7727. Saco Savings Bank (Saco, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 16, 1910
Location
Saco, Maine (43.501, -70.443)

Metadata

Model
gpt-5-mini
Short Digest
448390a933a58487

Response Measures

None

Description

The articles describe the Saco Savings Bank closing its doors by agreement with the State Bank Examiner and trustees on Dec 16, 1910, receivers being appointed in January 1911, and the receivers liquidating assets and paying dividends over subsequent years. There is no mention of a depositor run prior to the suspension; closure appears permanent with receivers winding up affairs and making dividend payments.

Events (4)
1. December 16, 1910 Suspension
Cause
Government Action
Cause Details
Closed by agreement/orders of State Bank Examiner and the trustees because of a material falling off of deposits and shrinkage of assets.
Newspaper Excerpt
The Saco Savings Bank closed its doors today... The action was taken after a conference between the trustees and State bank examiner.
Source
newspapers
2. January 4, 1911 Receivership
Newspaper Excerpt
Conflict arose over the appointment of a receiver for the closed Saco Savings bank... The bank was closed Dec. 12 last, by order of Mr. Skelton. Frank C. Deering and Frank W. Nutter... were appointed by the supreme court as receivers of the Saco Savingn bank, which was closed on December 12. They furnished bonds in the sum of $100,000 each. (articles report appointment Jan. 4, 1911).
Source
newspapers
3. November 23, 1911 Other
Newspaper Excerpt
The report shows that a total has been received thus far from all sources of $424,872... The bank closed its doors, Dec. 16, 1910. There is due depositors, $1,360,262... cash on hand is sufficient to pay depositors a dividend of 25 per cent., but no statement in regard to the dividend was made by the receivers. (report of receivers; dividend activity).
Source
newspapers
4. December 5, 1914 Other
Newspaper Excerpt
A third dividend will be distributed by the Saco Savings Bank this winter. The bank was closed by agreement of the Maine bank examiner and the bank trustees Dec. 16, 1910, since which it has made two distributions of 25 per cent. each.
Source
newspapers

Newspaper Articles (17)
1. December 17, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 17, 1910

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BANK CLOSES. Injunction Against Saco Savings Institution. Condition Due to Shrinkage of Its Assets. Action Taken To Protect the Depositors--Hearing Jan. 3. Saco, Me., Dec. 16.-The Saco Savings Bank closed its doors today. The action was taken after a conference between the trustees and State bank examiner. The closing of the bank came as a great surprise to everyone and at 9.30 o'cleck, a half hour after the usual time for the opening for business, barely a dozen people knew about it. The banking rooms are in the same apartment as the Saco National Bank and when called they were informed by officials of the latter bank that the Saco Savings Bank was closed. The employes of the savings bank were not in the bank until later in the day when the officials returned from the conference held in Portland between the trustees and State Bank Examiner William B. Skelion. An official statement from Examiner Skelton was expected to be issued about noon, explaining the situation. One of the trustees stated that the action was taken to protect the depositors and that it was believed the bank's affairs could be settled 80 that the loss to depositors would be very small if anything. He asserted that there was nothing irregular in the accounts. The present condition of the Institution is due to a shrinkage of assets. Owing to the condition of the stock market the bank has not realized what

2. December 19, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 19, 1910

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THE VERY LAW Under Which Saco Savings Bank Was Closed Was Assisted in the Passage by President Moore. Real Trouble Was Bank Put Eggs All in One Basket. Saco, Me., Dec. 18.-Former Mayor Luther R. Moore, president of the Saco Savings Bank whose doors were closed Friday by orders from the supreme court on petition of State Bank Commissioner William B. Skelton and the bank's trustees because of a material falling off of deposits, for several years has desired to reórganize the institution into a trust company and four years ago obtained a charter for a trust company which was to take over the business of the savings bank and to be known as the Pepperell Trust Co., but the change for various reason never was made. Treasurer Frank W. Nutter Saturday in discussing this matter said that had the trust company taken over the bank's business it probably would have been necessary to suspend as a trust company's method of operating is different and more liberal than that of a savings bank. He declared the bank is solvent, and the only difficulty is that its closing will inconvenience the depositors. While he did not know, he did not anticipate they ever would resume business: The temporary injunction can be discsived at the hearing to be held on Jan. 3 in this city if the trustees deem it wise to have it done. If not dissolved D receiver probably will be appointed át that time to wind up the affairs of the bank, Mr. Nutter said. The depositors will not lose a dollar and may receive more than the amount of their deposits in his opinion. If a receiver is appointed the closing out of securities will not be hurried owing to present market conditions and as a result the final settlement will be on a very satisfactory basis. It is a notable fact that President Moore was responsible for the passage by the Legislature in 1907 while a member of the House, of the very law under which the bank was closed. The former statutes were complex, and the new law made the closing of a savings bank much more simple and easy. The business of the other banks in Biddeford and Saco was not affected by the closing of the Saco Savings Bank, either From or Saturday, and there was no suggestion of a run on them. The people apparently are satisfied with te situation as it was shown by the statement of Bank Commissioner Skelton, who especially emphasized that "none of the affairs of this bank involve other banks

