8666. Belfast Savings Bank (Belfast, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 29, 1922
Location
Belfast, Maine (44.426, -69.006)

Metadata

Model
gpt-5-mini
Short Digest
45e372f7

Response Measures

None

Description

The Belfast Savings Bank suspended/closed in late March 1922 (articles give March 25 and March 29). Trustees petitioned for suspension/voluntary liquidation because the bank could not pay the 4% dividend; inability traced to defaults on interest by corporations whose securities the bank held. Joint receivers were appointed April 14, 1922. The bank did not reopen; receivers liquidated assets and paid dividends through 1923.

Events (2)
1. March 29, 1922 Suspension
Cause
Voluntary Liquidation
Cause Details
Trustees voluntarily appealed for suspension/voluntary liquidation because the bank could not meet the June 4% dividends; inability caused by defaults in interest payments by certain corporations whose securities were held by the bank.
Newspaper Excerpt
the Belfast Savings Bank, which closed its doors on March 29 because of inability to pay dividends 4 per cent
Source
newspapers
2. April 14, 1922 Receivership
Newspaper Excerpt
Joint receivers for the Belfast Savings Bank... were appointed to-day. Chief Justice Leslie C. Cornish named Robert F. Dunton... and Carleton P. Merrill... Deposits approximate $1,800,000.
Source
newspapers

Newspaper Articles (12)
1. April 6, 1922 The Republican Journal Belfast, ME
Article from The Republican Journal, April 6, 1922

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Article Text

The News of Belfast NEW ADVERTISEMENTS The City National Bank publishes an adv. in regard to increasing their capital stock and also gives notice of stockholders meeting. The Central Maine Power Co. has something to say about customer ownership in America. Randall's Store advertises the Binner corset, which they carry. The Home Furnishing Co. offers ready made curtains at lowest prices. Cooper & Co. carry Lowe Bros. paints and varnishes. The Dreamland Theatre publishes picture program. The Direct Importing Co. advertises benefit coffee and other articles. The Colonial Theatre publishes picture program. See adv. of fountain pen lost. See adv. of roll-top desk wanted. Mrs. Walter J. Howard publishes a card of thanks. The Timm Shoe Store advertises the last three days of their Clean Shelf shoe sale. Georgie E. Hall offers new spring dresses at the Kiddies' Shop. The Durant Motor Co. advertises the Durant Car. See reward offered in regard to theft of typewriter. The Waldo Trust Co. advertises safe deposit boxes and publishes annual statement. B. O. Norton advertises Ford cars and quotes prices on same. The Municipal officers of Belfast advertises for bids for street sprinkling. Lewis A. Gannon & Co. advertises Vesta storage batteries. The Dinsmore Store advertises Dorothy Dodd shoe. H. J. Locke & Son advertises Good Luck rings. C. C. Rogers advertises eggs for hatching and Syracuse plow. Harry W. Clark & Co. advertises useful articles at furnishing store. E. C. Dow, milk inspector, gives notice in regard to sale of milk. Bert L. Davis advertises the Arrow shirts. Mrs. A. B. Wyllie gives notice of Easter opening of hats. AN APPRECIATED COURTESY. In its issue of March 31st the Bangor Commercial very kindly says of Belfast's recent misfortune in the closing of the Belfast Savings Bank. This is more apparent as it come at the time when other daily presses are making false state-ments: "The trustees of the Belfast Savings Bank appear to have been wise in asking for permission to suspend business in view of the fact that it was not earning dividends. This not a failure, but a movement in behalf of depositors and stockholders for the purpose of averting losses that might come and to close up a business that is not now proving lucrative. The trustees are deserving of praise for their prompt recognition of conditions and prompt action in behalf of all inter-ested."

2. April 15, 1922 New-York Tribune New York, NY
Article from New-York Tribune, April 15, 1922

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Name Augusta Bank Receivers AUGUSTA, Me., April 14.-Joint receivers for the Belfast Savings Bank, which closed its doors on March 29 because of inability to pay dividends 4 per cent, were appointed to-day. Chief Justice Leslie C. Cornish named Robert F. Dunton, of Belfast, 8 former State Bank Commissioner. and Carleton P. Merrill, treasurer of the Skowhegan Savings Bank. Deposits approximate $1,800,000.

