Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1903-10-01
Date receivership terminated
1904-07-01
OCC cause of failure
Excessive lending
Share of assets assessed as good
66.1%
Share of assets assessed as doubtful
31.7%
Share of assets assessed as worthless
2.2%
Description
Persistent rumors about the bank's stability led to heavy withdrawals (~$60-70k in ten days). A Boston correspondent protested a draft and refused overdraft, precipitating inability to meet depositor demands; the bank temporarily suspended and Examiner F.L. Fish was appointed receiver (permanent closure). Subsequent reporting shows receivers paid dividends, confirming the bank remained in receivership rather than resuming normal operations.
Events (7)
1.May 17, 1875Chartered
Source
historical_nic
2.September 30, 1903Run
Cause
Rumor Or Misinformation
Cause Details
Persistent rumors attacking the bank's stability led depositors to withdraw about $60,000–$70,000 in ten days; panic intensified when correspondent protested a draft.
Measures
Officials began realizing (selling) gilt-edged securities, examined loans; communicated with the Comptroller of the Currency.
Newspaper Excerpt
There have been persistent rumors attacking the stability of the bank ... in the last ten days deposits aggregating $60,000 have been permanently withdrawn.
Source
newspapers
3.October 1, 1903Receivership
Source
historical_nic
4.October 1, 1903Receivership
Newspaper Excerpt
F. L. Fish, national bank examiner ... took charge of the Packard National Bank this morning, and later on was appointed temporary receiver by the Controller of the Currency.
Source
newspapers
5.October 1, 1903Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize promptly on loans to meet depositor demands and a protested draft by its Boston correspondent forced the bank to suspend.
Newspaper Excerpt
It was announced ... the Packard National bank ... would not open its doors today ... the latter communicated with the office of the comptroller of the currency and decided to temporarily suspend.
Source
newspapers
6.December 1, 1903*Other
Newspaper Excerpt
Receiver Frank L. Fish ... announces the first dividend to the depositors and other creditors. It is one of 50 per cent, and is payable upon the presentation of proven claims.
Source
newspapers
7.January 15, 1904Other
Newspaper Excerpt
Receiver Fish ... expects to pay a second dividend of 50 per cent. to the depositors within a month.
MARSHALL CLUB OF WEBSTER CITY. Special to The Journal. Webster City, Iowa, Oct. 1.-A. C. Rankin. the moulder orator, organized a local branch of the State Marshall clab in this city last night. The club has for its object the enforcement of the liquor laws. Wesley Martin is the local president. The club has a large membership among the business men. The controller of the currency has received telegrams announcing the failure of the Packard National bank of Greenfield. Mass.. of which Bank Examiner Frank L. Fish has been appointed receiver. and the Bolivar National bank of Bolivar, Pa., of which Bank Examiner John B. Cunningham has been appointed receiver.
2.October 1, 1903The Butte Inter MountainButte, MT
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TWO FAILURES OF BANKS Washington, Oct. I.-The comptroller of the treasury has received telegrams announcing the failure of the Packard National bank of Greenfield, Mass., and of the Bolivar National bank of Bolivar, Pa., of which Examiner John Cunningham has been appointed receiver.
