Charlestown Bank - Charlestown, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 1, 1844*
Location: Charlestown, Massachusetts (42.378, -71.062)

Metadata

Model: gpt-5-mini
Short Digest: 982729c6

Response Measures

None

Description

Article (New York Herald, 1844-05-23) reports that the Charlestown Bank was closed at once after their affairs became involved and assets were placed in the hands of receivers; dividends to stockholders indicate an ensuing receivership/liquidation. No run or depositor agitation is described.

Events (2)

1. May 1, 1844* Receivership

Newspaper Excerpt: their assets placed in the hands of receivers, who have turned them to as good account as possible. The Charlestown Bank has paid over sixty per cent of its capital to its stockholders.
Source: newspapers

2. May 1, 1844* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank's affairs 'became involved' indicating insolvency/poor affairs leading to immediate closure and placing assets with receivers
Newspaper Excerpt: These Banks were closed at once after their affairs became involved, and their assets placed in the hands of receivers
Source: newspapers

Newspaper Articles (1)

1. May 23, 1844 The New York Herald New York, NY

Article from The New York Herald, May 23, 1844

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Article Text

MONEY MARKET. Wednesday, May 22-6 P. M. Stocks fluctuated to-day very much. State stocks seem to be the favorites now. Fancies go up and down like thermometers. Ohio 6's advanced 1 per cent; Illinois Pennsylvania 5's 3; Indiana 2; Harlem 1; Stonington 2; Farmers' Trust 1. Norwich and Worcester fell off 1. At the new board Vicksburg advanced 1; Illinois ; Ohio 3 and Stonington 1. The sales at both boards were very limited, and prices generally show an improvement since yesterday. Several of the Eastern Banks, that have for sometime past been in a state of liquidation, have realised better returns from their assets than was anticipated. The Phenix Bank of Charlestown, Mass., has made a dividend of fifty per cent on all allowed claims, and will probably pay twenty.five per cent more. The Charlestown Bank has paid over sixty per cent of its capital to its stockholders. These Banks were closed at once after their affairs be came involved, and their assets placed in the hands of receivers, who have turned them to as good account as possible, and the result must be very satisfactory to the stockholders of both institutions. Domestics exported from Boston for the week ending 18th 1844 .