First National Bank (Hempstead, NY)

View Charter #4880 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
March 1, 1933*
Location
Hempstead, New York (40.706, -73.619)
Bank Type
national
Charter Number
4880

Metadata

Episode ID
Bank ID
City ID
360952574
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
90.0%
Date receivership started
1934-02-13
Share of assets assessed as good
50.0%
Share of assets assessed as doubtful
40.6%
Share of assets assessed as worthless
9.4%

Notes

Used known receivership date (1934-02-13) as authoritative; bank closed during March 1933 banking holiday and later placed in receivership.

Events (6)
1. March 17, 1893 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed during the March 1933 banking holiday (government-ordered/state/federal banking holiday)
Newspaper Excerpt
The bank was closed at the time of the banking holiday last March
Source
newspapers
3. March 1, 1933* Reopening
Newspaper Excerpt
and has been opened on a limited basis since
Source
newspapers
4. February 13, 1934 Receivership
Newspaper Excerpt
The controller of the currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead
Source
newspapers
5. February 13, 1934 Receivership
Source
historical_nic
6. July 14, 1934 Other
Newspaper Excerpt
A liquidation dividend of 50 cents on the dollar today to 2,600 depositors of the closed First National Bank Hempstead
Source
newspapers

Newspaper Articles (12)
1. February 2, 1934 Daily News New York, NY

Article Text

LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally declared bankrupt, its conservator, George M. Estabrook, has admitted no plan for opening it appears In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save as much of the life savings of depositors as possible. He gave as references Gov. Lehman, Banking Commissioner Joseph A. Broderick and several New York banks.

2. February 2, 1934 Daily News New York, NY

Article Text

LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally dehas admitted no plan for opening it appears feasible. In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save All much of the life savings of deposit tors as possible. He gave as refer. ences Gov. Lehman, Banking Come missioner Joseph A. Broderick and several New York banks.

3. February 2, 1934 Daily News New York, NY

Article Text

LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally declared bankrupt, its conservator, George M. Estabrook, has admitted no plan for opening it appears feasible. In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save as much of the life savings of depositors as possible. He gave as references Gov. Lehman, Banking Commissioner Joseph A Broderick and several New York banks.

4. February 2, 1934 Daily News New York, NY

Article Text

LOFT WOULD ACT WITHOUT PAY AS BANK'S RECEIVER George W. Loft, candy millionaire who since his retirement from Loft's, Inc., has been president of the South Shore Trust Company of Rockville Centre, Nassau, yesterday offered to serve without pay as receiver for the First National Bank of Hempstead, Nassau. Although the First National Bank has not been formally declared bankrupt, its conservator, George M. Estabrook, has admitted no plan for opening it appears feasible. In his letter to the Controller of the Currency in Washington, Loft said he made the offer to save as much of the life savings of depositors as possible. He gave as references Gov. Lehman, Banking Commissioner Joseph A. Broderick and several New York banks.

5. February 14, 1934 Daily News New York, NY

Article Text

LAWYER NAMED BANK RECEIVER The controller of the currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook. conservator of the bank, yesterday. The bank was closed at the time of the banking holiday last March, and has been opened on a limited basis since. The bank is the oldest in Nassau County and had $3,887,000 in deposits at the time it was closed. Invest Wisely-Buy Now

6. February 14, 1934 Daily News New York, NY

Article Text

LAWYER NAMED BANK RECEIVER The Controller of the Currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook, conservator of the bank, yesterday. The bank was closed at the time of the bankIng holiday last March, and has been opened on a limited basis since. The bank is the oldest in Nassau County and had $3,887,000 in deposits at the time it was closed. Invest Wisely-Buy Now

7. February 14, 1934 Daily News New York, NY

Article Text

LAWYER NAMED BANK RECEIVER The Controller of the Currency has appointed Edwin V. Hellawell, Garden City attorney, as receiver for the First National Bank of Hempstead, it was announced by George Estabrook, conservator of the bank, yesterday. The bank was closed at the time of the banking holiday last March, and has been opened on a limited basis since. The bank is the oldest in Nassau County and had $3,887,000 in deposits at the time it was closed. Invest Wisely-Buy Now

8. June 9, 1934 Brooklyn Eagle Brooklyn, NY

Article Text

Hempstead Sued By Bank Receiver Hempstead, June 9-Edwin Hellawell, receiver for the First National Bank this village has brought suit against the town of Hempstead to compel the return of $450,000 of mortgage securities the bank. He says he has filed papers in the suit with the United States District Court, Eastern DisThese securities, he said, were turned to the 1933, about and before the closed, for deposit by the town. He says these securities the deposit vault the bank but that the town officials the key said he had previmade Holley Patterson, presiding officer of the board supervisors, to return the securities that he can liquithem and hold the proceeds until time the courts will decided the issue.

