7154. Middlesex National Bank (Lowell, MA)

View Charter #12343 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12343
Charter Number
12343
Start Date
December 15, 1931
Location
Lowell, Massachusetts (42.633, -71.316)

Metadata

Model
gpt-5-mini
Short Digest
af02833eda8a8343

Response Measures

Partial suspension, Full suspension, Books examined

Receivership Details

Depositor recovery rate
53.0%
Date receivership started
1932-02-03
Share of assets assessed as good
19.7%
Share of assets assessed as doubtful
73.3%
Share of assets assessed as worthless
7.0%

Description

Articles report a run on the Middlesex National Bank (Lowell) tied to runs at the affiliated Federal National Bank of Boston on Dec 15, 1931; directors asked the Comptroller of the Currency to take charge and the Middlesex did not open, and later a receiver was appointed (receiver files suit in 1933). Classification: run leading to suspension and permanent closure/receivership.

Events (5)
1. March 31, 1923 Chartered
Source
historical_nic
2. December 15, 1931 Run
Cause
Local Banks
Cause Details
Heavy run at the affiliated Federal National Bank of Boston and its branches precipitated runs/withdrawals at affiliated institutions including Middlesex National Bank.
Measures
Directors voted to ask the Comptroller of the Currency to take charge; bank did not open for business (suspended).
Newspaper Excerpt
The closing of the Federal National Bank was the consequence of run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.
Source
newspapers
3. December 15, 1931 Suspension
Cause
Government Action
Cause Details
Directors voted to have the Comptroller of the Currency take charge after the run; bank suspended operations and failed to open the following morning.
Newspaper Excerpt
the Middlesex National Bank, with deposits of $4,000,000, having suspended operations Tuesday.
Source
newspapers
4. February 3, 1932 Receivership
Source
historical_nic
5. March 14, 1933 Receivership
Newspaper Excerpt
William Roelker, for the Middlesex Bank Lowell, has filed bill in equity ... asking to void all sales of loans to the Middlesex National Bank by Inman Trust Company made in 1931 ... the bank is made party to the suit because he now charge the trust company. The value ... on Dec 15, 1931, the day the company was closed ... was $57,191.10. (receiver files bill March 14, 1933).
Source
newspapers

Newspaper Articles (14)
1. December 15, 1931 The Berkshire Eagle Pittsfield, MA
Article from The Berkshire Eagle, December 15, 1931

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Article Text

FOUR NATIONAL AND FIVE STATE BANKS CLOSED Federal National Bank of Boston and Affiliated Institutions Involved Had Aggregate Deposits of in Last Statement BOSTON, banking institutions aggregate deposits, according to the latest statements of 000 were closed today. The list included four National Banks and State The central figin the closings was the Federal National Bank which has five city branches and with which all the other institutions were affiliated The Federal National whose directors voted to ask Comptroller Currency take on the bank had posits September $28,- Bank Deposits. The other and their latest Middlesex National Lowell, $4,000,000; the State National Lynn, the National Bank, Glouces$1,600,000; Bancroft Trust Company, the Trust Company, Lawrence Trust Lawrence, the Inman Trust Company, Cambridge, the Brockton Trust Company, Brockton, the Salem Trust ComSalem, Governor statement from home Westfield, said that the proper measures, for the speedy reopening could accomplished said he had structed Bank Arthur proceed with that view. Ely Hastens to left home Continued 19th Page

2. December 15, 1931 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, December 15, 1931

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Article Text

Nine Massachusetts Banks Close Doors Dec. Massachusetts banking institutions, with deposits, according to the latest statements, of $58 700,000, were closed Tuesday. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of which has five city branches and with which all the other institutions affiliated The Federal National Bank, whose directors voted to ask the the comptroller of currency to take charge after runs at the bank and its branches Monday had deposits, September 29, of $28,235 238, The banks and their latest available statements of deposit were: Middlesex National Bank Lowell, the State National Bank, Lynn, $2,013,565; the Gloucester National Bank, Gloucester, the Bancroft Trust Company, Worcester. $5,876,474; the Trust Company, Lawrence, $9,555,926 the Inman Trust Company. Cambridge, the Brockton Trust Company, Brockton, the Salem Trust Company, Salem, $2,115,530 Naval Stores Trade SAVANNAH, Dec. The naval stores section of the Board of Trade Tuesday announced that on the day before Christmas and day before New Year's trading would start at instead of 12:45 No trading will be on Christmas or New Year's Day or the day immediately following. Naval Stores receipts, ments, and $2.50 N. WG, $6.00; and

3. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed today The Federal National Bank, with which the other eight were affillated. had deposits of $28,235,233. according to its most recent statement condition Three other national banks were in the group that closed today They include the Middlesex National Bank of Lowell with deposits of approximately $4,000,000 the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester National Bank Gloucester. which has deposits of approximately $1,600,000. Five state banks trust companies. had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows the Bancroft Trust Company, Worcester $6,000,000; the Lawrence Trust Company. Lawrence, $8,860,000; the Brockton Trust Company. Brockton, $1,500,000; the Inman Trust Company, Cambridge, $3,500,000 and the Salem Trust Company, Salem. $2,200,000. The Bank Commissioner estimated that 75,000 depositors were affected by the closing of the state banks Joseph B. Ely. of Massachusetts expressed the belief that If prompt action were taken by the Federal authorities. making use of the National Credit Corporation, with the aid of the state authorities, speedy plan reorganization could be accomplished for the reopening of all the institutions. He said he knew of no reason why any other banks in the state should be affected Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other remained but to take possession of the trust companies to conserve the assets and for the protection of depositors.' The closing of the Federal National Bank was the consequence of run that developed on the hank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.

4. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (AP).-Nine Massachusetts banking institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

5. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (/P)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (A).-The Marion National National Bank with resources of $1,911,422 failed to open today.

6. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

7. December 16, 1931 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, December 16, 1931

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Nine Massachusetts Dec. Massachusetts banking institutions. aggregate deposits, according the latest of were closed The list included four National and five State banks. The central figure in the was the Federal National closings Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, rectors of voted to ask the Comptroller of Currency to take charge after runs on the bank and its branches yesterday, had deposits September 29 of $28,235,238 The other banks and their latest available statements of deposit Middlesex National Bank. Lowell, $4,000,000 National Bank, Lynn, Gloucester tional Bank, $1,600,000: Bancroft 474: Lawrence Trust Company. Lawrence, Inman Trust Company, Cambridge, Brockton Trust Company. Brockand Salem Trust Company, Salem, Governor Joseph Ely, in statement from his home in Westfield. said that with proper measures plan for the speedy opening of institutions could be accomplished, and further said he had instructed Bank Commissioner Guy to proceed with that end Daniel Mulloney president of the Federal National Bank. pressed the opinion that with careful handling resources depositors in his bank would receive 100 cents on the dollar

8. December 16, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, December 16, 1931

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STUDENT WHOSE AUTO FEDERAL NATIONAL KILLED MAN INDICTED OF BOSTON CLOSES The grand jury yesterday voted an indictment charging leaving the scene an injury to person against Robert C. Behn, 25-year-old the death of Wilfred Fone, 37. flower salesman, 1407A Ange street, who was injured fatally by an automobile driven by Behn at Lindell and Euclid avenue on November In confession to the police. Behn said he unavoidably struck Fone when the flower seller stepped out from behind traffic going the opposite direction, and that he drove on to Taylor avenue and stopped and walked back. There, his confession said. he heard woman say he had been careless and speeding and became frightened and drove home without Identifying himself as the driver. He told his mother what had OCcurred. and. on advice, surrendered to the police. Governor Expects Speedy Reopening of Bank and Eight Affiliates. By Associated Press MASS., December 15.Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements. of $58 were closed today. The list included four National Banks and five state banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. Gov Joseph B. Ely. in statement from his home in Westfield. said that with proper measures. plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs the bank and its branches yesterday. had deposits, on September 29, of $28,285,238. The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000: The State National Bank, Lynn, $2,013,565; The Gloucester National Bank, The Bancroft Trust Company. Worcester. $5,876,474 The Lawrence Trust Comman Trust Company. Cambridge. $3,808,412 The Brockton Trust ComTrust $2,-

9. December 16, 1931 The Miami Herald Miami, FL
Article from The Miami Herald, December 16, 1931

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IN MASSACHUSETTS Four National and Five State Institutions Fail To Open Doors [BY THE ASSOCIATED PRESS.] BOSTON, Dec. 15.-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, closed The list included four national banks and five state banks. The central figure the closings the Federal National Bank of Boston, which has five city branches with which the other institutions were affilThe Federal National Bank, whose rectors voted to the comptroller of currency take charge after runs at the bank and its branches had deposits. on September 29, of $28,The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565 Gloucester National Bank, Gloucester. $6,600,000; the Bancroft Trust Company, WorcesLawrence Trust Company, Lawrence, $9,555,926; the Inman Company, Cambridge, the Brockton Trust Company, Brockton, $1,508,753 the Salem Trust Company, Salem, 115,530 Three savings banks in East Boston and experiencing small independent of the affected in today's closings and sought to reassure depositors that their funds were PROJECT ASSURED WASHINGTON, Dec. (/P)-An allotment of $22,750 rivers and harbors surveys in vicinity Jacksonville, made today by the war

