1804. Kazemekas & Co (Waterbury, CT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 5, 1932
Location: Waterbury, Connecticut (41.558, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 0cc00eb6

Response Measures

None

Description

Newspaper items from 1932 onward show Kazemekas & Co closed and placed in receivership with the Waterbury National Bank acting as receiver. No article describes a depositor run; instead the coverage concerns receivership inventories, liquidation and dividends. Thus this is a suspension that resulted in permanent closure/receivership. Bank type inferred as private from the name (no 'National', 'State' or 'Trust' in title).

Events (5)

1. January 5, 1932 Receivership

Newspaper Excerpt: Waterbury National Bank, which is receiver for the Kazemekas & Co and Sanditz & Traurig banks, according to an order passed by Judge Frederick V. Peasley in superior court today.
Source: newspapers

2. January 5, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank found insolvent/closed and placed in receivership; reporting of assets and insolvency-like conditions (large mortgage loans, insufficient cash for dividends) indicates bank-specific financial failure.
Newspaper Excerpt: Attorney L. Russell Carter was appointed counsel for the Waterbury National Bank, which is receiver for the Kazemekas & Co and Sanditz & Traurig banks
Source: newspapers

3. April 4, 1932 Other

Newspaper Excerpt: Inventories of the closed Sanditz & Traurig and the Kazemekas & Co banks were filed to-day in superior court by the Waterbury National bank, receiver for both institutions.
Source: newspapers

4. October 6, 1933 Other

Newspaper Excerpt: In the Kazemekas & Co receivership, the court gave permission to the Waterbury Savings bank to start foreclosure proceedings because of a receivership sale in progress.
Source: newspapers

5. July 6, 1934 Other

Newspaper Excerpt: Monthly statements of the doings of the receiver for the Sanditz & Traurig and Kazemekas & Co banks were filed to-day in superior court. Liquidation in the Kazemekas bank amounted to $77,080 ... there is cash on hand of $8,514.89 in the Kazemekas bank, the report shows, but this amount is not enough even for a five per cent dividend.
Source: newspapers

Newspaper Articles (10)

1. January 5, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, January 5, 1932

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COUNSEL FOR THE RECEIVER Order Passed To-day By Judge Peasley in the Superior Court OTHER COURT MATTERS Attorney L. Russell Carter was appointed counsel for the Waterbury National Bank, which is receiver for the Kazemekas & Co and Sanditz & Traurig banks, according to an order passed by Judge Frederick V. Peasley in superior court today. The receiver also was granted permission to make an attachment and institute a civil action against Isadore Dlbner. In connection with the civil action the application states that Dibner and Morris Siller owe the Sanditz & Traurig bank the sum of $800 under a note dated Oct 26, 1931. The note is said to be unpaid and in default. The application further adds that Dibner filed with the town clerk on Dec 22d, a notice to sell and convey, not in the regular course of business, the whole or a large part of the stock in trade, fixtures and business being conducted on Canal street, to I. Dibner & Bros, Inc. The application points out that unless an attachment is made the note will be rendered uncollectible.

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

Article from The Waterbury Democrat, April 4, 1932

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Inventories of the closed Sanditz & Traurig and the Kazemekas & Co banks were filed to-day in superior court by the Waterbury National bank, receiver for both institutions. The report shows the assets in the Sanditz & Traurig bank as $306,446.95 and in the Kazemekas & Co bank as $428,458.09. These assets are listed as the book values. The appraisers' reports on both banks will be filed within a couple of weeks. Included among the assets of the Sanditz bank is a certificate of deposit in the Merchants Trust Co of $40,000. The Kazemekas & Co certificate of deposit in the Merchants Trust Co is listed as $10,000. One of the large items in the assets of the Kazemekas bank are the mortgage loans, listed as $182,625.00. The report shows that the Kazemekas bank has on deposit in cash in the Merchants Trust Co, $2,884.40. Cash on hand in the Kazemekas 1 bank is listed as $33.706.71 and

