8563. Garrett National Bank (Oakland, MD)

View Charter #6588 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6588
Charter Number: 6588
Start Date: March 21, 1933
Location: Oakland, Maryland

Metadata

Model: gpt-5-mini
Short Digest: cf64691d

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-12-05
Date receivership terminated: 1939-08-14
Share of assets assessed as good: 57.4%
Share of assets assessed as doubtful: 42.0%
Share of assets assessed as worthless: 0.6%

Description

The Garrett National Bank of Oakland was closed/suspended during the 1933 moratorium; conservator(s) and a receiver were appointed and the institution remained closed (in receivership) with liquidation and dividend distributions through 1939. No standalone depositor 'run' is described in the articles; the closure resulted from the bank holiday/conservatorship and subsequent receivership.

Events (8)

1. January 22, 1903 Chartered

Source: historical_nic

2. March 21, 1933 Receivership

Newspaper Excerpt: George A. Fraley, Garrett National Bank, Oakland. ... appointment of conservators for four banks Maryland. They follow: A. Leroy Frederick County National Bank, at Frederick. George A. Fraley, Garrett National Bank, Oakland.
Source: newspapers

3. March 21, 1933 Suspension

Cause: Government Action
Cause Details: Conservator appointed and banks operating under restrictions during the 1933 moratorium/bank holiday; state banking authorities authorized reopenings and conservatorships.
Newspaper Excerpt: they follow: ... George A. Fraley, Garrett National Bank, Oakland.
Source: newspapers

4. December 5, 1933 Receivership

Source: historical_nic

5. February 28, 1935 Other

Newspaper Excerpt: JOHN H. BANE, Receiver for the Garrett National Bank of Oakland, Maryland. Under and by virtue of a power of sale contained in a mortgage ... the undersigned Receiver for the Garrett National Bank of Oakland, Maryland, hereby gives notice ...default having occurred under the terms and conditions of said mortgage, the undersigned Receiver ... will on ... sale ... Cash on day of sale. JOHN H. BANE, Receiver for the Garrett National Bank of Oakland, Maryland.
Source: newspapers

6. December 19, 1935 Other

Newspaper Excerpt: OLD GARRETT NATIONAL TO PAY THIRD DIVIDEND ... payment of a third dividend of 10% to the depositors of the closed Garrett National Bank of Oakland has been announced by Mr. John H. Bane, receiver. ... This payment makes a total of 95% which has been paid to the depositors of this institution.
Source: newspapers

7. May 28, 1936 Other

Newspaper Excerpt: RECEIVER IS AUTHORIZED TO SELL BANK BUILDING Will Be Purchased By New Organization for Sum of $27,500 ... an order was passed authorizing the receiver to sell the bank building to the new bank, the Garrett National Bank in Oakland.
Source: newspapers

8. April 20, 1939 Other

Newspaper Excerpt: DEPOSITORS OF OLD BANK TO GET INTEREST CHECKS ... Final interest dividend checks to depositors of the old Garrett National Bank of Oakland will be ready for distribution on Friday ... The dividend amounts to 7.66 percent ... having started about December 1, 1933.
Source: newspapers

Newspaper Articles (12)

