Union National Bank (Atlantic City, NJ)

View Charter #4420 on SPMC View balance sheet

Episode Information

Episode UID
442001598
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
44200 national
Charter Number
4420
Start Date
February 9, 1933
Location
Atlantic City, New Jersey (39.364, -74.423)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
56a53a341c87059f

Response Measures

None

Receivership Details

Depositor recovery rate
7.6%
Date receivership started
1933-12-13
Date receivership terminated
1937-11-30
Share of assets assessed as good
4.1%
Share of assets assessed as doubtful
26.3%
Share of assets assessed as worthless
69.6%

Description

Articles indicate the bank was among local banks that closed and later had a receiver appointed and suits by the receiver.

Events (7)
1. September 22, 1890 Chartered
Source
historical_nic
2. December 15, 1931 Voluntary Liquidation
Source
historical_nic
3. February 9, 1933 Suspension
Cause
Government Action
Cause Details
Local banks in Atlantic City were closed and placed under controls; Treasury Dept. regulations for safe-deposit access referenced.
Newspaper Excerpt
the closed banks ... the Union National ... since the banks closed
Source
newspapers
4. December 1, 1933* Receivership
Newspaper Excerpt
receiver the bank was appointed December (quoted in 1934 suit article saying receiver was appointed last December).
Source
newspapers
5. December 13, 1933 Receivership
Source
historical_nic
6. March 27, 1934 Other
Newspaper Excerpt
Receiver for Union National Seeks to collect liability assessment ... receiver filed today ... receiver the bank was appointed December
Source
newspapers
7. April 28, 1934 Other
Newspaper Excerpt
Bank Classed Irregular ... petition said ... Union National Bank failed ... receiver included the bills bonds building ... sold Great Bay Corporation for $198,000
Source
newspapers

Newspaper Articles (6)
1. February 9, 1933 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, February 9, 1933

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Article Text

Receiver rowdy (Continued from Page One) stock. either own name or of any other person, actthe name ing directly or indirectly, as my nominee, (the same banks), nor have owned shares of stock the same banks) 60 days (in January 28. The He further subscribes that he holder the capital stock of the Northside Trust the Union National and that rent for my box has been paid to date." No any kind the public have been by either since the banks closed, but there street yesterday that Walter Hanstein had attorney for the receiver at the National Another report was that City Solicitor Joseph Perskie had been named the the Atlantic City but report that was without foundation, no attorney had been appointed as yet. The regulations concerning access to safe deposit boxes after closof bank's business are to be those the Treasury Department at Washington.

2. February 9, 1933 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, February 9, 1933

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Article Text

Duell Brings Suit for Acto Safe Deposit cess Box receiver in charge One government Atlantic City banks closed the courts. access The deposit boxes, times the action before yesterday Judge Duell, attorney the Charles Chelsea National Bank which will brought action, tested Duell other papers deposit the National Bank which Second claims that Faircloth, receiver and Charles of the representative refuses permit him the open reporter saw mimeYesterday affidavit which ographed the closed banks are boxholders sign and asking alleged, they their keys in the permitted boxes, rented by year. formal address the After and blank space for insertceiver number and the leasee's the box certifies that name, affiant "not indebted to the Atlantic City National Northside Trust Company Union Naliquidation) Bank either tional maker, endorser guarantor, rectly indirectly any form obligation held any other the said banks. boxholder asked and sayeth that he shares of the capital holder any (Continued on Page Five)

3. February 9, 1933 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, February 9, 1933

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Article Text

Receiver (Continued from Page One) stock. either my own name in the name of any other person, actdirectly my (the same owned any of stock the same banks) for 60 days (in January 1933 He further subscribes that he holder the stock the Northside Trust the Union National and that rent for my box has been paid No kind the public have been volunteered either receiver since the banks closed, there was street port yesterday that Walter Hanstein been appointed attorney for the receiver the National. Another report that Solicitor Joseph Perskie had been named attorney for the receivthe Atlantic City National, but report said that this without foundation, and no attorney had been appointed yet. The regulations concerning access deposit boxes after the closbank's banking business are said those of the Treasury Department at Washington.

4. March 27, 1934 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, March 27, 1934

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Article Text

Sue Bank Stockholders Receiver for Union National Recover Liability Assessment March collect from stockholders today leged receiver Union Bank. Atlantic the instituCity, merged the Atlantic City tions National Bank defendants and the Named amounts Margaret $300; William Brown, John Wil$4200; Andrew liam Jacoby, $2500; Gardner $200 for the bank pointed last December 100 was levied last January

5. March 27, 1934 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, March 27, 1934

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Article Text

Sue Bank Stockholders Receiver for Union National Seeks March collect six leged filed today the Union National Atlantic City, the institumerged with the Atlantic City Named and the are $300; William Brown, $1000; John William Andrew Jacoby, $2500; Mittie Gardner, Receiver the bank was appointed December liability stock assesslevied last January

6. April 28, 1934 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, April 28, 1934

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Article Text

Bank Classed Irregular Clevenger Charges When tional Took Over Union DECISION IS RESERVED Claims Directors Acted Without Shareholder Authority; Continued Union National Bank being then John president of the Atlantic Bank, and his without the the respective banks solely and entirely upon the for 977.63 paid the Atlantic City Bank to the Union Bank the was expressfixtures this the Atlantic City NaBank that all notes. regardcollected the City Bank from lantic Bank would of business on Sept. The petition goes on that by Slape and follows: the Union Bank Dec William Elsreth and Marion Mitchell, who voted their shares against noted the of the and well the liquidaAtlantic National Bank liquidating the Union charge John Tilton John directors Bank Bank into the property assets the Union National Bank failed and the pay cash the Union The petition said that Slaughter the but cash balance On these and accordreceiver included the Bills bonds building, $121.500; and fixtures, service charge mortgages, and $639.90. called the atten. court fact though the Union National Bank building valued sold Great Bay Corporation for $198,000.