3. April 15, 1922 The New York Herald New York, NY
Article from The New York Herald, April 15, 1922

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RECEIVER FOR SAVINGS BANK. AUGUSTA, Me., April 14.-Joint receivers for the Belfast Savings Bank, which closed its doors on March 25 because of inability to pay dividends of 4 per cent., were appointed to-day. Chief Justice Leslie C. Cornish named Robert F. Dunton of Belfast, a former State Bank Commissioner, and Carleton P. Merrill. treasurer of the Skowhegan Savings Bank. The bank's deposits approximate $1,800,000.

4. April 15, 1922 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 15, 1922

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HARDING PROTESTS PROPOSED CUT IN NAVY PERSONNEL Letter to House Says NAME REGEIVERS Believes the Country Would Not Approve FOR CLOSED BELFAST Reduction Below 86,000 1 Cut to 67,000 SAVINGS INSTITUTION Too Drastic, and Robert F. Dunton of Belfast, a former State bank commissioner and False Economy, His Carleton P. Merrill, cashier of the View Skowhegan Savings Bank, were appointed joint receivers of the Belfast Washington April 14.-President Savings Bank by Chief Justice Leslie Harding in a letter read today to the C. Cornish of the Supreme Judicial Court Friday. Each is required to House that the naval supply bill furnish bonds in the sum of '$50,provide for a more adequate enlisted 000. force than 67,000, as fixed by the apL. Ernest Thornton and Fuller C. propriations committee. Wentworth, both of Belfast, were appointed commissioners to receive The president said he would be and pass upon claims, their report greatly disappointed, as he knew the to be filed by July 1, 1922. country would be, If the enlisted perThe trustees and Bank Commissonnel was reduced below 86,000. the sioner Fred F. Lawrence of Skowhefigure which has been proposed by the gan on March 29 filed an application stating that it would be for the "big navy' group. benefit of the stockholders to volunWhile the decision must lie with tarily liquidate the affairs of the BelCongress the president said he could fast Savings Bank. said

5. May 4, 1922 The Republican Journal Belfast, ME
Article from The Republican Journal, May 4, 1922

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The News of Belfast NEW ADVERTISEMENTS Mrs. John W. Ferguson offers for sale her place at 188 High street. The Direct Importing Co. advertises coffee, teas, salmon, etc. The receivers of the Belfast Savings Bank publishes statement of condition.' The Simpson Motor Sales Co. advertises the Durant 4 and Durant 6 cars. Herbert Morey publishes a notice in regard to his field. Durost & Goddard advertises to do contract work, etc. J. Austin McKeen offers jigger wagon for sale. Adrain F. Jones, State Farm, Mass., advertises deposit account in Belfast Savings Bank. H. J. Locke & Son advertises watches, clocks, etc. The Dinsmore Store offers Thompson Bros. sample shoes again this year at $5.95. Mr. and Mrs. Leon Goddard publish a card of thanks. The Colonial Theatre advertises picture program. The Waldo Trust Co. publishes a bank advt. and also advertises book lost. McMahan's Bootery is having a drive for new customers and are offering special values. The Dreamland Theatre advertises pic ture program. Randall's Store advertises the new Nemo corsets. The Waldo County Hospital gives notice of annual meeting of incorporators. Mr. and Mrs. H.B. Clement publish a card of thanks. The Home Furnishing Co. offers com plete furnishing for the home for $350 to $850. Mrs. Ada Wildes wants girl to work for the summer. Russell Knight offers bicycle for sale. The receivers of Belfast Savings Bank publishes an advt. in regard to persons indebted to the bank. A. A. Howes & Co. advertises special sale. C. A. Paul ad vertises Vulcan automobile springs. Orrin J. Dickey has apple trees for sale. Mrs. Isaac S. Hills advertises the Spencer corsets. Fred D. Jones advertises wall paper. See advt of Way Back Ball. Charles R. Decrow, who recently bought the Highland Spring Water business of Capt. J. W. Burgess, has a motor delivery car, making. a great saving of his time. The chief's call was rung in at 3.45 Sunday afternoon for a grass fire on the William G. Preston farm on Lincolnville avenue. The men responded, but were notified that the fire was under control. The following Belfast Masons have been in Portland the past few days attending the Masonic anniversaries: Morris L. Slugg, Allen L. Curtis, Norman A. Read, Dr. Milton C. Stephenson, James E. Braley, Warren A. Nichols, and Linwood B. Thompson. The preliminaries for the girls' division of the prize speaking in the Belfast High school was completed Tuesday with the selection of Romona Leadbetter. Dorothy Clark, Kitty Sansom, Wilda Savery, Augusta Nickerson and Adelaide Howard. The boys' division took place Wednesday afternoon too late to be reported in this issue. The funeral of Mervin L., the fourteen months old little son of Leon F. and Car2 rie (Roberts) Goddard, took place at o'clock Saturday afternoon at their home, No. 21 Spring street, Rev. G. C. Sauer of the Baptist church officiated. The child was born in Brunswick, Feb 17, 1921, but the family have lived here for the past year. He was a bright, attractive little lad. His death resulted from influenza and a complication.

