First National Bank & Trust Company (Mamaroneck, NY)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
February 1, 1932*
Location
Mamaroneck, New York (40.949, -73.733)
Bank Type
national
Charter Number
5411
Alt. names
First National Bank

Metadata

Receivership Details

Depositor recovery rate
2.0%
Date receivership started
1934-02-02
Share of assets assessed as good
0.6%
Share of assets assessed as doubtful
61.2%
Share of assets assessed as worthless
38.3%

Notes

Receivership recorded by Comptroller Feb 1934; successor had already closed earlier.

Events (6)

1. June 8, 1900 Chartered
Source
historical_nic
2. February 1, 1932* Other
Newspaper Excerpt
the old First National Bank and Trust Company, which two years ago turned over its known assets and liabilities to its successor
Source
newspapers
3. March 18, 1932 Voluntary Liquidation
Source
historical_nic
4. February 1, 1933* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Successor bank closed its doors (insolvency/closure) around early 1933 leading to receiver appointment
Newspaper Excerpt
the successor, the First National Bank in Mamaroneck, but never itself liquidated ... H. E. Meeker, appointed receiver of the successor bank when it closed its doors a year ago
Source
newspapers
5. February 2, 1934 Receivership
Newspaper Excerpt
placing the dormant corporation officially in receivership
Source
newspapers
6. February 2, 1934 Receivership
Source
historical_nic

Newspaper Articles (2)

Article Text

Stockholders Of Bank Closed Two Years Ago Faced By Assessment Special to The Herald Statesman MAMARONECK, Feb. 26. β€” Stockholders in the old First National Bank and Trust Company, which two years ago turned over its known assets and liabilities to its successor, the First National Bank in Mamaroneck, but never itself liquidated, today face the prospect of an assessment on their stock in the old defunct bank by reason of an order by J. F. T. O'Connor, Comptroller of the Currency, placing the dormant corporation officially in receivership. H. E. Meeker, appointed receiver of the successor bank when it closed its doors a year ago, and who has been named to liquidate the precedent bank, declined today to say that the liquidation will be accompanied by a levy on the $150,000 capital stock outstanding, but others versed in banking affairs say such a step is now inevitable. The levy will work a hardship on many who, after finding their stock in the old bank apparently worthless, from patriotic motives, dug down in their pockets and subscribed for stock in the new bank, an investment that has since worked to their misfortune in the form of a levy by the bank receiver for the full amount of their stock. For some it means a fourfold loss on the amount of their original stock investment.


Article Text

Bank Receiver To Appeal Judge Hurlbert's Ruling NEW YORK, Oct. 18β€”An appeal from the order of Federal Judge Murray Hulbert allowing Horace B. Beecher of 1916 Palmer Avenue, Larchmont, and William J. McGuire of 117 Lockwood Avenue, New Rochelle, to make an inspection of the books and records of the insolvent First National Bank and Trust Company of Mamaroneck, will be taken to the Circuit Court of Appeals by Hiram E. Meeker, receiver of the bank. An order by Federal Judge Henry W. Goddard signed on Tuesday permitting the appeal was filed yesterday in the United States District Court here by Lynch, Cahn and Weed, attorneys for Mr. Meeker. The order also enjoins Mr. Beecher and Mr. McGuire, who are represented by Hurlbert McAndrews, from making an examination until after the appeal is decided. Judge Hulbert had set October 15 as the date for the inspection. Mr. Meeker brought suit against the defendants to collect an assessment at the rate of $100 per share