3.October 1, 1903The Daily Morning Journal and CourierNew Haven, CT
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A NATIONAL BANK CLOSES. THE PACKARD OF GREENFIELD, MASS., IN TROUBLE. Rumors Attacking the Ability of the Institution Cause a Run on It-Deposits Aggregating $69,000 Withdrawn Within Ten Days-Officials Declare That Depositors WIII Lose Nothing. Greenfield, Mass., Sept. 30.-It was announced to-night that the Packard National bank, one of the best known institutions of the kind in Western Massachusetts, would not open its doors to-morrow. One of the national bank commissioners, F. L. Fish of Vergennes, Vermont, it is expected, will assume charge of the bank's affairs. There have been persistent rumors attacking the stability of the bank for several weeks. but these, it is said, have been made light of by bank officials and the probability of suspension being necessary, stoutly denied. The first public knowledge of serious trouble came to-day when representatives of the other banking houses in the city were hurredly summoned and gathered in a prolonged conference. At the conference it was announced that a draft of the Packard National bank drawn on the National bank of Redemption, its Boston correspondent, had yesterday been protested by the Boston bank. The representatives at the conference then made a carful examination of the loans of the Packard bank to determine whether the assets held for the loan would justify them in making advances to save the embarrassed institution. Their decision was against offering any help and upon being made known to the officers of the Packard bank, the latter commnuicated with the office of the comptroller of the currency and decided to temporarily suspend. Its embarrassment is said by the officials to be due to the inability. to realize promptly on loans and so satisfy the demands of depositors. They declare that depositors will not lose anything, the loss, if aniy, falling upon the stockholders. Considerable uneasiness among depositors developed at the time the last statement was made, and in the last ten days it is said that deposits aggregating $60,000 have been permanently withdrawn. The officials of the bank, alarmed at the shrinkage at once began to realize on their gilt-edged securities, but were unable to meet the increasing demands of depositors. The climax apparently came yesterday when the Boston correspondent refused to permit them to overdraw their accounts there. Local merchants and other business men who have funds in the bank, it is said, will be taken care of by other institutions, but just what this means is not explained as following the conference to-day no definite statement of any such agreement made was given out.
4.October 1, 1903Santa Fe New MexicanSanta Fe., Santa Fe, NM
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TWO NATIONAL BANKS HAVE GONE TO THE WALL. Washington, Oct. 1-The comptroller of the treasurer has received elegrams announcing the failure of two national banks, the Packard National bank, of Greenfield Mass., and the Bolivar National bank of Bolivar, Pa. Receivers were appointed in each case.
5.October 1, 1903The Spokane PressSpokane, WA
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Receivers Appointed. WASHINGTON, Oct. 1.-The comptroller of the currency has appointed receivers for the Bolivar National bank at Bolivar, Pa., and the Packard National bank at Greenfield, Mass. The latter is an old established bank. Each gives as the reason a lack of funds.
6.October 1, 1903Daily Kennebec JournalAugusta, ME
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WILL NOT OPEN, TODAY. National Bank of Greenfi Mass., in Financial Trouble. enfield, Mass., Sept. 30.-It 1 tonight, that the Pack Bank, one of the best kno of the kind in west achusetts, would not open tomorrow. One of the natio commissioners, F. T. Fish of V Vt., it is expected, will assu of the bank's affairs. Th been persistent rumors attack tability of the bank for seve but these, it is said, have b light of by bank officials, bility of suspension being stou The first public knowledge trouble came, today, when I tatives of other banking hou city were hurriedly summoned ference. At the conference it wordbox that a draft of the Pack Bank drawn on the Natio of Redemption, its Boston con had, yesterday, been prote the Boston bank. representatives at the confere a careful examination of of the Packard Bank to determ the assets held for the 1 justify them in making advan the embarrassed instituti decision was against offering : nd upon being made known to of the Packard Bank the lat unicated with the office of troller of the currency and deci nporarily suspend. Packard National Bank has stock of $100,000, and its liab estimated at $500,000. Its e ssment is said by the officials to the inability to real on loans to satisfy the of depositors. They declare t will not lose anything, if any, falling upon the sto merchants and other busin who have funds in the bank, it will be taken care of by other but just what this means splained, as following the conf today, no definite statement agreement was given out. recent ill health of William the president of the bank, a at that time that his mind v effected is will
7.October 1, 1903The Providence NewsProvidence, RI
