7477. First National Bank (Hancock, MD)

View Charter #7859 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7859
Charter Number
7859
Start Date
January 1, 1933*
Location
Hancock, Maryland (39.699, -78.180)

Metadata

Model
gpt-5-mini
Short Digest
a36f9df3f8fa9aa0

Response Measures

None

Receivership Details

Depositor recovery rate
63.7%
Date receivership started
1933-12-28
Date receivership terminated
1939-11-29
Share of assets assessed as good
53.0%
Share of assets assessed as doubtful
45.4%
Share of assets assessed as worthless
1.5%

Description

Articles indicate the First National Bank of Hancock, MD had been placed in conservatorship/frozen deposits and was among national banks restored to full operation in early December 1933. By May 1937 the bank is described as closed with a receiver paying dividends and assets taken over by Peoples' National Bank, indicating a permanent closure/receivership. No article describes a depositor run as the initiating event; the 1933 episode involved conservators and licenses to resume (government action). Dates: reopening in first nine days of December 1933; receivership/closure documented by 1937-05-25.

Events (5)
1. August 4, 1905 Chartered
Source
historical_nic
2. January 1, 1933* Suspension
Cause
Government Action
Cause Details
Placed in hands of conservators and had frozen deposits; later issued license to resume business.
Newspaper Excerpt
Among the reopened banks are the First National Bank of Hancock, Md., with frozen deposits of $486,000 and unrestricted deposits of $28,000.
Source
newspapers
3. December 9, 1933 Reopening
Newspaper Excerpt
Among the reopened banks are the First National Bank of Hancock, Md., with frozen deposits of $486,000 and unrestricted deposits of $28,000. (restored to full operation December 1-9).
Source
newspapers
4. December 28, 1933 Receivership
Source
historical_nic
5. May 25, 1937 Receivership
Newspaper Excerpt
A 10 per cent dividend to depositors of the closed First National Bank of Hancock, Md., is being paid this week by the receiver, Claude Gilbert of Hagerstown. Forty per cent was paid previously when the Peoples' National Bank took over the assets of the closed bank.
Source
newspapers

Newspaper Articles (2)
1. December 12, 1933 Evening Star Washington, DC
Article from Evening Star, December 12, 1933

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Article Text

21 BANKS RESTORED TO FULL OPERATION National Institutions With $16,559,000 Deposits Open December 1-9. By the Associated Press. During the first nine days of December 21 national banks, with deposits of $16,559,000, were restored to full-time operation, it was announced by the Treasury. Twenty of the banks, with $13,615,000 of frozen and $708,000 of unrestricted deposits, had been in the hands of conservators and were issued licenses to resume business or were granted charters for new banks. One charter was issued to a new national bank to take over $2,236,000 of frozen deposits of a bank in receivership. Among the reopened banks are the First National Ban': of Hancock, Md., with frozen deposits of $486,000 and unrestricted deposits of $28,000, and the First National Bank of Parkton, Md., with $804,000 frozen deposits and $6,000 unrestricted deposits. Reorganization plans were approved for eight national banks, including the Citizens' Natioal Bank of New Market, Va., with $173,000 frozen and $7,000 unrestricted deposits.

2. May 25, 1937 Evening Star Washington, DC
Article from Evening Star, May 25, 1937

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Article Text

BANK DEPOSITORS PAID. HAGERSTOWN, May 25 (Special).-A 10 per cent dividend to depositors of the closed First National Bank of Hancock, Md., is being paid this week by the receiver, Claude Gilbert of Hagerstown. Forty per cent was paid previously when the Peoples' National Bank took over the assets of the closed bank. This week's distribution to 1,260 depositors totals $47,000.