Citizens & Manufacturers National Bank (Waterbury, CT)

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Episode Information

Episode UID
249401584
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
24940 national
Charter Number
2494
Start Date
December 30, 1931
Location
Waterbury, Connecticut (41.558, -73.051)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0ce3bf97206bbf3d

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

Receivership and dividend distributions described; receiver named by state/court following heavy withdrawals.

Events (6)
1. October 25, 1880 Chartered
Source
historical_nic
2. December 30, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals and immediate demands deprived the institution of available cash, indicating bank-specific liquidity distress
Measures
Appointment of temporary receiver to protect creditors and depositors
Newspaper Excerpt
Excessive and immediate demands placed on the bank and heavy withdrawals made by depositors
Source
newspapers
3. December 30, 1931 Suspension
Cause
Government Action
Cause Details
State banking commissioner/court petition led to appointment of receiver and suspension of ordinary operations
Newspaper Excerpt
the Citizens Manufacturers Nationa' bank Waterbury was appointed temporary
Source
newspapers
4. January 21, 1932 Receivership
Newspaper Excerpt
The Citizens & Manufacturers National Bank was confirmed as temporary receiver for the Merchants Trust Co following a hearing before Judge Frederick M. Peasley in superior court this morning.
Source
newspapers
5. July 11, 1933 Other
Newspaper Excerpt
Will Be Distributed To 5,600 Depositors ... the Citizens & Manufacturers National bank, receiver ... will share in the distribution of more than half a million dollars in dividends
Source
newspapers
6. September 8, 1933 Other
Newspaper Excerpt
Citizens and Manufacturer's' National bank, receiver, against ... motion for judgment by default; Law-day set ... receiver ordered to make repairs on the property ... Judgment for foreclosure was set at $18,813.83
Source
newspapers

Newspaper Articles (14)
1. December 30, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 30, 1931

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RECEIVERS TO GUARD DEPOSITS Reasons for Naming Those Receivers for Local Banks Were Mainly to Protect All the Creditors and Depositors Excessive and immediate demands placed on the bank and heavy withdrawals made by depositors, thereby depriving the innstitution of an available cash the appointdered ment of receiver for the Merchants Trust company, the petition of State Banking to which was filed the superior court here today. The petition heard last Thursday by Superior Court Judge Emest A. Inglis in Middletown. At that hearing. the Citizens Manufacturers Nationa' bank Waterbury was appointed temporary The date the .rmation of the was set for Jan The same reasons were advanced for the appointment of the Waterbury National bank as for Sanditz Traurig Co., Inc., Kezemekas when the hearing day for the confirmation of the Waterbury Na. tional bank as receiver was set for The petitions regarding the three local banks state assets non-liquid condition. The court is asked in the petition to confirm the receivers and dissolve the corporations. Commissioner Bassett in his ap. plication unsafe the banks continue because their assets were in danger of being dissipated or and that in to preserve the assets and protect depositors from loss he was obliged to issue restraining order against the de(Continued on Page 7.)

2. January 21, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, January 21, 1932

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TEMPORARY RECEIVER IS CONFIRMED Citizens and Manufactur= BETTER, THANKS! ers National Bank Ap= By To-day proved Judge Peasley to Act in Merchants Trust Co Settlement - Appoint= ment of Appraisers Not Made NAMES OF EIGHT APPLICANTS The Citizens & Manufacturers National Bank was confirmed as temporary receiver for the Merchants Trust Co following ,a hearing before Judge Frederick M. Peasley in superior court this morning. Judge Peasley reserved decision on the appointment of appraisers, for which positions there were eight applicants. Among the names Judge Peasley has under consideration are Leroy S. Andrew, treasurer of the Colonial Trust Co., Theodore F. Nuhn, Carl Olsen, assistant treasurer of the Waterbury Trust Co., F. W. Judson, president of the Waterbury National Bank, James .T. Dillon, Charles Rosengarten, George A. Baronian and a Mr Basford of New Britain, formerly employed as a banker here. Mr Dillon, Mr Nuhn, Mr Rosengarten and Mr Baronian are real estate men. NEA The application was presented by Attorney Bernard A. Kosicki This picture contains good news of the attorney general's office in for Fordham university students. behalf of George J. Bassett, state It shows John Szymanski, football bank commissioner. Mr Kosicki star injured in a game with Buck said the applicants for the appraisnell last season, able to be up and ers' positions have stated they walking again with the aid of would perform the duties as a nurse. The partial paralysis which matter of public service rather followed his injury is reported to than for any substantial monetary be disappearing. (Continued on Page 4.)

