First National Bank - Midland, MD

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5331
Charter Number: 5331
Start Date: May 11, 1934
Location: Midland, Maryland (39.590, -78.950)

Metadata

Model: gpt-5-mini
Short Digest: 87c25ddf

Response Measures

None

Receivership Details

Depositor recovery rate: 59.9%
Date receivership started: 1934-05-09
Date receivership terminated: 1940-12-03
Share of assets assessed as good: 50.6%
Share of assets assessed as doubtful: 43.9%
Share of assets assessed as worthless: 5.5%

Description

Article (May 11, 1934) reports appointment of a federal receiver for the First National Bank of Maryland (OCR typo 'Frst'). No run or prior suspension is described in the clipping, but appointment of a receiver indicates the bank was closed and placed in receivership. Depositors protested the appointment.

Events (3)

1. May 5, 1900 Chartered

Source: historical_nic

2. May 9, 1934 Receivership

Source: historical_nic

3. May 11, 1934 Receivership

Newspaper Excerpt: Finan was appointed Wednesday by Comptroller of the Currency J. T. O'Connor in Washington as receiver to succeed Frank C. Ort, the conservator.
Source: newspapers

Newspaper Articles (1)

1. May 11, 1934 The Daily Times Salisbury, MD

Article from The Daily Times, May 11, 1934

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Article Text

MIDLAND DEPOSTORS PROTEST APPOINTMENT OF BANK RECEIVER Midland, Md., May 11-(AP)-A protest against the appointment of Thomas B. Finan of Cumberland as receiver for the Frst National Bank of Maryland has been sent to President Roosevelt by 200 depositors of the bank. The resolution, adopted by the depositors at a meeting last night, asserted the depositors had a voice in the selection of the receiver. They did not have a suggestion for the position. Finan was appointed Wednesday by Comptroller of the Currency J. T. O'Connor in Washington as receiver to succeed Frank C. Ort, the conservator. A copy of the resolution also was sent to O'Connor. The depositors decided to hold another meeting next Monday night.