8507. First National Bank (Federalsburg, MD)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10210
Charter Number
10210
Start Date
July 2, 1931
Location
Federalsburg, Maryland (38.694, -75.772)

Metadata

Model
gpt-5-mini
Short Digest
c4c014d9

Response Measures

Full suspension

Other: Receiver appointed and bank in liquidation; later attempts to sell remaining assets to an industrial banking corporation.

Receivership Details

Depositor recovery rate
81.7%
Date receivership started
1931-07-09
Date receivership terminated
1934-07-21
OCC cause of failure
Economic conditions
Share of assets assessed as good
32.8%
Share of assets assessed as doubtful
62.2%
Share of assets assessed as worthless
5.0%

Description

Article (Intelligencer Journal, 1931-07-07) reports a small run that began Thursday and that the bank was closed by the Comptroller of the Currency because of impaired capital from a heavy fall in bond values. A later article (Morning News, 1932-11-14) references a national bank receiver in charge since the closing, confirming permanent closure and liquidation. Dates inferred from publication: run began Thursday (likely 1931-07-02); bank closed by Comptroller on the following Monday (1931-07-06).

Events (5)

1. June 15, 1912 Chartered
Source
historical_nic
2. July 2, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Immediate cause attributed to impairment of the bank's capital caused by a heavy fall in bond values; run began after merger efforts failed.
Newspaper Excerpt
When this move failed small run started Thursday.
Source
newspapers
3. July 6, 1931 Receivership
Newspaper Excerpt
Alonzo Tweedale, National Bank receiver in charge of the liquidation of the bank since its closing nearly year and a half ago, ... has indicated ... (1932 article).
Source
newspapers
4. July 6, 1931 Suspension
Cause
Government Action
Cause Details
Closed by the Comptroller of the Currency after inability to meet depositor demands and impaired capital from bond losses.
Newspaper Excerpt
Unable to meet demands of depositors, the First National Bank of Federalsburg ... was closed by the Comptroller of Currency.
Source
newspapers
5. July 9, 1931 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from Intelligencer Journal, July 7, 1931

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Article Text

Small Run Closes Federalsburg Bank Vederalsburg, Md.-Unable to meet demands of depositors, the First National Bank of Federalsburg failopen for business Monday The institution. established in 1912 the late Senator E. E. Goslin, was closed by the Comptroller of Currency. Barnett. Jr. iational bank examiner, was placed charge. Officials of the bank attributed the mmediate cause of closing to the imairment of its bank's capital caused heavy of bond values. Efforts were made last to merge bank with another When this move failed small run started Thursday. S. S. GROUP MEETS The School association of Paul's Reformed church held meeting on Monday evening in the church. Reports were which showed all departments and divisions the school to be in satisfactory condition. The school will sponsor attendance at the training at camp Preparations made Moench Mills conducted by the Eastern synod. They will attend camp the fall work of the school.


Article from The Morning News, November 14, 1932

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Article Text

DEFUNCT BANK PURCHASE SOUGHT A Thanksgiving pageant will be Depositors of Federalsburg presented Wednesday night by the Institution Notified of Fi- Woman's Club of Hurlock in the Hurlock High School, following nance Company's Offer supper there for the benefit of the Hurlock Woman's Club to Give Pageant; Physician Foils Auto Theft Morning News Md., Nov. 13.Depositors of record in the closed First National Bank here are being notified by letter from the Depositors' Committee, signed by the former president. T. S. Holt. and O W. Handy, secretary of the committee. advising them that the Underwriters' Finance Corporation of Hartford, Conn., is making an offer for the remaining assets of the bank. Alonzo Tweedale, National Bank receiver in charge of the liquidation of the bank since its closing nearly year and a half ago, has indicated that this company wishes to open an office in Federalsburg to engage in industrial banking and a general financial business. Plan Failed Before Sometime ago another nationally known industrial banking corporation made a survey of this Peninsula with a view to acquiring this bank building and its remaining assets, and opening a branch unit here, but failing to secure the necessary cooperation from the depositors, acquired banks elsewhere. A representative of the present company, the letter states, is here now seeking to secure the cooperation of a majority of the depositors. Parent Teacher's Association. Those in the cast are Misses Maud Smith, Carolyn and Hope Barber. Helen Warren, Isabel Howetth. Mrs. Arthur English, Mrs. Darcy Pitts. Mrs. A. L. Truitt. Mrs. L. V. Wright, and John Billington. Phillips Hurlock. Le Roy Tufft, Jr. Degory Martin. Walter Vane Mitchell Mrs. Harry Cottman is coaching the production. Music supplementing the pageant will be given by Mrs. Roger Christopher, of Federalsburg, and S. O Neal and Miss Anne Lee Neal, of Hurlock Author's Wife Visits Here Mrs. Marc Connally, of New York city, the former Madeline Hurlock, motion pictude star of Hollywood, is visiting here with her parents, Mr. and Mrs. John W. Hurlock Mrs. Connelly is the wife of the author of "Green Pastures," and recently returned with her husband after a Summer abroad Two local physicians, Dr W. K. Knotts and Dr. W. E. Lennon, are congratulating themselves on possessing their automobiles today, the former having forestalled a probable theft of his at 1 m., Friday. when. seeing two strangers lingering near his parked car in front of his residence. he accosted them and inquired their business. They replied they were resting, and left. Presumably, the same men removed the car of Dr. Lennon from his garage on the same street about an hour later, but he was unaware of the theft until called by the county sheriff and informed that his car had been found mired in a woods road near Goldsborough in the northern part of the county. Later. when the physician went to reclaim the car, he learned it had been used to transport safe stolen from the Goldsboro canning plant of Noble Jerrell and had been abandoned when the weight of the safe sunk the wheels in the mud. The Lennon car was not damaged beyond bent bumper. broken light and a few minor scratches. Will Hold Reunion The Rev. Jack Cardiff, evangelist from Winona Lake, Indiana, will open a two weeks' revival service tonight in the Baptist Church at Hurlock, near here. The Rev. Mr. Cardiff is an ex-lightweight champion, protegee of the Rev. "Billy" Sunday, who preached during the SE sion of Shiloh Campmeeting last summer. The Hurlock club women will attend in body on Wednesday night, November 23, in response to a request from the pastor, the Rev. Harold Fordham A meeting of the Woman's Christian Temperance Union will be held Tuesday at the home of Mrs. W. T. Eddington. The Boy Scouts with Scoutmaster