National Bank of Commerce - New Bedford, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 690
Charter Number: 690
Start Date: January 25, 1898
Location: New Bedford, Massachusetts (41.636, -70.934)

Metadata

Model: gpt-5-mini
Short Digest: 3a39c6be

Response Measures

None

Description

Article (Jan 25, 1898) reports stockholders voting to call special meeting to wind up accounts; suspension appears to be permanent winding up due to losses on mill paper (insolvent local mills). No run is described.

Events (3)

1. January 9, 1865 Chartered

Source: historical_nic

2. January 25, 1898 Suspension

Cause: Voluntary Liquidation
Cause Details: Stockholders voted to wind up accounts after losses from insolvent mill notes and securities tied to local mill failures.
Newspaper Excerpt: A NEW-BEDFORD BANK TO SUSPEND. New-Bedford, Mass. Jan. 25.-The stockholders of the National Bank of Commerce at a meeting to-day heard the report of a committee ... and voted to call a special meeting later, at which action will probably be taken to wind up the accounts.
Source: newspapers

3. April 1, 1898 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. January 26, 1898 New-York Tribune New York, NY

Article from New-York Tribune, January 26, 1898

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Article Text

A NEW-BEDFORD BANK TO SUSPEND. New-Bedford, Mass. Jan. 25.-The stockholders of the National Bank of Commerce at a meeting to-day heard the report of a committee chosen to investigate the affairs of the bank. and voted to call a special meeting later. at which action will probably be taken to wind up the accounts. The losses sustained by the bank were due to mill trouble in this city, nearly a year ago. The bank held a large amount in notes and other paper of the mills which became insolvent, and has never been able to recover The committee states that after an examination of the notes and securities. there are assets sufficient to pay all claims. depositors and all other indebtedness, and leave to the stockholders a balance in round numbers of $800,000 or $80 per share.