First National Bank (Hancock, MD)

View Charter #7859 on SPMC View balance sheet

Episode Information

Episode UID
785901598
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
78590 national
Charter Number
7859
Start Date
February 25, 1933
Location
Hancock, Maryland

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d5b3fcaa4206afd8

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

Bank was closed under Maryland's Feb 25, 1933 statewide banking holiday and later restored to operation in Dec 1933; a separate receivership/asset takeover occurred later (1937).

Events (5)
1. August 4, 1905 Chartered
Source
historical_nic
2. February 25, 1933 Suspension
Cause
Government Action
Cause Details
Statewide three-day banking holiday proclaimed by Governor Ritchie impounding deposits to stop heavy withdrawals
Newspaper Excerpt
All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals
Source
newspapers
3. December 1, 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-time operation during the first nine days of December
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.
Source
newspapers

Newspaper Articles (11)
1. February 25, 1933 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, February 25, 1933

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Article Text

BANKS CLOSED MARYLAND BALTIMORE, Md., Feb. 25. (U.P.) All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals which threatened the stability of the state's financial institutions. The holiday, impounding deposits of more than $800,000,000 in 205 banks and trust companies, will continue at least through Tuesday. Governor Ritchie in a formal statement announcing the holiday expressed confidence the banks would be able to reopen on Wednesday after passage of emergency legislation enabling them to restrict demand withdrawals to a given percentage of depositors' funds. The governor expected to work out details of the legislation today with Attorny General William Preston Lane. The proposal will be presented to the state legislature when it reconvenes at Annapolis Monday night. Immediate passage under suspension of rules will be sought. Governor Ritchie announced the holiday last midnight after a six hour conference with leading Baltimore bankers at the federal reserve branch bank

2. February 25, 1933 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, February 25, 1933

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Article Text

Banking Holiday for All Maryland Feb. Albert Ritchie late tonight declared tomorrow legal holiday all banking and financial institutions of Maryland and made Monday and Tuesday in an effort for banks here take against heavy this week. Howard Bruce, chairman of the Baltimore Trust company, said withdrawals totaling made his institution today and the week's withdrawals were $13,000,000.

3. February 25, 1933 The Daily Times Salisbury, MD
Article from The Daily Times, February 25, 1933

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Article Text

Seen In Line THREE DAY HOLIDAY For Post MARYLAND BANKS PROCLAIMED BY STATE EXECUTIVE Governor Ritchie Issued Proclamation Stem Heavy Withdrawals From Baltimore City Concerns During The Week SUSPENSION OF OPERATIONS IS TO-ENABLE GENERAL ASSEMBLY TO PASS PROPER LEGISLATION No Justification For Withdrawals, Declares Governor; Situation Not Created By Condition Of Any County Institution Baltimore, Feb. bank and financial institution Maryland was closed today by proclamation of Governor Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchfe, by his proclamation, declared today legal holiday accompanied with statement that the moratorium would be extended daily to included Monday and Tuesday while the Maryland General Assembly prepared legislation to aid the banks. The proclamation, as interpreted by Attorney General William Preston Lane, affected banks, saving intitutions, trust companies and building and loan totaling more than 200 in the state as well the Baltimore stock exchange. A $13,000,000 withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers of the state to confer at the federal reserve branch bank last night with Governor Ritchie and state officials. The was followed the governor's proclamation and stateAttorney General Lane immediately began, with the aid of John Ghingher, State Bank and the state law and banking several intended to relieve the financial cerns for introduction in the state islature which reconvenes in Annapolis Monday night. The provisions of the proposed legislation were not revealed by the state officials but bankers intimated they would designed to declare the all banking institutions basis that would classify them in manner governing the rate which withdrawals from each institution would be permitted after the holiday's close. The hope was expressed by Governor Ritchie that the legislature would enact the measures. by Tuesday permit the banks to reopen with ample facilities available for the needs of the people." No bank was singled out for the withdrawals but they were general throughout the city, being taken out yesterday, while county banks were unaffected for the most part. Bankers who attended the conference said the withdrawals resulted from an uneasy state of mind created the state-wide suspension of bank in Michigan, the closing the Title Guarantee and Trust Company here Monday and made before the Senate Banking and Currency Committee in Washington during the week. The total resources of the Maryland banking concerns reported to the the currency of Dec. 31, The deposits the Baltimore banks was placed half billion Attorney General Lane said the terests depositors will be paramount in drafting of legislation under which the Maryland banks will reopen after the banking holiday. survey, he said, was being made legislation recently enacted in othstates to deal with banking situations similar to that in and this information would be utilized formulating the bills for the General Assembly. Special attention was being paid the Iowa law, passed in January, providing for the of fixed according schedule and in some the segregation of old and new declaring the Maryland bank iday, Ritchie relied section of the code, dealing exchange and notes" which in addition scribing certain regular holidays the Fourth of July and Columbus Day special days that may be pointed by this days fasting and prayer, sation of business, shall regarded legal Governor Ritchie had asked consider bank holiday night of first days the (Continued page