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PACKARD NATIONAL BANK FAILS Well Known Greenville, Mass., Institution Has Liabilities of $500,000--Capital$100,000 Greenfield. Mass., Oct. 1.-It was announced last night that the Packard National bank, one of the best known, institutions of the kind in western Massachusetts, would not open its doors today. One of the national bank commissioners, F. L. Fish of Vergennes, Vt., it is expected. will assume charge of the bank's affairs. There have been persistent rumors attacking the stability of the bank for several weeks, but these. it is said. have been made light of by the bank officials, the probability of suspension being stoutly denied. The first public knowledge of serious trouble came yesterday, when representatives of the other banking houses in the city were hurriedly summoned to a conference. At the conference it was announced that a draft of the Packard National bank. drawn on the National Bank of Redemption. its Boston correspondent, had yesterday been protested by the Boston bank. The representatives at the conference then made a careful examination of the loans of the Packard bank to determine whether the assets held for the loan would justify them in making advances to save the embarrassed institution. Their decision was against offering any help. and upon being made known to the officers of the Packard bank. the latter communicated with the office of the comptroller of the currency and decided to temporarily suspend. STOCKHOLDERS THE LOSERS. The Packard National bank has a capital stock of $100,000 and his liabilities are estimated at $500,000. Its embarrassment is said by the officials to be due to the inability to realize promptly on loans and so satisfy the demands of depositors. They declare that depositors will not lose anything. the loss, if any, falling upon the stockholders. Local merchants and other business men who have funds in the bank, it is said. will be taken care of by other institutions, but just what this means is not explained as following the conference yesterday no definite statement of any such agreement was given out. The recent ill-health of William D. Packard, the president of the bank, and the fear at that time that his mind was somewhat affected, is connected with the trouble of the bank in the opinion of many Mr. Packard is not only president of the National bank, but is treasurer of the Greenfield Savings Institution. and trustee of many estates. His many duties seemed to weigh heavily upon him. and culminated in peculiar actions on his part. Three weeks ago Monday he left home suddenly. taking the express train for Boston, but. as he said. with no definite purpose in view. He then went to New York and was in that city several days before his people got any communication with him and persuaded him to come home. During his absence all sorts of rumors were afloat, and affected the bank unfavorably Shortly after the bank statement was Issued, showing a very small resere, depositors began to withdraw their deposits. and within the next two days deposits showed a shrinkage of between $60,000 and $70,000. PACKARD FAMILY HELD SHARES. The Packard National bank was established by Rufus D. Packard in 1875. The policy has been to take so far as possible local loans Its business in recent years has consisted of about 500 small accounts of depositors and borrowers, consisting chiefly of farmers scattered all through Franklin county. The loans were mostly small and not readily realized upon. When seen last night Henry D. Packard, cashier of the embarrassed institution, said 'Our failure is due to our inability to realize on our loans quickly enough to meet the demands of our depositors Our
8.October 1, 1903Evening Times-RepublicanMarshalltown, IA
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Packard National at Greenfield, Mass., and Bolivar National at Bolivar, Pa. RECEIVERS ARE APPOINTED The Bolivar Bank's President Telegraphs That His Concern is Insolvent Consolidation of All Gould Lines West of Pittsburg is ContemplatedThe News. Washington, Oct. 1.-The comptroller of the currency received telegrams announcing the failure of two national banks-the Packard National bank, Greenfield, Mass., and the Bolivar National bank, Bolivar, Pa., and has appointed bank examiners as receivers. The president of the Bolivar bank telegraphed that his bank was insolvent.
9.October 2, 1903New-York TribuneNew York, NY
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BANK IN RECEIVER'S HANDS. Little Excitement in Greenfield Over the Closing of the Packard National. Greenfield, Mass., Oct. 1.-F. L. Fish, national bank examiner. from Vergennes, Vt., took charge of the Packard National Bank this morning. and later on was appointed temporary receiver by the Controller of the Currency. He said he would not be able to give a report for several days. There was little excitement here to-day as the result of the bank's suspension. All concerned apparently have perfect confidence in the statement made last night by the bank officials, and reiterated to-day, that the depositors would not lose, but merely have their money tied up for a time. Bankers who went over the loans of the bank yesterday say that It will be fully a week before the real condition is known. The last statement, on September 19, showed the liabilities. exclusive of $100,000 capital stock, were about $450,000. The last statement showed deposits of $208,500. and $100,000 in banknotes outstanding. The resources include $414,992 in loans and discounts. Total resources, $555,477.
