to borrow a million dollars for reorganization purposes for the Merchants Trust Co in a decision handed down to-day. Lewis S. Reed, vice president of the Citizens & Manufacturers National Bank and Thomas F. Moore, in charge of receivership at the Merchants Trust Co will leave to-morrow morning for Boston to enter negotiations for the loan with the Reconstruction Finance Corp representative there. Mr Reed and Mr Moore will formally file the loan application with Harry A. Saunders, manager of the New England committee of the Reconstruction Finance Corp. The application is a 300 page document in which the local representatives will be required to list the collateral that is to be offered as security for the loan. A. duplicate application will be forwarded to-day to Congressman Edward W. Goss at Washington so that he may file it with the Reconstruction Finance Corp headquarters, according to the form required in such cases. It is expected that decision on (Continued on Page 4.)

3. March 4, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, March 4, 1932

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$38,618 in Foreclosures $27,141 Largest Single Award of Court To-day Foreclosure judgments totaling $38,618.81 were granted at the short calendar sessions of the common pleas and superior courts today. The largest judgment was entered against Theresa D'Ambrose in the amount of $27,141.10. Property involved is located on East Main street. Other foreclosures were entered in the cases of Elizabeth Winestine against Frank Slomowitz in the amount of $3,690.70. City of Waterbury against John Hagen, in the amount of $435.88; Israel Karp against Harry Shapiro in the amount of $665.30 and Bertha P. Noble against Grace E. Morsehead in the amount of $2,089.83. The above judgments were entered in the common pleas court before Judge Edward J. Finn. In superior court before Judge Frederick M. Peasley, a foreclosure in the amount of $4,596 was entered in favor of Arthur Theroux against Joseph F. Collins. Frederick G. Rowe was appointed receiver for the collection of rents in the case of the Citizens & Manufacturers National Bank. trustee for the American Legion Home fund, against Mary G. Colucci.

4. April 20, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, April 20, 1932

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Deposits Are Worth Dollar For Dollar from Page 1) and securities market the mainder should easily be realized. The appraisal of the stocks, bonds and securities made of the market was as on last December 23, the date the bank suspended business. The market at that time was very low. The statutes of the state of Connecticut provide that certain assets shall be segregated for the prior protection of savings depositors and if these assets are first applied to savings deposits and if the unpaid remainder of savings deposits share equally with the commercial deposits in the remaining assets, the result would be that savings deposits would be worth 98 per cent on the dollar and commercial deposits worth 90 cents the dollar, as determined by the appraisers' values. The funds set aside to secure savings deposits are appraised by the appraisers at approximately 84 per cent of the amount of deposits in the savings department, and the total commercial assets are appraised as being worth 115 per cent of the commercial deposits, but- as the shortage in savings shares with the excess in the commercial department as above stated, the corrected computation would indicate 98 per cent values in savings and 90 per cent commercial accounts. In other words, the 84 cent values in the savings department is balanced by the 115 per cent value in the commercial department. statement of the appraisers, report, says, accompanying "In arriving these values have considered the present omic condition fact that they well under receivership be collected and not as assets of going conbeing an important cern, determining their tor reads as follows: appraisCompany, of herewith submit our report follows: We have examined each indivfiled the receiver and placed upon item its present fair value. In arriving at these values considered the present omic conditions of the country well as the fact that they receivership and not going concern, this being important factor their value. We examined financial and credit statements filed Inspected offsets, exrowers. amined collateral and placed figure value such collateral, both collateral which listexchanges unlisted collateral. We examined each piece of real estate which curity for sulted with directors officers officers employes of the Citizens and Manufacturers National Bank. the receiver. We have tained opinions of individuals certain matters and own Information determining value of listed collateral we carefully examined of the companies and ments made inquiry on and sale value present time of each of these items collateral. In cases which we had some doubt as the mortgages, we called in real tate have the with them have matter sidered their opinions in arriving figures. The present low values in the course, cause stock market, large losses stocks bonds owned, the any be reflected ability to realize substanfiled with the receiver detailed appraisal all items set forth in the inventory Pursuant to the direction of the with our appraisal in the form of schedule. Dated at Waterbury, this 20th day of April, The Appraisals The the ventory the at the time closed with upon the book values, compared the appraisal value down by the appraisers, Commercial Department discounted Demand notes unsecured Industrial loans loans 88,912.82 Second Mortgage attached) 644,951.65 (schedule attached) from reserve agents 21,264.45 hand clearings 83,744.92 6,394.80 funds (schedule Stocks aside for trust 11,255.00 trust funds (schedule aside 37,104.95 attached attached) 68,300.00 Real owned (schedule Overdrafts Furniture fixtures 70,000.00 70,000.00 City of Waterbury $2,670,110.34 Savings Department Mortgage loans Collateral Promissory notes Bonds (schedule Stocks (schedule attached) Deposits Due from 285,000.00 estate (schedule attached) commercial assets 3,649,533.58 3,054,204.06 savings $5,724,414.40 Grand total 20th day of Subscribed sworn to before Waterbury, April, A. D. 1932. THOMAS Notary Public.

