1805. Kazemekas & Co. (Waterbury, CT)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: December 23, 1931
Location: Waterbury, Connecticut (41.558, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 76456f45

Response Measures

Full suspension

Other: Receivership by Waterbury National Bank; dividends later paid by receiver.

Description

Kazemekas & Co. (private bankers) failed to open Dec 24, 1931 after heavy withdrawals tied to the suspension of its depository, Merchants Trust Co. The Waterbury National Bank was appointed receiver (early 1932) and the institution remained in receivership/liquidation thereafter. Cause of run/suspension attributed to failure/distress of its depository correspondent bank (Merchants Trust Co.) plus heavy withdrawals.

Events (3)

1. December 23, 1931 Run

Cause: Correspondent
Cause Details: Heavy withdrawals triggered by the suspension/failure of its depository, the Merchants Trust Company
Newspaper Excerpt: This, together with heavy withdrawals yesterday caused the suspension
Source: newspapers

2. December 24, 1931 Suspension

Cause: Correspondent
Cause Details: Bank failed to open (suspended) on Dec. 24, 1931 after its depository, Merchants Trust Co., suspended and heavy withdrawals occurred
Newspaper Excerpt: Kazemekas & Co., private bankers here since 1908... failed to open today. The Merchants Trust Company, which suspended yesterday, was its depository. This, together with heavy withdrawals yesterday caused the suspension
Source: newspapers

3. February 2, 1932 Receivership

Newspaper Excerpt: Judge Peasley confirmed the appointment of the Waterbury National bank as temporary receiver for the two banks (Kazemekas & Co and Sanditz & Traurig). Decision reserved on appointment of appraisers for the banks following a hearing today (Feb. 2, 1932).
Source: newspapers

Newspaper Articles (11)

1. December 24, 1931 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, December 24, 1931

Click image to open full size in new tab

Article Text

5 Small Banks Fail to Open Waterbury. Conn., Dec. 24 (AP)Kazemekas & Co., private bankers here since 1908. and capitalized at $100,000. failed to open today. The Merchants Trust Company, which suspended yesterday. was its depository. This, together with heavy withdrawals yesterday caused the suspension, officials said. The bank has deposits of about $300,000 Application for receivers for the Merchants Trust Company and for Sandits & Trauris, private bankers. who didn't open yesterday, was to be made today. Penna. Bank Closed Cornwells State Bank at Cornwells Heights. north of Philadelphia, closed its doors today and announced the business had been turned over to the State Banking Department. A notice posted on the door said the officers decided on the move because of heavy withdrawals and to protect depositors. Ocean Grove National Ocean Grove, N. J., Dec. 24-The Ocean Grove National Bank here suspended at noon. notice posted on the door of the bank announced that the bank had been closed by action of the board of directors to conserve its assets and that the Controller of the Currency would take charge. The bank has resources of $2,263,622 and deposits of $1,975,649. according to its statements on the last bank call day. Jersey Closing Bradley Beach, N. Dec. 24The First National Bank of Bradley Beach closed today in the face of heavy withdrawals. It had opened for business as usual in spite of the fact that heavy withdrawals were made yesterday. When it appeared that the withdrawals were continue the board of directors decided to suspend and turn the bank over to the Controller of the Currency to conserve its assets The First National is the sixth bank to close in Monmouth County within three days. Connecticut Bank Closed New Haven. Conn., Dec. 24 (AP)-The West Haven Bank & Trust Company, with deposits of about $2,700,000, remained closed today The institution was combination of the former West Haven Bank Trust Company and the Home Bank & Trust Company, which merged last April with a capital $100,000. The State Manual listed savings deposits of $1,875,375.38. commercial deposits of undivided profits of $47,777.94 and surplus of $30,770.67. Real Estate Exchange Lincoln BANKRUPTCY PETITIONS SLIPPER COMPANY. 320 and 384 Knickarbocker Ave.: involuntary. Liabilities alKings Highway: involuntary. Liabilities LOUIS LONSTEIN as BESSEL BABY CARRIAGE STORE, 339 Broadway: involuntary. Liabilities alleged. $1,277. NUGENT SHOE COMPANY INC., 77 Hall St.; involuntary. Liabilities alleged. EZRA HODOS as HODOS DEPARTMENT STORE. 140-20 Rockaway Boulevard. South Ozone Park: voluntary Lis. bilities about $7,000: assets. about $3,000. LOUIS HOLLANDER, grocer. 81-91 Bay 22d St.: voluntary. $115 MORRIS KAUFMAN, 6516 Bay Parkway: voluntary. Liabilities, $2. NELSON SPRINGER reporter. 30-01 39th Ave., Long City: voluntary Liabilities, $1,143; assets, $200.