10.October 2, 1903Daily Kennebec JournalAugusta, ME
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BANK EXAMINER FISH Appointed Temporary Receiver of Packard Bank at Greenfield, Mass. Greenfield, Mass., Oct. 1.-In response to a telephone message from the officials of the Packard National Bank, the suspension of which was announced, last night, National Bank Examiner F. L. Fish of Vergennes, Vt., arrived here, today. He said: "I came, this morning, in answer to a call by telephone from the bank officials, last evening. The comptroller of the currency at Washington has been notified that the bank is in trouble. I have not yet received authority from him to make an examination." A few withdrawals were made from the savings bank, today, but there was nothing in the nature of a run; and considerable money was deposited there. The officials of the savings bank state that even in case there would be a run, the institution would be able to pay all who wished to withdraw. A telegram was received from the comptroller of the currency at Washington, at noon, appointing Examiner Fish temporary receiver. 01 bebigeb
11.October 2, 1903The Montgomery AdvertiserMontgomery, AL
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Two Banks Fail. Washington, Oct. 1.-The Comptrollers of the Currency has received telegrams reporting the failure of two national banks, the Packard National bank of Greenfield, Mass., of which Bank Examiner Frank L. Fish has been appointed receiver, and the Bolivar National bank, of Bolivar. Pa., of which Bank Examiner John B. Cunningham has been appointed receiver. The President of this pank telegraphed the Comptroller that his bank was insolvent and he had closed its doors.
12.October 7, 1903The Fulton County NewsMcConnellsburg, PA
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Two Banks Fail. Washington, D. C. (Special).-The comptroller of the currency has received telegrams announcing the failure of two national banks-the Packard National Bank of Greenfield, Mass., of which Bank Examiner Frank L. Fish has been appointed receiver, and the Bolivar National Bank of Bolivar, Pa., of which Bank Examiner John B. Cunningham has been appointed rereceiver. The president of this bank telegraphed the comptroller that his bank was insolvent and be had closed its doors.
E WEEK'S NEWS TUESDAY, SEPT. 29. nadian Soo in hands of mob, beof failure of Consolidated Lake rior company to pay wages when - crder millitia :pes! de threatens Boston; farmers may e to deliver product after Oct. 1 rout and Fornes will accept Tamendorsement-J. H. Tillman ally arraigned at Lexington, S.C., nurder of Editor Gonzales; pleads uilty-Shorts in September cotqueezed in the New York market eceiver appointed for Consolidated Superior company-Attempt to agricultural building at St. Louis -Sir Thomas Lipton says he will another cup challenger, if he can a designer to beat HerreshoffIlion threatened in Kwang Tung nce, China-The powers charged wanting to prolong Balkan dis--Two thousand deaths in two hs from plague and cholera at Pei-Canadian case on Alaska lary taken up by Christopher uson, K. C-Thousands of refufrom vilayet of Monastir are destiin the mountains-Chief of Popanished on a charge of fomenting up 7 Times comments upon change in ce of naval power in Europe, h is not to England's advantage. WEDNESDAY, SEPT. 30. lk producers and contractors agree bitrate their differences-PresiRoosevelt declares to labor leadhat he will not dismiss Miller from rnment printing office because of JO ------------------------- notun-tion B culture Wilson praises his officials radicating cattle disease in New and; cost $300,000-Colorado Reican convention declares for RooseIIIAL PARA AABU up two steel barges for navy at cost out $50,000--Professor Benjamin rown, for 42 years connected with college, died at Marblehead, Mass ustice Bell finds a prima facie case ie petition of the Ipswich, Mass., tmen for the abolition of grade -100 DIRAIBH-UM01 that up s.Sup given $25,000, and may receive JO 'M Richard JO IIIM Aq : JO Sunno 'uo hts of Pythias at Portland, Me--ersalists ceiebrating centennial at Bell 'N chester, S he has mastered difficulties of general JO I ercent increase in freight rates deby trunk line officials-Dr. John finley installed as president of the ge of the city of New York-Bad ition in Australia due to political JJO studs statusbing art bay; some lives lost-Russia a strong force in Manchuria and by territory-General Sakharoff acceed Kuropatkin as Russian minJO JO f Exchequer Ritchie elected lord 07 SU plan мә№-иориот JO JO s and railways in China retires exenced mining officials-Reyes and roquin candidates for the presiy and vice presidency in Columbia Turkey withdraws troops from points on the frontier owing to re-noo JO 7 g gives the president authority to tiate a canal treaty with the States. pe T "LOO ckard National bank, Greenfield. 