3. March 3, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 3, 1932

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BANK ALLOWED TO BORROW SUM OF ONE MILLION Judge Peasley Renders Decision in Merchants Trust Co Case - Lewis S. Reed and Thomas F. Moore Will Leave for Boston to Get Loan / Judge Frederick M. Peasley granted the petition of the Citizens & Manufacturers National Bank to borrow a million dollars for reorganization purposes for the Merchants Trust Co in a decision handed down to-day. Lewis S. Reed, vice president of the Citizens & Manufacturers National Bank and Thomas F. Moore, in charge of receivership at the Merchants Trust Co will leave to-morrow morning for Boston to enter negotiations for the loan with the Reconstruction Finance Corp representative there. Mr Reed and Mr Moore will formally file the loan application with Harry A. Saunders, manager of the New England committee of the Reconstruction Finance Corp. The application is a 300 page document in which the local representatives will be required to list the collateral that is to be offered as security for the loan. A. duplicate application will be forwarded to-day to Congressman Edward W. Goss at Washington so that he may file it with the Reconstruction Finance Corp headquarters, according to the form required in such cases. It is expected that decision on (Continued on Page 4.)

4. April 20, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, April 20, 1932

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Deposits Are Worth Dollar For Dollar from Page 1) and securities market the mainder should easily be realized. The appraisal of the stocks, bonds and securities made of the market was as on last December 23, the date the bank suspended business. The market at that time was very low. The statutes of the state of Connecticut provide that certain assets shall be segregated for the prior protection of savings depositors and if these assets are first applied to savings deposits and if the unpaid remainder of savings deposits share equally with the commercial deposits in the remaining assets, the result would be that savings deposits would be worth 98 per cent on the dollar and commercial deposits worth 90 cents the dollar, as determined by the appraisers' values. The funds set aside to secure savings deposits are appraised by the appraisers at approximately 84 per cent of the amount of deposits in the savings department, and the total commercial assets are appraised as being worth 115 per cent of the commercial deposits, but- as the shortage in savings shares with the excess in the commercial department as above stated, the corrected computation would indicate 98 per cent values in savings and 90 per cent commercial accounts. In other words, the 84 cent values in the savings department is balanced by the 115 per cent value in the commercial department. statement of the appraisers, report, says, accompanying "In arriving these values have considered the present omic condition fact that they well under receivership be collected and not as assets of going conbeing an important cern, determining their tor reads as follows: appraisCompany, of herewith submit our report follows: We have examined each indivfiled the receiver and placed upon item its present fair value. In arriving at these values considered the present omic conditions of the country well as the fact that they receivership and not going concern, this being important factor their value. We examined financial and credit statements filed Inspected offsets, exrowers. amined collateral and placed figure value such collateral, both collateral which listexchanges unlisted collateral. We examined each piece of real estate which curity for sulted with directors officers officers employes of the Citizens and Manufacturers National Bank. the receiver. We have tained opinions of individuals certain matters and own Information determining value of listed collateral we carefully examined of the companies and ments made inquiry on and sale value present time of each of these items collateral. In cases which we had some doubt as the mortgages, we called in real tate have the with them have matter sidered their opinions in arriving figures. The present low values in the course, cause stock market, large losses stocks bonds owned, the any be reflected ability to realize substanfiled with the receiver detailed appraisal all items set forth in the inventory Pursuant to the direction of the with our appraisal in the form of schedule. Dated at Waterbury, this 20th day of April, The Appraisals The the ventory the at the time closed with upon the book values, compared the appraisal value down by the appraisers, Commercial Department discounted Demand notes unsecured Industrial loans loans 88,912.82 Second Mortgage attached) 644,951.65 (schedule attached) from reserve agents 21,264.45 hand clearings 83,744.92 6,394.80 funds (schedule Stocks aside for trust 11,255.00 trust funds (schedule aside 37,104.95 attached attached) 68,300.00 Real owned (schedule Overdrafts Furniture fixtures 70,000.00 70,000.00 City of Waterbury $2,670,110.34 Savings Department Mortgage loans Collateral Promissory notes Bonds (schedule Stocks (schedule attached) Deposits Due from 285,000.00 estate (schedule attached) commercial assets 3,649,533.58 3,054,204.06 savings $5,724,414.40 Grand total 20th day of Subscribed sworn to before Waterbury, April, A. D. 1932. THOMAS Notary Public.