2. February 2, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, February 2, 1932

Click image to open full size in new tab

Article Text

Decision Reserved By Judge Peasley At Hearing To-day Eight Names Submitted, Six By Attorney General's Office-Will Name Separate Appraisers for Kazemekas and Sanditz & Traurig ter three being real estate men. Judge Frederick M. Peasley reserved decision on the appointment The names of William B. Reynolds civil engineer and Daniel T. aFrof the appraisers for the Kazemekas & Co and the Sanditz & rington, Jr, were submitted before Traurig banks following a hearing Attorney Kosicki put in an appearance. in superior court this morning. Eight names were submitted, six Judge Peasley confirmed the apby Attorney Bernard A. Kosicki of pointment of the Waterbury National bank as temporary receiver the attorney general's office. for the two banks. The names submitted by Attoney Kosicki include Attorney MilIn regard to the appointment of appraisers for the two banks, ton H. Meyers, Edwin C. Northrop, Judge Peasley decided it would be president of the Dime Savings bank, Attorney Frank T. Healey, more expeditious if separate appraisers were appointed for each John J. Horan, Daniel T. Farrington and Theodore F. Nuhn, the latbank. In that event, it is expected that four names, two for each bank, will be chosen. Melicont Portor

3. June 22, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, June 22, 1932

Click image to open full size in new tab

Article Text

THE PAYMENT OF DIVIDENDS Will Be Given at the Short Calendar Session Friday Morning OTHER BANK MATTERS / Instructions on the payments of dividends to desopitors in the Merchants Trust Co and Sanditz & Traurig closed banks will be heard at the short calendar sessions of superior court Friday morning before Judge Newell Jennings. Permission to pay a 10 per cent dividend in the Merchants Trust Co. case is sought, but no amount is mentioned in the Sandiz & Traurig case. It is expected it will likewise%be a 10 per cent payment Other motions filed include instructions on the payment of the receiver, the Waterbury National Bank and counsel for the receiver, Attorney L. Russell Carter in both the Sanditz & Traurig and Kazemekas & Co. cases. The motions ask the court to fix the amounts to be paid in each case. The motion asking permission to examine the books of the Kazemekas & Co. bank is also expected to be heard at Friday's court session. There is no motion filed asking instructions on a dividend payment in the Kazemekas bank case.

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

Article from The Waterbury Democrat, October 17, 1932

Click image to open full size in new tab

Article Text

DEFUNCT BANK SETTLES $1,923 TAX BILL Receiver For Kazemekas Pays City Obligation Waterbury National Issues Report of Receipts and Expenditures for Two Closed Institutions Over Period of Two Months Statements of the receipts expenditures of the Sanditz Traurig and Kazemekas & Co. closed banks during the two months period of July 31 to Sept 30th filed in court the National bank. day by receivers for both institutions. The report shows $4,659.14 was received the Sanditz bank, out to which expenses $685.03 were paid. In the Kazemebank, $3,099.08 was received and was expended. cluded among the expenditures of the Kazemekas bank paid the City of Waterbury in taxes. The other items amount to small Incldentals and salaries. The shows the receiver collected $1,040.82 industrial loans, $230 time and demand $31 on mortgage loans, $15 loans, dividends, $153.54 in interest. $1,564 in rents and $64.72 in miscellaneous accounts, in the Kazemekas In the Sanditz bank, the receiver collected $475 on industrial loans, time and demand loans, $898.94 on mortgage loans. $962.50 rents, $615.49 on interest and $128.24 on miscellaneous

