8623. Citizens Bank (Augusta, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 8, 1842
Location
Augusta, Maine (44.311, -69.779)

Metadata

Model
gpt-5-mini
Short Digest
d69d0693

Response Measures

None

Description

Articles (1842–1843) report the Citizens' Bank of Augusta was fraudulently organized, its charter annulled and the bank wound up by the Maine bank commissioners; a receiver was appointed and notes advertised for sale. No run is described in the articles. Dates taken from publication dates; OCR corrected minor misspellings (e.g., 'anulled' -> annulled).

Events (3)

1. May 8, 1842 Receivership
Newspaper Excerpt
The receiver of the bank has now advertised for sale the notes of the parties concerned in starting the bank, as follows:
Source
newspapers
2. May 8, 1842 Suspension
Cause
Government Action
Cause Details
Bank commissioners of Maine wound up the concern and annulled the charter after discovering the bank was fraudulently organized.
Newspaper Excerpt
the Citizens' Bank of Augusta, Me., was got up by a tin pedlar, named Snow, and some others of this city ; as soon however as the facts became known, the bank commissioners of Maine promptly wound up the concern.
Source
newspapers
3. January 6, 1843 Other
Newspaper Excerpt
Citizen's Bank Augusta. (new plate) charter anulled do
Source
newspapers

Newspaper Articles (2)

Article from The New York Herald, May 8, 1842

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Article Text

MONEY MARKET. Saturday, May 7-6 P. M. The Stock market has undergone a little reaction to-day. and prices have gone down generally, with the exception of New York State 6 per cents., redeemable in 1862, which have improved 1 per cent ; Illinois 6's declined 1; Indiana 5's, I Delaware & Hudson, t; Long Island, t Harlem, Mohawk Railroad fell 3 per cent. Sales of bills on Phila delphia, New Orleans, 7 Charleston, 1j; United States Treasury Notes, are discount. 51,000 dollars in specie arrived at New Orleans on the 27th ult. from Mexico. It will be remembered that some time ago a number of broken banks in different parts of the country were resuscitated by speculators, for the purpose of getting out a large circulation and then stopping. Among others the Citizens' Bank of Augusta, Me., was got up by a tin pedlar, named Snow, and some others of this city ; as soon however as the facts became known, the bank commissioners of Maine promptly wound up the concern. The receiver of the bank has now advertised for sale the notes of the parties concerned in starting the bank, as follows:


Article from The Spirit of the Age, January 6, 1843

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Article Text

MAINE. Agricultural Bank, Brewer in hands of receivers 80 a 90 ct. dis e Bangor Commer lal Bank, Bangor charter surrendered 3 a 4 Bath Bank worthless charter expired Citizen's Bank Augusta. (new plate) charter anulled do Calis Bank 8 10 a 15 City Bank, Portland charter surrendered Damariscotta Bank do worthless do Franktort Bank, Frankfort do do do Globe Bank, Bangor do Georgia Lumber Co. Portland do Hallowell and Augusta Kenebeck Bank do Kennebunk Bank do Lafavette Bank, Bangor charter surrrendered 3 4 3 a 4 Mercantile Bank, Bangor Oldtown Bank worthless Fraud do Oxford Bank, Fryburg do Passunaquoddy Bank charter surrendered do People's Bank Stillwater Canal, at Orono do In hands of receivers Saco Bank redeemed by Trustees at Saco 25 a St. Croix, Calise harter surrendered Washington county, Calis charter surrendered worthless Waterville Bank redeemed (closed) 2n 3 Westbrook Bank, Westbrook Wiscasset Bank worthless NEW HAMPSHIRE. 2 a 3 Concord Bank worthless Hillaborough Bank New Hampshire, Portsmouth, charter redeemed expired worthless Woolfborugh Bank VERMONT. Fraud Agricultural Bank, Troy no such Bank authorised a Bennington Bank, Bennington fraud Comercial Bank of Vermont no such Bank authorised worthless Essex, Guildhall do fraud Green Mountain Bank do Jefferson, County Bank fraud 11a) 12 St. Albans Bank MASSACHUSETTS. redeemed Amherst Bank, charter surrendered worthless Berkshire Bank 80 @ 90 Chelsen Bank, Chelsea 75.80 Commonwealth Bank, Boston East Bridgwater Bank redeemed charter surrendered worthless Essex Bank. Salem do Farmers' and Mechanics', S. Adams do Farmers' Bank, Belchertown do Franklin Bank. Boston do Fulton, or Wimnisimmet Bank, Boston do Hampshire Bank, Northampton do Lafayette Bank, Boston closed redeemed Mendon Bank 2 a Middlesex Bank. Cambridge, redeemed 15 a Middling Interest Bank, Boston 80 90 Nahant Bank, Lynn 67 a 70 Neburyport Bank redeemed Norfolk Bank, Roxbury worthless Phonexix Bank, Nantucket do Roxbury Bank charter annulled do Sutton Bank Winthrop Bank, gone inteliquidation redeemed RHODE ISLAND. worthless Burrillville Bank do fraud Engle Bank, Newport do Farmers' Bank 75 a 80 Farmers' and Mechanics' Bank worthless Franklin Bank, Providence fraud redeemed closed Mount Hope Bank 5 a7 Pascoag Bank CONNECTICUT. worthless Bridgeport Manufacturing Co. fraud do Derby Bank, do Eagle Bank 25 a 30 Housatonic Railroad Co. NEW YORK. 1-8 a 1.4 New York City lall-4 Old Safety Fund, good Banks a 2 New do do Red Back. uncertain 55afo United States Bank Bills, old and new 10 a 12 1-2 Novia Scotia Bill* 7 9 New Brunswick Bills 6 M Upper Canada 4 5 Lower de