8670. Waldo Trust Company (Belfast, ME)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: March 6, 1927
Location: Belfast, Maine (44.426, -69.006)

Metadata

Model: gpt-5-mini
Short Digest: 198122df

Response Measures

None

Description

The Waldo Trust Company was ordered closed/suspended by the Maine authorities (court/bank commissioner) after the voluntary bankruptcies of two Boston firms (Boston Book Binding Co. and Small, Maynard Co.) to which the bank had large loans and large exposure via stock held by its major shareholder Norman H. White. The suspension involved appointment of a custodian and branches were closed; articles describe liquidation and a hearing for appointment of a receiver, indicating permanent closure rather than a temporary suspension with reopening.

Events (1)

1. March 6, 1927 Suspension

Cause: Bank Specific Adverse Info
Cause Details: News of the voluntary bankruptcies of two Boston firms (Boston Book Binding Co. and Small, Maynard Co.) revealed large loans and stock exposures tied to major stockholder Norman H. White, prompting authorities to suspend the bank to protect depositors and pending liquidation/receiver appointment.
Newspaper Excerpt: The Waldo Trust Company of Belfast ... was closed yesterday afternoon by order of the Supreme Court ... the voluntary bankruptcy of the Boston Book Binding Company and the Small, Maynard Company ... are responsible for the suspension of the Waldo Trust Company
Source: newspapers

Newspaper Articles (10)

1. March 7, 1927 The Republican Springfield, MA

Article from The Republican, March 7, 1927

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Article Text

$700,000 BANK CLOSES DOORS AT BELFAST, ME. Due to Bankruptcy of Two Boston Firms: Court Orders Action Boston Small Maynard Boston the of the Waldo Trust company of Belfast, which closed Saturday by order of Charles H. Hubbard, president of the trust com. H. White of Brookline Mass. owner of the above publishing companies, is the largest stockholder of the Waldo Trust company, is one of Its trustees and through him loans to Found It Best to Suspend "In the the affairs liquidating bad of previous Mr White presented of stock in reg. the for the closing of its news the bank up the bank and best all concerned it was decided "The liquidation of the Waldo Trust company will depend upon the liquidation of the Boston firm. And the status Mr White the Auto Vacuum company, both having large loans. By order Bank Commissioner John G. Smith, Frank Parker of Belfast, senior bank examiner, has been appointed custodian until appointed. hearing will be held Augusta on or about the 17th for that purpose. In the time all depositors are held up and all Coming did after the close of

2. March 7, 1927 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, March 7, 1927

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Article Text

WALDO TRUST CO CLOSES ITS DOORS Belfast Concern Involved in Small, Maynard Failure Hearing on Appointment of Receiver at Augusta March 17 Special Dispatch to the Globe BELFAST, Me, March 6-"The voluntary bankruptcy of the Boston Book Binding Company and the Small, Maynard Company of Boston, are responsible for the suspension of the Waldo Trust Company of Belfast, which was closed yesterday afternoon by order of the Supreme Court,' said Charles H. Hubbard, president of the trust company. today. "Norman H. White of Brookline, Mass, of the above publishing companies, is the largest stockholder of the Waldo Trust Company, is one of its trustees, and through him loans to these companies have been made. In the course of the bank's affairs in liquidating bad of ministrations,' said Mr Hubbard, previous "Mr White presented the bank with large blocks of stock in both companies dividends. which have paid regular and liberal 'However. while the State bank examiners were here last week, the news of the bankruptcy of these companies was made public, and this was responsible for the closing here. As soon as the news was received the bank officials took the up with the Bank Commission and for the best interests of all concerned, it was decided to suspend. "The liquidation of the Waldo Trust Company will therefore depend upon the liquidation of the Boston firms, said Mr Hubbard, "and also upon the financial status of Mr White, and the Auto Freezer Company, both having large loans from here By order of Bank Commissioner John G. Smith, T. Frank Parker of Belfast, senior bank examiner, has been appointed custodian until roceiver appointed. A hearing will be held at Augusta on or about March 17 for that purpose. In the meantime all deposits are held up and all business suspended. Coming as It did after the close of business on the fact of the suspension was not made public until today, and there was therefore no run on the bank. The Waldo Trust Company has total deposits of $700,000. with assets of $840,000, and is capitalized for $60 000. with surplus of $10,000. It has branches in Brooks, Unity and Castine, all of which are closed. The Waldo Trust Company was formerly the Peoples National Bank, and but for the bankruptcy of the Boston was apparently in better condition than in many years In the process of liquidation the savings deposits will come first and then the checking accounts.

