7593. Bank of Commerce (Belfast, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 18, 1871
Location
Belfast, Maine (44.426, -69.006)

Metadata

Model
gpt-5-mini
Short Digest
d333040ce866970a

Response Measures

None

Description

The articles (Jan 18–19, 1871) report that the Bank of Commerce of Belfast have entirely closed their business. No run or depositor agitation is described; the bank is reported closed (permanently) following the examiner's review. No receiver or takeover is explicitly named in the quoted text, but the phrase entirely closed their business indicates permanent closure rather than a temporary suspension. Date of closure not specified in the excerpts; newspaper publication used to date the report.

Events (1)
1. January 18, 1871 Suspension
Cause Details
Article simply states the bank entirely closed their business without giving a specific cause (no mention of runs, government action, or insolvency details).
Newspaper Excerpt
Since the last annual report of the Bank Examiner, the City Bank of Bath, and the Bank of Commerce of Belfast, have entirely closed their business.
Source
newspapers

Newspaper Articles (2)
1. January 18, 1871 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 18, 1871

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Article Text

611.87 outstanding certificates. At the October term, the Court directed the Receivers to bring a bill in equity against the stockholders to cover the amount of the deficiency. The Alfred Bank has an undivided capital of $21,500. A Committee chosen by the Directors to investigate the affairs of the bank, reported in October last that they hoped to be able to make a final dividend of the assets very soon. The Searsport Bank still continues, with an undivided capital of $11,989.50, and a deposit of $11,886.67, the larger part of which is due to stockholders, it being a dividend of the capital, and is drawing interest from the earnings of the bank. The cashier says the affairs will be closed up very soon, with no loss of principal he thinks to the stockholders. Since the last annual report of the Bank Examiner, the City Bank of Bath, and the Bank of Commerce of Belfast, have entirely closed their business. # RECHARTERED BANKS Agreeably to the provisions of an act of the last Legislature, the following banks have extended their charters to the first of October, 1875:-Eastern Bank, Bangor; Mercantile Bank, Bangor: North Bank, Rockland; Veazie Bank, Bangor. These Banks are in localities where more bank accommodations are required than can be obtained from the National Banks. Thus they accommodate the public, and being well managed, give their stockholders good dividends. Tables are given showing the condition of all the banks, with list of officers. # SAVINGS BANKS The present number of Savings Banks in the State is forty-three. Of these, seven commenced business since the last annual report of the Examiner, namely: Saco Savings Bank, Saco: Skowhegan Savings Bank, Skowhegan: Androscoggin County Savings Bank, Lewiston; Bucksport Savings Bank, Bucksport; Kennebec Savings Bank, Augusta; North Anson Savings Bank, Anson; Thomaston Savings Bank, Thomas-ton. Two other banks have been organized which as yet have not commenced business, namely: Kittery Savings Bank, Kittery; Mechanic Falls Savings Bank, Minot. The total deposits of the Savings Banks of the State at the date of examination were $15,829,791.52. The nature of the securities in which these deposits are invested will be found in the following summary: Loans on real estate 83,766,183 30 stocks and bonds 3,078,257 82 other collaterals 556,739 79 names alone 398,368 47 Invested in real estate 227,199 26 "United States bonds 1,557,020 37 State of Maine bonds 360,875 00 municipal and other bonds of this State 1,494.262 86 "other States 2,087,401 20 "railroad bonds of this State 492,533 00 "railroad bonds and stock of other States 924,004 07 "bank stock 381,885 75 "other securities 79.834 09 Miscellaneous 3,131 53 Cash on hand and on deposit 422,150 10

2. January 19, 1871 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 19, 1871

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Article Text

DAILY PRESS. PORTLAND. THURSDAY, JANUARY 19, 1871. The Bank Examiner's Report. Wm. Philbrick, Esq., Bank Examiner of the State, having visited the several savings institutions and banks of discount and deposit, will in a few days make his annual report.Of the 69 State banks doing business in the State in 1863, at the time of the Congressional enactment establishing a national currency, and having a capital of $8,008,000, fifty-seven have been replaced by national banks, four have been closed up without successors, three are in process of closing, and five with a capital of $445,000, have been rechartered. Forty-nine of these banks are still liable to redeem their outstanding circulation. The bills are promptly met by the succeeding banks, or by individuals who assumed the liabilities. No State bank has issued its bills for six years and it is presumed that but few of their bills are in existence, having been destroyed ex. cept in rare cases where people have laid them awayso safely that they have been forgotten. Closing Banks. The American Bank of Hailowell, has been in the hands of receivers since September, 1865, with no promise yet of a speedy adjustment or its affairs. Six months were allowed creditors to file their claims. Certificates were issued by the receivers, during the time, amounting to $43,467 91Thev have received from the assets of the bank, of principal and interest, $27,467,91, and have paid to redeem liens and mortgages $7,988.21 and for all of ber expenses and services $7,446.33. leaving a balance in their hands on the first of March, 1870, of $12,016, 26, or about twenty eight per cent. of the liabilities, exclusive of interest. At the March term, the Court ordered a divident of twenty five per cent. to be paid to such holders of certificates as should surrender them and release their claims. $12,856.04 of the certificates have been surrendered, for which $3.214.01 has been paid, leaving $8 802 25 cash in the hand of the receivers, and $30,61187 onstanding certificates. At the October term, the Court directed the receivers to bring a bill in equity against the stockholders to cover the amount of the deficiency. The Alfred Bank has an undivided capital of $21,500. A committee chosen by the directors to investigate the affairs of the bank, reported in October last that they hoped to be able to make a final dividend of the assets very soon. The Searsport Bank still continues, with an undivided capital of $11,989 50, and a deposit of $11,886 67, the larger part of which is due to stockholders, it being a dividend of the capital, and is drawing interest. from the earnings of the bank. The cashiers says the affairs will be closed up very soon, with no loss of principal he thinks, to the stockholders. Since the last annual report of the Bank Examiner, the City Bank of Bath, and the Bank of Commerce of Belfast, have entirely closed their business. Rechartered Banks. Agreeably to the provisions of an act of the last Legislature, the following banks have extended their charters to the first of October, 1875: Eastern Bank, Bangor; Mercantile Bank, Bangor; North Bank, Rockland; Veaz'e Bank, Bangor.These Banks are in localities where more bank accommodations are required than can be obtained from the National Banks. Thus they accommodate the public, and being well managed, give their stockholders good dividends. Tables are given showing the condition of all the banks, with list of officers. Savings Banks. The present number of Savings Banks in the State is forty-three. Of these, seven commenced business since the last annual report of the Examiner, namely: Saco Savings Bank. Saco; Skowhegan Savings Bank, Skowhegan; Androscorgin County Savings Bank, Lewiston; Bucksport Savings Bank, Bucksport; Kennebec Savings Bauk, Augusta; North Anson Savings Bank, Anson; Thomaston Savings Bank, Thomaston. Two other banks have been organized which as yet have not commenced business, namely: Kittery Savings Bank, Kittery; Mechanic Falls Savings Bank, Minot. Ths total deposits of the Savings Banks of the State at the date of examination were $15,829,791.52. The nature of the securities in which these deposits are invested will be found in the following summary.