9. June 9, 1934 Brooklyn Eagle Brooklyn, NY

Article Text

Hempstead Sued By Bank Receiver Hempstead, June 9-Edwin V. Hellawell, receiver for the First National Bank of this village has brought suit against the town of Hempstead to compel the return of $450,000 of mortgage securities to the bank. He says he has filed papers in the suit with the United States District Court, Eastern District. These securities, he said, were turned over to the in January 1933, about month and half before the closed, collateral for deposit of $477,000 by the town. He says are now the safe deposit vault in the bank but that the town officials have the key to this The said he had previously made demand upon Holley Patterson, presiding officer of the board of supervisors, to return the that he can liquidate them and the until such time courts will have decided the issue.

10. July 14, 1934 Brooklyn Eagle Brooklyn, NY

Article Text

Hempstead Bank Pays Dividend A liquidation dividend of 50 cents on the dollar today to 2,600 depositors of the closed First National Bank Hempstead, cordng announcement by Edwn Hellawell the bank's receiver. Total payments amounted to over $1,000,000 Although the bank had 8,000 depositors with deposits totalling more than $2,000,000 at the time its closure during the "bank holiday in March. 1933 only 6,000 have filed claims date with the Controller of Currency and only 2,600 claims have been approved The claims are being paid off in alphabetical order, and only those with initials to were given checks today The will be called the bank during the following week.

11. July 17, 1934 Brooklyn Eagle Brooklyn, NY

Article Text

Closed Bank Pays First Dividends Special to The Eagle Hempstead, L. I., July 17-More than $500,000 in checks was received today by 700 depositors of the closed First National Bank here, representing their first 50 percent dividends. By Friday Edwin V. Hellawell, receiver, expects to have sent out vouchers to 2,600 of the bank's 7,000 depositors. The largest voucher sent out so far was for $20,089. One for $6,000 was sent Dr. Arthtur Chalmers aMrtin of Garden City, chairman of the Nassau County Committee of the American Society for the Control of Cancer.

12. February 6, 1935 Times Union Brooklyn, NY

Article Text

THUG MAKES VICTIM AID IN HOLD-UP Venture Proves Failure, Youth Goes to Elmira. The experience of Angelo Kominos, of 826 43d st., in the forced role of a bandit, after he himself had been robbed, was revealed today, when County Judge Nova sentenced Leo Ginsberg, 22, of 922 41st st., to Elmira on a charge of attempted robbery in the third degree. Early in the morning of Nov. 25 last, Ginsberg at Ninth ave. and 43d st., held up Kominos and took $2 from him. The young bandit then compelled Kominos to accompany him in search of another victim. They walked around until they came upon Miss Ally Cullen, of 462 53d st.; George Levenson, of the same address, and Ralph Baguro, of 5424 Seventh ave., as the three were leaving an automobile. Ginsberg, with Kominos at his side, ordered Miss Cullen and Baguro to put up their hands and give up their money. From the other side of the car, Levenson, armed with a revolver, came, and quickly subdued Ginsberg. Then attention was given to Kominos, who was badly beaten. It was not until police arrived that Kominos was able to explain he was not a robber, that Ginsberg held him up and then compelled him to accompany him. PLEDGE OF ASSETS BY BANK UPHELD Receiver's Suit to Recover Securities From Hempstead Town Dismissed by Court. The First National Bank of Hempstead was upheld in its pledging of assets as security for the tax money of the Town of Hempstead deposited in the bank, Federal Judge Inch ruled today. He dismissed the complaint of Edwin V. Hallawell, receiver for the bank, against the town to recover the bank's securities. The ruling carried with it a denial of charges that the bank intended to defraud other depositors through the pledging of its securities to secure tax moneys. The town deposited $495,000 in the bank on Jan. 11, 1933, of which all but $95,000 was placed in the certificate of deposit account. The balance was placed in a demand deposit account. At that time, it was said, the bank had held $50,000 in Liberty Bonds as security for the town's tax deposits. The local Board of Supervisors, however, demanded that the bonds be supplemented with additional securities to provide adequate protection for the increased tax moneys invested with the bank. When the bank failed to open after the bank holiday in March, 1933, Mr. Hellawell was appointed receiver and the assets of the bank, raised to more than $200,000 to secure the tax moneys, were set aside to protect the town's deposits. U. S. LEADERS CHAFE AT GOLD RULE DELAY Markets Laggard Awaiting Vital Court Decision. Washington, Feb. 6.—The Administration hoped today for a decision in the gold clause cases before the Supreme Court recesses