1. March 21, 1933 The Baltimore Sun Baltimore, MD

Article from The Baltimore Sun, March 21, 1933

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BALTIMORE, UNION TRUSTS OPEN TODAY Banks Will Function On Five Per Cent. Withdrawals Basis BOTH SET BACK BY Reorganization Plans Of Eastern Shore Trust Company Are Completed today announced receipt of authorization for the reopening of three more Federal Reserve System banks in the Fifth district, bringing the district total of reopened member banks to 274, while 114 remained closed. Banks reopened by authorization received today were the National Bank of Davis, at Davis, W. Va.; First National Bank, at Newport News, Va., and the People's State Bank, at Galax, Virginia. The bank also announced the appointment of conservators for four banks Maryland. They follow: A. Leroy Frederick County National Bank, at Frederick. George A. Fraley, Garrett National Bank, Oakland. Harrison Rider, Second National Bank, at Towson. Samuel P. Cassen, Towson National Bank, Towson. (Continued from Page 20) Mary's county, Mr. Miles said, the company's branches are the only banks operating. Others On 2% Basis Forty-three other county banks are operating on two per cent. withdrawal basis. Five are on five per cent. basis, three on ten per cent. basis. Withdrawals are hibited the case of forty-four county banks. Seventy-six are open hundred per cent. basis. Twenty-five city banks are open on one hundred per cent. basis and eight today will open under restrictions, leaving only three from which withdrawals are prohibited. said $250,000 was involved. Provisions Of Plan Warrants were issued for the arrest The plan, copies which have been Addison Harris, Jr., of Villanova, filed with the State Bank Commisthe president; Arthur B. Dauphinee, sioner, involves: vice-president, and Edwin S. Conro, 1. Organization of new company to called the County Trust Com- the treasurer, both of Philadelphia. pany of Maryland. William D. Gordon, State Secretary Issuance of $10 par common stock of Banking, said number of the company. for share of the charges "relate to alleged misappro$50 par of the East- priation of funds of the Franklin Trust ern Trust for the Company for the purchase of shares new $10 of the proposed stock the Franklin Trust in violaCounty Trust Company. tion of the law forbidding such purInvestment one-third the old chases.' deposits in the new common stock the rate of $33.33 WOMEN DEMOCRATS ELECT share. Transfer of the balance of the old Luncheon Club Names Mrs. Ethel deposits the R. Lorentz President proposed County Trust Company, where that would Mrs. Ethel R. Lorentz was reelected without restrictions. president of the Democratic Women's Sale of $1,000,000 worth of pre- Luncheon Club of yesterferred stock, debentures, the day meeting in the Emerson County Trust Company the ReHotel. Finance Corporation. Mrs. James E. Tippett, Mrs. Henry Mr. Miles' relative to R. Hall and Mrs. Howard Mattingly reorganization plan follows, in part: elected Mrs. EdTo Revalue Assets ward A. named recording "In keeping with the efforts of the secretary; Miss Myra Bangert, correFederal to establish sponding secretary, and Mrs. Gilbert the banks of the country on perma- Brannan, treasurer. nent and our purpose all of the assets of the com- To Address School Group pany in light present-day values Mrs. Alfred Levis, State chairand charge off of our books en- parent education, will address tirely all assets doubtful character Parent-Teacher Association to reduce the book value of all Liberty School, 64, tonight. Her curities to their actual market value subject be "Home Responsibility as March and create capital to Children." Miss Laura Wells structure sufficient size supported principal of the school. by adequate surplus and reserves To Observe Maryland Day against further fluctuations in values The Baltimore Chapter the insure the absolute permanence and of the institution. Daughters of the American Revoluwill celebrate Maryland Day Fri"To do this is necessary first for the to realize that day at the Arundell Club hall. Mrs. must be largely sacrificed. Arthur P. Shanklin is regent of the

2. February 28, 1935 The Republican Oakland, MD

Article from The Republican, February 28, 1935

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SATURDAY, MARCH 23, 1935, at the hour of 2:00 o'clock P. M., in front of the Court House in the Town of Oakland, Maryland, offer and sell to the highest bidder all of the following described real estate, to-wit: All that piece or parcel of land situate, lying and being in Garrett County, Maryland, containing the quantity of ONE HUNDRED EIGHTEEN AND ONE-FOURTH ACRES, it being the same property as described in a confirmatory deed from Jane Wolf to Jennie Browning and Gertrude Browning, dated the sixth day of May, 1903, and recorded in Liber E. Z. T., No. 44, folio 541, etc., one of the Land Records of Garrett County; also described in a deed from Jennie Schultz and Paul A. Schultz, her husband, to Gertrude Browning and Veronica Browning as tenants in common, dated the 13th day of May, 1903, and recorded in Liber E. Z. T., No. 44, folio 543, etc., one of said Land Records; also described in a deed from Veronica Whitehill (nee Browning), and William D. Whitehill, her husband, to Gertrude Browning, dated the 17th day of September, 1909, and recorded in Liber E. Z. T., No. 59, folio 219, etc., one of said Land Records; especial reference being made to the aforesaid deeds and the records thereof for a more particular description of said parcel of land. This is a valuable farm property, improved by a good dwelling, barn and outbuildings. TERMS OF SALE AS PRESCRIBED BY SAID MORTGAGE: Cash on day of sale. JOHN H. BANE, Receiver for the Garrett National Bank of Oakland, Maryland.

