First Bankers Union (Boston, MA)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
October 30, 1928
Location
Boston, Massachusetts (42.358, -71.060)
Bank Type
private
Routing Number
5-0178

Metadata

Episode ID
Bank ID
City ID
250617565
Model
gpt-5-mini
Short Digest

Notes

State Bank Commissioner closed the bank and a receiver was appointed same day; president disappeared beforehand.

Events (3)
1. October 30, 1928 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals over several hours preceded intervention; president/treasurer had disappeared which undermined confidence.
Newspaper Excerpt
the banking commissioner intervened following a four-hour run on the bank.
Source
newspapers
2. October 30, 1928 Suspension
Cause
Government Action
Cause Details
State Bank Commissioner closed the private bank and took possession after examination found its condition hazardous to the public.
Newspaper Excerpt
State Bank Commissioner Roy A. Hovey ordered the First Bankers' Union, Inc. ... closed yesterday afternoon, taking possession of it
Source
newspapers
3. October 30, 1928 Receivership
Newspaper Excerpt
Guy L. Vaughan, Boston lawyer, has been appointed receiver of the First Bankers Union, Inc.; on petition brought in the Supreme Court Judge Pierce appointed Guy L. Vaughn as receiver for the bank.
Source
newspapers

Newspaper Articles (6)
1. October 30, 1928 New Britain Herald New Britain, CT
Article from New Britain Herald, October 30, 1928

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Article Text

Guy Vaughn Receiver For Bankers Union Boston, Oct. 30 (UP)-Guy L. Vaughan, Boston lawyer, has been appointed receiver of the First Bankers Union, Inc., a private bank in the north end which was closed yesterday by State Bank Commissioner Roy A. Hovey. Meanwhile authorities are trying to locate Louis Saporito, president treasurer of the institution, who, with his family. has been missing more than a fortnight. The banking commissioner intervened following a four-hour run on the bank. The bank claims capital and resources of $400.000, but according to the commissioner. deposita total about $200,000. There are some 1,700 depositors.

2. October 30, 1928 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, October 30, 1928

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Article Text

RECEIVER NAMED FOR FIRST BANKERS' UNION

Private Bank Closed by State Commissioner

Luigi Saporita, President, Leaves City-Run Precedes Closing

State Bank Commissioner Roy A Hovey ordered the First Bankers' Union, Inc, at 333 Hanover st, closed yesterday afternoon, taking possession of It and stating that the examination of the company's affairs showed it to be in such a condition that the continuation of its business would be hazardous to the public. On petition brought in the Supreme Court yesterday Judge Pierce appointed Guy L. Vaughn, Boston lawyer, as receiver for the bank, enjoining bank officers, directors and stockholders and creditors from interference with the company's affairs, and the bank from doing business. Mr Vaughn has filed bond for $25,000. According to Commissioner Hovey the safe-keeping deposits of the private bank amounted to $200,000. When the bank was examined last June by State officials its books were in good shape. The State now holds a bond of $65,000 for the protection of deposits. Luigi Saporita, president of the bank, left Boston for Washington several days ago, according to information received by Commissioner Hovey. to arrange to have the institution taken over as national bank. The commissioner said that It is believed his failure to this. together with threats against his personal safety, have caused his disappearance from Boston. Examiners from the Bank Commissioner's office are now at work on the books ation, of the company and the examinaccording to Mr Hovey, will probably take two or three days. A run began on the bank yesterday morning before the Bank Commissioner took possession, number of depositors withdrawing their accounts before noon.

3. October 30, 1928 New Britain Herald New Britain, CT
Article from New Britain Herald, October 30, 1928

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Article Text

Guy Vaughn Receiver For Bankers Union Boston, Oct. Vaughan, Boston appointed of the First Bankers Union. Inc., private bank the north end which closed by State Bank Commissioner Roy Hovey. authorities are trying locate Louis Saporito. president with his family. has been missing more than fortnight. banking commissioner intervened following the bank. The claims capital and resources but cording the commissioner. posits total about $200,000. There are some 1,700 depositors.

