First National Bank (Frostburg, MD)

View Charter #4149 on SPMC View balance sheet

Episode Information

Episode UID
414901598
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
41490 national
Charter Number
4149
Start Date
February 25, 1933
Location
Frostburg, Maryland

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7a7e50a89f8a6667

Response Measures

None

Receivership Details

Depositor recovery rate
41.5%
Date receivership started
1934-06-04
Date receivership terminated
1941-09-13
Share of assets assessed as good
45.9%
Share of assets assessed as doubtful
41.9%
Share of assets assessed as worthless
12.1%

Description

Articles describe a Maryland-wide three-day banking holiday; Frostburg bank not named directly so reopening for this specific bank is inferred but not documented.

Events (4)
1. November 4, 1889 Chartered
Source
historical_nic
2. February 25, 1933 Suspension
Cause
Government Action
Cause Details
Statewide three-day banking holiday proclaimed by Governor Ritchie to stem heavy withdrawals; deposits impounded
Newspaper Excerpt
All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals
Source
newspapers
3. March 15, 1933 Reopening
Newspaper Excerpt
With a majority of the banks functioning on a normal basis... Maryland banks functioning again, as they have been closed by gubernatorial holiday proclamations since February 25.
Source
newspapers
4. June 4, 1934 Receivership
Source
historical_nic

Newspaper Articles (11)
1. February 25, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, February 25, 1933

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Article Text

BANKS CLOSED MARYLAND BALTIMORE, Md., Feb. 25. (U.P.) All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals which threatened the stability of the state's financial institutions. The holiday, impounding deposits of more than $800,000,000 in 205 banks and trust companies, will continue at least through Tuesday. Governor Ritchie in a formal statement announcing the holiday expressed confidence the banks would be able to reopen on Wednesday after passage of emergency legislation enabling them to restrict demand withdrawals to a given percentage of depositors' funds. The governor expected to work out details of the legislation today with Attorny General William Preston Lane. The proposal will be presented to the state legislature when it reconvenes at Annapolis Monday night. Immediate passage under suspension of rules will be sought. Governor Ritchie announced the holiday last midnight after a six hour conference with leading Baltimore bankers at the federal reserve branch bank

2. February 25, 1933 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, February 25, 1933

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Article Text

Banking Holiday for All Maryland Feb. Albert Ritchie late tonight declared tomorrow legal holiday all banking and financial institutions of Maryland and made Monday and Tuesday in an effort for banks here take against heavy this week. Howard Bruce, chairman of the Baltimore Trust company, said withdrawals totaling made his institution today and the week's withdrawals were $13,000,000.

3. February 25, 1933 The Daily Times Salisbury, MD
Article from The Daily Times, February 25, 1933

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Article Text

Seen In Line THREE DAY HOLIDAY For Post MARYLAND BANKS PROCLAIMED BY STATE EXECUTIVE Governor Ritchie Issued Proclamation Stem Heavy Withdrawals From Baltimore City Concerns During The Week SUSPENSION OF OPERATIONS IS TO-ENABLE GENERAL ASSEMBLY TO PASS PROPER LEGISLATION No Justification For Withdrawals, Declares Governor; Situation Not Created By Condition Of Any County Institution Baltimore, Feb. bank and financial institution Maryland was closed today by proclamation of Governor Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchfe, by his proclamation, declared today legal holiday accompanied with statement that the moratorium would be extended daily to included Monday and Tuesday while the Maryland General Assembly prepared legislation to aid the banks. The proclamation, as interpreted by Attorney General William Preston Lane, affected banks, saving intitutions, trust companies and building and loan totaling more than 200 in the state as well the Baltimore stock exchange. A $13,000,000 withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers of the state to confer at the federal reserve branch bank last night with Governor Ritchie and state officials. The was followed the governor's proclamation and stateAttorney General Lane immediately began, with the aid of John Ghingher, State Bank and the state law and banking several intended to relieve the financial cerns for introduction in the state islature which reconvenes in Annapolis Monday night. The provisions of the proposed legislation were not revealed by the state officials but bankers intimated they would designed to declare the all banking institutions basis that would classify them in manner governing the rate which withdrawals from each institution would be permitted after the holiday's close. The hope was expressed by Governor Ritchie that the legislature would enact the measures. by Tuesday permit the banks to reopen with ample facilities available for the needs of the people." No bank was singled out for the withdrawals but they were general throughout the city, being taken out yesterday, while county banks were unaffected for the most part. Bankers who attended the conference said the withdrawals resulted from an uneasy state of mind created the state-wide suspension of bank in Michigan, the closing the Title Guarantee and Trust Company here Monday and made before the Senate Banking and Currency Committee in Washington during the week. The total resources of the Maryland banking concerns reported to the the currency of Dec. 31, The deposits the Baltimore banks was placed half billion Attorney General Lane said the terests depositors will be paramount in drafting of legislation under which the Maryland banks will reopen after the banking holiday. survey, he said, was being made legislation recently enacted in othstates to deal with banking situations similar to that in and this information would be utilized formulating the bills for the General Assembly. Special attention was being paid the Iowa law, passed in January, providing for the of fixed according schedule and in some the segregation of old and new declaring the Maryland bank iday, Ritchie relied section of the code, dealing exchange and notes" which in addition scribing certain regular holidays the Fourth of July and Columbus Day special days that may be pointed by this days fasting and prayer, sation of business, shall regarded legal Governor Ritchie had asked consider bank holiday night of first days the (Continued page

