National Shoe & Leather Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 22, 1933
Location: Auburn, Maine (44.098, -70.231)

Metadata

Model: gpt-5-mini
Short Digest: 9c2ca563

Response Measures

None

Description

Federal Reserve (with Treasury) appointed a conservator for the National Shoe & Leather Bank (Auburn) on 1933-03-22. The article describes conservatorship/government action and interruptions to business; no reopening or resumption is reported in these excerpts, so I classify as suspension leading to closure/receivership outcome (conservatorship indicates government action).

Events (1)

1. March 22, 1933 Suspension

Cause: Government Action
Cause Details: Federal Reserve/Treasury appointed a conservator (Parker B. Smith) for the bank, placing it under conservatorship and interrupting normal business operations until further action; arrangements made with other banks to assist depositors and payrolls.
Newspaper Excerpt: Parker B. Smith Conservator for National Shoe & Leather Bank ... servators were appointed today for two Maine banks, the Federal Reserve Bank announced. The banks are the National Shoe Leather Bank at Auburn...
Source: newspapers

Newspaper Articles (1)

1. March 22, 1933 Sun-Journal Lewiston, ME

Article from Sun-Journal, March 22, 1933

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Article Text

Parker B. Smith Conservator for National Shoe & Leather Bank BOSTON, March servators were appointed today for two Maine banks, the Federal Reserve Bank announced. The banks are the National Shoe Leather Bank at Auburn, the First National Bank Me. The Federal Reserve bank said Parker Smith bad been named the National Shoe and Leather bank conservator and conservator the First Na. tional The Bank reported that 367 member banks ing. its territory, all New England except one Connecticut county, all but are open. During yesterday's busiin gold coin and in gold into the bank here. department later notified Moran French had been the Camden National Bank Camden, of Parker B. The appointment president the National Shoe Leather conserva received favorably in banking circles here today. Secretary of The, statement the Treasury Woodin was recalled that "the appointment conservators for banks repute did that they not mean difficulties. "There lot of complications, some them concerning affiliate enterprises which make impracbanks to the full tical for to open Moreover this method makes that the bank circumpossible be able to continue to stanced will render as for example the segregated and in Government bonds and such like securities. also enables the conservator to set aside and available for withdrawal and deposits payment to other creditors ratable amounts his opinion is safe to for purpose Practically the appointment person the bank under direction the the Treasury and to follow the the actual in respect the banks condition appraisal liabilities and for resumption of on its formbasis, not thought means thing in respect the banks for whom been pointed Maine, than temporary One first things done is to arrange for pay-roll counts in the banks pedite business under the direction of Washington, to that end. We may is impossible today business be carried the Shoe and Leather Bank until the announcement made by the bank. Arrangements have been made other banks in the county to act for industry as far as they are able to do wherever they may be embarrassed by delay in sumption business the Shoe and Leather number banks in Maine are in similar condition.