5. March 27, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, March 27, 1933

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COMMISSIONER OF BANKS WILL HAVE CHARGE Will Take Over Receiverships of Banks If Bill Passes - This City and Naugatuck Affected The bill which provides for the state bank commissioner's taking over the operation of all bank recelverships In the state, was rellably reported today to be assured of passage by the state legislature within the next two weeks. The bill In now before the legislative committee on banks. If the bill is passed. bank recelverships in Waterbury and Naugatuck will be affected. It will mean the resignation of the Citizens & Manufacturers' National Bank of (Continued on Page 2)

6. June 16, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, June 16, 1933

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# Judgments For $90,450.99 Were Granted To-day Fourteen Foreclosures Were Allowed in the Superior Short Calendar Session and in the Court of Common Pleas -There Were Seven Granted in Each Court # LODGE OF ELKS CELEBRATED ANNIVERSARY Fortieth Birthday of the B. P. O. E. Was Fittingly Observed at Their Home Last Night # ROSTER OF CASES IN BOTH COURTS Fourteen foreclosure judgments totaling $90,450.99 were entered at the short calendar sessions of the superior and common pleas courts here to-day. In superior court, Judge Booth granted seven judgments amounting to $57,273.67. In the common pleas court, seven judgments totaling $33,177.32 were granted by Judge Miles F. McNiff. The following judgments were entered in superior court: Dime savings bank against William H. Casey, administrator $6,800; Prudential Insurance Co against Joseph Kligerman, $3,517.90; Henry Timpkin against T. J. Whalen, $3,29.85; Colonial Trust Co against Louis E. Stemm, $4,362; Colonial Trust Co against Edna L. Cohen, $5,167.50; Caroline B. Barlow, trustee against the Citizens & Manufacturers National Bank, $26,91.67; Prudential Insurance Co against Sam Holczer, $7,504.75. In common pleas court, the following judgments were entered: Ephraim Udelowitz against M. S. Pavano, $2,208.50; West Side Savings Bank against W. S. Strong $8,270, law day, June 13, 1934; Jennie E. Dillon against Donato Lo Russo, $4,573; Citizens & Manufacturers National Bank, receiver, against A. Distefano, $3.745.58; Citizens & Manufacturers National Bank, receiver, against Nick Mecca 12.360; G. Veneri against G. Sanalucia, $1,040; L. R. Carter against Edwin J. Archer $980.24. Forty years might be considered quite a span in a lifetime but to the two hundred or more Elks gathered at the Waterbury lodge rooms last evening, why it was just a drop in the ocean. At least that is the impression given to all those who attended the 40th anniversary celebration of the local lodge. Attorney John H. Cassidy, introduced as toast master by Exalted Ruler Robert A. Waters, struck the popular chord in his opening remarks. He recalled that he served as toastmaster 30 years ago when the Waterbury lodge celebrated its 10th anniversary in Odd Fellows hall and now he found himself in a similar role upon its 40th birthday. Frequent tribute was paid by the speakers to the four active charter (Continued on Page 4.) # PRESIDENT IMPORTA HE HA # THIRD PLAYER SHIFT MADE BY

