Lancaster Savings Bank - Lancaster, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 22, 1875
Location: Lancaster, Massachusetts (42.456, -71.673)

Metadata

Model: gpt-5-mini
Short Digest: 74fddf12

Response Measures

None

Description

Newspaper articles indicate the Lancaster Savings Bank was enjoined and placed in the hands of a receiver in Dec 1875 by State Bank Commissioner Getchell (found insolvent). Receivers sold mortgaged property in Oct 1876. No run is described; this is a suspension followed by permanent closure/receivership.

Events (3)

1. December 22, 1875 Receivership

Newspaper Excerpt: put it in the hands of a receiver. It has deposits to the amount of $1,000,000.
Source: newspapers

2. December 22, 1875 Suspension

Cause: Government Action
Cause Details: Bank Commissioner Getchell found the bank insolvent and obtained an injunction to put it into the hands of a receiver.
Newspaper Excerpt: The injunction against the Lancaster Savings Bank at Lancaster, Mass., was issued yesterday at the request of Bank Commissioner Getchell, who found the affairs of the bank insolvent, and for the protection of depositors deemed it proper to put it in the hands of a receiver.
Source: newspapers

3. October 11, 1876 Other

Newspaper Excerpt: Crocker & Perry's woolen mill at Leominster, was sold by the receivers of the Lancaster Savings Bank at auction to day to E. M. Rockwell ... The Lancaster Savings Bank holds a mortgage for $25,000.
Source: newspapers

Newspaper Articles (4)

1. December 23, 1875 The Morning Herald Wilmington, DE

Article from The Morning Herald, December 23, 1875

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Article Text

: MINOR DISPATCHES. TORONTO, ONT., Dec. 92.-To-morrow the Ontario House of the Legislative Assembly will probably be adjourned until after the Holidays. ALBANY, N. Y., Dec. 22-Comptroller elect Robinson has notified all the employes of the comptrollers excepting one, Henry Gallein, second deputy, that their services ill not be required after January 1st, 1876. HAMILTON, ONT., Dec. 22.-About ten o'clock night a new malt house on Barton street, was burned. The damage to the malt will be very heavy. Ten thousand 1 ushels of barley were saved; loss $10,000. Insured. NEW YORK, Dec. 22.-Adolph Lewis alias Lewis Brandt, a notorious forger, was ar. rested here last night. He is a Germen and has committed numerous forgeries through. out the country, for which he has served several terms in prison. He was remanded for trial. Sr. Louis, Dec. 22.-In the circuit court this morning, Judge Knight, presiding, in the case of the State, VS. the Missouri State lottery; George B. Miller, defendant, a decision was rendered adverse to the defend. ant. The case is of considerable importance and will be taken to the Supreme Court, SAN FRANCISCO, CAL., Dec. 22.-A committee of Bankers met yesterday to draft a plan for a clearing house. A majerity of the banks favor the project. It is expected that fifteen of them will join in the movement. The chief objection of those demurring is it would violate the secrecy of business. NEW YORK, Dec. 22.-The Sheriff's jury charged with the duty of determining the sanity of G. L. Fox, the well known pantomimist, have decided unanimously that he is a lunatic, and a commitment to the McLean Ineane Asylum near Boston, has been made. Fox leaves his wife and daughter almost destitute. RICHMOND, VA., Dec. 22.-It is positively asserted that there is but one case of smallpox in the city, and that has yielded to treatment. The other case was that of Judge Seig, a member of the General Assembly from one of the upper counties and who died yesterday, both cases were contracted elsewhere. CHICAGO, Dec. 22.--The Adjutant-General of this State to-day issued an order consolidating all the military companies organized in the State under the militia law into regiments or battalions. There are now seven regiments with 3256 fully equipped men, and General A. C. Duncal of this city is in command of the whole. RICHMOND, Va., Dec. 22.-The House Committee on Federal Relations, to whom was referred the joint resolutions, requesting our Representatives in Congress to give support to all measures having in view the belligerent rights of Cubans reported this morning by resolution that it is not becoming the general assembly to take action on the subject. The Committee asked to be discharged from further consideration of the resolution. BOSTON, MASS., Dec. 22.-Isaac Prouty cl & Co.'s boot manufactory at Spencer, Mass, T the largest of its kind in the United States, d will probably resume business next week after a few weeks vacation. sl The injunction against the Lancaster e a Savings Bank at Lancaster, Mass., was issued yesterday at the request of Bank Comin missioner Getchell, who found the affairs of to the bank inselvent, and for the protection h of depositors deemed it proper to put it in he hands of a receiver. It has deposits to F he amount of $1,000,000. o

2. February 9, 1876 The New Orleans Bulletin New Orleans, LA

Article from The New Orleans Bulletin, February 9, 1876

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Article Text

The Boston Savings Banks. From the annual report of the State Commissioner we learn that the number of savings banks in operation in Mafsachusetts at the close of 1875 was 180. Of this number there is but one new bank-the Chicopee Savings Bank, organized March 20, 1875. There has been one suspension-the Lancaster-leaving the total number of banks apparently in good standing, the same as at the close of 1874. The number of depositors is given as 720,634, against 702,099 in 1874, and the total deposits $237,843,963 against $217,452,121. This increase has taken place in face of a falling off of nearly 1000 in the number of deposits made. The amount of deposits in 1875 aggregates $50,930,144, an increase of $2,318,536 over the total for 1874. The withdrawals were $2,700,000 less than during the previous year. The rate of ordinary dividends paid was as follows: 9 banks, 5 per cent; 1 bank, five and three-quarters; 119 banks, six; 1 bank, six and three-quarters; 23 banks, six and one-half; 1 bank, six and ninety-five one-hundredths; 14 banks, seven; 1 bank, seven and mineteen-hundredths; 2 banks, seven and one-half; 1 bank, eight.

