Union Bank - Providence, RI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 11, 1890
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: 359cb0ec

Response Measures

None

Description

Article (Delaware Gazette, 1890-03-13) reports that the stockholders of the Union Bank in Providence decided to wind up its affairs — a voluntary winding up leading to closure. No run is mentioned. The paper notes prior embezzlement by a teller and that affairs had not been flourishing, which likely motivated the voluntary liquidation.

Events (1)

1. March 11, 1890 Suspension

Cause: Voluntary Liquidation
Cause Details: Stockholders voted to wind up the bank's affairs (voluntary liquidation); bank had been in poor condition after a teller's embezzlement in 1888 and weak finances since then.
Newspaper Excerpt: The stockholders of the Union Bank in Providence, Rhode Island, Tuesday decided to wind up its affairs.
Source: newspapers

Newspaper Articles (1)

1. March 13, 1890 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, March 13, 1890

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Article Text

Attorney-general Miller has appointed Charles Baker assistant attorney for Southern New York. George Krewolf, ex-treasurer of Hoyt's Theatrical Company, pleady guilty in Boston Tuesday to the charge of embezzling $1,117. William P. Atkisson, professor of English literature and history in the Massachusetts Institute of Technology, and also known as all author, died on Monday night. The directors of the New York Manhattan elevated railroad have declared a dividend of 1½ per cent in cash. The four preceding quarterly dividends were 11 per cent, payable in cash. The three Catholic prelates of Wisconsin have prepared and signed a lengthy statement to the Catholics of the state, defining the Bennett School law, protesting against its enforcement and demanding its repeal. J. B. Pettibone, a well-known citizen of Wilkesbarre, committed suicide there on Tuesday by shooting himself through the head. He went to Pittsburg on business eight weeks sgo, and returned home on Monday night. The state treasurer of North Carolina reported on Tuesday that $11,000,000 of the old debt of that state had been funded into new 4 per cents under the act of 1879, which expires by limitation the 1st of July, 1890. There remains only $1,600,000 of the old debt outstanding. The stockholders of the Union Bank in Providence, Rhode Island, Tuesday decided to wind up its affairs. This is the bank from whose vaults Teller Charles A. Pitcher stole all the cash in June, 1888. He is now in a Canadian jail. The bank recovered nearly all of the cash and securities that Pitcher sto e, but its affairs have not been in a flourishing condition for some time. Articles of incorporation of the Lincoln & Western Railway Company have been filed with the secretary of state in Lincoln, Nebraska. The eastern terminus of the proposed line is in the city of Lincoin, and the line runs wastward to the state line. The capital stock is $4,000,000. Articles were also filed of the Lincoln, Sioux City and Yankton, with the terminals at Lincoln, Covington and a point on the north line of Oedar county opposite Yankton. The capital stock is $2,500,000, with the same incorporators.