8611. American Bank & Trust Company (Auburn, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
September 21, 1902
Location
Auburn, Maine (44.098, -70.231)

Metadata

Model
gpt-5-mini
Short Digest
2073a12d

Response Measures

None

Description

Articles (Sep–Oct 1902) report the American Banking and Trust Co. went into receivership because of excessive Western real estate holdings and missing/confused accounts of its receiver L. L. Small. No run is mentioned. Receiver change reported Sept 21, 1902; subsequent articles discuss bondsmen settling shortages.

Events (2)

1. September 21, 1902 Receivership
Newspaper Excerpt
Hon. Seth M. Carter of this city has been appointed receiver of the American Banking and Trust Co. of Auburn, in place of L. L. Small... An examination of the books is now in progress and many of the accounts are said to be somewhat confused. (Daily Kennebec Journal, Sept. 21, 1902). (paraphrased for clarity). ,cause: null
Source
newspapers
2. September 21, 1902 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank went into receivership due to excessive Western real estate holdings and troubled accounts/assets; receiver later found missing/confused accounts under L. L. Small.
Newspaper Excerpt
The American Banking and Trust Co. was one of the institutions that went into the receiver's hands as a result of having too much Western real estate.
Source
newspapers

Newspaper Articles (2)

Article from Daily Kennebec Journal, September 22, 1902

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Article Text

CHANGE IN RECEIVER. L. L. Small, Auburn, Missing-Accounts as Receiver Confused. Auburn. Me., Sept. 21.-Hon. Seth M. Carter of this city has been appointed receiver of the American Banking and Trust Co. of Auburn, in place of L. L. Small, who has had charge of the affairs of the company for six years. Mr. Small was formerly of Auburn, but his present whereabouts are unknown. and it was stated, last night, that the change in receivership was due to his continued absence. An examination of the books is now in progress and many of the accounts are said to be somewhat confused. Mr. Small, when he assumed the office of receiver of the American Banking and Trust Co., gave bonds in the sum of $20,000. The sureties are wellknown Auburn citizens. Mr. Small was a member of the Pray Small Co., she manufacturers of Auburn, and until the last bank election held the {position of president of the Auburn Trust Co. He has up to a month been living in Lynn, Mass., but letters addressed to him there have been returned. The American Banking and Trust Co. was one of the institutions that went into the receiver's hands as a result of having too much Western real estate.


Article from Daily Kennebec Journal, October 29, 1902

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Article Text

# BONDSMEN WILL SETTLE. Have Given Up Looking for L. Linn Small of Auburn. The whereabouts of L. Linn Small, formerly receiver of the American Banking and Trust Co. and who is now wanted in Auburn to straighten out his accounts as receiver of the company, are still unknown. It is learned that the bondsmen of Mr. Small on whom will fall the shortage in his accounts as receiver of the American Banking and Trust Co., if there should be any, have given up looking for Mr. Small, as it is only wasting more good money. They will confine themselves to ascertaining the exact shortage in his accounts as receiver of this company and make up the loss as it appears. One of the bondsmen told the Journal, today, they had no desire of making any litigation over the matter. It was their duty as bondsmen to settle to the full amount of the bond-$20,000, if necessary. It is further understood that one or possibly more of Mr. L. Linn Small's brothers will assist the bondsmen in making good the bond, should there be any necessity for such a course. Hopes that Mr. Small will return and straighten out his accounts are still entertained. It is believed that he could do so if he could be found. There are rumors that he has been seen in Auburn, but these are not verified.-Lewiston Journal.