10. December 16, 1931 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 16, 1931

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Call Money Complete Range of Prices on the New York Stock Exchange 21/2 Per Cent official on Eastmn 8.00 or when STOCK MARKET AVERAGES day to restrict and Dividends Boston Bank tors Crash Carries Others Down for fine trading limited to nearby said statement issued by the Nine banking insti- New York, Money and Exchange. tutions, with aggregate deposits of 000, were closed today. Omaha bank clearings Tuesday regular The list included four national the both corresp day last banks and five state banks. The 30 holders central figure in the closing was New York Money stock New money the Federal tional bank Bos- that year. per cent which has five city branches with which all the other insti- to cent. tutions were affiliated. Bankers The Federal National bank, whose directors voted to ask the New York Bar Silver comptroller of currency to take higher charge after runs at the bank and Foreign Exchange its branches yesterday, had deposits, on September 29, of $28, Great Britain in others The other banks and their latest available statements of deposits were: cables, The Middlesex National bank, Demands. Any good fixed trust provides Lowell, $4,000,000; the State National bank Lynn, $2,013,565; the for the investor the essential Gloucester National bank, $1,600, element of diversification for 000: the Bancroft Trust company Worcester, $5,876,474; the Law- his funds, plus the convenrence Trust company, Lawrence, ience and protection of the $9,555,926; the Inman Trust comtrust form of holding. pany, Cambridge, $3,808, 412; the Trust company, BrockIn addition to the above, the ton. 508 the Salem Trust company Salem, $2, 115,530. important factor of recogGovernor Joseph B. Ely, in nized and experienced sponstatement from his home in Westfield, said that with proper meas- sorship is provided in ures, a plan for the speedy reCity opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with CORPORATE that end in view. Three savings banks in East Boston and South Boston were ex- TRUST SHARES periencing small runs today. They were independent of the group Are Sold by fected in today's closing and officers sought to reassure deposiT. H. Crane & Co. tors that their funds were safe. Sugar. Investment Trust Specialists York, Dec P.)-Raw sugar Local Handling All Types of Investment Trusts Chicago Detroit 717-718 City Nat'l Bank Bldg. there AT 0658 Reports that was further

11. December 17, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 17, 1931

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LOWELL TRUST CO IS CLOSED Action Results From Run Laid to "Rumors" Seven Lowell Mutual Savings Banks Limit Withdrawals Special Dispatch to the Globe I LOWELL, Dec 16-In an effort to "conserve assets and protect depositors," the directors of the Lowell Trust Company this afternoon voted to ask State Bank Commissioner Arthur Guy to take charge of their bank and tonight the officers of the seven Lowell Mutual Savings Banks voted to invoke the 90-day-clause under the State banking law and limit each depositor to withdrawal of $100 during that period. The mutual savings banks are the City Institution for Savings, the Lowell Institute for Savings, the Washington Savings Bank, the Merrimac River Savings Bank, the, Central Savings Bank, Mechanics Savings Bank and the Lowell Five Cents Savings Bank. None of these are connected with the Middlesex National Bank, subsidiary of the Federal National Bank of Boston, which did not open Tuesday morning after word of the action of the directors bank to close. The Union-Old Lowell National Bank, the largest and oldest bank in the city, and its branch office, the Wamesit Bank, and the Appleton National Bank, will be open for business as usual tomorrow. Pres John F. Sawyer of the Union-Old Lowell National Bank announced tonight that the bank is in condition to meet any demands. Notices the decision the Mutual Savings Banks to invoke the 90-day clause will be posted "at the seven banks tomorrow. The banks will otherwise be open for business but no depositor will allowed withdraw more than $100 during the next 90 days. Edward F. Lamson, treasurer the Lowell Five Cent Savings Bank, made public the decision of the officers. Tonight examiners from the office of Commissioner Guy took charge of the Lowell Trust Company and notice to effect was posted on the bank Withdrawals Force Closing The bank was closed after heavy withdrawals during the day. The president is George M. Harrigan, who some months ago, was robbed $25,000 of the institution's funds while driving in an automobile from Lowell to Boston. Mr Harrigan issued the following "Owing to unfortunate rumors which were circulated about this city this forenoon was started on the Lowell Trust Company's department. "The bank kept open until after 2:30 o'clock, when the crowd was increasing so constantly that it was felt advisable to close the doors in order to conserve the assets of the bank for the depositors. There also was demand for withdrawals from the savings The board of directors were hastily summoned and notified the Commissioner of Banks, and will send representative to take charge of the "The directors feel confident that the assets of the together with capital surplus and undivided profits more than enough to pay the depositors in full." Deposits $3,961,000 There are 3000 depositors in the bank and, the of deposits was given as and savings deposits, $2 100 The Commonwealth, according to State Treas Charles Hurley had on deposit total of $64,020.55, divided between regular time of and the motor vehicle registry account for Lowell of The city of Lowell had deposits of $150,058.1 in the bank. The vice presidents are Rutherford M Blair, James Donovan and Charles O. Hall. The directors are Charles P. Comerford, Isaac DeMaille, William F. Farrell, John C. Farrington. W. Holmes, Thomas F. Kelley L. Marren, James J. McManmon, Bernard George E. Mongeau, Morris, Charles O'Neil and Walter C. Wilson. The bank has no connection with the closed Federal National Bank of Boston or any other bank. Second to Close in Lowell The Lowell was the second Lowell bank to close within two days, the Middlesex National Bank, with deposits of $4,000,000. havIng suspended operations Tuesday. The trust company closed its doors half-hour before the regular closing time.