3., capital stock $100,000 and liabiliat $500,000, closes its doors; compexempter and IIIM currency go Ja charge—Sir Michael Herbert, sh ambassador to the United es, dies at Davos-Platz, Switzer-Henry Siegel & Co. to erect big rtment store at Boston-Emers organize to defend the "open "-New York Ragpickers' union es for recognition-Quiet in the adian "Soo;" street cars running Over zealous officials stupidly inret Chinese exclusion lawery will have support of Parks in York mayoralty campaign-d jury to probe alleged aldermanic uption in Minneapolis-Five thounegroes disfranchised in Virginia; than 1000 qualified to vote----chburg, Tenn., jury finds that hed negro was "murdered:" 14 ar-Arrest of several members of of Victor, Col., Record, on charge bel and coercion-New York walkdelegates threaten strike on school dings if non-union men are not discongress JO session y to be dull-Interesting army euvers at Camp Young, Ky-etary Wilson tells of great work in nping out foot and mouth disease Advance in cost of living. and in es considered in a work to be isby the bureau of labor-Serious lict between strikers and police at apest-Next Colombian congress y to agree with the United States tanal treaty. FRIDAY, OCT. 2. eorge B. McClellan nominated for or by New York city Democratic vention-Premier Balfour delivers ech, in which he shows leaning ard protection; calls free trade an ty name and vain force-William Gaston heads ticket nominated by sachusetts Democratic state con-
14.October 8, 1903Audubon RepublicanAudubon, IA
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Receivers for Two Banks. Washington special: The comptrol. ler of the currency has appointed receivers for the Bollivar National bank of Bolivar, Pa., and the Packard National bank of Greenfield, Mass.
15.October 8, 1903Audubon RepublicanAudubon, IA
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Receivers for Two Banks. Washington special: The comptrol. ler of the currency has appointed receivers for the Bollivar National bank of Bolivar, Pa., and the Packard National bank of Greenfield, Mass.
Packard Resignation Accepted. GREENFIELD, Mass., Oct. 10.Yielding to the pressure of public opinion, the trustees of the Greenfield Savings bank at a meeting received and accepted the resignation of Treasurer William G. Packard. Mr. Packard was president of the Packard National bank, which recently suspended, and, while there has been no official criticism of his capacity as an official of the savings bank, SO many rumors have arisen causing some uneasiness among many depositors that the trustees felt that the interests of the institution would be served by his resignation..
Packard Resignation Accepted, GREENFIELD, Mass., Oct. 10.Yielding to the pressure of public opinion, the trustees of the Greenfield Savings bank at a meeting received and accepted the resignation of Treasurer William G. Packard. Mr. Packard was president of the Packard National bank, which recently' suspended, and, while there has been no official criticism of his capacity as an official of the savings bank, so many rumors have arisen causing some uneasiness among many depositors that the trustees felt that the interests of the institution would 'be served by his resignation.
18.November 27, 1903Vermont PhœnixBrattleboro, Bellows Falls, Ludlow, VT
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Receiver Frank L. Fish of the Packard National bank of Greenfield, Mass., announces the first dividend to the depositors and other creditors. It is one of 50 per cent, and is payable upon the presentation of proven claims. The city of Santo Domingo, capitulated to the revolutionary forces Tuesday. Salutes of 21 guns each were fired throughout the country, and there was great rejoicing over the triumph of the revolution. The defeated president, Wos y Gil, accompanied by his cabinet, sought refuge on a German warship. Thirty-five Italian laborers, employed by the railroad company's contractors, at Lilley, west of Altona, Pa., were burned to death in their shanty Saturday morning. Fourteen others were seriously and some fatally burned. There were 150 men housed in the long building, with one entrance and a few windows. The fire caught from a stove, and the men perished like rats in a trap.
19.January 16, 1904Daily Kennebec JournalAugusta, ME
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of $50,000 is unimpaired but that there is a surplus of $3000. This Bank Pays Another Dividend. Greenfield, Mass., Jan. 15.-Receiver Fish of the Packard National Bank of this town, which closed its doors last summer, expects to pay a second dividend of 50 per cent. to the depositors within a month. The first dividend of 50 per cent. was distributed in December.