5. January 14, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, January 14, 1933

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Taxes New Sidewalk Coal Janitors and elevator men Insurance Miscellaneous 1,147.14 Printing and stationery 617.50 Title Searches 151.71 Publishing of Court notices 8,000.00 Appraisers fees 170.00 Real Estate Appraisal fees 438.14 Sheriff's fees 481.50 Court Expense 353.86 Postage 867.49 Electricity and power 1,408.04 Casualty Insurance Telephone and Telegraph 14,500.00 Counsel fee 550.27 Supplies 178.50 Window cleaning 20,308.50 Salaries of employes 14,340.20 Reimbursement of Receiver for time of officers and employes 1,952.81 Miscellaneous items $76,099.11 ASSETS Dec. 31, 1932 Increase Decrease Dec. 31, 1931 (by liquidation) $ 508,415.77 $1,130,094.65 Time Notes 468,655.18 315,191.78 Demand Loans 438,958.36 118,895.58 Collateral Loans 24,549.80 17,954.00 42,503.80 Industrial Loans 25,642.86 63,269.96 88,912.82 Second Mortgage Loans 86.61 216.24 302.85 Overdrafts 1,797,067.29 142,132.71 1,989,200.00 First Mortgage Loans 546,820.21 90,580.89 Collateral Loans 637,401.10 271,889.81 17,071.78 288,961.59 Personal Loans 401,731.25 65,946.15 Bonds and Stocks 467,677.40 180,000.00 105,000.00 Real Estate 285,000.00 27,500.00 27,500.00 Deposits in other Banks 3,122.10 3,122.10 Due from Banks 671.39 Cash-Savings Department 408,191.00 236,760.65 644,951.65 Other Securities Owned 147,076.89 60,894.82 86,182.07 Other Real Estate 174,936.36 174,936.36 Foreclosed Real Estate 56,406.38 Due from Reserve Agents 177,740.20 143,975.75 Due from Cit. & Mfg. National Bank Depository 94,829.42 94,829.42 Cash on Hand 8,495.16 6,076.67 14.571.83 Cash Items 40,936.60 40,986.60 Clearings 4,179.79 83,744.92 Past Due Notes 17,200.00 19,904.95 Securities set Funds 37,104.95 11,366.13 Assignments of accounts 19,822.85 19,822.85 Other Assets $6,176,426.84 $410,995.91 LIABILITIES $ 500,000.00 $ 500,000.00 Capital Stock 700,000.00 700,000.00 Surplus 108,260.27 150,710.98 42,450.71 Undivided Profits 150,000.00 150,000.00 Res. for Contingencies 48,280 00 48,280.00 Res. for Depreciation 8.39 8.39 Res. for Taxes 17,742.75 11,057.96 6,684.79 Industrial Loan Deposits 120,880.33 106,751.65 14,128.68 Lire Deposits 1,449,006.76 1,021,860.21 427,146.55 General Deposits 2,716.19 1,988.76 727.43 Attached accounts 248,334.62 203,497.16 44,837.46 Certificates of deposit 11,589.49 8,570.54 3,018.95 Certified checks 3,510.91 3,289.28 Treasurers checks 26,552.27 26,552.27 Trust deposits 840.00 840.00 Dividends unpaid 2,548.50 920.50 1,628.00 Christmas clubs 466,500.00 466,500.00 Amount borrowed from other banks 296.13 296.13 Expense checks outstanding 32,264.62 5,989.10 26,275.52 Due to banks 3,649,433.58 3,195,856.88 453,576.70 Savings Deposits 66,508.80 66,508.80 Due holders of unpaid checks $7,538,764.81 $6,176,426.34 $108,959.51 $1,471,297.98 THE CITIZENS AND MANUFACTURERS NATIONAL BANK, RECEIVER. LEWIS S. REED, Vice President