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

Article from The Waterbury Democrat, March 27, 1933

Click image to open full size in new tab

Article Text

Commissioner of Banks to Act (Continued from Page 1) Waterbury as receiver for the Merchant's Trust Co., and the Waterbury National Bank as receiver for the Sanditz & Traurig and Kazemekas & Co. banks. It will also mean the retirement of the Naugatuck National Bank as receiver for the Naugatuck Bank & Trust Co. The bill gives authority to the state bank commissioner to take over the duties ol all bank receiverships and bring about the liquidation of the insolvent banks' assets. The bill also gives authority to the bank commissioner to appoint deputies or agents to assist him in the liquidation of any bank's assets. It might develop, should the bill pass, that the bank commis-, sioner would reappoint each of the Waterbury bank receivers to assist him in the receivership conduct. Whether the local bank receivers would be willing to accept the propositions remains a question. It is a known fact that the Citizens & Manufacturers National Bank only accepted the receivership of the Merchants Trust upon request. Whether it would continue, should the bank commissioner be given the receivership and provided he requested it to do so, will be a question. It is expected that the employes now working at the Merchants Trust Co. would be kept on until the bank commissioner or his deputies, could take over the position with full knowledge of the affairs of the company. The bill further provides that all receivers be paid for the amount of work they have accomplished during their tenures in the receivership positions.

6. March 29, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, March 29, 1933

Click image to open full size in new tab

Article Text

RECEIVER FOR TWO LOCAL BANKS HAS SUBMITTED COSTS BEER MESSAGE Expenses in Connection With Affairs of KazemeWAS WRITTEN kas & Co. and Sanditz IN HALF HOUR and Traurig Are Itemized and Made Public New York, March 29-(UP) -President Roosevelt's historic 72-word beer message to By Waterbury National congress was an Impromptu Bank document. disposed of within half an hour. his former counsel. Samuel 1. Rosenman, reCost of bank receivership throughvealed In a talk before the silk out the state as publicized in conand Rayon Credit association. nection with the bill before the state legislature which gives authMr Roosevelt ended his ority to the state bank commisradio address to the nation on stoner to take over all bank rethe banking situation on March celverships as part of the. duties of 12. disposed of several other his office. has led the Waterbury matters. and at 11:30 p. m. National Bank, receiver for the said: Kazemekas & Co. and Sanditz & " think it's time the counTraurig Banks of this city, to subtry did something about beer." mit today an itemized account of He rang for a secretary and the cost of operating both closed asked for a copy of the demoInstitutions since Dec. 23. 1931. the cratic platform. After studying late of their closing. to March 1. it a few minutes "he dictated this year. the message, Rosenman said. (Continued on Page 21

7. June 14, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, June 14, 1933

Click image to open full size in new tab

Article Text

Directors of the Kazemekas Co. (Continued from Page 1.) If the court grants the motion filed today, it will mean that the directors of the bank which closed the same time as the Merchants Trust Co. in 1931 will be required to come into court and answer questions relative to the operation of the bank prior to its suspension. The directors of the bank are relatives of the late Mr Kazemekas. The Waterbury National Bank, receiver for the Kazemekas & Co., last week was authorized by court to pay a 10 per cent dividend to all depositors of the bank. It marked the first dividend payment to depositors since the bank closed.