4. April 22, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, April 22, 1931

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Article Text

BANK RECEIVER LEFT ACCOUNTS IN TANGLED MESS Guy L. Vaughan of Boston Has Disappeared - Five Defunct Private Banks AIF Mixed Up Boston, April 22.-(UP).-Leav ing accounts of five defunct private banks, of which he was receiver, in a tangled condition, Guy L. Vaughan, 35, of Boston, disappeared April 1, State Bank Commissioner Arthur Guy has revealed. According to Vaughan's parents, Mr. and Mrs. Robert M. Vaughan of Melrose, he went to Washington on business and was ill when last heard from. They said they did not know his address, but were sure he would return. Banks of which Vaughan was receiver were the Andrew Dipetro company of Boston, the First Bankers' Union, Inc., of Boston, the Nonantum Bankers' company and the Amato Pescossolido & company of Newton, and the Fabrizio Pitocchelli company of Lawrence. Liabilities of the institutions totalled some $427,000. Frederick D. Bonner. a Boston law er, has been appointed as temporary received to straighten out accounts of the banks. No charge has been lodged against Vaughan. He was bonded for $125,000.

5. April 22, 1931 The Brooklyn Daily Times Brooklyn, NY

Article Text

BANK RECEIVER VANISHES Boston, April accounts of five defunct private banks, of which was receiver. in tangled condition. Guy Vaughan, of Boston disappeared April State Bank ComGuy has revealed. According to Vaughan's parents, Mr. and Mrs. Robert M. Vaughan. of Melrose Washington on business was ill when last from which Vaughan ceiver Andrew Dipetro Company the First Bankers' Union. Inc., Boston, the Nonantum Bankers' Company and the Amato Co. the Pitocchelli Company or Liabilities institutions totalled some

6. May 5, 1931 The Republican Springfield, MA

Article Text

Friends and Relatives Think Vaughan Has Killed Self

Failure to Attend Funeral of Father Thought Significant; Story of Burial In. Place of Elder Exploded

Boston, May and friends Guy Vaughan, expressed the opinion he may have mitted suicide after down due attempt liquidate banks one time, coupled with the knowledge his were suspicion. They based this belief his and fact failed neral his father, M. They said that the charges against he would have returned attend Reports the who and to buried under tery. Melrose, Foley Suffolk send Melrose to satisfy actually the elder Vaughan who dead interest telephone message received his police headquarters Guy who had died. Foley sent James Special Martin Conroy cemeattendant elder take place and returned to Boston back Melrose watch the the possible return of Guy they returned to Melrose that the body was buried o'clock. then that find whether was actually Guy his father coffin. satisfacwas elder Vaughan Foley Foley arranging go the Suffolk county on Friday ture being prepared by Frederick Bonner, receiver named Judge Pierce of supreme court take disentangle Vaughan Bonner, Foley wants to comFrancis certified affairs of Di Pietro and First Bankers Union, inc, funct Boston banks, over which Foley would have particular Bonner and Bank Commissioner Ar- thur Guy were in conference with Judge George the preme court Bonner's affairs Nonantum Bankers' Pescosolido & Co, inc., which Bonner recited that the time was ripe for the permanent of since had completed work as temporary

Announcement Today Judge Sanderson expected to make the report and to the affairs of the Newton James Vitelli, of and Newtor, the supreme court as rethe companies. says number the those institutions who are man known them as receiver their best this presiding justice tions acceptance compromise favor the First Union, Pietro Fabrizio Pitocchelli the sult litigation over transmission Last night Foley received teleHenry, chief the that Dr Stuart Vaughan had been BaltiApril and for his brother, Guy Vaughan, Henry not Lt James Daley who are part the searching for known been Bonner talked with him. Foley unable locate Daley and Cavagnaro yesterday.