Fort Covington Banking Company - Fort Covington, NY

Episode Information

Episode UID: 2245441891584
Episode Type: Suspension → Closure
Bank Type: private
Bank ID: 224544189 hash
Start Date: December 22, 1931
Location: Fort Covington, New York (44.989, -74.495)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 76c58a28b525145f

Response Measures

None

Description

Article reports the bank failed to open and an examiner is in charge; no information on reopening or receiver.

Events (1)

1. December 22, 1931 Suspension

Cause: Government Action
Cause Details: State Banking Department examiner placed in charge after bank failed to open its doors.
Newspaper Excerpt: The Fort Covington Banking Company, a private institution, failed to open its doors today An examiner from the State Banking Department is in charge.
Source: newspapers

Newspaper Articles (1)

1. December 23, 1931 The Philadelphia Inquirer Philadelphia, PA

Article from The Philadelphia Inquirer, December 23, 1931

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Article Text

HOLD TRANSAMERICA PACT BINDS WALKER Dissenting Stockholders Reveal Alleged Agreement Between Giannini and President Issuance of Statement Termed Another Shot From Found. er's Camp in Proxy War SAN FRANCISCO Dec 22 Transamerica Corporation's senting stockholders made public dis. day what they said was the text the Walker Giannini agreement 1929 under which Elisha Walker took over the reins of the corporation The agreement they held bound Walker nini policies to continue the A. P. Gian. Giannini, founder of the corpora tion, has challenged the policies of Walker and is campaigning to gain control at the stockholders meeting, which will be held in Will. mington. Del., February Walker, chairman of the board directors, recently ejected Giannini from power in the company's fairs and his policy of ac. quiring control of banks oughout the country The issuance of the agreement terms today wa another war shot for from the Giannini camp in the proxies. Develops Branch Banking The principal portions of the pact as released by the Associated follow: Transamerica stockhold. ers, "Transamerica shall develop its policy of nation branch bank. ing. It shall endeavor to obtain important banking interests in foreign banks or houses. "It shall continue its policy of obtaining interests in or controlling branches insurance allies to banking, such as "It shall be the policy of Transamerica or affiliated companies to acquire important interests in desirable industrials and public utill. ties. 'Bank of America to be developed so that it will be one of the prin. cipal institutions of New York An outstanding institution in New York is necessary for the proper upbuild. ing of Transamerica and for nationwide branch banking The dissenting stockholders then said "The first step under the Walker plan, announced on September 22, 1931, was the merger or sale week later of the Bank of America of New York to the National City ST. LOUIS BANKS UNITE First National Acquires Assets Franklin American Trust ST. LOUIS, Dec. 22 (A The First National Bank has purchased the assets of the Franklin American Trust Company fourth largest bank of the city, it was announced here today Officers of the Franklin American in a statement said they made the move of merging into the bank of public unrest following the suicide of one of our leading officers. which was due to personal reasons having no connection with our trust company Bank Receiver Named I OSTON, Dec. 22 (A. Pole. comptroller of currency for the U. S. Treasury Department today announced the appointment of Herbert Pearson as receiver for the Fed. eral National Bank of Boston which closed a week ago. Pearson has been here several days investigating the condition of the bank. Explains Drop in Exports DENVER Colo., Dec 22 (A. P.).Senator Key Pittman. Democrat of Nevada, declared today that inability of all silver-using nations to buy American goods at the gold stand ard price responsible for de. crease of 68 per cent. in this nation's Bank Fails to Open MALONE N. Y., Dec 22 (A P.J.The Fort Covington Banking Company, a private institution, failed to open its doors today An examiner from the State Banking Department is in charge.