Barnstable Savings Bank - Barnstable, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: February 17, 1886
Location: Barnstable, Massachusetts (41.700, -70.299)

Metadata

Model: gpt-5-mini
Short Digest: 052b7a3d

Response Measures

None

Description

Article (New-York Tribune, Feb 17/18 1886) states The receivers of the Barnstable and Needham banks have deposited the books and papers with the Commissioners, indicating the savings bank was in receivership/closing. No run or reopening is mentioned.

Events (1)

1. February 17, 1886 Receivership

Newspaper Excerpt: The receivers of the Barnstable and Needham banks have deposited the books and papers with the Commissioners, as required.
Source: newspapers

Newspaper Articles (1)

1. February 18, 1886 New-York Tribune New York, NY

Article from New-York Tribune, February 18, 1886

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Article Text

MASSACHUSETTS SAVINGS BANKS. THEIR PROSPEROUS CONDITION-NEW LAWS SUGGESTED BY THE COMMISSIONERS. BOSTON. Feb. 17 (Special).--The Savings Bank Commissioners have pablished their annual report. It shows that there are 171 savings banks, or three more than there were last year, in Massachusetts. Five new banks were authorized by the last Legislature, of which the Somerville, North Middlesex, of Ayer, and Peoples'. of Holyoke, have begun business, while the Reading and the Belmont have not begun business. The Emigrant Savings Bank has been wound up, paying 991g per cent. The Groveland Savings Bank is closing up and the depositors will receive a dividend above thefr principal. The bank is being closed because it is not needed. The Scituate Savings Bank has paid a final dividend, making a total of 85 per cent. The receivers of the Barnstable and Needham banks have deposited the books and papers with the Commissioners, as required. The closing of the Lancaster Bank is delayed by the absconding of President McNeil of the Lancaster National Bank, who WAS a receiver of the savings bank. The closing up of the Reading Bank is delayed by the slow progress in terminating suits to recover securities. The Framingham bank, the treasurer of which committed Auicide a few months age when his wrong-doing had been discovered, will probably not show a deficiency, when it is finally settled, the property of the treasurer, his bondsmen and his son having been surrendered to the bank. The Commissioners recommend that the deposits by a savings bank in any one National bank or loan and trust company be limited to 5 per cent of its deposita and 25 per cent of the capital stock of the National bank or trust company. The Commissioners also recommend an amendment to the lav so that personal loans cannot run over a year, also that the bonds of all treasurers should run for a uniform time, not to exceed five years. It 18 suggested that all savings banks verity their accounts by a trial balance of individ ual accounts and total deposits. The latter could then by examining a portion of the books of the depositors jud accuratoly the reliability of the accounts. The receipts of the savings banks for sixty-nine years have been $1,275,000,000, of which about $1,882,000, or threetweatieths of one per cent has been lost by failures. The co-operative banks number thirty, against twentysix in 1884, and they are growing rapidly and are prosperous.