4. February 25, 1933 The Dispatch Moline, IL
Article from The Dispatch, February 25, 1933

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Article Text

MARYLAND Governor Ritchie Acts to tect Institutions After Withdrawals. Baltimore, bank and financial institution in Maryland was closed today by proclamation of Gov. Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal day and accompanied it with statement that the moratorium would be extended daily to include Monday and Tuesday while the Maryland general assembly prepared legislation to aid the banks. The governor's interpreted by Attorney General William Preston Lane affected banks, savings institutions. trust companies building and loan associations, more than 200 the state as well as the Baltimore stock exchange. Withdrawal. withdrawal. principally by small depositors from Baltimore banks this week, prompted the of the state to confer federal branch bank last night with Ritchie state officials. The conference by the governor's proclamation and statement. Attorney General Lane immediately began, with the of John Ghingher, recently appointed state bank commissioner, and state and banking department, preparation several measures tended to relieve the financial cerns introduction in the state which reconvenes at napolis Monday night. The provisions the proposed legislation were not revealed by the state officials bankers they would designed to declare the assets of all banking institutions "frozen" basis that would classify them in the rate which withdrawals from each be permitted after the holiday's close. Harry Fahnestock, president the Baltimore stock exchange, nounced today the exchange would closed until further notice. Confer with Bankers. Washington, of the poration have been conferring Maryland bank officials the situation in that state the several and although corporation discuss the question was understood today that for the banks likely to arranged. Field workers for the corporation keeping in close touch with state officials well bank presidents and directors. Since the Michigan bank holiday two weeks ago, more than the usual been shown members of the corporation board anything connected with the banking situation. Executive meetings of the board have been held with all except the actually needed employes barred from the room.

5. February 25, 1933 The Modesto Bee Modesto, CA
Article from The Modesto Bee, February 25, 1933

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Article Text

BANK HOLIDAY IS DECLARED IN MARYLAND Governor Ritchie Takes Action To Prevent Withdrawals Of Money $13,000,000 IS TAKEN FROM ONE INSTITUTION Legislation For Protection Of Depositors Be Presented Feb. Governor Albert C. Ritchie late to-night declared to-morrow legal holiday for all banking and nancial of Maryland also made Monday and Tueslegal holidays an effort for day banks take against heavy withdrawals this week. Howard Bruce chairman Baltimore Company, talling $6,000,000 made his institution to-day and Governor Ritchie formal statement: believe there justification which place, savings Ritchio city and state these large withshould stop. concensus that bank holiday should be declared to-morrow, Monday and Tuesday, during certain legislathe protection the and security the banks could be presented to the legislabank holiday will cease soon legislation has been passed.