3. March 7, 1927 The Bangor Daily News Bangor, ME

Article from The Bangor Daily News, March 7, 1927

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Article Text

BELFAST BANK CLOSES DOORS (Continued From First Page) tary bankrupety of the Poston Book Binding Co. and the Small Maynard Co. of Boston are responsible for the suspension of the Waldo Trust Co. of Belfast, which was closed yesterday afternoon by order of the supreme court, said Chas H. Hubbard, president of the trust company, today. "Norman H. White of Brookline, Mass., owner of the above publishing companies, is the largest stockholder of the Waldo Trust Co., is one of its trustees and through him loans to these companies have been made. In the course of the bank's affairs in liquidating bad loans of previous ad ministrations," said Mr. Hubbard. "Mr. White presented the bank large blocks of stock in both companies which have paid regular and liberal dividends, but it was while the state bank examiners were here last week that the news of the bankruptcy of these companies was made public and was responsible for the closing of its doors. As soon as the news was received the bank officials took the matter up with the bank commissioners and for the best interests of all concerned It was decided to suspend. "The liquidation of the Waldo Trust Co. will therefore depend upon the liquidation of the Boston firms, said Mr. Hubbard. "and also upon the financial status of Mr. White and the Auto Vacuum Freezer Co., both hav. ing large loans.' By order of Bank Commissioner John G. Smith. Frank Parker of Belfast, senior bank examiner, has been appointed custodian until a receiver is appointed. A hearing will be held at Augusta on or about March 17 for that purpose. In the meantime all deposits are held up and all business suspended. Coming as it did after the close of business on Saturday the suspension was not made public until today and there was, therefore, no run on the bank. The Waldo Trust Co. has total deposits of $700,000. with assets $840.000, is capitalized at $60,000 and has surplus of $10,000. It has branches in Brooks, Unity and Castine, all of which are closed. The Waldo Trust Co, was formerly the People's Na. tional Bank. and but for the bankruptcy of the (Poston concerns was apparently in better condition than in years. In the process of liquidation the savings depositors will come first and then the checking accounts.

4. March 7, 1927 Kennebec Journal Augusta, ME

Article from Kennebec Journal, March 7, 1927

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Article Text

Bankruptcy Boston Firms Blamed for Closing Waldo Bank Belfast, Mar. voluntary bankruptcy of the Boston Book Binding Co., and the Small, Maynard Co., Boston, are responsible for suspension Waldo Trust Belfast, closed terday by order of the Su preme Court," said Charles Hub. bard, president of today "Norman H. of Mass., owner the above publishcompanies, largest stock holder the Waldo Trust its loans made. the bad said Mr. Hubbard, White the bank with blocks stock both panies which liberal while state bank examiners were here last news companies and its doors. the bank the up and the of the Waldo Trust Company

5. March 8, 1927 Commercial Bangor, ME

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Article Text

Partial Relief for Waldo Trust Co. Seen In Boston March 8.-Partial relief the troubles of Waldo Trust Company of Belfast, Maine, which was closed Satneday by order of the Maine Supreme Court may effected by the reorganization the Boston Book binding Company Boston, It was learned Monday. The voluntary bankruptcy of the bookbinding company and of and Co.