3. January 4, 1911 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, January 4, 1911

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DISPUTE OVER SACO BANK. Number of Receivers and Who They Shall Be Debated at Hearing. Saco, Me., Jan. 4.-Conflict arose over the appointment of a receiver for the closed Saco Savings bank at a hearing in the superior court yesterday. Judge Henry E. Peabody took the matter under consideration. Opinion was divided as to whether there should be one or two receivers, and as to who should be the receiver if a single official was appointed. State Bank Examiner William B. Skelton expressed himself in favor of the appointment of Frank C. Deering of Saco. George F. Haley of Biddeford, in behalf of 416 depositors, asked for the appointment of Frank A. Nutter, treasurer of the Saço Savings bank. Thomas Talbut of Portland, in behalf of a group of depositors, objected to Mr. Nutter. James O. Bradbury of Saco, a depositor, in behalf of himself and other depositors, thought the matter should be entrusted to two men and favored Messrs. Deering and Nutter. The bank was closed Dec. 12 last, by order of Mr. Skelton.

4. January 5, 1911 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 5, 1911

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Frank C. Deering and Frank W. Nutter, both of Saco. Me., yesterday were appointed by the supreme court as receivers of the Saco Savingn bank, which was closed on December 12. They furnished bonds in the sum of $100,000 each. Two commissioners. whose duty it will be to assist the receivers in their work. pass upon claims, etc., were appointed.

5. January 12, 1911 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, January 12, 1911

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Here and There in Maine meeting bay. They intended to be Maine Opticians to Portland. gone only a few hours, but the fog The annual meeting of the Maine shut in thick and they got lost in the association of Opticians will be held bay and landed 0 nan island late in at Portland, Wednesday, January 11. the afternoon. There they found a The business meeting and election of house which they entered, passing the officers will be held at 5 o'clock and night there, Bernard sleeping in the at 7 the banquet is to be held. sink and Harry on a shelf. In the meantime their parents got worried Societies Invited to Waterville. and the report was started that the A meeting of the boards of managboys had been drowned. They apers of the Waterville Board of Trade peared the next morning, however was held Wednesday evening, Jan. 4, none the worse for their experience. at the office of the president, Dr. L. G Buker. Besides routine business the Receivers for Saco Bank. board invited the Grand lodge, AnFrank C. Deering and Treas. Frank cient Order of United Workmen, the W. Nutter, both of Saco, were apSeed Improvement association, the pointed on Wednesday, January 4, by State Dairy Improvement association the Supreme court as receivers of the end the Maine Cattle Breeders' assoSaco Savings bank, which was closed ciation to hold the sessions in that on December 12. Messrs. Deering and city. Nutter furnished bonds in the sum of $100,000 each. Two commissioners. Bath Man Arraigned. whose duty it will be to assist the Wednesday afternoon, Jan. 4, Edreceivers in their work, pass upon ward J. Burns was arraigned before claims. etc., were appointed. They Judge Dunton in the Municipal court are John A. Snow of Scarboro and Bath, to answer to the complaint of John G. Smith of Saco. Mr. Deering Richard B. Thompson of Chicago, repwas recommended by State Bank resenting Swift & Co., for the embezCom'r Wm. B. Skelton, while Mr. Nutzlement of $371.62. The respondent ter, who has been treasurer of the pleaded not guilty and after the testibank for a number of years, was apmony Judge Dunton found probable pointed upon petition of a large numcause and bound him over to the ber of depositors. Judge Peabody degrand jury in the sum of $800, which cided it was best to appoint two men was immediately furnished. to the receivership rather than one.

