8467. Bank of Brunswick (Brunswick, MD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 1, 1911*
Location
Brunswick, Maryland (39.314, -77.628)

Metadata

Model
gpt-5-mini
Short Digest
9b55693f

Response Measures

None

Description

The articles describe the bank's doors having 'closed' (failure of the bank at Brunswick) with depositors losing funds and the cashier later arrested on embezzlement/false papers charges. There is no explicit description of a depositor run prior to suspension; the event appears to be a bank failure/suspension followed by permanent closure and receivership. Date of closure is not explicit; inferred to have occurred in May 1911 (church report says deposit made 'just a few days before the doors closed').

Events (2)

1. May 1, 1911* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Internal mismanagement/embezzlement and failure to collect overdue notes led to insolvency; bank 'closed' and paid depositors about fifty percent.
Newspaper Excerpt
through the failure of the bank at Brunswick, the Reformed churcha that place, which had deposited a large sum of money in the bank just a few days before the doors closed, will lose about six hundred dollars.
Source
newspapers
2. September 29, 1911 Receivership
Newspaper Excerpt
William Schnauffer, the cashier of the defunct bank of Brunswick, Md., was arrested ... charged with embezzlement and of certifying to false papers in his settlement with the bank examiner. After the crash he ... gave all the property he held to the receiver, but it was but a mite and paid but a little share of the shortage. the bank paid about fifty per cent.
Source
newspapers

Newspaper Articles (2)

Article from Catoctin Clarion, June 22, 1911

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Article Text

Maryland Classis. Report of Work in Frederick County. The Maryland Classis of the Reformed church met in its 92nd annual session on Friday evening, May 26th, at Silver Run. The Classis was opened in the usual manner with a sermon by the retiring president, Rev. E. L. Coblentz, after which classis was called to order and the annual election of officers was held, which resulted as follows: President, Rev, J. M. Mullan; Vice Pres., C. Harry Keller; Cor. Sec'y, Rev. Wayne H. Bowers; Reading Clerk, Rev. Guy P. Bready; Treasurer, Rev. Dr. C. S. Slagle. Rev. Lloyd E. Coblentz is stated clerk. The reading of parochial reports occupied all of the Session of Saturday morning and parts of other sessions until reports had been read from all the charges in classis. These reports showed the Reformed church in Maryland to be in a prosperous condition. Two complaints however were frequently heard which interfered with the growth of the church with respect to members-the constant rush to the cities and the frequent religious indifference of the people after arriving there work great loss to country and city churches alike, and again, the seeming carelessness of parents in seeing to it that their children attend religious instruction in the Sunday School or in the catechetical class makes the induetion of young people into the church a* difficult matter. Financially, however, nearly all the churches reported progress, especially with regard to Foreign Missions-a condition which has been brought about largely by the activities of the Laymen's Missionary movement. Large gifts of money to various institutions of the church by a deceased member were reported from the Glade charge. An item which may be of especial inerest to the Reformed church at Thurnont was the report of the committee which had in charge the proposed divison of the charge. The committee reported that under existing circumstances, part of the charge not being in favor of the proposed division, Classis ought not to execute the division at this time. The committee was continued to take care of any future developments which might arise. The Sabillasville charge overtured the classis to grant aid in the form of sustentation for the support of the work of the charge. Classis granted the request under certain conditions. Mr. Wallace Dunn Black, a member of the congregation at Rocky Ridge, asked to be taken under the care of classis as student for the christian ministry. The request was granted so far as classis is concerned, and he was favorably recommended to the Board of Education of Potomac Synod, that isrequest be granted in full. Classis heard with regret that through the failure of the bank at Brunswick, the Reformed churcha that place, which had deposited a large sum of money in the bank just a few days before the doors closed, will lose about six hundred dollars. This loss will not, however, interfere with the completion of the church building, and the dedication is expected to take place about the last of June. The church at Woodsboro reported that about one thousand dollars beenspent in repairs and improvements during the year. Grace church, Washington, will erect a new Sunday School building before the next annual session of classis. The evning sessions of elassis were devoted to the various institution of the church, addresses being delivered by representatives of the Boards ving these interests in charge. Classis adjourned at noon on Wednesday, May 31st, to meet in the 93rd annual session at Grace church, Washington, D. C., on Thursday evening, Mav 2, 1912. The clasis was very dehghtfully entertained by the congregation at Silver Run, and the delegates left with feelings of regret. The congregation is a large one numbering nearly sixhundred. members. The church building is excellently located on a hill commanding a view of five miles. The capacity of the building is about one thousand. Silver Run is a beautiful country village located on the Baltimore and Gettysburg turnpike six miles from Littlestown and nine miles from Westminster. Rev. L. C. Hoover is pastor of the church in which the sessions of classis were held. Elder J. B. Black of Rocky Ridge was the lay delegate to classis from ThurB


Article from Martinsburg Statesman-Democrat, September 29, 1911

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Article Text

# Cashier Held Under Bail. William Schnauffer, the cashier of the defunct bank of Brunswick, Md., was arrested last week and taken to Frederick, the county seat and had a preliminary hearing and was held under a bond of $5,000.00, which was furnished by his brother-in-law, Dr. West. He was arrested under the double charge of embezzlement and of certifying to false papers in his settlement with the bank examiner. Schnauffer had a remarkable career. He was highly esteemed by the people of the town of Brunswick and was regarded as a most excellent business man until the crash came and the bank went up. Even then many of the heaviest losers made excuses for him and assured everybody that he was honest and that the bank would prove to be solvent and that nobody would lose, but when the crucial time came the bank paid about fifty per cent. After the crash he was repentant, anxious to make the matter right as far as he could and gave all the property he held to the receiver, but it was but a mite and paid but a little share of the shortage. The trouble seems to have been a case of carelessness bordering on criminality. Schnauffer has not been a gainer by the crash but has lost his all. The losses seem to have been traced to the carelessness in not collecting interest on notes long past due and notes that were collectable.