American Bank - Hallowell, ME

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1857*
Location: Hallowell, Maine (44.286, -69.791)

Metadata

Model: gpt-5-mini
Short Digest: fc8fc18b

Response Measures

None

Description

Article (1915) references an old note and states the American Bank failed in the financial panic of 1857. No contemporaneous run or reopening is described. I infer a suspension leading to permanent closure during the 1857 panic (macro shock). Date of failure taken from article.

Events (1)

1. January 1, 1857* Suspension

Cause: Macro News
Cause Details: Failure occurred during the financial panic of 1857 (systemic macroeconomic shock).
Newspaper Excerpt: The bank failed in the financial panic of 1857 and the note was never redeemed.
Source: newspapers

Newspaper Articles (1)

1. February 27, 1915 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, February 27, 1915

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Article Text

# HALLOWELL An Old Bank Note Issued by the American Bank in 1855— Officers Elected in the F. And A. M. # MANY PERSONALS AND OTHER LOCAL NEWS Mr. Arthur Magoun of Portland was in the city Friday and while here pre-sented Mr. C. A. Cole with a $10 bank note issued by the old American Bank of Hallowell in 1855. The note is in a good state of preservation and the sig-natures of the cashier, A. H. Howard and the president, Calvin Spaulding, are plainly discernable. The back of the note is of a mixed brown color with light stripes and has no lettering. The face of the note bears a cut of George Washington in the lower right hand cor-ner, a spread eagle in the center, and a figure of liberty in the upper left hand corner. The bank failed in the finan-cial panic of 1857 and the note was never redeemed.