3. February 28, 1935 The Republican Oakland, MD

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Mortgagee's Sale VALUABLE REAL ESTATE In Garrett County, Maryland. Under and by virtue of a power of sale contained in a mortgage from Gertrude Browning and George D. Browning, to the Garrett National Bank of Oakland, Maryland, dated February 27, 1928, and recorded among the Mortgage Records of Garrett County in Liber E. Z. T., No. 96, folio 361, etc., default having occurred under the terms and conditions of said mortgage, the undersigned Receiver for the Garrett National Bank of Oakland, Maryland, hereby gives notice that he will, on

4. February 28, 1935 The Republican Oakland, MD

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Receiver for the Garrett National Bank of Oakland, Maryland.

5. December 19, 1935 The Republican Oakland, MD

Article from The Republican, December 19, 1935

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OLD GARRETT NATIONAL TO PAY THIRD DIVIDEND Will Make Total of 95 Percent Which Has Been Paid To Depositors of This Bank PAYMENT ABOUT $81,000 A payment of a third dividend of 10% to the depositors of the closed Garrett National Bank of Oakland has been announced by Mr. John H. Bane, receiver. The checks have been prepared and are now ready for distribution and all depositors who have proven claims are requested to call at the bank and receive their checks. The payment of this dividend makes a total of 95% which has been paid to the depositors of this institution. The payment of a dividend at this time was made possible through a loan from the Reconstruction Finance Corporation and this makes it necessary for the Receiver to collect the remaining assets and repay the loan before future dividends can be paid. The amount of the distribution is approximately $81,000 and should greatly stimulate the rush of Christmas buying in this section.

6. May 28, 1936 The Republican Oakland, MD

Article from The Republican, May 28, 1936

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RECEIVER IS AUTHORIZED TO SELL BANK BUILDING Will Be Purchased By New Organization for Sum of $27,500 Following an open hearing on the petition of John H. Bane, receiver of the Garrett National Bank of Oakland (old bank), held in the Garrett County Court House on Monday, May 25, before Judge David A. Robb, an order was passed authorizing the receiver to sell the bank building to the new bank, the Garrett National Bank in Oakland. The consideration was to be $27,500. It was testified at the hearing by parties from the bank and by the receiver that the consideration was agreed upon as adequate and a fair price, considering the present market for real estate, age and condition of the building. The banking house, furniture and fixtures were valued at $79,415 in a published statement of the old bank on December 31, 1932, a few months prior to the bank holiday. It is understood that as soon as the transaction is consummated the new bank will proceed to recondition and repair the building at an estimated cost of about $2,500. Mr. Bane stated that this sale would enable him to bring the liquidation of the old bank near conclusion and that steps would be taken shortly to collect the remaining unpaid notes and other claims now in his hands as the receiver. Mr. Bane will retain his present office in the building until the final liquidation of the old bank.

7. June 10, 1937 The Republican Oakland, MD

Article from The Republican, June 10, 1937

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J. H. BANE RESIGNS AS RECEIVER OF BANKS HERE Has Accepted Position With Federal Deposit Insurance Corporation Mr. J. H. Bane, receiver of the Garrett National Bank of Oakland; the First National Bank of Kitzmiller, and the Bayard National Bank of Bayard, W. Va., for the past several years, has resigned and has accepted a position with the Federal Deposit Insurance Corporation, Washington, D. C. Mr. Bane's resignation becomes effective within the next few days. Mr. Bane's headquarters will be in Mahanoy City, Pa., to which place he will move his family from Morgantown, West Va., where they have resided during the past year. The depositors of the Garrett National Bank, Oakland, have received 95 per cent of their claims in dividends and it is contemplated that the remaining five per cent will be distributed in the very near future, Mr. Bane said yesterday. Depositors of the Kitzmiller Bank have received 65 per cent of their claims and an additional dividend is now in course of preparation and will be paid in a very short time. Depositors of the Bayard National Bank have received 58 per cent of their claims and the payment of additional dividends is contemplated. Mr. Bane has also been serving as receiver of the Kingwood National Bank, Kingwood, W. Va., and the First National Bank of Newburg, W. Va., and will also give up the receivership of these two banks. In 1931, Mr. Bane began his work as receiver in Preston county and took over the work in Garrett county in 1933. During his administration of the affairs of these closed institutions Mr. Bane has been particularly careful not to work hardships on those who were willing to pay their obligations but were unable to do SO on account of the stress of circumstances, with the result that he leaves Oakland with the good will and best wishes of those with whom he has come in contact in social and business matters.