12. March 15, 1932 Biddeford-Saco Journal Biddeford, ME
Article from Biddeford-Saco Journal, March 15, 1932

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MARCH TRADE SHOWS GAINS EXPERT STATES Fundimentals Better Than Above Surface. Cleveland, Ohio, March conditions are better in March than they were in December, January or February, says Colonel Leonard Ayres, vice president of the Cleveland Trust company and nationally known economist. adds Colonel Ayres, "despite the fact business activity not greater now than it was then. improvement," he explains, in the rather than on the surface. present fact, though to but slight degree reflected in the figures. recent weeks there has been long series of developments that either directly conductive business improvement or are safeguards against continued decline. Even partial list of them makes impressive array. Reconstruction Finance Corporation in effective operation, and made considerable number of loans railroads financial institutions. The bill has been enacted into law, and has increased the flexibility the federal reserve system. The voluntary wage adjustments of the railroad ployes have been into effect. put Bank suspensions have greatly decreased. hoarding of money has only been checked, but the movement has been reversed, and funds that were being held out of circulation are being returned the banks. Bond prices have been rising steadily for month, and stock prices have shown renewed strength. decline in commodity prices has been less and ing recent weeks the numbers of advances in the lists have the numbers of the declines. The duction pig iron increased in February and four additional blast furnaces were blown in. There has been small but well distributed increase railroad freight loadings. There were increases February in the production textiles, leather goods, cement and tobacco products, after making allowance seasonal changes. Lowell, for the closed Middlesex National bank calls for submission of claims against the bank. Cambridge, clinic at Harvard has received reporting dreams the kidnapping of Charles Lindbergh,

13. March 14, 1933 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, March 14, 1933

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LOWELL BANK RECEIVER FILES BILL AGAINST GUY William Roelker, for the Middlesex Bank Lowell, has filed bill in equity in the United States district court against the Inman Company Cambridge and Arthur Guy, asking to void all sales of loans to the Middlesex National Bank by Inman Trust Company made in 1931 and accounting all sums paid by the bank to the Trust Company in the sales. The bank is made party to the suit because he now charge the trust company. The value of the on Dec 15, 1931, the day the company was closed. was $57,191.10.

14. October 23, 1933 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, October 23, 1933

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SUES INMAN, BANCROFT TRUST COMPANIES Bank Commissioner Guy Also Named in Action Brought by Lowell Bank Receiver Arthur Trust defendants brought receiver the Middlesex National Bank Lowel! nearly from tangled $60,000,000 Federal the two president of the Frank Farrell and John directors the National the transactions for which he is now seeking with the State the Inman listed named appears institutions are following the colthe the Controller of Currency declaration filed suit, from of the Mid. trust, and controlled Danpresident of the director the Inman Trust. that and August, the Middlesex National Inman Trust for certain notes, worth1929 notes 1931, the date which Federal and the affiliates closed their doors. these transactions, which breaches trust the persons Middlesex National, receiver seeks accounting and asks that the Bank the claims the Middlesex, which he thus far Hall & the the Middlesex these suits. Both Farrell and Mulloney, whose appear these suits, are under criminal the eral Grand for alleged banking irregularities.