2263. North American Bank & Trust Company (Wilmington, DE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
April 26, 1912
Location
Wilmington, Delaware (39.746, -75.547)

Metadata

Model
gpt-5-mini
Short Digest
5027a2a8

Response Measures

None

Description

No run or depositor panic described. Insurance Commissioner Maull took possession (April 26, 1912) and the court-appointed receiver (L. Scott Townsend) followed in May; bank remained in receivership with sale of assets and notices to depositors. Dates derived from newspaper reports (Apr 26–27 and May 10, 1912).

Events (3)
1. April 26, 1912 Suspension
Cause
Government Action
Cause Details
Insurance Commissioner Charles H. Maull took possession and closed the bank after an examination found liabilities in excess of assets and unsafe investments.
Newspaper Excerpt
An examination ... shows the affairs of such company to be in an unsound condition ... I shall forthwith take possession of such corporation's property and business
Source
newspapers
2. May 10, 1912 Receivership
Newspaper Excerpt
Chancellor Curtis this afternoon appointed L. Scott Townsend receiver for the North American Bank and Trust Company.
Source
newspapers
3. July 9, 1912 Other
Newspaper Excerpt
L. Scott Townsend, receiver for the North American Bank and Trust Company sold the personal property of the company in the Ford Building to-day The sale netted about $600.
Source
newspapers

Newspaper Articles (11)
1. April 27, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, April 27, 1912

Click image to open full size in new tab

Article Text

STATE CLOSES N. A. BANK Depositors Safe, But Stockholders Will Lose All, Mr. Gray Believes AFTER RECEIVER FOR THE INSTITUTION Insurance Commissioner Charles H. Maull has taken possession of the North American Bank and Trust Company, doing business in the Ford Building, this city and Attorney General Andrew C. Gray will apply to Chancellor Curtis for the appointment of a receiver for the company. Mr. Gray said that although he believed the depositors would receive dollar for dollar. he was afraid the stockholders would lose everything. The capital stock of the bank was authorized at $200,000. The deposits were about $30,000. Following an investigation of the bank's business by Peter Wright. publie accountant, for Insurance Commissioner Maull, Mr. Maull yesterday sent the following letter to AttorneyGeneral Gray: Dover, Delaware, April 26th, 1912. y Andrew C. Gray, e Attorney General of the State o of Delaware. t Sir: y Under the provisions of Sece. tion 5, Chapter 330, Volume 22, e Laws of Delaware, it becomes e my duty to notify you that an examination made of The North American Bank and Trust Com= pany. of Wilmington, Delaware, shows the affairs of such company to be in an unsound condition because of unsafe investments. Its liabilities exceed its assets, and it is unsafe and inexpedient for such corporaton to continue business. I would request you to institute such proceedings against the corporation as are authorized and directed by said Section 5 of the Act referred to and to take such other proceedings as the nature of the case se may require. at I desire to further notify you that from my examination I have ent reason to conclude that the said to corporation is in an unsound condition to do business and that ng I shall forthwith take possession nd of such corporation's property and business and retain such er possession until the termination as of the action or proceedings instituted by you as Attorney Genhe eral, or until the appointment of (Continued on Second Page.)

2. April 27, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, April 27, 1912

Click image to open full size in new tab

Article Text

Very truly yours, Chas. H. Maull, Signed Insurance Commissioner of the State of Delaware. Mr. Gray said today he would have applied today to Chancellor Curtis for the appointment of a receiver for the bank but Chancellor Curtis was not in court. The application will be presented early next week and in the meantime Insurance Commission er Maull has charge of the bank which is closed.. The North American Bank and Trust Company of Wilmington began business on the charter of the New Castle Development Trust Company and then had the charter amended by changing its name to the present title. There are about 105 shares of the 1500 shares of stock held by Wilmington people. The first president of the bank was Clawson Bachman who served from December 1, 1908 to November 3, 1909. From November 3, 1909 to October 18, 1910 James C. O'Neil was president and he was succeded by Dr. J. M. Tyson, who filled the office until January 17, 1911. James C. Brennan succeeded him up to November 11 last when the Rev. L. O. Knipp the present president assumed the office.