8. August 18, 1938 The Republican Oakland, MD

Article from The Republican, August 18, 1938

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was advised by said attorney that there was a slight question as to his valid title to said property. Your orator has been advised by his counsel that it would be necessary to have the Court construe the Will of the said Martin Filsinger for the purpose of removing any question as to the validity of his title to said property. The bill prays that the Court may take jurisdiction in the premises and construe the meaning of the Last Will and Testament of the said Martin Filsinger as to his intention of the disposition of his real estate remaining in his name at the time of his death. For general relief, for the writ of subpoena against the resident defendants, Conrad Filsinger, George Filsinger and Stella Filsinger, his wife; Albert Filsinger, Herman Filsinger and Gladys Filsinger, his wife; William Filsinger and Winona Filsinger, his wife; Pearl Condry and Joseph Condry, her husband; Nellie Weisenborne and Joseph Weisenborne, her husband; Ester Filsinger, Elizabeth Filsinger, Carl Filsinger and Catherine Filsinger, his wife; Gilbert Filsinger and Helen Filsinger, his wife; Harry Filsinger, William Linenbogger and Eva Linenbogger, his wife; Arthur Linenbogger and Mary Linenbogger, his wife; Owen Linenbogger, Herman Linenbogger Wilson and Linenbogger Wilson, his wife; Tillie Logsdon, Elwood Brant and Brant, his wife; Pauline Bloom, Gilbert Brant and Brant, his wife; Lily Wise, Pearl Durst and William Durst, her husband; Paul O. FilFilsinger, his wife; singer and Catherine Filsinger, Edward Filsinger and John H. Hoffman, Receiver for The Garrett National Bank of Oakland, Maryland, and the order of publication against the non-resident defendants, Sophie Campbell and Owen Campbell, her husband; Cora Tippen and James Tippen, her husband; Emma Jennings and Fred Jennings, her husband; Adolph Filsinger and Alice Filsinger, his wife; Mary Oremusz and John Oremusz, her husband; Elizabeth Maseheim and Alfred Maseheim, her husband; Pauline Maus and John Maus, her husband; Emma Weisenborne and Elmer Weisenborne, her husband; Irene Shepard and James Shepard, her husband; Emma Green and Emmett Green, her husband; Marie Linenbogger, Adolph Linenbogger, Linenbogger and his wife; Mary Mills, Gilbert Brant, Verona Decker, Clayton Brant and Brant, his wife; Marie Nicklow and Clark Nicklow, her husband. It is therefore, this 1st day of August, 1938, ORDERED, By the Circuit Court of Garrett County, Maryland, in Equity, that the Plaintiffs, by having a copy of this order inserted in some newspaper published in Garret County, Maryland, in each of four successive weeks before the 2nd day of September, 1938, give notice to the said non-resident defendants of the object and substance of this bill, warning them to be and appear in this Court, either in person or by solicitor, on or before the 17th day of September, 1938, to show cause, if any they have, why a decree ought not to be passed as prayed. A. G. ROSS, Clerk. True copy-Test: A. G. ROSS, Clerk. -Advertisement 23-5t.

