8723. American Bank (Hallowell, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 16, 1877
Location
Hallowell, Maine (44.286, -69.791)

Metadata

Model
gpt-5-mini
Short Digest
91d7731c

Response Measures

None

Description

Newspaper excerpts (Dec 1877 and Dec 1878) describe the American Bank of Hallowell as 'defunct' and in the hands of receivers, with receivers paying dividends and outstanding certificates and cash on hand given. No contemporaneous description of a depositor run is present; the bank is in receivership/being wound up, so classify as a suspension/closure with receivership (government-appointed).

Events (2)

1. December 16, 1877 Receivership
Newspaper Excerpt
During the year the receivers of the defunct American bank of Hallowell, have paid dividends to the amount of $580.24. The amount of certificates now outstanding is $896, and the cash on hand to pay the same is $788.48.
Source
newspapers
2. December 16, 1878 Receivership
Newspaper Excerpt
The outstanding certificates of the American Bank of Hallowell are $800. Cash on hand to pay the same, $704, at the rate of 88 per cent., the dividend ordered by the court.
Source
newspapers

Newspaper Articles (2)

Article from The Portland Daily Press, December 17, 1877

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Article Text

BY TELEGRAPH. MAINE. MAINE SAVINGS BANKS. Fifth Annual Report of Examiner Belster. [Special to the Press.] AUGUSTA, Dec. 16.-The fifth annual report of Bank Examiner Bolster gives a gratifying exhibit of the condition of our savings banks. The improvement in their condition is very marked and there has been a corresponding increase in public confidence in them. BANKS OF DISCOUNT. The report first deals with banks of discount of which the only one left is the Eastern of Bangor, the Mercantile of the same city having surrendered its charter in March, 1876, and the North of Rockland, having opened its books as National Bank, on the 15th of last September. The Eastern is thoroughly sound and in a prosperous condition. During the year the receivers of the defunct American bank of Hallowell, have paid dividends to the amount of $580.24. The amount of certificates now outstanding is $896, and the cash on hand to pay the same is $788.48. LOAN ASSOCIATIONS. The Peoples' Loan and Building Association of Richmond, is the only one in the State. It was incorporated in February, 1875, and is in a Sound condition with assets to the amount of $20,178.42. The receipts and disbursements for the two years ending March 19, were $18,730.11. The system on which it operates has been frequently explained. SAVINGS BANKS. The number of savings banks now organized in this State is sixty-four, the same as last year. Those which have been placed in the hands of receivers are the Winthrop, Solon, Bucksport and Lewiston Institution for Savings, paying respectively, 40, 85, 40 and 50 cents on the dollar. There will be an early settlement of the affairs of the Solon bank and Lewiston Institution for Savings, but the final settlement of the others will be delayed by pending litigation. The deposits and profits of the sixty banks now doing business, on the 5th of November last, were $26,898,432.76. The assets, as compared with 1876, are as follows: ASSETS. 1876. 1877. Invested in United States bonds...$ 602,419 16 $ 982,869 47 State of Maine bonds 137,319 75 97,216 50 Other state. county and


Article from The Portland Daily Press, December 16, 1878

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Article Text

BY TELEGRAPH. MAINE. MAINE SAVINGS BANKS. Annual Report of Bank Examiner Bolster. AUGUSTA, Dec. 15. The report of W. W. Bolster, State Bank Examiner, has been prepared for submission to the Governor and Council. Although the past year has been more trying to savings institutions,than any previous ones,our savings banks are in a better condition and stronger than a year ago. BANKS OF DISCOUNT AND DEPOSIT. The Eastero and Mercantile banks of Bangor have both surrendered their charters and are transacting such business only as is neces sary to a final s-ttlement of their affairs. Tue outstanding certifica es of the American Baok of H sllowell are $800. Cash on hard to pay be same, $704. at the rate of 88 per cent., the dividend ordered by the court. SAVINGS BANKS. The number now organized and doing business in the state is fifty-nine, a decrease of five since September 27, 1875. These have been placed in the hands of receivers, baing the only ones 80 placed since the organization of the system in the state, and are given in the following table, showing their present condition and the progress made in the settlement of their affairs: TOOD