3. May 3, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, May 3, 1912

Click image to open full size in new tab

Article Text

SEES NEED OF RECEIVER FOR N. A. BANK In the Court of Chancery yesterday afternoon the affidavit of Peter T. Wright, accountant, was filed in the case of the North American Bank and Trust Company. In his report Mr. Wright reports that he acted at the request of Insurance Commissioner Charles H. Maull in his examination of the books of the company and had found liabilities in excess of the assets, the general affiairs of the company in what he regarded as an unsound condition and recommended the appointment of a receiver for the company. Mr. Wright reviews at some length the manner in which its business was conducted.

4. May 3, 1912 Milford Chronicle Milford, DE
Article from Milford Chronicle, May 3, 1912

Click image to open full size in new tab

Article Text

INSURANCE COMMISSIONER CLOSES BANK Insurance Commissioner Chas. H. Maull Took Charge of the North American Bank & Trust Company, at Wilmington, on Saturday. Charles H. Maull, State Insurance Commissioner, has taken charge of the North American Bank & Trust Company, with offices in the Ford Building, at Wilmington, on the ground that he considers it unsound because of alleged investments. The doors were closed on Saturday. At the request of Mr. Maull, AttorneyGeneral Andrew C. Gray expects to ask the Court of Chancery, this week, to appoint a receiver. The company has about $30,600 in deposits, and, according to Mr. Gray, it is expected that all the depositors will be paid in full. What will be the portion of the stockholders he cannot predict. Most of the stock is said to be held by non-residents. Some time ago the Attorney General asked the commissioner to make an examination of the affairs of the institution. The company operated under the charter of the New Castle Development Trust Company, which was later amended and the name changed. The authorized capital stock is $200,000. About 1500 shares of stock are outstanding, of which 300 are held in Wilmington. The Rev. L. O. Knippe, of Philadelphia, is the president. The secretary and treasurer is James E. Green, formerly of Philadelphia.

5. May 10, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, May 10, 1912

Click image to open full size in new tab

Article Text

MR. TOWNSEND IS RECEIVER Chancellor Curtis this afternoon appointed L. Scott Townsend receiver for the North American Bank and Trust Company.

6. May 10, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, May 10, 1912

Click image to open full size in new tab

Article Text

DARKER ANI BANKER AS RECEIVER FOR N. A. BANK The case of The North American Bank and Trust Company came up before Chancellor Curtis today upon petition for a receiver. Attorney General Andrew C. Gray, representing Insurance Commissioner Charles H. Maull, and John McClintock, Jr., appeared before the Chancellor. Mr. McClintock represented the Bank and Trust Company had no objections to the appointment of a receiver and on behalf of the stockholders of the company suggested the name of Edwin R. Cochran, Jr. Chancel'or Curtis did not appoint Mr. Cochran, however, but offered the receivership to a bank official of this city. He will give the Chancellor an answer when he arrives home from Philadelphia this afternoon.

7. July 9, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, July 9, 1912

Click image to open full size in new tab

Article Text

RECEIVER SELLS PROPERTY. L. Scott Townsend, receiver for the North American Bank and Trust Company sold the personal property of the company in the Ford Building to-day The sale netted about $600.

8. September 7, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, September 7, 1912

Click image to open full size in new tab

Article Text

REGISTER'S NOTICE. N CHANCERY, NEW CASTLE COUNTY. I To the depositors and creditors of the North American Bank and Trust Company. Notice is hereby given that L. Scott Townsend, receiver of the North American Bank and Trust Company, has filed in the office of the Register in Chancery at WIImington, a list of the depositors of said company. with the amount due each of them as shown by the Books of said company: that the samie may be examined by any party having any interest therein: or by any person having any claim against said company; that exceptions to said list of depositors and the amount due each of them may be taken by any party having any interest therein or claim As aforesaid, on OR before the first day of October, A. D. 19124 that any person having in his or her pos. session one of the Savings Banks or Boxes loaned to him or her by said The North American Bank and Trust Company may return the same to L. Scott Townsend, Re. ceiver. on or before the sixteenth day of September, A. D. 1912: and that the persons who have said Savings Banks or Boxes, and who return the same shall be allowed their claims as set forth in the list of dg. positors filed with the Register in Chicucery, and the claims of those depositors who do not return said Sav ings Banks or Boxes shall be reduced by the sum of one dollar, as provided in the agreement signed by the depositor. JOSEPH C. JOLLS, Register in Chancery. Wilmington, Delaware, August 1, 1912. a28-w,a-to Oct. 1.

