22077. Welden National Bank (St Albans, VT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3482
Charter Number
3482
Start Date
April 15, 1886
Location
St Albans, Vermont (44.811, -73.083)

Metadata

Model
gpt-5-mini
Short Digest
d77b2db2

Response Measures

None

Receivership Details

Depositor recovery rate
85.0%
Date receivership started
1933-12-28
Date receivership terminated
1939-05-31
Share of assets assessed as good
80.2%
Share of assets assessed as doubtful
16.8%
Share of assets assessed as worthless
3.0%

Description

No run is described in the articles. The 1934 notice is from the Receiver and instructs claimants to file claims, indicating the bank was closed and in receivership (government action). The 1886 article documents the bank's authorization to begin business. Dates corrected/used from newspaper publication dates.

Events (4)

1. April 8, 1886 Chartered
Source
historical_nic
2. April 15, 1886 Other
Newspaper Excerpt
The acting comptroller of the currency at Washington has authorized the Welden National bank of St. Albans to begin business with a capital of $100,000.
Source
newspapers
3. December 28, 1933 Receivership
Source
historical_nic
4. May 8, 1934 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership; receiver (Robert W. Ready) issuing instructions to claimants and requiring surrender of passbooks, CDs, drafts as proof of claim; indicates closure by regulators/receiver action.
Newspaper Excerpt
There appears in the columns of this paper a notice to all persons who may have claims against THE WELDEN NATIONAL BANK OF ST. ALBANS,' St. Albans, Vt., to file their claims within three months from May 8, 1934 ... ROBERT W. READY, Receiver.
Source
newspapers

Newspaper Articles (2)

Article from The Manchester Journal, April 15, 1886

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Article Text

STATE NEWS. The acting comptroller of the currency at Washington has authorized the Welden National bank of St. Albans to begin busiDess with a capital of $100,000. Oscar Hodge found a yearling sheep in Harrison Dodge's woods in Morrisville recently that had been foraging there all winter. It proved to be one of Dodge's flock that was missed last fall. The sheep was looking well. Although by virtue of its foreclosure the National bank of Rutland took possession of the Howe Scale works, April 1, an agreement has been made by which the stockholders are given another month in which to redeem the property. Ex-Governor John Gregory Smith and party were at Monterey, Cal., last week. Mrs. Smith has contemplated extending her tour to the Sandwich Islands, but had not fully decided whether to do so or not at last accounts. Owing to wash-outs on the Passumpsic railroad trains are anything but regular. As some of the wash-outs are below St. Johnsbury, trains are run over the Portland & Ogdensburg and Boston & Lowell by way of Littleton, to connect again at Wells River. Henry Rice, 85 years old, one of Newfane's oldest residents, was killed last week by falling down a cellar way in his house. He was born at Shrewsbury, Mass., in 1801, and was for some years a merchant at Dover and South Wardsboro, and afterward served as trustee of the Windham county savings bank for about 25 years. The Central National Bank of Boston and others, holders of $350,000 of receiver's certificates on the Lebanon Springs railroad, have brought suit against the new organization to recover the amount. The road was sold last year for less than its debts, Unless settlement is effected, this may embarrass the new company in opening the proposed New York, Rutland and Montreal line. Brandon is to observe Saturday, May 29, as Memorial day, when the new soldiers' monument will be unveiled. Brig. Gen. L. A. Grant will deliver the address, and every militia company and Grand Army post in the state, with the governor and staff will be invited to attend the exercises. C, H. Forbes has been chosen grand marshal of the occasion, and Messrs. Ormsbee, Meacham and Forbes committee on the exercises. The town of Middlebury having Itaken no action to commemorate th e 100th an niversary of its organization, Mr. Henry L. Sheldon noticed the occasion with a reception at the rooms of the Sheldon art museum. The furniture, lamp, clock, piano, library, etc., made use of were over 100 years old. The original record book was also exhibited. After two hours spent in the examination of the collections Ass six well alled rooms, the guests assembled in the large hall, where the early history of the town was discussed, including reminiscences, anec dotes, etc.


Article from St. Albans Daily Messenger, May 8, 1934

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Article Text

Welden Bank Receiver Issues New Instructions There appears in the columns of this paper a notice to all persons who may have claims against "THE WELDEN NATIONAL BANK OF ST. ALBANS,' St. Albans, Vt., to file their claims within three months from May 8. 1934, and in order to expedite this matter, claimants are requested to follow the following instructions: The blank to be used in the filing of the claim should be obtained at the office of the Receiver in The Welden National Bank in St. Albans. These blanks should be examined before attempting to prepare them. The pass book, certificate of deposit, draft, or other evidence of indebtedness of The Welden National Bank of St. Albans. upon which this claim is based, must be surrendered when proof of claim is filed. Care should be taken that all blank spaces in the form are properly filled in. The signature of the claimant should be written exactly as it appears upon the bank's books. When proof is made by an administrator, executor, or by any party other than original claimant, a certificate of authority fo SO doing must be attached to the proof. Members of firms and officers of corporations must, of course, make their affidavits as individuals. Use this style: "In and for said county and State. John Smith, who is member of the firm of John Smith & Co." or "John Smith, who is treasurer of John Smith & Co., a corporation." At the bottom the affidavit should read, "Due and payable to John Smith & Co.," and should be signed by John Smith as an individual. ROBERT W. READY, Receiver.