6. January 17, 1911 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 17, 1911

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President of Saco Savings Bank Dead, Saco, Me., Jan. 16.-Luther B. Moore, president of the Saco Savings bank which recently suspended by agreement of the trustees and the bank commissioner, died at his home today after a protracted illness. Mr. Moore had held many public offices. He was 42 years old and leaves a widow and two children.

7. January 17, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 17, 1911

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LUTHER R. MOORE. Prominent Saco Banker and Business Man Passes Away Monday. Saco, Me., Jan. 16.-Luther R. Moore, president of the Saco Savings Bank, which recently suspended by agreement of the trustees and the bank commissioner, died Monday at his home, after a protracted illness. Mr. Moore had been mayor, alderman, school committeeman, sclicitor and treasurer of the city, representative to the General Court and candidate for Congress. He was born 42 years ago in Limerick, and was the son of Luther S. Moore, once President of the Maine State Senate. A widow and two children survive.

8. January 17, 1911 New-York Tribune New York, NY
Article from New-York Tribune, January 17, 1911

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OBITUARY NOTES. MRS. MARTHA H. CHANDLER widow of William H. Chandler, died on Sunday at her house, at Thompson, Conn. Four daughters-Mrs. George L. Whitman, Mrs. Charles Bulkley Hubbell, Mrs. Charles R. Forrest and Mrs. John H. Boswell-and one son, Randolph H. Chandler, survive her. MRS. FRANCES A. COLEMAN, widow of Emerson Coleman, died suddenly yesterday at the home of her son, John C. Coleman, No. 167 West 73d street, from heart failure following an attack of grip. She was in her eighty-ninth year. Mrs. Coleman was born of Puritan ancestry in Chester, Mass. She came to New York with her husband in 1857. He was a prominent member of the West End Association. He died in 1897. Mrs. Coleman was a member of the Rutgers Presbyterian Church and was actively Identified with the Madison Square Presbyterian Church. She leaves a brother, Edward Coleman, who was president of the Produce Exchange in this city. Her son, John C. Coleman, is a lawyer at No. 100 Broadway. He was the deputy attorney general who conducted the recent milk investigation FREDERICK S. CALYER, for more than twenty years one of the secretaries of the Young Men's Christian Association in New York, died suddenly at Montclair, N. J., yesterday. He was forty-three years old and lived at No. 31 West 129th street. LUTHER R. MOORE, president of the Saco, Me., Savings Bank, which recently suspended business by agreement of the trustees and the Bank Commissioner died at his home, in Saco, yesterday, after a

9. November 16, 1911 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, November 16, 1911

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Receiver Frank W. Nutter of the Saco Savings bank, closed by agreement of the bank examiner of Maine and the trustees of the bank Dec. 16, 1910, announces that he expects a dividend will be declared, by himself and the other receiver, Frank C. Deering, before the end of the month. "We have come to no definite decision as yet regarding the amount of the first dividend," he said.

10. November 20, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 20, 1911

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The Saco Savings Bank depositors are said to be much discouraged at the present condition of the Bank's affairs. It is rumored that the trust company proposition has fallen through, that other steps will be taken to wind up the bank's affairs, and that a dividend will be paid before the new year comes in. A report from the receivers is awaited, and the public generally understand that these have done all in their power to render the outcome of the tangle as favorable to the depositors as could be accomplished by earnest effort.

11. November 23, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 23, 1911

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Expect to Pay Dollar for Dollar. Saco, Me., Nov. 22.-Frank C. Deering and Frank W. Nutter, receivers of the suspended Saco Savings Bank, filed their first report of progress in the settlement of the bank's affairs, Wednesday, with State Bank Examiner Robert F. Dunton. The report shows that a total has been received thus far from all sources of $424,872. There has been disbursed for various purposes $83,841, leaving on hand, available for a dividend, $341,031. There is due depositors, $1,360,262. A large amount of securities unsold remain on hand, from which the receivers hope to realize enough to pay depositors dollar for dollar eventually. The cash on hand is sufficient to pay depositors a dividend of 25 per cent., but no statement in regard to the dividend was made by the receivers. The report was filed in accordance with the statute requiring it to be done in the month of November. The bank closed its doors, Dec. 16, 1910.