6. June 15, 1922 The Republican Journal Belfast, ME
Article from The Republican Journal, June 15, 1922

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PERSONAL Miss Alice Wardwell left Thursday for a visit at her home in Penobscot. Hon. and Mrs. Elton H. Lewis autoed y here from Boothbay the past week for a few days' visit. e Mrs. Frank E. Bramball left recently to visit her brother, Lloyd Stantial, and n family in Houlton. Hon. R. F. Dunton went to Augusta f Tuesday on business connected with the receivership of the Belfast Savings bank. Mr. and Mrs. J. Fred Sylvester, ace companied by Miss Ruth Smalley of 1 Hallowell, are visiting relatives in this city. 1 E. A. Wadsworth, Mrs. Ansel Wads3 worth and Mrs. A. A. Packard of Belfast were recent guests of Mrs. J. W. Pottle in Rockport. I Mr. and Mrs. William Annis of Milo are guests for a few days of Mr. and Mrs. Ralph L. Cooper and of Mr. and Mrs. $ Austin J. Fernald. John F. Durham, a student at Dart. mouth College has arrived to spend the summer with his parents, Mr. and Mrs. James C. Durham. Harry A. Starrett returned Wednesday to his home in Roslindale, Mass., leaving his wife and infant son for a longer visit with relatives here. $ Rev. and Mrs. Arthur A. Blair have returned to their home in Lisbon Falls, s after a visit with Mrs. Sarah E. Pierce and Mrs. Essie P. Carle. 3 Miss Ruth Dinsmore has arrived home from LaSalle Seminary, Newton, Mass., s to S. end the summer vacation with her parents, Mr. and Mrs. Irving T. Dinsmore. I e Mr and Mrs. I.L. Perry and Mr. and 1 Mrs. James C. Durham returned Satur. day from a week's camping trip in Bar Harbor in the Perry car which is fitted { with sleeping and cooking accommodat tions. Charles Wesley Wood, son of Mr. and t Mrs. Charles F. Wood of this city, who graduated from the University of Maine in the Agricultural course, is remaining t at Orono for some time. He plans to teach in the fall. 1 Mr. and Mrs. Edwin A. Jones were in Camden Tuesday to attend the funeral of : the latter's mother, Mrs. James W. Achorn, who died suddenly Sunday night t while visiting at the Jones cottage, Duncan Lodge, in Northport. e r Mr. and Mrs. James H. Howes and the Rev. and Mrs. William F. Skerrye motored to Kennebunkport last week to atr tend the Unitarian Conference, making s the trip in the Howes car. Mr. Skerrye had a part in the program. e Mrs. C. A. Pilsbury, Prof. and Mrs. W. : F. Schoppe sons, William, Robert and I John of Bozeman, Mont., arrived Tuesday night from Auburn, where they had been t guests of Prof. Schoppe's parents, and s will spend several weeks at the Battery, where they have taken a cottage. r Mrs. Harry H. Upton and little daughh ter, Sheila Mary, have arrived from e Springvale and are visiting her mother, o Mrs. J. O. Hayes and other relatives. Rev. Mr. Upton will go to Indianapolis, Ind., to attend the sessions of the Northern Baptist Convention. o , Miss Louise R. Clement, who is spendn ing the summer with her father, Amos S Clement, at Seaside Inn, Seal Harbor, left here Friday for a week's auto trip. She was accompanied by Miss Katherine f Kittredge. At New Gloucester they were joined by an Abbot classmate of Miss n Clement for a trip through the White a Mountains. Miss Kittredge will later visit her sister, Miss Helen Kittredge in Allston, while the others attend the r Commencement at Abbot Academy.