7. June 16, 1933 The Waterbury Democrat Waterbury, CT

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More Employment And Raised Wages Sound Like Old Days Judgments For $90,450.99 Were Granted To-day Fourteen Foreclos Were Allowed in the Superior Short Calendar Session and in the Court of Common Pleas -There Were Seven Granted in Each Court ROSTER OF CASES IN BOTH COURTS Fourteen foreclosure judgments otaling $90,450.99 were entered at he short calendar sessions of the uperior and common pleas courts ere to-day. In superior court, udge Booth granted seven judgnents amounting to $57,273.67. In common pleas court, seven udgments totaling $33,177.3 were ranted by Judge Miles F. McNiff. The following judgments were Intered in superior court: Dime avings bank against William H. ential Insurance Co against Joeph Kligerman, Henry impkin against Whalen, $3,29.85; Colonial Trust Co against outs E. Stemm. $4,362: Colonial rust Co against Edna L. Cohen, Caroline Barlow, rustee against the Citizens & Manfacturers National Bank, $26,91.67: Prudential Insurance Co gainst Sam Holezer, $7,504.75. In common pleas court, the folowing judgments were entered: phraim Udelowitz against M. S. avano, $2,208.50; West Side Savhgs Bank against S. Strong 8,270, law day, June 13, 1934: ennie E. Dillon against Donato Lo tusso, $4,573; Citizens Manufacurers National Bank, receiver, itizens Manufacturers National tank. against Nick Mecca 12,360; G. Veneri against G. SanIdwin J. Archer $980.24.

8. July 11, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, July 11, 1933

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$500,000 Will Be Distributed To 5,600 Depositors Long Line at Merchant's Trust Co Building This Morning-Kazemekas Co Pays First Cash Since Bank Closed-Will Be Distributed at New Quarters on S. Leonard Street ous offer for those whose deposits Fifty-six hundred depositors in total up to $15. For instance, if a two of Waterbury's banks that are depositor has $10 in the bank. he in receivership, will share in the distribution of more than half a will be paid $1 dividend and if he million dollars in dividends to-day is willing to accept, the receiver will pay another dollar to wipe out and to-morrow. This morning, the account. This will save the the Merchants Trust Co office on depositor the bother of waiting Bank street assumed the appearfor the second dividend, which ance of old times as hundreds ot might be a long time. depositors made up a long file Those who filed into the Merthat nearly reached the street. chants Trust Co to-day were savTo-morrow, twelve hundred deings depositors who were present positors of the Kazemekas & Co to receive their second 10 per cent bank will be paid their first dividividend from the receiver, the dend since the bank closed over Citizens & Manufacturers National two years ago, when the Waterbank. The receiver expects to bury National bank, receiver bepay out close to $500,000 on savgins the distribution of approxiings and commercial accounts, to mately $3,200 in a 10 per cent dithe 4,400 depositors. vidend. All depositors have been Those having commercial acnotified to, appear at the bank's counts were informed that their present headquarters at 20 South checks would be mailed to them. Leonard street with their pass To-day's dividend is the second books for their dividends. since the bank closed. Business Chase Kimball, in charge of the and other industries in the city receivership stated to-day that the should benefit by the dumping of receiver will offer $2 to all deposihalf a million dollars in cash into tors in payment of their deposits. Waterbury. He said it would be an advantage-