12. November 30, 1911 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, November 30, 1911

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The Saco Savings Bank depositors are said to be much discouraged at the present condition of the Bank's affairs. It is rumored that the trust company proposition has fallen through, that other steps will be taken to wind up the bank's affairs, and that a dividend will be paid before the new year comes in. A report from the receivers is awaited, and the public generally understand that these have done all in their power to render the outcome of the tangle as favorable to the depositors as could be accomplished by earnest effort.

13. December 23, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 23, 1911

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Made by Judge Leventritt In Keith Theatre Case. Another Feature of Saco Savings Bank Litigation. Justices in Consultation--Final Adjournment on Saturday. One of the most eloquent arguments ever presented in the Kennebec county court house was made, Friday forenoon, before the law court by Judge David Leventritt, who was for 10 years one of the justices of the New York supreme court. The case argued was the controversy between Frederick F. Proctor an B. F. Keith, the principal owners of the Keith & Proctor Amusement Co. The case appeared upon the York county docket, the corporation having been organized in that county under the general laws of Maine. Judge Leventritt appeared for Proctor and Howard R. Ives for Keith. Attorney Ives stated that in the dissolution of the company all of the property had been distributed upon agreement, except the Fifth Avenue theater in New York, of which the Keita & Proctor Amusement Co. has a lease until 1916. He claimed that Proctor was about to lose the lease of the house when, it developing that Keith had the ability to renew the lease, Proctor consented to enter into an agreement or partnership, so that the benefit of the lease and business might not be entirely lost. Proctor's lease at that time had but 11 months to run. Afterwards, the Keith & Proctor Amusement Co. did lease the theater and Keith claims that the lease now in force is one of the assets of the company. Judge Leventritt took the ground that Keith practiced deceit in renewing the lease of the theater; that he, in the guise of the International Amusement & Realty Co., bought the property, exercised the right retained by the Gilsey estate to terminate the Proctor lease in one year, and thus forced Proctor to make terms with him, though he still concealed the fact that he owned all the stock in the International Co. Judge Leventritt read parts of letters to show that Keith, after the combine, raised the rent on his partner, when he was obliged to renew the lease, and further set up the claim that not only did Keith not procure the new lease, but that the lease was wrung from him only after litigation was started. The argument in the Keith & Proctor case consumed the entire forenoon and the only case to be argued in the afternoon was that of Frank W. Nutter et al., receivers of the Saco Savings Bank, in re Batchelder & Snyder Co. vs. Saco Savings Bank. Clifford E. McGlauflin of Portland appeared for the plaintiff and C. C. Palmer of Biddeford for the defendant. The case is before the law court upon exceptions by receivers to a decree overruling exceptions to report of commissioners of claims. This was the last case argued and the justices went into consultation at 4 P. M. Final adjournment will occur sometime Saturday.

14. February 27, 1913 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 27, 1913

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SPARKS FROM MAINE WIRES. Frank W. Nutter and Frank C. Deering, receivers of the Saco Savings Bank of Saco. have made application to Supreme Court Justice George E. Bird of Portland for permission to pay the depositors a second dividend, and a hearing has been ordered, for March 25. There are funds enough in the bank to declare a 25 per cent. dividend, a total of about $33,000 being required. Public bequests amounting to $11,000 in the will of Edward Stetson were made public at Bangor, Tuesday, as follows: Eastern Maine General hospital, $5000; Unitarian church. $2000: Bangor Children's Home, $1000; Bangor Y. M. C. A., $1000; Home for Aged Men, $1000: King's Daughters' Home, $1000. The balance of the estate goes to the widow and son. The total inventory is about $350,000.