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

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ASSETS OF BANKS TOTAL $734,905.04 Sanditz-Traurig And Kazemekas Co. Figures Public Mortgage Loans High in Both Defunct Institutions— Thousands of Dollars Listed Deposited in Savings Department of Both Institutions Inventories of the closed Sandits & Traurig and the Kazemekas & Co banks were filed to-day in superior court by the Waterbury National bank, receiver for both institutions. The report shows the assets in the Sanditz Traurig bank as $306,446.95 and in the & Co bank as $428, 458.09. These are listed as the values, The reports on both banks will be filed within a couple of weeks. Included among the assets of the Sanditz bank is certificate of deposit in the Merchants Trust $40,000. The certificate in the Merchants Trust Co is listed as $10,- One of the large items in the assets of the the loans, listed as 625.00. The report shows that Kazemekas bank has on deposit in cash in the Merchants Trust Co, $2,884.40. Cash hand in the Kazemekas bank is listed as $33.706.71 and the cash in the Sanditz bank is listed as $41,010.40. The inventory of the Sanditz bank as follows: Cash, Items and cash in bank. $41,010.40; securities, $33,820.60; real estate, $40,111.30: demand loans, $47,629.57; industrial loans, $14,902.02: Industrial loan repayments, included by the bank examiners. $20,301.70; mortgage loans, $89,005.40: and equipment, $19,665.96. The bank has deposits in the amounting to $156,381.01 and Christmas club accounts to $1,746. Inventory of the Kazemekas tank as follows: $33,Cash, 706.71: stocks bonds. $22,137.38; bond state, estate, $51,000; time and demand loans, $17,058; industrial loans, $33,644.50; mortgage loans, $182.equipment. The Kazemekas bank has deposits in the savings amounting to $307,992.12 and Christmas savings club accounts amounting to $713.30.

4. October 17, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, October 17, 1932

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Article Text

Statements of the receipts and expenditures of the Sanditz & Traurig and Kazemekas & Co, closed banks during the two months period of July 31 to Sept 30th were filed in superior court today by the Waterbury National bank, receivers for both institutions. The report shows $4,659.14 was received in the Sanditz bank, out of which expenses amounting to $685.03 were paid. In the Kazemekas bank, $3,099.08 was received and $2,553.54 was expended. Included among the expenditures of the Kazemekas bank is $1,923 paid

5. 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-

6. November 3, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, November 3, 1933

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Decision Reserved On Application By Judge N. Jennings Counsel for Waterbury National Bank Believes Faster Progress in Liquidation of Mortgage Loans Held By Closed Institutions Could Be Made Under This Plan Judge Jennings instructed Mr Permission to accept Home Owner Loan Corp bonds in the Carter to make up the necessary payment of mortgages owed either court order and he would anby the Kazemekas & Co or the nounee his decision. Sanditz & Traurig banks, was Under this plan, Mr Carter besought by the receiver for those lieves, the receiver could make banks, the Waterbury National much faster progress in the liquidaBank in superior court today. tion of the mortgage loans held Judge Newell Jennings reserved by the Kazemekas and Sanditz & decision on the application. AtTraurig banks. torney L. Russell Carter, counsel The semi-annual report of the for the receiver explained that receiver showing operations of the the request is similar to that receivership during the period from granted the receiver for the Merchants Trust Co which has been April 1 to October 1. was also submitted. Judge Jennings took the accepting the bonds since permispapers under advisement. sion was secured some time ago.

7. November 3, 1933 The Waterbury Democrat Waterbury, CT

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Permission to accept Home Owner Loan Corp bonds in the payment of mortgages owed either by the Kazemekas & Co or the Sanditz & Traurig banks, was sought by the receiver for those banks, the Waterbury National Bank in superior court today. Judge Newell Jennings reserved decision on the application. Attorney L. Russell Carter, counsel for the receiver explained that the request is similar to that granted the receiver for the Merchanta Trust Co which has been accepting the bonds since permission was secured some time ago.