7. August 4, 1922 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 4, 1922

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Republican Rallies The Republican campaign speakers. including Gov. Baxter, Senator Hale. Chairman Peacock of the State committee, Mrs. Guy P. Gannett of Augusta and Miss Betsey Edwards of Indiana, will be in Waldo county on August 17. The receivers of the Belfast Savings bank, today began to issue checks amounting to 5 per cent. on all deposits held in the bank, and later expect to make two more payments of 20 per cent. each. The Belfast Savings bank was closed on March 29th by State Bank Commissioner Fred F. Lawrence of Skowhegan, after the trustees had voluntarily appealed to the supreme judicial court for an order restraining them from doing business. This was done in order to safeguard the depositors when the trustees found that they would be unable to meet the June dividends. The inability to do this was caused by default in interests payments by certain corporations whose securities were held by the bank. The bank was organized April 30, 1868 and was considered one of the soundest in the State, having weatered many financial crisis. The total deposits at the time of closing amounted to $1,861,095.53. The depositors were mainly Belfast residents, many of them widows and elderly people who had banked there all their lives.

8. August 10, 1922 The Republican Journal Belfast, ME
Article from The Republican Journal, August 10, 1922

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and many are being Caught boats. W. R. Howard is high line at the Battery with a record of seventy at one catch. Edmund Wilson, collector, gives notice that the city taxes are now ready for payment and that a discount of 21-2 per cent is allowed up to 6 p.m., August 31st. See his advt for office hours. Fred G. Gray is building an eight room He house near the foot of Mayo street. has also bought a lot of the Swan Realty Company off Northport avenue and will build on it. He nas also built a cottage near the shore in East Belfast. The City National Bank and the Waldo Trust Co. were open all day Saturday and from 7 to 9 o'clock in the evening, in order to benefit the depositors of the Bel. fast Savings bank, who had received their first checks of fifty percent, from the receivers of the bank. The banks were ready to cash checks or to receive deposits: One of the most delightful and largely attended dances of the season was held last at Littlefield pavilion in Waldo Thursday the evening as a benefit to the num Waldo County Hospital. A large ber of the Belfast Dancing Club autoed McKeen's orchestra furnished the out. best of music. Their vocal numvery bers were especially pleasing. The Mrs. net proceeds for the Hospital were $50. Cecil Clay, the president of the Aid, Mr. requests The Journal to publicly thank Fred Littlefield and others who assisted in making the affair a social and a financial success. annual field meeting of Waldo The Pomona will be held at the St. County Trotting Park in Montville, Tues29, nd not on the as has f The speakers been day, George August reported 22d, for the will be Lyman H. Nelson of the commission and master Maine meeting Maine Thompson, highway State grange. W. J. Character readings by Lottie E. York, Maine's popular reader. There will also by be community singing and vocal solos and prominent vocalists. Ball games H. under the direction of Norman All sports Donahue of Belfast, county agent. are cordially invited to attend. the recent guests registered at Hotel were Mr. and the of Skowhegan, the Among Merrill Windsor former Savings Mrs one C. P. of the Belfast and Mrs. E. P. Mr. Bullock coming of Portland, Bauk; the receivers Mr. Bullock for of the the of of auditing the Company, purpose Swan-Whitten which Milliken, books recently into the hands of Tompassed Co. of Portland; J. J Ferren of linson Yarmouth; R. J. Hill, South `Portland; V. Charles C. McLean, Portland; Forant C. Waterfall of Boston; Paul R. M. George C. Forant, Boston; Alma M. and Deschenes, Reading, Mass. Helen Portland; Bess