6. March 8, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 8, 1933

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Payroll Checks Issued To-day (Continued from Page 1) bury banks will issue scrip remains to be determined. Austin L. Adams president of the Colonial Trust Company returned to Waterbury today from New York, where he arranged for the issuance of scrip to the local clearing house if needed. He is one of the committee of three bankers chosen at Monday's meeting to make all necessary arrangements for a substitute for currency, if the occasion warrants it. No decision will be given out until congress convenes tomorrow. Whether scrip will never be used in this city and whether the banks will reopen for general business Friday, Saturday or next Monday morning will be known within the next 24 or 48 hours. The Merchants Bureau of the Chamber of Commerce were notified today again as to what was expected of them. They are expected to accept factory payroll checks and those issued by the city of Waterbury up to a reasonable amount in exchange for merchandise or in payment of a bill. They are to be provided with sufficient fluid currency to carry on their business. They will be able to obtain cash daily during the emergency at the Menchants Trust company, but it will be a cash-for-cash proposition. No checks will be accepted for cash. To co-operate with the merchants the city of Waterbury and the factories issue checks ranging from $1 to $20. Most of the checks, however, are $1, $5 and $10. Merchants are expected to return the checks as change in any transaction. The whole arrangement is expected to be only of a few days duration. All banks are expected to be open for general business not later than Monday and they will take over the task of cashing of all payroll checks. The question has been asked thousands of times to the effect, what does a person receive for change if he makes a purchase and gives a check for $1 to a storekeeper in payment of an article valued at 30 cents. He will receive 70 cents back in quarters nickels, dimes or what the merchant has conveniently at hand. He is not obliged to take any credit slip or a specially devised scrip for use only in that particular store. If a merchant wishes to carry on business he is expected to carry sufficient change and to be reasonable in his dealings. The New Haven railroad owing to the conditions resulting from the bank holiday has announced a curtailment of service throughout New England. Busses running between Waterbury and New Haven on the New England Transportation company's lines are also affeeted.

7. May 3, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, May 3, 1933

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ORDER OF NOTICE. STATE of CONNECTICUT. NEW HAVEN COUNTY, ss. WATERTERBURY. May 1st, A. D. 1933. UPON THE COMPLAINT of the said The Citizens & Manufacturers National Bank praying for reasons therein set forth for a judgment for $16,000, appointment of a receiver and foreclosure of a certain mortgage on property on the westerly side of Linden street, in said Waterbury, etc., made returnable before the Superior Court in and for New Haven County at Waterbury, to be held on the first Tuesday of June. A. D. 1933, it appearing to and being found by the subscribing allthority that certain of said defendants are of parts unknown; therefore, ORDERED, That notice of the pendency of said complaint be given by publishing this order in the Evening Democrat. a newspaper printed in said Waterbury, three days successively, commencing on or before the 15th day of May, A. D. 1933, by some proper officer or indifferent person who, with his doings thereon indorsed, shall make due return. GEORGE H. FREEMAN, Clerk of the Superior Court for New Haven County at Waterbury. STATE of CONNECTICUT, COUNTY of NEW HAVEN, ss. WATERBURY, May 2. 1933. The within and foregoing is a true and attested copy of the original Order of Notice in my hands for publication. Attest: JOHN L. GRAY. Deputy Sheriff. 5-2-3t