8. July 6, 1934 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, July 6, 1934

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BANK RECEIVERS FILE STATEMENTS Cent 5 Per Expected Dividend to Kazemekas Depositors Delayed Monthly staetments of the doings of the receiver for the Sanditz & Traurig and Kazemekas & Co banks were filed to-day in superior court. Liquidation of the Sanditz & Traurig bank, the June report shows, amounted to $1,432.84 with disbursements of $1,312.52. The liquidation in the Kazemekas bank amounted to $77,080 with expenditures of $367.20. The Waterbury National bank, receiver, for both banks, filed the report. There is cash on hand of $8,514.89 in the Kazemekas bank, the report shows, but this amount is not enough even for a five per cent dividend to depositors of the savings and commercial departments. About $14,000 is needed for a five per cent dividend. The liquidation in the Kazemekas bank was realized from payments on industrial loans, $71; time and demand loans, $2; mortgage loans, $5; interest $100; miscellaneous $40 and rents $552.80; Liquidation in the Sanditz & Traurig receivership came from payments on industrial loans $27.24: bills discounted, $15; collateral loans, $105.80; mortgage loans, $20; interest $132.52; miscellaneous $109.28; Stamford rents, $819.50; Waterbury rents $203.50. The receiver reports cash on hand of $2,931.75. Included in the expenditures its the Sanditz & Traurig account is an item of $1,000 for part payment of the Stamford mortgage interest to the Union & New Haven Trust Co, trustee.

9. July 6, 1934 The Waterbury Democrat Waterbury, CT

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BANK RECEIVERS Expected 5 Per Cent Dividend to Kazemekas Depositors Delayed Monthly staetments of the doings of the receiver for the Sanditz & Traurig and Kazemekas & Co banks were filed to-day superior court. Liquidation of the Sanditz & Traurig bank, the June report shows, amounted to $1,432.84 with disbursements of $1,312.52. The liquidation in the Kazemekas bank amounted to expenditures of $367.20. The Waterbury National bank, receiver, for both banks, filed the report. There is cash on hand of $8,514.89 in the Kazemekas bank, the report but this amount is enough even for five cent dividend to depositors of the savings and commercial departments. About $14,000 is needed for five per cent dividend. The liquidation in the Kazemekas bank was from payments on industrial $71; time and demand loans, $2: mortgage loans, $5; interest $100: miscellaneous $40 and rents $552.80; Liquidation in the Sanditz & Traurig came from payments on industrial $27.24: bills discounted, $15: collateral loans, $105.80; mortgage loans, $20; interest $132.52; miscellaneous $109.28: Stamford rents, $819 50: Waterbury rents $203.50. The reports cash on hand of $2,931.75. Included in the expenditures in the Sanditz & Traurig account an item $1,000 for part payment of the Stamford interest to the Union & New Haven Trust Co, trustee.

10. April 25, 1935 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, April 25, 1935

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Liquidation Moving In 2 Receiverships Sanditz and Traurig Bank Shows Balance in Last Half Year-Kazemekas and Company Sports Deficit gages receivable, $300; dividends, Considerable liquidation of the $165.50; interest, $672.73: rents, assets of the Sanditz & Trauris $3,809.50; miscellaneous $75.25. and Kazemekas & Co banks durIn the Sanditz case, a compariing the last six months is noted in son of the values in the assets, the semi-annual reports, showing follows: Book value, $260,457.06; the doings of the receiver, the Waappraised value, $78,251.57; present estimated value, $48,664.12. terbury National bank, filed in the Cash on hand in the Sanditz re. superior court to-day. In the ceivership is listed as $11,654.12 Sanditz case, the receiver's repo. which is pretty close to the figure shows receipts of $9,152.51 are needed for a ten per cent dividend against expeditures of $6,602.90. Previously, the to depositors. In the Kazemekas & Co case, receiver's officials announced they the report shows receipts for the were in hopes of making such a dlsix months period amounted to vidend payment by the end of the $5,718.98 as compared to expendisummer. The of