6. February 25, 1933 Ames Tribune Ames, IA
Article from Ames Tribune, February 25, 1933

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Article Text

IN MARYLAND Deposits Are Impounded BALTIMORE, Md. All banks in Maryland were closed Sat. urday under three-day banking holiday proclaimed by Gov. Albert Ritchie stop heavy withdrawwhich threatened the stability of the state's financial institutions The holiday. impounding depos its more than in banks and trust companies. will continue least thru Tuesday. Governor Ritchie formal statement announcing the holiday expressed confidence the banks would able to reopen on Wed nesday after passage of emergency legislation enabling them strict demand given percentage of funds. The governor expected to work out details of the legislation Satur day with Atty. Gen. William Pres. Lane. The proposal will be presented the state legislature when reconvenes at Annapolis Monday night. Immediate passage under suspension rules will be sought. Governor Ritchie announced the holiday last midnight after conference with leading timore bankers the federal branch bank. To assure legality of the action. he also issued proclamation claring Saturday to be legal iday for all financial Institutions similar (Continued on Page

7. February 26, 1933 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, February 26, 1933

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Article Text

Maryland Emergency Bank Law Drafted Continued From Page 13 were hampered somewhat in transaction of business. Bank Statement Erroneous BALTIMORE, Feb. 25 (A P.).In the announcement of the Maryland bank holiday last night, statement was made that withdrawals from the Baltimore Trust Company yesterday were $6,000,000. incorrect, and was incorrectly attributed Howard Bruce, the board. Mr Bruce did not make statement. The was announced by the Bank who said it was from all Baltimore banks. The Associated Press is glad to this correction.

8. March 1, 1933 The Journal Meriden, CT
Article from The Journal, March 1, 1933

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Article Text

MARYLANDERS LABOR BANK LEGISLATION Gov. Ritchie Expected to Offer Emergency Program Today Annapolis, Md. March Albert C. Ritchie announced early today the draft of the emerglegislative measure for governing the 200-odd banks of Maryland business and financial leaders remained in in Baltimore throughout the night. Members the Maryland General Assembly waited patiently here for the presentation the and an address by the governor provisions The speech set for last, night before joint both houses, was postponed until The three-day banking holiday which last Saturday tended by Ritchle to include today in the the legislation would enacted by the GenAssembly and the banks would be able to reopen The tentative measure would place wide powers in the hands of the bank to control all state banks and to regulate of deposits.

9. March 15, 1933 Evening Star Washington, DC
Article from Evening Star, March 15, 1933

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BANKS IN NEARBY COUNTIES REOPEN Most Neighboring Virginia and Maryland Institutions on Normal Basis. With a majority of the banks functioning on a normal basis, "business as usual" was the slogan in the Maryland and Virginia counties around Washington today. Shortly after their doors opened, bankers of the various counties reported deposits were "heavier than usual. while withdrawals were described as "normal," indicating the experience which Washington's banks had yesterday was being repeated on a smaller scale today in Maryland and Virginia. As President Roosevelt's progressive program for reopening the Nation's financial institutions reached its third stage, the restored confidence which has been so evident in the financial centers and big towns of the country during the past two days, reached the rural areas and small towns this morning. Others to Open Later. Marylanders were particularly happy to have their banks functioning again, as they have been closed by gubernatorial holiday proclamations since February 25. Virginia banks had only suspended operations during the national holiday, which began March 6. State Bank Commissioner John J. Ghingher of Maryland emphasized, in announcing the list of banks licensed to reopen, that those not included were not necessarily unsound and probably would be permitted to resume functioning in the near future. The commissioner issued licenses for 96 State banks and expects to have more time to examine the unlicensed ones with a view to reopening them in the next few days. Ten of the 11 banks in Montgomery County whose doors have been closed during the holiday reopened for business this morning, with the other institution awaiting action by the Federal Reserve Bank in Richmond on its application to resume normal operation. With the exception of the Farmers' Banking & Trust Co. of Rockville and the Bank of Damascus the 10 institutions open for business were operating with no restrictions on withdrawals. A 2 per cent limit has been placed on withdrawals from the Farmers' Banking & Trust Co. and the Bank of Damascus. Eight on Normal Basis. The eight banks that resumed business on a normal basis are the First National Bank of Gaithersburg, Citizens' Bank of Takoma Park, Takoma Park Bank. Germantown Bank, Bank of Bethesda. First National Bank of Sandy Spring, Sandy Spring Savings Institution and the Silver Spring National Bank. Officials of the First National Bank of Gaithersburg said this morning that they have not yet received their license from the Federal Reserve Bank of Richmond, but opened for business when given the assurance that the license would be granted today. The Montgomery County National Bank of Rockville was not open this morning, but the cashier of the institution declared that application had been made with the Federal Reserve Bank for a license to operate on a normal basis with no restrictions on withdrawals. Ira C. Whitacre, cashier, Silver Spring National Bank said, "We opened this morning on a 100 per cent basis and (Continued on Page 5, Column 3.)