6. March 8, 1927 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, March 8, 1927

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N. H. WHITE CONFERS WITH RECEIVER Owner of Two Bankrupt Boston Companies Half-Owner of Belfast, Me, Bank Aids in Unraveling Tangle Norman H. White, owner of the Boston Book Binding Company and Small, Maynard Company, publishing company, as well as being halfowner of the closed Waldo Trust Company of Belfast, Me, spent yesterday in conference with William H. Taylor at the office of the publishing company Beacon st. Mr Taylor has been appointed receiver the publishing company by the Federal Court to adjust the affairs of that company Mr White also is trustee of the Belfast bank which loaned large sums to the two Boston companies he owned and which have been petitioned into bankruptcy. These petitions were filed by the two companies on March 1. in the Federal Court here, with liabilities 475,569 and estimated assets of $467,000 G. Wallace Tibbetts Edmund Barnard and Lowell A. Mayberry have been appointed receivers for the Boston Book In the instance of each petition there was appended record of votes taken by the of each concern, stating that the are unable to pay their debts. are and that their affairs should be wound up. Documents Signed Everett W. as secretary of the board of directors and clerk of the corporations signed the documents. Charles W. Sheen as treasurer signed the Small Maynard Company document listed $524 and estimated assets at $127,000. Mr White as treasurer signed the petition of the Boston Book Bind. ing Company petition, which listed its liabilities $730,573 and assets of $340,000. No list of creditors was appended, because under the new bankruptcy law it is not required until 10 days after filing the petition. Mr Taylor, receiver for the Small-Maynard Company, said that this interval would probably be taken advantage of The petitions were filed by Dunbar, Nutter and McLennon, a Boston law firm. According to Mr Taylor, Norman H. White spent all day in with him and made every effort to see that he had all possible cooperat bringing the settlement of the affairs. All the books, statements and other papers have been turned over to Mr Taylor for examination No Run on Bank The Waldo Trust Company which has been closed in consequence of the failures of the two Boston concerns. has branches in Brooks, Unity and Castine, Me. These have been closed. The Trust Company has total deposits of $700,0000 and assets of $840,000 and is capitalized for $60,000 with surplus of $10,000 It formerly was the People's National Bank and was excellent financial condition until the failure of the two Boston houses forced it to close its doors. In the process of liquidation, the savings accounts will be satisfied before the checking accounts. The bank examiners were in Belfast last but at that time the news of the failure of the Boston concerns was not generally known and there was no run on the bank When the failure was noted, the bank was suspended "for the best of all" after the bank examiners had been consulted. John G. Smith, bank examiner of Belfast Me, was appointed as cus. todian of the bank. A hearing will be held on March 17 at Augusta, Me. All deposits are now being held up and business is being suspended was decided to close the bank last Satur day, but the decision was not made public until Sunday A large number of people are seriously effected by the closing of the bank.

7. March 14, 1927 New Britain Herald New Britain, CT

Article from New Britain Herald, March 14, 1927

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BRISTOL BANK IS INVOLVED IN CASE : Reported Loaning Money to Mass. Firms Now Failed Boston, March 14 (AP)-The Suffolk county grand jury after an investigation into the financial dealings of Norman H. White of Brookline, returned a secret indictment today. It is expected that it will be made public tomorrow. The investigation followed the failure of two Boston concorns of whi White was president, and the subsequent closing of a bank in Belfast, Me., of which he was a director and the largest stockholder. Thirty-four banks in Boston. . Maine, New Hampshire, Connecticut, New York and Ohio are said to have made loans to White's companies on his alleged representations that both concerns were solvent. These loans toalled about $1,500,000. Individually they ranged from $2,000 to $75.000. The Maine bank commissioner ordered the Waldo Trust company to suspend business on March 6. Its branches in Castine, Brooks and Unity, Me. also were closed. The reason assigned was the failure of White's Boston companies. White was chair.nan f th board of directors of the Waldo Trust company A hearing into the bank's condition was set for March 17. White was formerly a representative in the Massachusetts legislature. In the bankruptcy petitions the Small. Maynard and company liabilities were estimated at $524,581. assets $127.000. while the Boston Bookbonding company was estimated to have $730,573 direct liabilities, $220,415 contingent liabilities and assets of $340,000. Daniel J. Lyne, assistant district attorney. presented the case to the ( grand jury, Among the witnesses summoned were Edwin L. Pride, an S accountant: Inspector John Dorsey I who has est ted White's affairs. I and officers of several Boston and ( Chelsea banks. The banks with which White is T said to have dealt outside of Boston i and vicinity include: Danielson Trust : company Danielson, Conn.: Citizens' Bank and Trust company, Hartford, Conn.: and Bristol National bank, S Bristol, Conn. I