4. February 25, 1933 The Dispatch Moline, IL
Article from The Dispatch, February 25, 1933

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Article Text

MARYLAND Governor Ritchie Acts to tect Institutions After Withdrawals. Baltimore, bank and financial institution in Maryland was closed today by proclamation of Gov. Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal day and accompanied it with statement that the moratorium would be extended daily to include Monday and Tuesday while the Maryland general assembly prepared legislation to aid the banks. The governor's interpreted by Attorney General William Preston Lane affected banks, savings institutions. trust companies building and loan associations, more than 200 the state as well as the Baltimore stock exchange. Withdrawal. withdrawal. principally by small depositors from Baltimore banks this week, prompted the of the state to confer federal branch bank last night with Ritchie state officials. The conference by the governor's proclamation and statement. Attorney General Lane immediately began, with the of John Ghingher, recently appointed state bank commissioner, and state and banking department, preparation several measures tended to relieve the financial cerns introduction in the state which reconvenes at napolis Monday night. The provisions the proposed legislation were not revealed by the state officials bankers they would designed to declare the assets of all banking institutions "frozen" basis that would classify them in the rate which withdrawals from each be permitted after the holiday's close. Harry Fahnestock, president the Baltimore stock exchange, nounced today the exchange would closed until further notice. Confer with Bankers. Washington, of the poration have been conferring Maryland bank officials the situation in that state the several and although corporation discuss the question was understood today that for the banks likely to arranged. Field workers for the corporation keeping in close touch with state officials well bank presidents and directors. Since the Michigan bank holiday two weeks ago, more than the usual been shown members of the corporation board anything connected with the banking situation. Executive meetings of the board have been held with all except the actually needed employes barred from the room.

5. February 25, 1933 The Modesto Bee Modesto, CA
Article from The Modesto Bee, February 25, 1933

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Article Text

BANK HOLIDAY IS DECLARED IN MARYLAND Governor Ritchie Takes Action To Prevent Withdrawals Of Money $13,000,000 IS TAKEN FROM ONE INSTITUTION Legislation For Protection Of Depositors Be Presented Feb. Governor Albert C. Ritchie late to-night declared to-morrow legal holiday for all banking and nancial of Maryland also made Monday and Tueslegal holidays an effort for day banks take against heavy withdrawals this week. Howard Bruce chairman Baltimore Company, talling $6,000,000 made his institution to-day and Governor Ritchie formal statement: believe there justification which place, savings Ritchio city and state these large withshould stop. concensus that bank holiday should be declared to-morrow, Monday and Tuesday, during certain legislathe protection the and security the banks could be presented to the legislabank holiday will cease soon legislation has been passed.

6. February 25, 1933 Ames Tribune Ames, IA
Article from Ames Tribune, February 25, 1933

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Article Text

IN MARYLAND Deposits Are Impounded BALTIMORE, Md. All banks in Maryland were closed Sat. urday under three-day banking holiday proclaimed by Gov. Albert Ritchie stop heavy withdrawwhich threatened the stability of the state's financial institutions The holiday. impounding depos its more than in banks and trust companies. will continue least thru Tuesday. Governor Ritchie formal statement announcing the holiday expressed confidence the banks would able to reopen on Wed nesday after passage of emergency legislation enabling them strict demand given percentage of funds. The governor expected to work out details of the legislation Satur day with Atty. Gen. William Pres. Lane. The proposal will be presented the state legislature when reconvenes at Annapolis Monday night. Immediate passage under suspension rules will be sought. Governor Ritchie announced the holiday last midnight after conference with leading timore bankers the federal branch bank. To assure legality of the action. he also issued proclamation claring Saturday to be legal iday for all financial Institutions similar (Continued on Page