9. September 8, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, September 8, 1933

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JUDGE JENNINGS TO OPEN SUPERIOR COURT HERE Local Pythians Sessions Commence Next Friday With Many Cases Listed Civil Side of Common Pleas Court Opened This Morning With Judge Finn Presiding-Judgment Reserved, Motions Granted and Held Over in Array of Actions Considered To-day Judge Newell Jennings will be the presiding officer at the short calendar session of superior court which will open week from today. Court will get underway at o'clock and cases are listed docket. The civil side of common pleas court officially opened this morning with Judge Edward J. Finn reserved in the motion of Freida Cohen by against Gluseppina VUZEO others, for of receiver's final report and for discharge the receiver. bond of $75 was set in the motion for bond of Mary Hagen against Winig others. The motion of Abraham S. Zucker against Thomas F. Moran and others, for disclosure of defense, judgment and law-days was held over. The hearing on of William S. Attadba against Joseph A. Bergin was reserved. Attorney John L. Gaffney, T. G. Smith and John Hutchinson were named appraisers in the motion of Annie Baltrush against Kazimer Struckulus and others for appointment of appraisers The motion of Charles Walzer against Thomas Mahoney and others for summary judgment was held over, as the motion for disclosure of defense, and law day of Alekejendria Urban against John Grabliunas and others. The latter was held over for two weeks. The motion of Helen Stanwood against Mike Stanwood for continuance granted as was the motion of Francis T. Reeves, exe- cutor, against F. Holcomb, for judgment by default. to expunge and statement tation Co against Richard was month on the the bank against the General Finance and Realty company, Inc, and othwas Two other motions were granted, of Stanley Grater Charles Brown and others, ther of and that of the Citizens and turers bank against Sam for The of defense, judgment of sure and law-day the Mfg Co against Mae E. Clyne was over. Three other motions were taken off the short calendar, namely, Citsens and Manufacturers National bank, receiver, against David H. Feinn, motion for judgment for failure to plead: Joseph Montville against John Waitkevich and others, motion to reopen and to extend law-days; and the Citisens and Manufacturers National bank, receiver, against Charles B. Johnson, motion for judgment by default. Law-day for the Citizens and Manufacturers National bank, receiver, against Louis Thibault and others, was set for November 21. The receiver was ordered to make repairs on the property 10cated on North Main strete. Judgment for foreclosure was set at

10. October 6, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, October 6, 1933

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Citizens Bank To. Accept Loan Bonds Receiver for Merchants Trust Co Authorized to Take Them in Part Payment for Property offered to accept a quit claim deed Several receivership matters from the receiver to void forewere considered by Judge Newell closure. Judge Jennings thought, Jennings at this morning's short inasmuch as the record showed the calendar session of the superior property to be highly listed, the court. In the Merchants' Trust foreclosure would best be the Co case the receiver, the Citizens answer. & Manufacturers National bank In the Hamilton Hardware Corp was authorized to accept $750 in receivership, Attorney John H. Home Owners Loan Corporation Cassidy was named receiver and bonds as part payment for a piece Attorney Francis P. Guilfoile, Euof property in Cheshire. Attorney gene N. Dietler of New Haven and Francis T. Reeves told the court J. L. Williams of Providence, were the receiver foreclosed the propnamed appraisers. A four months erty against Louis Jannetty, who period in which to operate the now comes forward with the Home business was granted. Attorney Loan bond proposition. In addiCassidy informed the court the retion to the $750 in bonds he will ceiver has $800 on deposit now, pay $50 cash. It cost the receiver whereas there was nothing in the $950 to foreclose it. bank when he took over the reThe court approved the comceivership. He said T. V. Meyer promise offer of St Patrick's dug down in his own pockets for church which asks the receiver to $200 with which to pay employes accept at 85 per cent discount its at the store. He brought a smile deposit of about $10,000 against a from Judge Jennings when he mortgage in the amount of about told the court he had insured the $19,000. plate glass window in the front of In the Kazemekas & Co receiverthe store, because of the crowd ship, the court gave permission to pressing against it in attempts to the Waterbury Savings bank to enter. He said the reason was start foreclosure proceedings because of a receivership sale in against the Waterbury National progress. bank, receiver for the Kazemekas In the case of the Waterbury company. The property involved Hotel receivership, the court oris the site formerly housing the dered a 20 per cent dividend paid bank in Brooklyn. The Wateron common claims, and instructed bury National has a $20,000 first Attorney John F. McDonough, remortgage and Sanditz & Traurig ceiver, to take the balance left out have a second mortgage of $23,of $3,000 after expenses are paid 000. The property was appraised for his services as receiver and as worth $32,000. Judge Jenreceiver's counsel. nings stated that from the record it appeared that the property was listed at book value as worth CCC MEN SIGN UP $100,000. Attorney L. Russell Carter, counsel for the receiver FOR 6 MORE MONTHS explained that the Kazemekas bank had a big mortgage on the property and the furniture was Boston, Oct 6-(UP)-The vast listed as worth $40,000. It was appraised at $2,000 and its sale majority companies of in men New grouped England in have 121 netted little more. signed up for another Bix months' He said the Waterbury Savings employment in the president's con-