8. September 13, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, September 13, 1933

Click image to open full size in new tab

Article Text

19 Are Listed In Receivership Of Closed Bank Session Opens Friday Morning in Superior Court Before Judge Newell Jennings-Substitution of Waterbury Savings Bank in Foreclosure Actions Asked in Six Motions Due to Recent Merger Seventy-five motions in civil cases and Exelda K. Schlosser against Alden G. Schlosser. are listed for hearings at the first In the Merchants Trust Co. cases, short calendar session of the fall the receiver asks for reimburseterm of the superior court to be ments made in the operation of the receivership since April, and held Friday morning before Judge Newell Jennings. Nineteen of the asks the court to approve commotions are listed in the receiverpromise offers affecting savings acship of the Merchants Trust Co. counts and mortgage debts. Six of the motions ask the subA. motion asking the approval of chamber session orders rendered stitution of the Waterbury Savings during the summer is listed in the Bank, for the Dimel Savings Bank in foreclosure actions that are inWaterbury Hotel receivership. The stituted by the latter institution. court is asked to accept the reThe Dime Savings Bank is one of ceiver's accounts and operating the three banks that now amalstatements, and asks instructions gamated in the Waterbury Savings pertaining to creditors in the Bank as a result of the merger Beardsley & Wolcott receivership. during the summer. In the Kazemekas & Co. receivThe calendar lists several reership the court is asked for instructions relative to the St Joceivership hearings and two uncontested divorce cases. The dfseph's church set off and permisvorcees are those of Florence M. sion is sought to sue Anastasia Smith against William C. Smith Kazemekas.

9. November 24, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, November 24, 1933

Click image to open full size in new tab

Article Text

RECEIVER GIVEN ADDED ALLOWANCE Atty L. Russell Carter, counsel for the Waterbury National bank, receiver for two closed banks was granted an additional allowance of $2,250 for his services bver a year and a half period by Judge Newell Jennings in superior court today. Mr Carter was given the same amount a year ago in June. Judge Jennings stated the amount sought was reasonable and fafr considering the amount of work done by the receiver's counsel. The Waterbury National bank is receiver for the Sanditz & Traurig and Kazemekas & Co. banks.

10. November 24, 1933 The Waterbury Democrat Waterbury, CT

Click image to open full size in new tab

Article Text

RECEIVER GIVEN ADDED ALLOWANCE Atty L. Russell Carter, counsel for the Waterbury National bank. receiver for two closed banks was granted an additional allowance of $2,250 for his services bver a year and a half period by Judge Newell Jennings in superior court today. Mr Carter was given the same amount a year ago in June. Judge Jennings stated the amount sought reasonable and considerthe amount of work done by the receiver's counsel. The Waterbury National bank is receiver for the Sanditz & Traurig and Kazemekas & Co. banks. Although Captain famous died more than 150 years tortoise which belonged to still alive flourishing on the island of Tonga, where

11. December 16, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 16, 1933

Click image to open full size in new tab

Article Text

Reports of the Waterbury National bank, receiverf or the Sanditz & Traurig and Kazemekas & Co. banks, showing the operation o fthe receiverships during the month of November, were filed today in superior court. In the Sanditz & Traurig case, the receiver collected $1,522.95 and had expenses of $3,871.01. In the Kazemekas case, the receiver collected $1,630.88 and disbursed $2,491.42. The expenses of both closed banks were considerably swelled because of fees to counsel for the receiver, Attorney L. Russell Carter. He was granted $2,500 partial fee for services to the receiver in the Sanditz case and $2,250 in the Kazemekas case, constituting the first pyament he receivd since receivership. The report in the Sanditz bank shows the receiver has cash on hand in the amount of $13,174.25. Depositors of that bank will receive a 15 per cent dividend payment on January 10, under an order passed in superior court yesterday. The receiver expects to have enough cash at that time to make the payment. About $23,000 is needed for a dividend. The receiver took in the following sums during the month: Industrial loans, $64.50; . bills discounted, $25: mortgage loans $85; interest, $81.48; miscellaneous $19.02; Waterbury rents, $327.45; Stamferd rents, $920.50. The Kazemekas & Co. receipts for the month came from the following payments: Industrial loans,