9. September 11, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, September 11, 1912

Click image to open full size in new tab

Article Text

REGISTER'S NOTICE N CHANCERY, NEW CASTLE COUNTY, I To the depositors and creditors of the North American Bank and Trust Company. Notice is hereby given that L. Scott Townsend, receiver of the North American Bank and Trust Company, has filed in the office of the Register in Chancery at Wilmington, a list of the depositors of said company, with the amount due each of them as shown by the books of said company, that the same may be examined by any party having any interest therein: or by any person having any claim against said com pany; that exceptions to said list of de positors and the amount due each of them may be taken by any party having any interest therein or claim as aforesaid, on or before the first day of October, A. D. 1912; that any person having in his or her possession one of the Savings Banks or Boxes loaned to him or her by said The North American Bank and Trust Company may return the same to L. Scott Townsend, Re. ceiver, on or before the sixteenth day of September, A D. 1912: and that the persons who have said Savings Banks or Boxes, and who return the same shall be allowed their claims as set forth in the list of depositors filed with the Register in Chan. cery, and the claims of those depositors who do not return said Say. ings Banks or Boxes shall be reduced by the sum of one dollar, 88 provided in the agreement signed by the depositor. JOSEPH C. JOLLS, Register in Chancery. Wilmington, Delaware, August 1, 1912. a28-w.s.to Oct. 1.

10. September 18, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, September 18, 1912

Click image to open full size in new tab

Article Text

REGISTER'S NOTICE. N CHANCERY, NEW CASTLE COUNTY, I To the depositors and creditors of the North American Bank and Trust Company. Notice is hereby given that L. Scots Townsend, receiver of the North American Bank and Trust Company, has filed in the office of the Register in Chancery at Wilmington, a list of the depositors of said, company, with the amount due each of them as shown by the books of said company, that the same may be examined by any party having any interest therein: or by any person having any claim against said company; that exceptions to said list of depositors and the amount due each of them may be taken by any party having any interest therein or claim as aforesaid, on of before the first day of October. A. D. 1913; that any person having in his or her post session one of the Savings Banks or Boxes loaned to him or her by said The North American Bank and Trust Company may 10. turn the same to L. Scott Townsend, Receiver, on or before the sixteenth day of September. A. D. 1912; and that the per. sons who have said Savings Banks or Boxes. and who return the same shall be allowed their claims as set forth in the list of depositors filed with the Register in Chan. cery, and the claims of those de. positors who do not return said Sarings Banks or Boxes ' shall be reduced by the sum of one dollar. as provided in the agreement signed by the depositor. JOSEPH C. JOLLS, Register in Chancery. Wilmington. Delaware, August 1, 1912. a28-w,s-to Oct. 1.

11. September 21, 1912 Evening Journal Wilmington, DE
Article from Evening Journal, September 21, 1912

Click image to open full size in new tab

Article Text

REGISTER'S NOTICE. N CHANCERY, NEW CASTLE COUNTY. I To the depositors and creditors of the North American Bank and Trust Company. Notice is hereby given that L. Scott Townsend, receiver of the North American Bank and Trust Company, has filed in the office of the Register in Chancery at Will mington, a list of the depositors of said company, with the amount due each of them as shown by the books of said company, that the same may be examined by any party having any interest therein; or by any person having any claim against said com. pany: that exceptions to said list of depositors and the amount due each of them may be taken by any party having any interest therein or claim as aforesaid, on or before the first day of October, A. D. 1912; that any person having in his or her pos. session one of the Savings Banks or Boxes loaned to him or her by said The North American Bank and Trust Company may return the same to L. Scott Townsend, Receiver, on or before the sixteenth day of September, A. D. 1912: and that the persons who have said Savings Banks or Boxes, and who return the same shall be allowed their claims as set forth in the list of de positors filed with the Register in Chancery, and the claims of those depositors who do not return said Sav. ings Banks or Boxes shall be reduced by the sum of one dollar, as provided in the agreement signed by the depositor. JOSEPH C, JOLLS, Register in Chancery. Wilmington, Delaware, August 1, 1912. a28-w,s-to Oct. 1.