Bangor Bank - Bangor, ME

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: July 6, 1822
Location: Bangor, Maine (44.801, -68.778)

Metadata

Model: gpt-5-mini
Short Digest: c388e859

Response Measures

None

Description

Notice (dated Boston July 6, 1822) states Bangor Bank had suspended specie payments due to the stoppage of payments in Boston (correspondent failure) and announces resumption of specie payments expected Dec 1, 1822. No run is mentioned.

Events (2)

1. July 6, 1822 Suspension

Cause: Correspondent
Cause Details: Stoppage of payments in Boston (correspondent/agent banks), which prevented Bangor Bank from making specie payments.
Newspaper Excerpt: The embarrassment occasioned by the stoppage of payment in Boston, renders this delay unavoidable; ... The Directors as keenly feel and as deeply deplore the evils of this suspension of payment as any part of the community.
Source: newspapers

2. December 1, 1822 Reopening

Newspaper Excerpt: specie payments will be resumed as early as the first day of December next, and sooner, if by our exertions, it can be made practicable.
Source: newspapers

Newspaper Articles (1)

1. July 10, 1822 The Massachusetts Spy Worcester, MA

Article from The Massachusetts Spy, July 10, 1822

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Article Text

BANGOR BANK. Notice.-The subscribers, being a Committee specially authorised by the Board of Directors of the Bangor Bank, hereby givenotice to the holders of bills on said Bank thatspecie payments will be resumed as early as the first day of December next, and sooner, if by our exertions, it can be made practicable. The embarrassment occasioned by the stoppage 01 payment in Boston, renders this delay ninavoidable ; but the means within the control of the Directors are amply sufficient, and shall be aithfully applied to the sole purpose of redeeming the bills. And for the information of the públick, we would further state, that no loss has accrued to the Corporation, beyond its ability to sustain. The amount of bills in circulation, does not exceed $130,000. All the debts due to the Bank at Bangor are considered by the Directors unquestionably secure. The amount there due on business paper is $66,000. And the following notice will shew what may be expected from the Agents and Stockholders in Boston. A deposit is already be un at one of the Banks in this City, which will be increased as fast as the effects of the Bank can be realized, and applied to the payment of the bills. The delay in making this communication has been wholly unavoidable, and should not be ati. uted to want of sensibility to the just claims of the publick. The Directors as keenly feel and as deeply deplore the evils of this suspension of payment as any part of the community. E. ADAMS. THOMAS A. HILL. Boston, July 6. 1822.