7476. First National Bank (Hampstead, MD)

View Charter #9755 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9755
Charter Number
9755
Start Date
February 1, 1933*
Location
Hampstead, Maryland (39.605, -76.850)

Metadata

Model
gpt-5-mini
Short Digest
6fb5b71cc6f43054

Response Measures

None

Receivership Details

Depositor recovery rate
83.1%
Date receivership started
1933-03-10
Date receivership terminated
1938-07-02
Share of assets assessed as good
30.3%
Share of assets assessed as doubtful
67.4%
Share of assets assessed as worthless
2.3%

Description

Articles (1933) indicate the First National Bank of Hampstead closed early in 1933 and was placed in receivership; multiple reorganization attempts failed and the receiver was liquidating assets and paying depositors. No article describes a depositor run as the trigger. Therefore this is a suspension that led to permanent closure/receivership.

Events (5)
1. May 18, 1910 Chartered
Source
historical_nic
2. February 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was closed and placed into receivership by authorities (regulatory action); specific insolvency details not given
Newspaper Excerpt
the First National Bank of Hampstead...closed early this year
Source
newspapers
3. March 10, 1933 Receivership
Source
historical_nic
4. July 22, 1933 Receivership
Newspaper Excerpt
The First National Bank of Hampstead, now in receivership, is progressing rapidly toward reorganization. Sale of stock has been completed and application for a charter to reopen has been forwarded to national bank authorities. (Evening Star, July 22, 1933).
Source
newspapers
5. October 17, 1933 Other
Newspaper Excerpt
release of approximately $300,000 by the receiver of the First National Bank of Hampstead...represents a payment of 50 per cent to depositors of the up-county institution, which has been in the process of liquidation for several months. (Evening Star, Oct 17, 1933).
Source
newspapers

Newspaper Articles (3)
1. July 23, 1933 Evening Star Washington, DC
Article from Evening Star, July 23, 1933

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Article Text

TWO BANKS SPEED PLANS IN MARYLAND One in Receivership and Another on Restricted Basis Hope for Early U. S. Approval. Special Dispatch to The Star. MOUNT AIRY, Md., July 22.-Two Carroll County banks-one in receivership and another operating on a restricted basis-soon will open their doors for normal business if their plans of reorganizing are approved by Washington. The First National Bank of Hampstead, now in receivership, is progressing rapidly toward reorganization. Sale of stock has been completed and application for a charter to reopen has been forwarded to national bank authorities. A committee of the Westminster Savings Bank, Westminster, is endeavoring to meet the terms of reorganization, which provides for an increase in the capital from $50,000 to $100,000 by the issuance of 5,000 shares of stock. The reorganization plan also provides for the issuance of certificates of beneficial interest to depositors in the guarantee fund for 25 per cent of the amount standing to the credit of such depositor on February 24, 1933, except the monies of certain organizations and institutions allowed exemption, including the State of Maryland, church and charitable organizations.

2. October 4, 1933 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, October 4, 1933

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Article Text

Halted By Maryland orfice Of Home Owners' Loan Since July 24 VALUE OF PROPERTY PUT National Bank Receivers Now Can Exchange Liens For Bonds Since the Home Owners' Loan poration began July the office for Maryland has been for halting 565 mortgage sponsible foreclosure involving valued $1,755,464. David property State of the corpomanager yesterday. Up and including had made loans, total$133,667. most instances these involved forclosures. Based On Loans The halting other foreclosure proceedings based 551 approved. properties have been appraised. but the bonds and checks called for been given out. These approved The office received cations for loans totaling The has rejected 123 applications for loans. Stand Reversed Mr. Stiefel received word yesterday that Comptroller Currency. had reversed stand taken in August, and now advised general for banks exchange gages for bonds the Home Owners' Loan The change in the position taken by Mr. known letter him William Stevenson, the Federal Home Loan Bank Board copy communication was sent to Mr. Stiefel. Three In Receivership Three national banks in Maryland gone into since the spring. They the National Bank of Frostburg. the of Hampand the First National Bank Kitzmillerville. pointed out in Mr. O'Conor's that having jurisdiction receivership would have approve any exchanges made and that approval from office should be obtained before sititution of court ceedings. 106 Employed Regularly The main the branch the loan corporation cated branches Cumberland, Easton and Towson. There 106 persons employed regularly. fee basis. addition group. there unpaid advisory committee of three members each county. Explaining the set-up of his Mr. Stiefel said operated with deficit incoming money paid directly to headquarters Washington.

3. October 17, 1933 Evening Star Washington, DC
Article from Evening Star, October 17, 1933

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Article Text

CARROLL COUNTY BANK TO RELEASE $300,000 WESTMINSTER, Md., October 17 (Special) - -Business conditions in upper Carroll County, which have been described as more or less sluggish during the Summer months. should be aided materially with the release of approximately $300,000 by the receiver of the First National Bank of Hampstead. The release of that sum represents a payment of 50 per cent to depositors of the up-county institution, which has been in the process of liquidation for several months. Several plans of reorganizing the bank, closed early this year, were tried out and upon several occasions it appeared that the reopening movements might be successful. More than half of the total stock assessment, or $26,004.58, has been collected, the receiver's statement shows.