Cambridge Bank - Cambridge, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 24, 1910
Location: Cambridge, Massachusetts (42.376, -71.118)

Metadata

Model: gpt-5-mini
Short Digest: 3268944f

Response Measures

None

Description

Article (dateline Feb 24, 1910) reports embezzlement by the bank's bookkeeper, a bank examiner and a new receiver (Former Gov. John L. Bates) are on the case. This indicates the bank was placed in receivership/closed due to bank-specific adverse information (embezzlement). No run is described in the article.

Events (2)

1. February 24, 1910 Receivership

Newspaper Excerpt: the new receiver, Former Governor John L. Bates, but the real investigation will not begin until tomorrow, when the experts will get at the accounts (dateline Feb. 24).
Source: newspapers

2. February 24, 1910 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Large alleged embezzlement by bookkeeper George W. Coleman (~$144,000) leading to investigation and appointment of a receiver
Newspaper Excerpt: The books of the bank were given a cursory examination today by Bank Examiner Ellis S. Pepper and the new receiver, Former Governor John L. Bates
Source: newspapers

Newspaper Articles (1)

1. February 25, 1910 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, February 25, 1910

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Article Text

Interesting Information as To Disposition Made Of Funds of Cambridge Bank ---Co!eman Lavish Spender. Fails to Snow Up in Cambridge at The Time Announced. Cambridge, Mass., Feb. 24.-The failure of George W. Coleman, the $12-aweek bookkeeper of the National City Bank, who is accredited with having appropriated some $144,000 of the bank's funds, to appear in Boston or this city tonight, although an attorney claiming to represent him declared he was on his way back, has led to the very general estimate that Coleman will not be seen here soon again, unless brought back by officers and that the intimation that he was to return might be a ruse to give him more time to get away. The books of the bank were given a cursory examination today by Bank Examiner Ellis S. Pepper and the new receiver, Former Governor John L. Bates, but the real investigation will not begin until tomorrow, when the experts will get at the accounts. Investigations made through the day as to how Coleman disposed of the large amounts of money he is supposed to have secured brought out a variety of information. It is claimed that the young man was deeply interested in the recent mayoralty campaign in Boston and contributed no less than $10.000 to the expenses of one of the candidates who failed of re-election. It is also claimed that he dropped fully $30,000 during the past year on the curb market. Other alleged revelations (Continued on Page Twelve.)