I. Cushing, Wellesley Afflect, Farms, Mass.; Ruth M. BuxSprin field, Mass.; Charles C. Gillis, Julius ton, John R. Waters, Boston; HanoN. Weiss, Boston; New York; Henry Walker, freH. Visitors at the Windsor quently ver, say that they find here the and very the of service in every respect and best proprietors, Edwin A. Jones large genial Victor W. Whittier, are receiving a share of the summer auto parties. THE COAL SITUATION. The personof the Maine fuel commission as announced nel at Augusta Friday has the name Frost of Beifast as the commitfor Waldo County. commeet from time to to mission of O. E. teeman will The their time re0 report on the amount of fuel in spective counties and assist in obtaining probable what coal IS necessary. It is that a commission for distribution of fuel be necessary later on. Mr. Frost requests may all in need of coal to last them until April 1st to send him by mail their the amount and kind of coal neede f ed. names, Clyde B. Holmes of the Consumers' has Fuel Company says that his company t hand today approximately 300 tons of of on coal and will have about 100 tons soft pea coal when their present orders are a filled. The company takes orders for limited tonnage for future delivery providing they are able to secure the coal. The price will be that current at the time of delivery. n Mr. and Mrs. J. W. Blaisdell entertainlast Sunday at a family reunion of the ed Blaisdell family at their home, Georgian Hall, with luncheon at the Country Club The h and supper at the Windsor Hotel. 0 afternoon was spent with music and was very delightful occasion. The guests y a were Mr. and Mrs. P. C. Blaisdell, North port; Mr. and Mrs. A. L. Blaisdell, WinS terport; Dr. and Mrs. S. C. Blaisdell, Mr. and Mrs. C. O. Blaisdell, Brooklyn, N. e and Mrs. S C. Blaisdell, Winterf and Mrs. George n and Walker, Bayrich, n and Mrs. Edwin son port; land; William Mr. Mr. Mr. Davis Bell Long and and sons IsPhilo and Mrs. Frank L. Blaisdell, Redn bank, N. J.; Mr. George Blaisdell, BradS ford, Pa.; Mrs. W. C. Lewis and daughs ter Cora, Binghamton, N. Y. Mrs. J. W. N. Grayson and son Lincoln, Yonkers, n Y.; Mrs. N. B. T. Barker, Woodland, g f Me.; Mrs. W. M. Thompson, Redbank, N.J.; Mrs. Milton Webber, Brooklyn, N. Mr. and Mrs. L. C. Babcock, Miss bl Harriet Babcock and Mr. Robert Babcock, Marysville, Tenn.

9. November 9, 1922 The Republican Journal Belfast, ME
Article from The Republican Journal, November 9, 1922

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The News of Belfast / NEW ADVERTISEMENTS -The Central Maine Power Co. advertises Preferred stock. The receivers of the Belfast Savings Bank advertises for sealed bids for real estate in Belfast and Islesboro. E. T. Morse, W. Appleton, wants woman for general housework. See notice of dog found. See advt. of bunch of keys lost. Mrs. Cyrene Jackson offers articles of furniture for sale The Hall Hardware Co. offers a line of useful gifts for the early Christmas shopper. Tuttle's Shoe Store advertises the Ball Band Goods with more days wear. Waldo Trust Co. advertises service at their bank. C.A. Paul advertises Exide batteries and winter storage. F. A. and Martha Gilbreth publish a card of thanks. Flora Johnson offers horse for sale. H D. Farnham offers Plymouth Rock poultry for sale. Georgie E. Hall publishes removal announceme it and sale. E. K. Brier & Co. advertises a sale of $5.00 hats. Roy C. Fish has furnished 100ms to let. L E. Pitcher offers new milch cow for sale. McMahan's Bootery offers Flexible arch shoes and other specials. The Waldo Trust Co. gives notice of annual meeting. relatives of the late Eliza Olson a publish The card of thanks. The Dinsmore Store advertises Dorothy Dodd shoes in styles for all occasions. The Davis Sample Shop advertises closing out sale of ladies' suits, coats, dissess and furs. Car B. Weston advertises repair work on phonographs. See adv. of Overland car for sale. W. H. Arnold wants barreled apples and potatoes. The City National Bank publishes a business advt. G.L. Slipp has dressing for lawns or gardens. See adv. of fox hound for sale

