Lancaster Bank - Lancaster, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 22, 1886
Location: Lancaster, Massachusetts (42.456, -71.673)

Metadata

Model: gpt-5-mini
Short Digest: 34aeed28

Response Measures

None

Description

Article (New-York Tribune, Jan 22/23 1886) reports the bank has been turned over to a receiver (John Corcoran) and describes it as deeply insolvent. No mention of a depositor run; indicates receivership/closure. Identified as a national bank because it issued circulation secured by U.S. bonds.

Events (1)

1. January 22, 1886 Receivership

Newspaper Excerpt: John Corcoran, who was appointed receiver of the Lancaster Bank, has accepted and Bank Examiner Gatehell has turned the bank over to him. Mr. Gatehell says that the bank is the worst skinned institution he has ever had anything to do with.
Source: newspapers

Newspaper Articles (1)

1. January 23, 1886 New-York Tribune New York, NY

Article from New-York Tribune, January 23, 1886

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Article Text

THE LANCASTER BANK ROBBERY. W. WORCESTER, Mass., Jan. 22.-John Corcoran, who was appointed receiver of the Laneaster Bank, has accepted and Bank Examiner Gatehell has turned the bank over to him. Mr. Gatehell says that the bank is "the worst skinned institution" he has ever had anything to do with. He and the receiver both say that it is barely possible that the stockholders may escape an assessment. It will depend upon the amount realized from doubtful assets. The original circulation of the bank was $90,000, secured by $100,000 bonds in the United States Treasury. An examination of the October statement shows that previous to that time the circulation had been reduced to $27,000, secured by $30,000 bonds. By this means McNett secured $70,000 of the bonds. General Batler has been retained by the directors of the bank to go to Washington and secure, If possible, the removal of Receiver Corcoran.