7502. Citizens National Bank (Pocomoke City, MD)

View Charter #6202 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6202
Charter Number
6202
Start Date
March 1, 1933*
Location
Pocomoke City, Maryland (38.076, -75.568)

Metadata

Model
gpt-5-mini
Short Digest
31fa1f692305388f

Response Measures

None

Description

The 1933 article lists Citizens National Bank of Pocomoke City among 'unlicensed national banks' with frozen deposits after the bank holiday and mentions reorganization plans. Subsequent 1936 legal notices show the bank's pledged collateral being sold by trustees 'for the benefit of the waiving unsecured depositors and other unsecured creditors of said bank', indicating the bank did not resume normal operations and entered liquidation/receivership. No run is described in the articles; the initial suspension stems from the 1933 bank holiday / government action.

Events (4)
1. April 10, 1902 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Listed among 'unlicensed national banks' with frozen deposits after the 1933 bank holiday; reorganization plans approved by Treasury; suspension tied to federal bank holiday/conservatorship.
Newspaper Excerpt
Pocomoke City-Citizens N. B., $544.000 ... unlicensed national banks whose reorganization plans have been approved
Source
newspapers
3. July 1, 1935 Voluntary Liquidation
Source
historical_nic
4. November 23, 1936 Receivership
Newspaper Excerpt
These policies were deposited with and pledged to The Citizens National Bank of Pocomoke City ... The Citizens National Bank of Pocomoke City and William E. Hall, R. Harlan Robertson and Grady E. Powell, Trustees for the benefit of the waiving unsecured depositors and other unsecured creditors of said bank.
Source
newspapers

Newspaper Articles (3)
1. October 6, 1933 The Evening Sun Baltimore, MD
Article from The Evening Sun, October 6, 1933

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Article Text

376 REVIVED BANKS LIST $398,735,000 Depositors To Get 50 P. C. Of Total When They Reopen, Treasury Estimates [By the Associated Press] Washington, Oct. The total of 735,000 in frozen deposits is involved in the list of 376 banks for which reorganization plans have been approved by the Treasury. Of this amount, the Treasury estimated today, depositors will receive approximately fifty per cent. if the banks carry out the plans agreed upon and are licensed to reopen. When plans are approved. it has been explained here. the situation then is up to the banks. and in some instances they have not been able to meet the conditions A total of $31,151.000 in unrestricted deposits held by the 376 banks All Won't Be Released "While frozen deposits of these national banks amount $398 this does not mean that such sum will be released to depositors when and if reorganization plans are acted upon and individual banks are reopened," the Treasury "The total represents the amount of deposits carried on the books of these institutions when took charge of them after the bank holiday. that the banks would have reopened immediately had they been able to pay 100 per cent. of their deposits. To Pay 50 P. C. Or More However estimated that in most instances depositors will receive an average of slightly better than fifty per cent. of their balances when and if these unlicensed banks reopen. with additional percentages being available as slow or doubtful assets are convertinto cash "The $31,151,000 unrestricted deposits represents deposits made conservators have been in charge of these institutions Such sums are segregated under Maryland Banks Included Among the unlicensed national banks whose reorganization plans have been approved as of September 30. are the following Maryland institutions, with the location. name of bank. amount of frozen deposits and amount of unrestricted deposits, respectively: N. B. $839,000 and $15,000 Centreville-C. N. B. $1,250,000 and $74,000 N. B., $1,142,000 and N. B. $201,000 and N. $486,000 and $28.000 Pocomoke City-Citizens N. B., $544.000 Port Deposit-Cecil N. B., $708,000 and

2. November 13, 1936 Worcester Democrat and the Ledger-Enterprise Pocomoke City, MD
Article from Worcester Democrat and the Ledger-Enterprise, November 13, 1936

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Article Text

Monday, November 23, 1936 at the hour of 9 o'clock in the morning In front of the Parker House, Pocomoke City, Md. Policy No. 9991, issued by the Continental Life Insurance Co., on the life of Stanley P. Lambden, same being dated October 17, 1914, and matured October 17, 1934. This policy is what is commonly called a "Twentyyear Endowment," the face amount of the same being $3000.00. Policy No. 3,788,209, issued by New York Life Insurance Co., on the life of Stanley P. Lambden, same being dated May 28, 1906, and paid up May 28, 1926. This policy is what is commonly called a "Twenty-payment Life," the face amount being $2000.00. These policies were deposited with and pledged to The Citizens National Bank of Pocomoke City and assigned to said bank as collateral as in the above bill obligatory provided. Further information will be given on inquiry to L. Paul Ewell, Counsel, Pocomoke City, Md. Terms of sale CASH. The Citizens National Bank of Pocomoke City and William E. Hall, R. Harlan Robertson and Grady E. Powell, Trustees for the benefit of the waiving unsecured depositors and other unsecured creditors of said bank.

3. November 20, 1936 Worcester Democrat and the Ledger-Enterprise Pocomoke City, MD
Article from Worcester Democrat and the Ledger-Enterprise, November 20, 1936

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Article Text

Monday, November 23, 1936 at the hour of 9 o'clock in the morning In front of the Parker House, Pocomoke City, Md. Policy No. 9991, issued by the Continental Life Insurance Co., on the life of Stanley P. Lambden, same being dated October 17, 1914, and matured October 17, 1934. This policy is what is commonly called a "Twentyyear Endowment," the face amount of the same being $3000.00. Policy No. 3,788,209, issued by New York Life Insurance Co., on the life of Stanley P. Lambden, same being dated May 28, 1906, and paid up May 28, 1926. This policy is what is commonly called a "Twenty-payment Life," the face amount being $2000.00. These policies were deposited with and pledged to The Citizens National Bank of Pocomoke City and assigned to said bank as collateral as in the above bill obligatory provided. Further information will be given on inquiry to L. Paul Ewell, Counsel, Pocomoke City, Md. Terms of sale CASH. The Citizens National Bank of Pocomoke City and William E. Hall, R. Harlan Robertson and Grady E. Powell, Trustees for the benefit of the waiving unsecured depositors and other unsecured creditors of said bank.