15. July 28, 1914 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 28, 1914

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Lunt of Frenchboro, whose spine was badly injured causing paralysis, while playing baseball and taken to a hospital in Boston, was that the surgeons did not think that the paralysis will be permanent after the injury to the spine has been corrected. Mr. Lunt is the mail carrier between Frenchboro and Swan's Island. The new Davenport launch, the Alella at Squirrel Island, has proved herself very fast. She has been tried out sufficiently on single mile tests to show a speed rate of 35 miles per hour or better. She has made a nautical mile under favorable conditions slightly under 1m, 40sec. The Popham Beach life saving crew -as well as all others-will go on duty at midnight Friday night. Capt. H. J. Berry has been in sole charge of the station since June 1st. He is the oldest member of the crew, having seen service of nine years as surfman and five years as keeper. The following men will report for duty next Friday night: I. M. McIntire No. 1, C. H. Marr, No. 2; A. G. Maker, No. 3; Geo. E. Crowley, No. 4; W. E. Sprague, No. 5 and N. N. Beal, No. 6. The Popham Beach station has been established since 1883 and is considered one of the best equipped stations on the coast, is manned with a crew of the bravest men in the service. The summer residents at Popham and vicinity are always glad when the men resume duty as the drills and exhibitions furnish interesting entertainment especially for the people coming from inland. John Dearborn of Boothbay Harbor, who raised and sold such beautiful sweet peas last season, is to have something rare in that line this summer. He procured the seed of this new variety from London, England. This seed took the prize in that country, and has never been planted in our country until now. The prospect of another dividend from the Saco Savings bank in the early autumn seems good at the present time. The receivers have been grubbing away at their task of disposing of securities in a bad market and have managed to get enough money together so that it would seem justifiable to make another payment to depositors before very long. It is believed the payment can be made at the time given above, though no absolute date can of course be given at this time. The size of the proposed dividend cannot now be stated. It is hoped that it may be 25 per cent, like the two that have already been paid, but it may be smaller. However, the news will be very encouraging to depositors. ### OLD GLORY CAMP OF SPANISH WAR Old Glory Camp of Spanish War Veterans has recently secured and placed on Monument park at Houlton a Gattling gun, as a souvenir of the late unpleasantness with Spain. The members of the camp and most of the citizens have been proud of this mark of the confidence of the United States, whose property the gun remains, in sending it to them for exhibition purposes. Someone, however, has another idea concerning the souvenir and between last Sunday and Monday the gun was tampered with, some of the parts removed and otherwise disarranged. It was a contemptible trick and Uncle Sam will make the perpetrator realize it should he be apprehended. The United States Fish Commission steamer Gannet arrived recently at Portland, after a strenuous week's work in the distribution of lobster fry, she having in that time liberated 6,000,000 of the little wrigglers in Peaks Island roads and off Falmouth, 3,000,000 in New Harbor, 1,000,000 off the eddy in the Sheepscott river, and the same quantity off Southport, Five Islands, and Boon Island. For the month of June the Gannet put overboard the enormous amount of 169,880,000 fry, a record distribution. Besides the work mentioned the steamer is now collecting old "seeders" all the time, the strippings of which are usually ready for operation in from five to 12 days after being collected. Mr. Arthur Bailey, representing the Bureau of Fisheries, is now stationed at Portland collecting seed lobsters for the Boothbay hatchery and also attending to any business connected with it. Capt. Greenleaf, the commander of the gannet, is enthusiastic over the general lobster situation. He says emphatically that the production of lobsters along the coast is increasing every year and believes the time is coming, notwithstanding the immense demand, when prices for the crustaceans will drop to such a point that others besides millionaires will be able to eat them. The Goodwin Starch Company's factory at the Hockenhull brook, Fort Fairfield, stopped grinding June 20, the output for the year being between 400 and 450 tons. The total run made for the season was nearly nine months. This is about the longest run an Aroostook factory has ever made, except the one that this same factory made last year, which was over 10 months.

16. December 5, 1914 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 5, 1914

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A third dividend will be distributed by the Saco Savings Bank this winter. The bank was closed by agreement of the Maine bank examiner and the bank trustees Dec. 16, 1910, since which it has made two distributions of 25 per cent. each. An official said that while a third would be paid this winter, he could not tell the exact date or the amount. He was of the opinion that it would be less than 25 per cent. There are 2800 depositors. The COreceivers of the bank are Frank W. Nutter and Frank C. Deering.

17. May 31, 1915 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, May 31, 1915

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Another Dividend by Saco Savings Bank. Portland, Me., May 30.-Depositors in the Saco Savings bank, which was closed five years ago, will receive shortly a dividend of 16 2-3 per cent. The co-receivers yesterday were given permission by the supreme court to. make this payment. Two dividends of 25 per cent. each already have been distributed.