19825. Citizens National Bank (Woonsocket, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
970
Charter Number
970
Start Date
September 10, 1928
Location
Woonsocket, Rhode Island (42.003, -71.515)

Metadata

Model
gpt-5-mini
Short Digest
3ad2b9cc

Response Measures

None

Receivership Details

Depositor recovery rate
70.0%
Date receivership started
1928-09-18
Date receivership terminated
1933-10-16
Share of assets assessed as good
41.3%
Share of assets assessed as doubtful
50.0%
Share of assets assessed as worthless
8.7%

Description

The bank closed Sept. 10, 1928 after discovery of a shortage/embezzlement by an assistant cashier (H. J. Mytte). A federal receiver was appointed (Sept. 28, 1928) and the bank remained in receivership; a dividend was paid in March 1929. No run is described in the articles. OCR variants (e.g., Citizen's) were corrected.

Events (5)

1. April 1, 1865 Chartered
Source
historical_nic
2. September 10, 1928 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a shortage in the bank's accounts tied to alleged embezzlement by assistant cashier H. J. Mytte (under federal and state indictments).
Newspaper Excerpt
which closed September 10, after discovery of a shortage in its accounts
Source
newspapers
3. September 18, 1928 Receivership
Source
historical_nic
4. September 28, 1928 Receivership
Newspaper Excerpt
James C. White had been appointed receiver of the bank and would assume charge tomorrow.
Source
newspapers
5. March 7, 1929 Other
Newspaper Excerpt
A thirty per cent dividend to depositors in the Citizen's National bank was announced today by James C. White, federal receiver. The bank was closed last September due to an alleged shortage ... payment of the dividend ... will begin tomorrow.
Source
newspapers

Newspaper Articles (6)

Article from New Britain Herald, September 28, 1928

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Article Text

NEW BANK RECEIVER Woonsocket, R. I., Sept. 28.-(P)William B. Carolan, federal examiner in charge of the Citizens' National bank which closed September 10, after discovery of a shortage in its accounts, received notice today from the comptroller of the treasury that James C. White had been appointed receiver of the bank and would assume charge tomorrow.


Article from New Britain Herald, September 28, 1928

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Article Text

NEW BANK RECEIVER Woonsocket, R. I., Sept. 28.-(P)William B. Carolan, federal examiner in charge of the Citizens' National bank which closed September 10. after discovery of shortage in its accounts, received notice today from the comptroller of the treasury that James C. White had been appointed rec iver of the bank and would assume charge tomorrow.


Article from New Britain Herald, March 7, 1929

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Article Text

Closed Woonsocket Bank Announces First Dividend Woonsocket, R. I., March 7 (AP) A thirty per cent dividend to depositors in the Citizen's National bank was anonunced today by James C. White, federal receiver. The bank was closed last September due to an alleged shortage in the account of H. J. Mytte, assistant cashier. who is at present under federal and state indictments for embezzlement. Payment of the dividend, the first since the bank closed. will begin tomorrow.


Article from Greenfield Daily Recorder, April 9, 1929

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Article Text

Another Person Bitten By Dog Police To Shoot All Dogs Roaming Without Muzzles The full significance of the popular dog's be brought home to owners who not muszle their canines accordance with the edict of the selectmen. effective Saturday, according to Dr. Hayes, chairman of the board of the Ieniency which Chief of Police Thomas Manning has shown and for the remainder of the day ban on unmuzzled dogs, made necessary because recent local case rabies, all dogs found roaming the streets without muzzles will be shot on sight, he said. No further cases of the disease have been reported in town although Dr. Haves revealed that dog had bitten last week, but not seriously He was of the opinion the animal was vicious but not afflicted with rabies. Miss Evelyn Monroe of Main street has returned to school after several weeks illness. An attachment has been filed by John Bednardski, of Deerfield, against Frank of Deerfield in the amount of $10,000. in with an action of tort. Dexter MacDonald, freshman Harvard university. spending the spring vacation with his parents, Dr and Mrs. MacDonald of Union street. New Bank Receiver Appointed WOONSOCKET, R. April (AP) John E. Farrell, Newton, Mass., has been appointed federal receiver for the Citizens national bank of this city, according to word received here today. He succeeds Richard Grossman, who has been James White, Boston, who resignconnected with the Prudential Insurrecently accept bank position ance company Greenfield for three in Chicago. years will leave Saturday to enjoy promotion from agent assistant Baldwin To Outline Policy superintendent in Pittsfield The New England Order of Protecwill hold food sale at Corsiglia's Moose hall to-morrow evening. The Parent Teacher association will hol da food sale at Corsiglia's store Saturday at o'clock orders may be made by calling 327-R. A son. Robert Lowell was born today County hospital Mr. and Mrs. Frank Collingwood of 11 Madison circle James A. Varney and son of Beth. lehem. N. H. St Petersburg Fla. spent the week end at the home Mrs. Edith Houghton of Mountain road. The last meeting of the Never-anod club of the season was held last evening home of Mrs. Donald Carey of 188 Chapman street. fine dinner was served 6.30 after which program of was giv. The club will resume its meetings in October Edward L Munyan of Davis street end with Mrs. James Britton in Boston James Mahoney of Woodleigh avespent part of his Easter vacation his brother William who tends the University of Maine Mr Mahoney has returned to his studies at Holy Miss Marion Weisbrod of Orchard street has been spending several days New York The Knights of Columbus at their meeting last evening unamiously endorsed the Early Diagnosis campaign against tuberculosis being conducted by the Franklin County Public Health LONDON, April (AP) Premier Baldwin outline his general election policy at meeting of the conservative and unionist party organization on April 18 at Drury Lane Theater, London: The parliamentary are scheduled for May 30. Chicago Exchange Plans New System CHICAGO, April (AP) The Chicago Stock Exchange. which cently has piled up in volume of trading, value of memberits vice. to have the distinction of being the first market to its by press association into newspaper offices from the exchange


Article from The Boston Daily Globe, April 10, 1929

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Article Text

NEWTON MAN NAMED BANK RECEIVER IN WOONSOCKET WOONSOCKET, R I, April 9 (A. P.) -John E. Farrell, Newton, Mass, has been appointed Federal receiver for the Citizens' National Bank of this city, according to word received here today. He succeeds James C. White, Boston, who resigned recently to aocept a bank position in Chicago.


Article from Putnam Patriot, September 11, 1930

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Article Text

A RECOGNITION appointment of George M. Coffin, receiver of the First THE National Bank of Putnam, to be, concurrently, receiver of the defunct. Citizens National Bank of Woonsocket, is looked upon by his friends in Putnam as a flattering recognition of his past quasi-public service. It denotes that he has performed his task in Putnam to the satisfaction of the comptroller of the currency. It denotes that, notwithstanding he is advanced in years, his services are still in demand where tangled bank affairs need unravelling. Mr. Coffin expected to "leave the harness" when he concluded his trust in this city. (He hopes that will be in the not distant future). It is evident that he is considered too valuable a man to be allowed to retire. For the past six years he has been unravelling the financial tangle he assumed when he took over the receivership of the Putnam bank. It has been a hard, slow process. Eighty percent has already been salvaged from the wrecked finances and more is promised in a final dividend. Mr. Coffin has executed his trust in a way which has not caused undue hardship, meanwhile protecting the interests of the bank's creditors, who have reason to be pleased with results. The outstanding success of the administration of his trust in Putnam is recognized in Washington by his appointment to another bank receivership in a nearby city.