First National Bank - New Windsor, MD

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 747
Charter Number: 747
Start Date: October 8, 1931
Location: New Windsor, Maryland (39.542, -77.108)

Metadata

Model: gpt-5-mini
Short Digest: 00c92b4e

Response Measures

Full suspension, Books examined

Other: Voluntary closure by directors; turned over to State banking authorities.

Receivership Details

Depositor recovery rate: 92.5%
Date receivership started: 1931-10-29
Date receivership terminated: 1936-06-25
Share of assets assessed as good: 35.2%
Share of assets assessed as doubtful: 52.0%
Share of assets assessed as worthless: 12.8%

Description

Article (The Evening Sun, 1931-10-09) reports that the First National Bank of New Windsor was voluntarily closed by its directors and turned over to the State Banking [Department]. It states There had been a run on the bank and that the directors closed the institution to protect depositors. No specific misinformation or bank-specific scandal is described, and the bank was turned over to the state (regulator), indicating permanent closure/receivership.

Events (5)

1. January 24, 1865 Chartered

Source: historical_nic

2. October 8, 1931 Run

Cause Details: Article states only that There had been a run on the bank without identifying a trigger (rumor, correspondent distress, or bank-specific scandal).
Measures: Directors decided to close the bank to protect depositors; bank turned over to State Banking Department.
Newspaper Excerpt: There had been run the bank
Source: newspapers

3. October 9, 1931 Suspension

Cause: Government Action
Cause Details: Directors voluntarily closed the bank and turned it over to the State Banking Department; closure reported as permanent (turned over to regulator/receiver).
Newspaper Excerpt: The First National Bank New Windsor was voluntarily closed this morning and turned over State Banking
Source: newspapers

4. October 29, 1931 Receivership

Source: historical_nic

5. * Other

Newspaper Excerpt: This one the oldest banks Carroll county, having been found before the Civil War and has withstood many vicissitudes of fortune. At one time, it was robbed of all cash on hand.
Source: newspapers

Newspaper Articles (1)

1. October 9, 1931 The Evening Sun Hanover, PA

Article from The Evening Sun, October 9, 1931

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Article Text

NEW WINDSOR NATIONAL BANK CLOSES ITS DOORS NEW WINDSOR. The First National Bank New Windsor was voluntarily closed this morning and turned over State Banking W. Page by action of the board of directors. This one the oldest banks Carroll county, having been foundbefore the Civil War and has withstood many vicissitudes fortune. At time, in was robbed of all cash on hand. Decision close the institution made the directors yesterday. There had been run the bank but the action upon in order protect the interests deposiIt bank in New Windsor. The late H. Baile was president cashier for many years. Walter Getty president and John Smith Baile cashier at this time.