9. September 1, 1938 The Republican Oakland, MD

Article from The Republican, September 1, 1938

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LAW OFFICES OF WILLIAM R. OFFUTT AND NEIL C. FRALEY # ORDER OF PUBLICATION Philip Filsinger, Executor of the Last Will and Testament of Martin Fil- singer, Deceased, et al vs. Sophie Campbell, et al. No. 3479 Equity. In the Circuit Court for Garrett County, Maryland. The object of this bill is to have the Court construe the meaning of the Last Will and Testament of Martin Filsinger, Deceased. The bill states: FIRST: That Martin Filsinger, late of Garrett County, Maryland, de- ceased, died on the 19th day of May, 1919, leaving a Last Will and Testa- ment duly executed to pass real es- tate. SECOND: That on the same day of the execution of the Last Will and Testament by the said Martin Fil- singer, his wife, Catharine Filsinger, executed a Last Will and Testament and the said Catharine Filsinger died on the 1st day of January, 1923. THIRD: Both of said wills above referred to were duly admitted to pro- bate by the Orphans' Court for Gar- rett County, Maryland, and your or- ator, Philip Filsinger, qualified as Ex- ecutor in said Court and filed an ac- counting as such Executor with the said Court. FOURTH: That at the time of the death of the said Martin Filsinger he was seized and possessed of a tract of land containing approximately 76 acres, being the residue of the tract of land acquired by the said Martin Filsinger from Henry G. Davis and Kate A. Davis, his wife, by deed dated October 12, 1901, and recorded in Liber E. Z. T., No. 40, folio 256, one of the Land Records of Garrett County, Maryland. FIFTH: That the said Martin Fil- singer departed this life on the 19th day of May, 1919, testate, leaving sur- viving him as his heirs at law and next of kin Philip Filsinger, a son, who married Mary J. Filsinger; Herman Filsinger, a son, who departed this life intestate, leaving surviving him as his heirs at law and next of kin the fol- lowing named children: Sophie Camp- bell, married to Owen Campbell; Cora Tippen, married to James Tippen; Emma Jennings, married to Fred Jen- nings; Conrad Filsinger, single; George Filsinger, married to Stella Filsinger; Albert Filsinger, single; Herman Filsinger, married to Gladys Filsinger; William Filsinger, married to Winona Filsinger; Pearl Condry, married to Joseph Condry; Nellie Weisenborne, married to Joseph Weis- enborne, and Esther Filsinger, an in- fant under the age of twenty-one years; Adolph Filsinger, a son, who departed this life intestate, leaving surviving him as his heirs at law and next of kin, his widow, Elizabeth Fil- singer, and the following named chil- dren: Carl Filsinger, married to Cath- erine Filsinger; Gilbert Filsinger, married to Helen Filsinger; Harry Filsinger, single; Adolph Filsinger, married to Alice Filsinger; Mary Oremusz, married to John Oremusz; Elizabeth Maseheim, married to Al- fred Maseheim; Pauline Maus, mar- ried to John Maus, and Emma Weis- enborne, married to Elmer Weisen- borne; Ida Linenbogger, a daughter, who departed this life intestate, leav- ing surviving her as her heirs at law and next of kin the following named children: Irene Shepard, married to James Shepard; Emma Green, mar- ried to Emmet Green; Marie Linen- bogger, single; Adolph Linenbogger, married to Linenbogger; Wil- liam Linenbogger, married to Eva Linenbogger; Arthur Linenbogger, married to Mary Linenbogger; Owen Linenbogger, single; Herman Linen- bogger Wilson, married to Lin- enbogger Wilson; Emma Brant, a daughter, who departed this life leav- ing surviving her her husband, Gilbert Brant, and the following named chil- dren: Verona Decker, Pauline Bloom, Elwood Brant, married to Brant; Clayton Brant, married to Brant; Gilbert Brant, married to Brant; Lily Wise; Otto Filsinger, a son, who departed this life leaving surviving him as his heirs at law and next of kin, his widow, Pearl Fil- singer, now married to William Durst, and the following named children: Paul O. Filsinger, married to Filsinger; Catherine Filsinger, sin- gle; Marie Nicklow, married to Clark Nicklow, and Edward Filsinger, sin- gle, Mary Mills, a daughter, and Til- lie Logsdon, a daughter. SIXTH: That your orator, Philip Filsinger, having been advised that under proper construction of the Last Will and Testament of his said father, Martin Filsinger, he acquired title to the real estate above referred to and on February 26, 1927, he and his wife, Mary J. Filsinger, executed a mort- gage in the sum of $4500.00 to the Garrett National Bank of Oakland, Maryland, a corporation. SEVENTH: That the said Garrett National Bank of Oakland, Maryland, a corporation, is now in receivership and the said John H. Hoffman is Re- ceiver for the said corporation. EIGHTH: That it is contended by the said Philip Filsinger that accord- ing to the true construction of the Will of the said Martin Filsinger that it was plainly his intention and desire that all of his estate, both real and personal, should go to him after the payment of certain specific bequests as set out in the said Will, and that it was plainly the intention of Martin Filsinger and Catharine Filsinger, his wife, the father and mother of your orator, Philip Filsinger, that any es- tate owned by them at the time of their death, should go to the said Philip Filsinger, absolutely. NINTH: That your orator, Philip Filsinger, acquired title to the real estate owned by the said Martin Fil- singer at the time of his death, and

