First National Bank & Trust Company (Merchantville, NJ)

View Charter #8323 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Reopening
Start Date
October 12, 1931
Location
Merchantville, New Jersey (39.947, -75.067)
Bank Type
national
Charter Number
8323
Canonical name
Merchantville National Bank & Trust Company
Alt. names
First National Bank; First National Bank & Trust Company

Metadata

Episode ID
Bank ID
City ID
340878265
Model
gpt-5-mini
Short Digest

Receivership Details

Date receivership started
1931-10-19
Date receivership terminated
1932-05-14
OCC cause of failure
Economic conditions

Notes

Articles mention fear of heavy withdrawals but do not describe an actual depositor run prior to suspension.

Events (5)
1. August 9, 1906 Chartered
Source
historical_nic
2. October 12, 1931 Suspension
Cause
Local Banks
Cause Details
Closed after neighboring Merchantville Trust Company was taken over by the State and nearby Maple Shade banks closed, prompting precautionary suspension.
Newspaper Excerpt
Half an hour before the usual opening of the First National Bank and Trust Company of Merchantville, notice was placed on its doors. The notice stated that the directors decided not to open, because the closing of the trust company.
Source
newspapers
3. October 19, 1931 Receivership
Source
historical_nic
4. May 14, 1932 Restored To Solvency
Source
historical_nic
5. September 8, 1932 Reopening
Newspaper Excerpt
The reopened banks include ... The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, ... (reopenings released state deposits).
Source
newspapers

Newspaper Articles (7)
1. October 12, 1931 The Courier-News Bridgewater, NJ

Article Text

Three N. Jersey Banks Suspended banks here and in the town of Maple Shade suspended Saturday The Merchantville Trust Company was the first pension, notice stating that been taken over the State of and Insurance. from Trenton, that the bank had been taken over because its assets had been paired the shrinking of the marvalue of its securities followed. Half an hour before the usual opening of the First National Bank and Trust Company of Merchantville, notice was placed on its stated that the rectors had not open, cause of the closing of the trust company. minutes before opening time of the Maple Shade National Bank, notice appeared doors stating that "owing to the closing of our neighbor banks board voted not to open this bank John president, stated that the bank sound that its assets had not been but that he prepared to withstand heavy run which regarded certain since the closing of the neighboring town's banks.

2. October 12, 1931 The Courier-News Bridgewater, NJ

Article Text

Three N. Jersey Banks Suspended banks here and in the neighboring town of Maple Shade suspended The Merchantville Trust Company the first pension, notice stating that had been over by the State of Banking and Insurance. from Trenton, that the bank had been taken over because its assets had been Impaired by the shrinking of the market value of its securities followed. Half an hour before the usual opening of the First National Bank and Trust Company Merchantville, notice was placed on its doors. The notice stated that the rectors decided not to open, because the closing of the trust company. few minutes before opening of the Maple Shade Bank, appeared on its doors "owing the closing of our banks the board not this bank today." John Parker, president, stated that the bank sound and that its assets had not been but that he not prepared to heavy run which he regarded certain since the closing of the neighboring town's banks.

3. September 8, 1932 The Courier-News Bridgewater, NJ

Article Text

Banks Reopen Aiding State's Sliced Funds Trenton — (AP) — Liquidation and reopenings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations. Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income. The largest deposit affected by a closing, $1,700,000, was held by the People's National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available. Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank. In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.

4. September 8, 1932 The Courier-News Bridgewater, NJ

Article Text

Banks Reopen Aiding State's Sliced Funds Trenton — (AP) — Liquidation and reopenings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations. Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income. The largest deposit affected by a closing, $1,700,000, was held by the People's National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available. Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank.

5. September 8, 1932 The Courier-News Bridgewater, NJ

Article Text

Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank. In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.

6. September 8, 1932 The Record Hackensack, NJ

Article Text

REVIVED BANKS TO YIELD STATE CASH Jersey Income Jumps As They're Reorganized. (By Associated Press) Trenton, Sept. 8.—Liquidation and re-openings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations. Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income The largest deposit affected by a closing, $1,700,000, was held by the Peoples' National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available. Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and re-opening of five banks released $130,000. The re-opened banks include the Freehold Trust Company, the First National Bank and Trust Company, Merchantville, the Merchantville Trust Company, the First National Bank of Ocean City, and the Port Newark National Bank. In fifteen closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.

7. August 14, 1935 Courier-Post Camden, NJ

Article Text

Merchantville's Principal Commercial Street Undergoing Many Changes Merchantville will become "metropolitan" in about another month with the opening of its new Professional building, first in its history. When two Merchantville banks closed their doors during the bank "panic," their reorganization into one bank, Merchantville National Bank and Trust Co., followed. The reorganized bank occupied the most modern of the two buildings, at Park avenue and Centre street. It also owned the other modern bank building, which continued to be vacant because of the limited adaptability for any purpose other than the banking business. Recently, the new bank's directors decided to move to the former home of First National Bank & Trust Co., and alter the corner building to attract tenants. The first floor of the recently vacated building is being converted into one large and a small store. A second floor is being installed in the space over the former banking room, and will offer several suites that are expected will appeal to professional people. These will adjoin several other suites provided in the building when it was first constructed.