8. June 16, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, June 16, 1933

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# Judgments For $90,450.99 Were Granted To-day Fourteen Foreclosures Were Allowed in the Superior Short Calendar Session and in the Court of Common Pleas -There Were Seven Granted in Each Court # LODGE OF ELKS CELEBRATED ANNIVERSARY Fortieth Birthday of the B. P. O. E. Was Fittingly Observed at Their Home Last Night # ROSTER OF CASES IN BOTH COURTS Fourteen foreclosure judgments totaling $90,450.99 were entered at the short calendar sessions of the superior and common pleas courts here to-day. In superior court, Judge Booth granted seven judgments amounting to $57,273.67. In the common pleas court, seven judgments totaling $33,177.32 were granted by Judge Miles F. McNiff. The following judgments were entered in superior court: Dime savings bank against William H. Casey, administrator $6,800; Prudential Insurance Co against Joseph Kligerman, $3,517.90; Henry Timpkin against T. J. Whalen, $3,29.85; Colonial Trust Co against Louis E. Stemm, $4,362; Colonial Trust Co against Edna L. Cohen, $5,167.50; Caroline B. Barlow, trustee against the Citizens & Manufacturers National Bank, $26,91.67; Prudential Insurance Co against Sam Holczer, $7,504.75. In common pleas court, the following judgments were entered: Ephraim Udelowitz against M. S. Pavano, $2,208.50; West Side Savings Bank against W. S. Strong $8,270, law day, June 13, 1934; Jennie E. Dillon against Donato Lo Russo, $4,573; Citizens & Manufacturers National Bank, receiver, against A. Distefano, $3.745.58; Citizens & Manufacturers National Bank, receiver, against Nick Mecca 12.360; G. Veneri against G. Sanalucia, $1,040; L. R. Carter against Edwin J. Archer $980.24. Forty years might be considered quite a span in a lifetime but to the two hundred or more Elks gathered at the Waterbury lodge rooms last evening, why it was just a drop in the ocean. At least that is the impression given to all those who attended the 40th anniversary celebration of the local lodge. Attorney John H. Cassidy, introduced as toast master by Exalted Ruler Robert A. Waters, struck the popular chord in his opening remarks. He recalled that he served as toastmaster 30 years ago when the Waterbury lodge celebrated its 10th anniversary in Odd Fellows hall and now he found himself in a similar role upon its 40th birthday. Frequent tribute was paid by the speakers to the four active charter (Continued on Page 4.) # PRESIDENT IMPORTA HE HA # THIRD PLAYER SHIFT MADE BY

9. July 11, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, July 11, 1933

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$500,000 Will Be Distributed To 5,600 Depositors Long Line at Merchant's Trust Co Building This Morning-Kazemekas Co Pays First Cash Since Bank Closed-Will Be Distributed at New Quarters on S. Leonard Street ous offer for those whose deposits Fifty-six hundred depositors in total up to $15. For instance, if a two of Waterbury's banks that are depositor has $10 in the bank. he in receivership, will share in the distribution of more than half a will be paid $1 dividend and if he million dollars in dividends to-day is willing to accept, the receiver will pay another dollar to wipe out and to-morrow. This morning, the account. This will save the the Merchants Trust Co office on depositor the bother of waiting Bank street assumed the appearfor the second dividend, which ance of old times as hundreds ot might be a long time. depositors made up a long file Those who filed into the Merthat nearly reached the street. chants Trust Co to-day were savTo-morrow, twelve hundred deings depositors who were present positors of the Kazemekas & Co to receive their second 10 per cent bank will be paid their first dividividend from the receiver, the dend since the bank closed over Citizens & Manufacturers National two years ago, when the Waterbank. The receiver expects to bury National bank, receiver bepay out close to $500,000 on savgins the distribution of approxiings and commercial accounts, to mately $3,200 in a 10 per cent dithe 4,400 depositors. vidend. All depositors have been Those having commercial acnotified to, appear at the bank's counts were informed that their present headquarters at 20 South checks would be mailed to them. Leonard street with their pass To-day's dividend is the second books for their dividends. since the bank closed. Business Chase Kimball, in charge of the and other industries in the city receivership stated to-day that the should benefit by the dumping of receiver will offer $2 to all deposihalf a million dollars in cash into tors in payment of their deposits. Waterbury. He said it would be an advantage-