3. October 12, 1876 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 12, 1876

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Article Text

MASSACHUSETTS. Sold at Auct on. SOUTH FRAMINGHAM, October 11. Crocker & Perry's woolen mill at Leominster, was sold by the receivers of the Lancaster Savings Bank at auction to day to E. M. Rockwell of Fitenburg, for $16,427. The property cost originally over $90,000, and the Lancaster Savings Bank holds a mortgage for $25,000.

4. January 2, 1886 New-York Tribune New York, NY

Article from New-York Tribune, January 2, 1886

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Article Text

A BANK PRESIDENT MISSING. WILLIAM H. McNEIL AN EMBEZZLER. GONE TO CANADA WITH $100,000-THE LANCASTER NATIONAL BANK SUSPENDS. BOSTON, Jan. 1 (Special).-The Lancaster National Bank, of Clinton, Mass., closed its doors yesterday and refused to transact any business whatever, pending an investigation. The president, William H. McNeil, it is reported, fled to Canada. The institution has been placed in the hands of Bank Examiner Gatehell. His investigation is not finished, but the indications are that McNeil is an embezzler to the amount of about $100,000. As matters now stand it seems probable that the entire sam will be a dead loss to depositors, as McNeil gave no bonds, nor did he oblige his cashier to give any, and be does not leave a large amount of available property. He made his home in Lancaster and had a house in Hyannis and a farm in New-Hampshire. But they are more or less mortgaged. The Lancaster Savings Bank. which failed ten years ago to-day, had $72,000 deposited in the National Bank, and it is believed that at least one-half of this amount was stolen by McNeil. The disappearing president took with him also about $10,000 of securitieson which he had placed his name and put in the bank. Suspicion has recently strongly attached to McNeil's course, and if he had remained at home a day longer he would have been arrested. He left Lowell on Tuesday and went to Clinton and called at the bank and replenished his pocket with all the available assets that could be transferred from the safe, not neglecting to take a large amount of the securities which lay there, and on many of which his name figured, obtaining in this way, It is surmised, nearly one-balf the total deficit. Then entering a carriage he drove rapidly to Fitchburg. He had a companion with him, a stranger to people in Clinton, and whose connection with the affair remains an enigma. The two took the evening train for the North, where all trace of them was lost. Chief Wade, of the State detective force, is at work on the case. McNeil is not known to have lived fast and is believed to have lost money in speculations. His wife owns valuable real estate in Boston, but that is in her name and cannot be touched by her husband's creditors. One of McNeil's ventures was in the Low Cattle Company of Cheyenne. He was also interested in marble works at Rutland, Vt., and in the Hyaunis Land Company. He is about forty-eight years old, and has a wife and four children. The cashier of the bank says there are about $227,000 in deposits $20,000 surplus and $14,000 undivided profits. The bank holds promissory notes of the Low Cattle Company to the amount of $10,000, and notes indorsed by that concern for $20,000. These are supposed to be good. The Lancaster Bank was organized in 1836, with $200,000 capital, and became a National Bank in 1864. It was formerly at Lancaster, but was moved to Clinton in June, 1863, when it became the Lancaster National Bank. Last January when the directors held their meeting, marked exceptions were taken to the business methods of the institution. and H. C. Greely, a member of the Governor's Council, in plain and unmeasured terms spoke for those differing from the management relative to the course pursued. Cashier W. H. McNeil Halened to the seatning denunciation of his methods, but made no reply other than to say, with a peculiar smile. Gentlemen, we will now proceed to vote for directors," the result being that W. H. McNell, of Laneaster: Ira A. Lowe, of Wyoming; General W. R. Bachelder, of Lowell; C. L. Hosmer, of Newton: F.C. McNeil and William Russell. of Lancaster; Jerome Gardner, of Shirley. and Alfred Page, oi Ayer, were elected on the board. together with Elisha Brimhall and J.E. Howe. of Lancaster. Neither of the last two mentioned has ever qualified. Mr. Greely and D. B. Ingalls, recalcitrants, were dropped. W. H. McNeil was subsequently chosen president. Tue charter of the bank was extended in October. 1884, just before which Bank Examiner Needham made a special examination and pronounced It in first-class condition. On November 17 Bank Examiner Gatehell made an examination but was dissatisfied with some of the loans, and in his report to the Treasury Department at Washington he sent a more extended account of affairs than usual. It was ten years ago that the Laneaster Savings Bank suspended, W. H. McNeil being at that time its treasurer, although the causes leading to its suspension arose prior to his assuming that position. Mr. McNeil, Elisha Brimhall, of Lancaster, and Benjamin Snow, of Fitehbarg, were appolated receivers. The affairs of that bank have never been settled. FITCHBURG, Mass. Jan. 1.-W. H. McNeil, the missing president of the Laneaster Bank, of Clinton, was at the depot here about 7:45 p. in. on Tuesday, and probably took the Cheshire train to the North. One of his ac. quaintances here twice tried to speak to him, but McNeil took no notice of him. LOWELL Mass. Jan. 1.- The City Institution for Savings has $20,000 deposited in the Lancaster Bank, which has been regarded with distrust for some months. McNell'aname was refused by one bank here more than a year ago. The city Institution has 11,000 depositors and a surplus of $400,000. Charles J. Glidden, Treasurer of the Erle Telephone Company. is one of the small depositors in the Clinton Bank. There are but few others here.