10. April 20, 1939 The Republican Oakland, MD

Article from The Republican, April 20, 1939

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DEPOSITORS OF OLD BANK TO GET INTEREST CHECKS Dividends Payable Friday Equal To 7.66 Percent of Original Claims Final interest dividend checks to depositors of the old Garrett National Bank of Oakland will be ready for distribution on Friday (tomorrow) morning, April 21, it was announced today by John H. Hoffman, receiver, who has been in charge of the affairs of the old bank for several months. The dividend amounts to 7.66 per cent of the original claims and will make the total paid to depositors $107.66 for each $100 on deposit at the date of suspension. So far as is known very few of the many thousands which were closed during the moratorium, have surpassed this record. The time required for the job of liquidation was slightly less than five and one-half years, having started about December 1, 1933. This was some weeks after the new bank was opened for business. The first payment was a 60-percent dividend. Mr. Hoffman stated that this trust had been mostly free from those distasteful and embarrassing tasks which many receivers experience. Mr. Hoffman said that within a short time he will turn over to the original stockholders what is left of the uncollected assets. Claimants are being requested to call promptly for checks so that there would be as little delay as possible in closing the trust.

11. April 22, 1939 Evening Star Washington, DC

Article from Evening Star, April 22, 1939

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Oakland (Md.) Bank, Closed in 1933, Pays $107.66 for $100 By the Associated Press. OAKLAND, Md., April 22.John H. Hoffman, receiver for the old Garrett National Bank, announced he had finished liquidating the bank's assetsand each depositor had received $107.66 for every $100 he had in the bank when it closed in 1933. Mr. Hoffman said this was one of the few cases he had heard of in which depositors received more than their accounts called for. A five-and-ahalf-year liquidation of assets produced more cash than the books showed available.

12. November 23, 1939 The Republican Oakland, MD

Article from The Republican, November 23, 1939

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# MARRIED WILLIAMS-SMITH-Miss Fan- nabelle Smith, daughter of Mr. and Mrs. Fulcher P. Smith, of Cumberland, became the bride of Harry Leighton Williams, a son of Mrs. Elizabeth J. Williams, of Lexington and Rockbridge Baths, Va., at a ceremony performed last Thursday evening, November 16, at Smith Haven, the summer home of the bride's parents at Deep Creek Lake. Members of the immediate families attended. The ceremony was performed by the Rev. A. B. Leamer, D. D., pastor of St. Mark's Lutheran church, Oakland. The bride, who was given in marriage by her father, was attired in an afternoon gown of pastel blue and carried yellow roses. Following a wedding dinner with members of the two families present, Mr. and Mrs. Williams left on a honeymoon trip through the Southern States. Their future residence is as yet undecided. Mrs. Williams is a graduate of Allegany high school, Cumberland; also the Birmingham School for Girls at Tyrone, Pa., and until recently was a member of the junior class at Wells College, Aurora, N. Y. Mr. Williams was graduated with the class of 1935 from the University of Virginia. He later attended Dinsmore Business College, Lexignton, Va. He is a member of Sigma Phi Epsilon fraternity. For the past three years he has been acting as an assistant national bank receiver for the tri-state area and until recently assisted J. H. Hoffman in closing up the affairs of the old Garrett National Bank in Oakland.