11. October 11, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, October 11, 1933

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LATE REALTY NEWS The following real estate transactions were filed to-day at the town clerk's office: Mortgage Releases Waterbury Finance Corp to Max Stein. Harry Brownstein to the Citizens & Manufacturers National bank, receiver Quit Claim Deeds: The Waco Realty Co, Inc. to the Citizens & Manufacturers National Bank. Marriage Intentions Ernest R. Mangini of 36 Park Place and Svea Severson of Naugatuck. Anthony J. Renkun of 178 Tudor street and Jennie M. Pomaski of

12. December 20, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 20, 1933

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A suggestion to those depositors of the Merchants Trust Co., who desire to exchange their deposits for Home Loan bonds to take immediate steps was offered today by Attorney Francis T. Reeves, counsel for the receiver for the closed bank, the Citizens & Manufacturers National bank. Attorney Reeves stated that up to today the receiver has taken in $217,750 worth of these bonds. The receiver has received applications for $158,849.19 worth of the bonds from depositors. Attorney Reeves explained that the receiver will have about $300,000 worth of bonds available by Jan 1st, the date set for the closing of books against bids. Since there is only about $60,000 worth of bonds left at this writing, it is felt that some of the depositors who have been putting off their applications might be out of luck when they do bid for the bonds vecause the bonds will all have been applied for by Jan 1. Attorney Reeves pointed out it is an advantageous offer for depositors. They will turn in their deposits which will be accepted at 85 per cent of their face value for bonds at par value. In other words if a depositor has $100 on deposit in the closed bank, he can purchase $85 worth of bonds. Because the bonds are only issued in lenominations of $25, the depositor will have to add the necessary cash to his deposit to make the application balance with the bonds. In other words, if the depositor has $100 and buys $100 worth of bonds, he will have to add $15 i ncash to his deposit to get a $100 bond, or four $25 bonds. Attorney Reeves explains that while the government at this writing only guarantees payment of interest on the bonds, the congress

13. December 20, 1933 The Waterbury Democrat Waterbury, CT

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Early Bid On Home Loan Bonds Asked Receiver's Counsel Says Only $60,000 in Bonds Left for Merchants Trust Depositors to Purchase coming into session after the first A suggestion to those depositors of the year will, it is believed, take of the Merchants Trust Co., who action on the guaranteeing of the desire to exchange their deposits for principal. Home Loan bonds to take immeThe bonds will pay 4 per cent diate steps was offered today by Atinterest to holders until their extorney Francis T. Reeves, counsel piration date 18 years from now. for the receiver for the closed Mr Reeves points out that a debank, the Citizens & Manufacturpositor who has a deposit in the ers National bank. closed bank is not receiving any Attorney Reeves stated that up interest on his deposit, whereas if to today the receiver has taken in he assigned his pedosit for the $217,750 worth of these bonds. The bonds, he would be drawing 4 per receiver has received applications cent interest. Then, again, if the for $158,849.19 worth of the bonds depositor wanted immediate cash, from depositors. he could sell the bonds on the Attorney Reeves explained that market and get cash at the market the receiver will have about $300,price whih is about $82 or $84 on 000 worth of bonds available by Jan each $100 bond. 1st, the date set for the closing of