George E. Zartman & Company (Waterloo, NY)

Episode Information

Episode UID
50047871529
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
5004787 routing
Routing Number
50-0478
Start Date
May 23, 1927
Location
Waterloo, New York (42.905, -76.863)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cd52f5d981c878b0

Response Measures

None

Description

Closed voluntarily for financial distress and later administered by trustees in bankruptcy.

Events (2)
1. May 23, 1927 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank closed voluntarily because of admitted financial distress; no run reported
Newspaper Excerpt
The private banking house of George E. Zartman & Co. was closed here today due to admitted financial distress
Source
newspapers
2. * Receivership
Newspaper Excerpt
Trustees in bankruptcy are: Traphagen, Carson and Hammond; final meeting to close affairs of Zartman bank which suspended May 23, 1927 will be held May 26, 1931 (Finger Lakes Times, 1931-05-26).
Source
newspapers

Newspaper Articles (3)
1. May 25, 1927 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, May 25, 1927

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Article Text

WATERLOO, N.Y., BANK FAILS Private Institution Admits Its Finan- cial Distress. United Press. vate banking house of George E. Zartman & Co. was closed hero today due to admitted financial distreas but with no other explanation advanced. "The bank closed because of nancial distress." said Daniel Moran, attorney, "which we hope in but No information was forthcoming from Zartman other than that the institution closed voluntarily. with no run on the bank and the accounts well classified.

2. May 26, 1927 The Buffalo News Buffalo, NY
Article from The Buffalo News, May 26, 1927

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Article Text

WATERLOO BANK CLOSES Difficulty Temporary. Is Announce- Special the BUFFALO May private banking house George E. Zartman & Co. here closed its door voluntarily Tuesday because financial difficulties. without to its many depositors other than simple announcement by Attorney Daniel Moran of Seneca Falls The announcement read "The bank closed today because of financial distress which we hope is but temporary The was brought about by shortage of ready currency This the to be made tonight out some information may be out Leonard Zartman president and cashier the could not located either by telephone in perZartman referred inquirers to where she said Mr. Zartman be located and Attorney Moran in urn repeatedly said the banker was at his home. 884 Virginia Insisting that the difficulty would straightened few the only information that the Zart man family and the bank an adhad been that the closing voluntary with no run on the bank and that the bank's accounts well classified. AUTOMOBILE PLANTS ARE BUYING MORE EQUIPMENT NEW YORK. May 25. -Automobile plants in the middle west showed more buying interest in the market for machine tools, with the railroads also slightly more active. but in most of the other sections the country was rather slow, American Maappear to be tremely taking on equipment and competition for ness is making selling effort more intense Orders for tools and shop equipment increased in the Detroit district. mobile plants being the principal ers. in the New York district. The large industrials business in Philadelphia, in Buffalo the outis better than short time The mouth policy of buying continues throughout the south. Canada reports steady gains in ma chinery general activity 15 ahead of this time last year.

3. May 26, 1931 Finger Lakes Times Geneva, NY
Article from Finger Lakes Times, May 26, 1931

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Article Text

BANK CREDITORS EXPECTED RECEIVE PER CENT CHECKS Final Meeting to Be Held Friday to Close Affairs of Zartman Bank Which Suspended May 23, 1927 108 Notes and Several Vacant Lots Yet to Be Sold Waterloo. May 26-Creditors of Leonard S. Zartman and Ella Zartman, individually and as co-partners in the George E. Zartman and company bank which ceased to do business, May 23. 1927, will meet before referee Herman A. Carmer Friday morning at 11 o'clock for final meeting. The proposed sale of 108 promissory notes and judgments, 13 vacant lots in Waterloo village, 200 shares common stock of Waterloo Bodies, Inc., first mortgage on real estate in Bad Axe, Mich.: second mortgage on property in Junius, Seneca County, and certificate of indebtedness of Waterloo Masonic Temple Corporation will be considered. Final report and account of the Trustees, filed with the referee on May 9, which shows balance on hand of $50,928.49 will be read before the meeting of the creditors. The matter of rejected claims and claims against the trustees, any, and the petition of trustees for leave to compromise a claim of Elida S. Stewart, as assignee of the claim of the Waterloo Historical and Library Society and others will also come up at the hearing. Payment of expenses incurred by trustees in the preparation and hearing of the final meeting of creditors and sale of unliquidated assets and to authorize payment to auditors and to Arthur E. Sutherland. attorney for the receivers in bankruptcy will be part of consideration by the creditors Friday. Of most interest to the depositors of the defunct institution will be the declaring of the final dividend which will come soon after the final meeting of the creditors. Checks, in which the amount payable is blank, are ready to be mailed by the trustees. As soon after the final meeting as possible, this work will be completed and it is assumed that an amount equal to about five per cent will be disbursed Trustees in bankruptcy are: Traphagen, Carson and Hammond.