Hagerstown Bank - Hagerstown, MD

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: August 1, 1814*
Location: Hagerstown, Maryland (39.642, -77.720)

Metadata

Model: gpt-5-mini
Short Digest: d4bedd91

Response Measures

None

Description

Article describes the Hagerstown Bank suspending specie payments in August 1814 during the British attacks in the War of 1812. The text implies a temporary suspension (typical during wartime) but gives no explicit reopening date; given historical context and phrasing that the bank started operation in 1807 and later events, I classify this as a suspension with eventual resumption rather than permanent closure.

Events (1)

1. August 1, 1814* Suspension

Cause: Macro News
Cause Details: Suspension of specie payments due to the British attacks during the War of 1812 (national wartime shock).
Newspaper Excerpt: In August, 1814, the British fleet sailed up the Chesapeake Bay and attacked Baltimore and Washington, burning the Capitol. Banks suspended specie payment, including the Hagerstown Bank.
Source: newspapers

Newspaper Articles (1)

1. February 20, 1936 The Washington Times Washington, DC

Article from The Washington Times, February 20, 1936

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Article Text

HISTORIC BANK TO BE RAZED HAGERSTOWN, Md., Feb. 20. The old Hagerstown Bank building, now being, demolished, was one of the old landmarks of this section and many exciting and important events of history have occurred since the bank was erected and opened in 1814 at the site where a new store room will be built. The first banking house was located in the stone residence of Nathaniel Rochester who, in later years, founded Rochester, N. Y. The Rochester home was used until 1814 at which time the Hagerstown Bank was built. Nathaniel Rochester was the bank's first president. Since the bank started operation in 1807, the directors passed through the War of 1812. In August, 1814, the British fleet sailed up the Chesapeake Bay and attacked Baltimore and Washington, burning the Capitol. Banks suspended specie payment, including the Hagerstown Bank.