10. September 8, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, September 8, 1933

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cutor, against F. A. Holcomb, for judgment by default. The motions to expunge and for more specific statement o fthe Byrolly Transportation Co against Richard Elliott was reserved. Continuance for one month on the motion of the Citizens and Manufacturer's' National bank against the General Finance and Realty company, Inc, and others, was granted. Two other motions were granted; one of Stanley H. Grater against Charles Brown and others, for further continuance of one month and that of the Citizens and Manufacturers National bank against Sam Kobotznick for judgment by default. The motion for disclosure of defense, judgment of foreciosure and law-day of the Scovill Mfg Co against Mae E. Clyne was held over. Three other motions were taken off the short calendar, namely, Citzens and Manufacturers National bank, receiver, against David H. Feinn, motion for judgment for failure to plead; Joseph Montville against John Waltkevich and others, motion to reopen judgment and to extend law-days; and the Citizens and Manufacturers National bank, receiver, against Charles B. Johnson, motion for judgment by default. Law-day for the Citizens and Manufacturers National bank, receiver, against Louis J. Thibault and others, was set for November 21. The receiver was ordered to make repairs on the property 10cated on North Main strete. Judgment for foreclosure was set at $18,813.83.

11. October 6, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 6, 1933

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Citizens Bank To. Accept Loan Bonds Receiver for Merchants Trust Co Authorized to Take Them in Part Payment for Property offered to accept a quit claim deed Several receivership matters from the receiver to void forewere considered by Judge Newell closure. Judge Jennings thought, Jennings at this morning's short inasmuch as the record showed the calendar session of the superior property to be highly listed, the court. In the Merchants' Trust foreclosure would best be the Co case the receiver, the Citizens answer. & Manufacturers National bank In the Hamilton Hardware Corp was authorized to accept $750 in receivership, Attorney John H. Home Owners Loan Corporation Cassidy was named receiver and bonds as part payment for a piece Attorney Francis P. Guilfoile, Euof property in Cheshire. Attorney gene N. Dietler of New Haven and Francis T. Reeves told the court J. L. Williams of Providence, were the receiver foreclosed the propnamed appraisers. A four months erty against Louis Jannetty, who period in which to operate the now comes forward with the Home business was granted. Attorney Loan bond proposition. In addiCassidy informed the court the retion to the $750 in bonds he will ceiver has $800 on deposit now, pay $50 cash. It cost the receiver whereas there was nothing in the $950 to foreclose it. bank when he took over the reThe court approved the comceivership. He said T. V. Meyer promise offer of St Patrick's dug down in his own pockets for church which asks the receiver to $200 with which to pay employes accept at 85 per cent discount its at the store. He brought a smile deposit of about $10,000 against a from Judge Jennings when he mortgage in the amount of about told the court he had insured the $19,000. plate glass window in the front of In the Kazemekas & Co receiverthe store, because of the crowd ship, the court gave permission to pressing against it in attempts to the Waterbury Savings bank to enter. He said the reason was start foreclosure proceedings because of a receivership sale in against the Waterbury National progress. bank, receiver for the Kazemekas In the case of the Waterbury company. The property involved Hotel receivership, the court oris the site formerly housing the dered a 20 per cent dividend paid bank in Brooklyn. The Wateron common claims, and instructed bury National has a $20,000 first Attorney John F. McDonough, remortgage and Sanditz & Traurig ceiver, to take the balance left out have a second mortgage of $23,of $3,000 after expenses are paid 000. The property was appraised for his services as receiver and as worth $32,000. Judge Jenreceiver's counsel. nings stated that from the record it appeared that the property was listed at book value as worth CCC MEN SIGN UP $100,000. Attorney L. Russell Carter, counsel for the receiver FOR 6 MORE MONTHS explained that the Kazemekas bank had a big mortgage on the property and the furniture was Boston, Oct 6-(UP)-The vast listed as worth $40,000. It was appraised at $2,000 and its sale majority companies of in men New grouped England in have 121 netted little more. signed up for another Bix months' He said the Waterbury Savings employment in the president's con-