7. February 26, 1933 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, February 26, 1933

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Article Text

Maryland Emergency Bank Law Drafted Continued From Page 13 were hampered somewhat in transaction of business. Bank Statement Erroneous BALTIMORE, Feb. 25 (A P.).In the announcement of the Maryland bank holiday last night, statement was made that withdrawals from the Baltimore Trust Company yesterday were $6,000,000. incorrect, and was incorrectly attributed Howard Bruce, the board. Mr Bruce did not make statement. The was announced by the Bank who said it was from all Baltimore banks. The Associated Press is glad to this correction.

8. March 1, 1933 The Journal Meriden, CT
Article from The Journal, March 1, 1933

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Article Text

MARYLANDERS LABOR BANK LEGISLATION Gov. Ritchie Expected to Offer Emergency Program Today Annapolis, Md. March Albert C. Ritchie announced early today the draft of the emerglegislative measure for governing the 200-odd banks of Maryland business and financial leaders remained in in Baltimore throughout the night. Members the Maryland General Assembly waited patiently here for the presentation the and an address by the governor provisions The speech set for last, night before joint both houses, was postponed until The three-day banking holiday which last Saturday tended by Ritchle to include today in the the legislation would enacted by the GenAssembly and the banks would be able to reopen The tentative measure would place wide powers in the hands of the bank to control all state banks and to regulate of deposits.

9. March 15, 1933 Evening Star Washington, DC
Article from Evening Star, March 15, 1933

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BANKS IN NEARBY COUNTIES REOPEN Most Neighboring Virginia and Maryland Institutions on Normal Basis. With a majority of the banks functioning on a normal basis, "business as usual" was the slogan in the Maryland and Virginia counties around Washington today. Shortly after their doors opened, bankers of the various counties reported deposits were "heavier than usual. while withdrawals were described as "normal," indicating the experience which Washington's banks had yesterday was being repeated on a smaller scale today in Maryland and Virginia. As President Roosevelt's progressive program for reopening the Nation's financial institutions reached its third stage, the restored confidence which has been so evident in the financial centers and big towns of the country during the past two days, reached the rural areas and small towns this morning. Others to Open Later. Marylanders were particularly happy to have their banks functioning again, as they have been closed by gubernatorial holiday proclamations since February 25. Virginia banks had only suspended operations during the national holiday, which began March 6. State Bank Commissioner John J. Ghingher of Maryland emphasized, in announcing the list of banks licensed to reopen, that those not included were not necessarily unsound and probably would be permitted to resume functioning in the near future. The commissioner issued licenses for 96 State banks and expects to have more time to examine the unlicensed ones with a view to reopening them in the next few days. Ten of the 11 banks in Montgomery County whose doors have been closed during the holiday reopened for business this morning, with the other institution awaiting action by the Federal Reserve Bank in Richmond on its application to resume normal operation. With the exception of the Farmers' Banking & Trust Co. of Rockville and the Bank of Damascus the 10 institutions open for business were operating with no restrictions on withdrawals. A 2 per cent limit has been placed on withdrawals from the Farmers' Banking & Trust Co. and the Bank of Damascus. Eight on Normal Basis. The eight banks that resumed business on a normal basis are the First National Bank of Gaithersburg, Citizens' Bank of Takoma Park, Takoma Park Bank. Germantown Bank, Bank of Bethesda. First National Bank of Sandy Spring, Sandy Spring Savings Institution and the Silver Spring National Bank. Officials of the First National Bank of Gaithersburg said this morning that they have not yet received their license from the Federal Reserve Bank of Richmond, but opened for business when given the assurance that the license would be granted today. The Montgomery County National Bank of Rockville was not open this morning, but the cashier of the institution declared that application had been made with the Federal Reserve Bank for a license to operate on a normal basis with no restrictions on withdrawals. Ira C. Whitacre, cashier, Silver Spring National Bank said, "We opened this morning on a 100 per cent basis and (Continued on Page 5, Column 3.)

10. 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.

11. 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.