10. September 3, 1942 The Republican Oakland, MD
Article from The Republican, September 3, 1942

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SHERIFF'S SALE OF VALUABLE REAL ESTATE In Bloomington, Garrett County, Maryland. Under and by virtue of a writ of fieri facias issued out of the Circuit Court for Garrett County, Maryland, at the suit of R. Annan, Trustee, use of Thomas B. Finan, Receiver for First National Bank of Frostburg, VS. Samuel Bernard Brydon and Henrietta Seymour Brydon, his wife, the same being No. 2 Judicials, September Term, 1942, in said Court, I have seized, levied upon and taken under execution by actual entry upon the premises, all of those parcels of land situate, lying and being in the town of Bloomington, Garrett County, Maryland, as hereafter described, and hereby give notice that on

11. September 10, 1942 The Republican Oakland, MD
Article from The Republican, September 10, 1942

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Article Text

# SHERIFF'S SALE -OF- # VALUABLE REAL ESTATE In Bloomington, Garrett County, Maryland. Under and by virtue of a writ of fieri facias issued out of the Circuit Court for Garrett County, Maryland, at the suit of R. Annan, Trustee, use of Thomas B. Finan, Receiver for First National Bank of Frostburg, vs. Samuel Bernard Brydon and Henri- etta Seymour Brydon, his wife, the same being No. 2 Judicials, September Term, 1942, in said Court, I have seized, levied upon and taken under execution by actual entry upon the premises, all of those parcels of land situate, lying and being in the town of Bloomington, Garrett County, Maryland, as hereafter described, and hereby give notice that on # SATURDAY, SEPT. 12, 1942, at the hour of 2 o'clock p. m., in front of the Post Office in the town of Bloomington, Maryland, I will offer for sale and sell the same at public auction in order to satisfy and pay said judgment and costs, said land being described as follows, to- wit: Lots Nos. 41, 42 and 43 on the plat of the town of Llangollen (now Bloom- ington) as recorded in Liber 11, folios 482-483, one of the records in the of- fice of the Clerk of the Circuit Court for Allegany County, Maryland, wherein the same are described as fol- lows: Lot No. 41. Beginning at a stake marked 41 standing South 78 degrees East 60 feet from end of third line of Lot No. 1 and running North 12 de- grees East 66 feet, South 78 degrees East 190 feet to line of Railroad, South 10 degrees East 72 feet, then by a straight line to beginning. Lot No. 42. Beginning at a stake marked 42 standing at the end of first line of Lot No. 41 and running North 12 degrees East 66 feet, South 78 de- grees East 163 feet to line of Rail- road, then South 10 degrees East 72 feet, then by a straight line to begin- ning. Lot No. 43. Beginning at a stake marked 43 standing at the end of first line of Lot No. 42 and running North 12 degrees East 66 feet, South 78 de- grees East 140 feet to line of Rail- road, then South 10 degrees East 72 feet, then by a straight line to the beginning. Said lots are the same which were conveyed unto the said Samuel Ber- nard Byrdon by deed from John W. Howell and wife dated February 2, 1918, and recorded in Liber E. Z. T No. 72. folio 564, one of the Land Records of Garrett County, Maryland, Lot No. 41 is improved by two small frame dwellings; the others are at present used for gardening pur- poses. TERMS OF SALE-Cash on day of sale. WALTER HAENFTLING, Sheriff of Garrett County. For further particulars apply to Jones & Jones, attorneys, Oakland. Maryland.