10. November 21, 1922 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 21, 1922

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Bank Property to Be Sold The receivers of the Belfast savings bank, which suspended business last spring, will receive sealed bids for the real estate in Belfast, known as the Belfast savings bank building, cerner of Main and Church streets, and the building and lot adjacent. the bids will be opened on Dec. 1st at the bank building at 10 o'clock. The third story of the building is under a written lease which expires Dec. 1st. 1925, and is occupied by the New England Telephone and Telegraph company. Dunton & Morse, attorneys, are tenants at will, occupying the entire seçond floor. The acceptance of the bids will be subject to the approval of the court.

11. December 28, 1922 The Republican Journal Belfast, ME
Article from The Republican Journal, December 28, 1922

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Mrs. Dorothy B. Rogers and two chiler, who have been in Camden for ome time, are now guests of Mr. and rs. Byron B. Rogers. 3 Fred M. Dutch has sold his restaurant n Phoenix Row to Roscoe Thurston of nox and W. H. Whitcomb of Waterwille, who will take possession Jan. 1st. r Dutch will not engage in any busiSS this winter. special meeting of the Hospital A Hosague of the Bradbury Memorial total will be held at the hospital Friday 2 p. m., when sewing will be done for - operating room, and all members are ged to be present. . An order has been filed for payment of the second dividend by the receivers of the Belfast Savings Bank. This will be 5 per cent dividend and it is expected S checks will all be mailed to the deitor: by next Saturday. Dr. Robie B. Hardy of Auburn has used the rent in the Barker house, forearly occupied by Mr. and Mrs. George - Thompson. He will move his family the this week and also open an office at / home, where he will practice. - homas H. Marshall Circle, Ladies of the G. A. R., will give one of their delidinners at 12 o'clock Tuesday, Jan. the when the Post is invited. All sisters urged to be present and furnish libway The dinner will be followed by a installation of the Post and Circle. the Emma White Barker Tent, D. of - will meet Wednesday, Jan, 3rd, when cnic supper will be served in Memo"Hall. There will be the annual inNation under the direction of Mrs. M. ellison when all the new and also the officers, obligated members and invituests are urged to be present. THE the window of the Gerrity store on tral street is a very interesting and able exbibit of mounted butterflies, the erty of Miss Emmie Lewis of Court formerly of Brewer. The mounts, hish are all of foreign butterflies and in the instances rare specimens, were col. and by the late Charles Harriman of and who as a seafaring man traveled world over and gathered the speci- from many parts of the globe and mounted them in expert fashion in a e glass case. Mr. Harriman was a ew of Miss Lewis' father.-Bangor mercial.

12. October 9, 1923 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 9, 1923

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Defunct Local Bank Pays 88½ Per cent. Depositors of the Belfast Savings Bank. which closed its doors a year ago last March, have received 88½ percent according to the final report recently made by the receivers, R. F. Dunton of Belfast, and Carleton P. Merrill of Skowhegan at a hearing before Chief Justice Leslie F. Cornish in Augusta. The payments were made in three dividends, and this has been paid, with the exception of $1,930.24. which has been deposited with the State Treasurer, to meet dividends due depositors whose addresses the receivers could not ascertain. Charles H. Hubbard of the Waldo accounts and the final report has