12. October 6, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 6, 1933

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Bank To Citizens Accept Loan Bonds Receiver for Merchants Trust Co Authorized to Take Them in Part Payment for Property Several receivership matters were by Judge Newell Jennings at this short calendar the superior court. the Merchants' case the receiver, the Citizens Manufacturers National was authorized accept $750 bonds as part payment piece of property Cheshire. Attorney Francis Reeves told the court the receiver foreclosed the propagainst Louis comes forward the Home bond proposition. addition in bonds he $50 cash. cost the receiver foreclose the Patrick's church asks the receiver accept discount its deposit $10,000 against in the amount of about the Kazemekas Co receiverthe Waterbury Savings bank against National for the company involved the site formerly housing the Brooklyn. The appraised worth Judge stated that from the appeared that the value worth $100,000. Attorney Russell Carter, counsel for the receiver explained that the Kazemekas bank had big mortgage on the property and listed worth $2,000 and its sale netted little He said the Waterbury Savings offered to accept a quit claim deed the void foreclosure. Judge Jennings thought, inasmuch as the record showed property to highly listed, foreclosure would best be In the Hamilton Hardware Corp John Cassidy was named receiver Attorney Francis Eugene Dietler New Haven and Williams of named appraisers four period which operate business granted. Attorney Cassidy informed the court the receiver has deposit now, nothing the bank took the ceivership. He Meyer down his own pockets for which pay employes the store. Judge Jennings when told he had insured the plate window the front the store, because the crowd pressing against in attempts to enter. He because of receivership sale in progress. case of the Waterbury Hotel receivership. the court dered per dividend paid Attorney the balance out $3,000 after expenses are paid services as receiver and receiver's counsel.

13. October 11, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 11, 1933

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LATE REALTY NEWS The following real estate transactions were filed to-day at the town clerk's office: Mortgage Releases Waterbury Finance Corp to Max Stein. Harry Brownstein to the Citizens & Manufacturers National bank, receiver Quit Claim Deeds: The Waco Realty Co, Inc. to the Citizens & Manufacturers National Bank. Marriage Intentions Ernest R. Mangini of 36 Park Place and Svea Severson of Naugatuck. Anthony J. Renkun of 178 Tudor street and Jennie M. Pomaski of

14. December 20, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 20, 1933

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A suggestion to those depositors of the Merchants Trust Co., who desire to exchange their deposits for Home Loan bonds to take immediate steps was offered today by Attorney Francis T. Reeves, counsel for the receiver for the closed bank, the Citizens & Manufacturers National bank. Attorney Reeves stated that up to today the receiver has taken in $217,750 worth of these bonds. The receiver has received applications for $158,849.19 worth of the bonds from depositors. Attorney Reeves explained that the receiver will have about $300,000 worth of bonds available by Jan 1st, the date set for the closing of books against bids. Since there is only about $60,000 worth of bonds left at this writing, it is felt that some of the depositors who have been putting off their applications might be out of luck when they do bid for the bonds vecause the bonds will all have been applied for by Jan 1. Attorney Reeves pointed out it is an advantageous offer for depositors. They will turn in their deposits which will be accepted at 85 per cent of their face value for bonds at par value. In other words if a depositor has $100 on deposit in the closed bank, he can purchase $85 worth of bonds. Because the bonds are only issued in lenominations of $25, the depositor will have to add the necessary cash to his deposit to make the application balance with the bonds. In other words, if the depositor has $100 and buys $100 worth of bonds, he will have to add $15 i ncash to his deposit to get a $100 bond, or four $25 bonds. Attorney Reeves explains that while the government at this writing only guarantees payment of interest on the bonds, the congress