8. March 14, 1927 Biddeford-Saco Journal Biddeford, ME

Article from Biddeford-Saco Journal, March 14, 1927

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Indictment Is Returned by Grand Jury LOANS TOTAL MILLIONS Boston, March Suffolk county grand after jury into financial dealings of Norman H. White of Brookline returned secret indictment day. It is expected that will made public tomorrow. The investigation followed the failure of two Boston concerns of which White president and the subsequent closing bank Belfast, Me., of which director and the largest stockholder. Boston, March Suffolk county grand jury today gan an investigation into the Norman White of Brookline, president of the Boston Bookbinding company and Small, Maynard publishers, which filed petitions bankruptearly this The closing of Waldo Trust Co. Belfast, Maine, in which White was heavily interested, is said to have led to the investigation. banks in Boston, Maine, New Hampshire, Connecticut, New York and said to have made loans to White's his that both concerns solvent. These loans were totalled about Individualthey ranged from $2,000 to $75,000. The Maine bank dered the Waldo Trust company business March Its suspend on Castine, Brooks and branches Unity, Me., also were closed. The was the failure reason assigned White White's Boston of the board of directthe Waldo Trust company. of hearing into the bank's condition set for March 17. formerly representawas tive in the Massachusetts legislature. bankruptcy petitions the Co. liabilities Small, Maynard estimated $524,581, assets while the Boston BookbindCo. was estimated have $730,direct liabilities, $220,415 contingent liabilities and assets of $340,banks with which White The to have dealt outside of Boston are the Chatham Phenix and vicinity National Bank and Trust the New York Trust Co. and the Chase National bank; both of New York; Merchants Trust Co., Massillon, National Union bank, Baltimore; Worcester Bank and Trust WorWaldo Trust Belfast; cester; Danielson Trust Co., Danielson, Conn.; Citizens Bank and Trust Bristol National Hartford, Conn.; bank, Bristol, Conn., Rockingham National bank, Exeter, the the Waldo After closing its Charles H. Trust president, Hubbard, said that White its largest stockholder and that through him loans had been made to his Bossaid that in the ton of bad loans of course liquidation previous administrations White had presented the bank with large blocks stocks both companies, which and liberal" divihad paid "regular dends. appointed for the BosReceivers Lowell Maycompanies William Taylor, Edmund berry, and Wallace Tibbetts. Barnard

9. March 15, 1927 The Bangor Daily News Bangor, ME

Article from The Bangor Daily News, March 15, 1927

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INVESTIGATE FINANCES OF NORMAN WHITE Has to Do With Loans Made By Waldo Trust Co., and Other Banks. county grand jury after an Suffolk investigation into the financial dimculties of Norman H. White. former state representative, reached an agreement today on secret indictment was understood that it would be formally reported tomorrow. The matters investigated had to do with loans totalling $1,500,000 made by banks In several states to Small Maynard and Company. publishers. and the Boston Bookbinding Company White was president of both concerns. which filed voluntary petitions in bankruptcy on March with estimated total liabilities of and estimated assets of As direct result of the failure of the two concerns the Waldo Trust Company of Belfast, Me., of which White was director and the largest stockholder. was closed by the Maine bank commissioner on March 6. Othor banks said to have made loans are located in Boston and its subN. H. White was member of the legislature for five years. At one time he an unsuccessful candidate for the republican nomination for

10. March 16, 1927 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, March 16, 1927

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Another Bank Fails; Charge That Official Wrecked Instituton BOSTON, March 15.-Suspension of the Waldo Trust Company, of Belfast, Maine, with branches in Castine, Brooks and Unity, today led to a grand jury probe here of the activities of Norman H. White, of Brookline.