8747. Cascade Savings Bank (Oakland, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 5, 1924
Location
Oakland, Maine (44.540, -69.722)

Metadata

Model
gpt-5-mini
Short Digest
c051b873

Response Measures

None

Description

No newspaper text describes a depositor run. The bank was closed by court order on application of the state Bank Commissioner, a receiver was appointed, and the Augusta Trust Co. assumed liabilities and established a branch to pay depositors in full — a government-ordered suspension that resulted in permanent closure/assumption.

Events (3)
1. January 5, 1924 Suspension
Cause
Government Action
Cause Details
Bank Commissioner petitioned court alleging insolvency and hazardous condition; chief justice issued restraining order closing the bank.
Newspaper Excerpt
Chief Justice Cornish on January 5 last issued a restraining order, on application of Bank Commissioner Fred F. Lawrence, closing the Cascade Savings Bank at Oakland and enjoining it from engaging in business.
Source
newspapers
2. January 17, 1924 Receivership
Newspaper Excerpt
Chief Justice Leslie C. Cornish ... appointed Carroll N. Perkins of Waterville receiver of the Cascade Savings Bank of Oakland and he was ordered to furnish a bond in the sum of $25,000. Chief Justice Cornish sanctioned an agreement whereby the Augusta Trust Co. ... will take over the liabilities of the Cascade Savings Bank and the depositors ... will be paid in full.
Source
newspapers
3. January 18, 1924 Other
Newspaper Excerpt
The Augusta Trust Co. will establish a branch at Oakland through the consolidation of the national bank and the closed savings bank. ... the Augusta Trust Co. will take over the liabilities of the Cascade Savings Bank and the depositors of the latter institution will be paid in full.
Source
newspapers

Newspaper Articles (10)
1. January 7, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 7, 1924

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Article Text

-un Sunsixe Ninp B e laws of said State relating to gs banks. and located at Oakland County of Kennebec. and says: -de slop am s! equal :18 d and legally qualified Bank Comoner of the State of Maine. ond: The defendant is. and since 7. 1869. has been a banking coron engaged in the transaction savings bank business at Oak-, n the County of Kennebec in said and as such amenable to the of this State duly enacted for egulation and control of such inrd: ions. The plaintiff. upon examinaSB, defendent plus 10 red by law. is of the opinion that insolvent and that its condition ch as to render its further proga hazardous to the public and se having funds in its custody: EREFORE the plaintiff That this court. upon presentaf this bill in equity. will issue a rary injunction or restraining to restrain said defendant bank nole or in part from proceeding er with the transaction of its ess until a hearing can be had. That after a full hearing of the ration said injunction may be perpetual or modified as circumes may require. That said Cascade Savings Bank be decreed to be insolvent and its tion decreed to be such as to r its further proceedings hazardo the public and to those having in its custody. That this court will appoint one ore receivers or trustees to take ssion of its property and effects. ct to such rules and orders as be from time to time prescribed. That this court will make and such further orders and decrees n premises as seem proper for ating the affairs of said bank. istribution of its assets and the tion of its depositors. That the Court will grant such and further relief in the premS the nature of the case may reI may it please this Honorable to grant the plaintiff its writ unction directed against the said de Savings Bank to restrain it is officers. servants and agents the further prosecution of its 941 Japan runq STUJAS 8 SU ssa of this State. and also issue its of subpoena to said defendant anding it to aprear before this and answer to this bill of comat the February rules following ibide the orders and decrees of thereon. FRED F. LAWRENCE Commission of the State of ne. STATE OF MAINE January 5. 1924. US NEBRO n personally appeared the above i Fred F. Lawrence and made that he has read the above bill snows the contents thereof and he same is true of his own knowlore me. HERBERT 11". TRAFTON. Justice of the Peace. STATE OF MAINE me Judicial Court in Vacation. in the foregoing petition. it is & DERED bearing be held at the Court

2. January 7, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 7, 1924

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ORDERS OAKLAND SAVINGS BANK TO CLOSE ITS DOORS Upon application of Fred F. Lawrence, bank commissioner, setting forth that the Cascade Savings Bank of Oakland was insolvent and its condition such as to render its further proceedings hazardous to the public and to those having funds in its custody, Chief Justice Cornish Saturday issued a restraining order closing the bank and enjoining it until a hearing can be had. He further ordered a hearing upon the application for a permanent injunction and receivership to be held at the courthouse in Augusta on Thursday, January 17, 1924, at 10 A. M. The Cascade Savings Bank was organized on May 7, 1869; its board of trustees consists of W. M. Ayer, Morrison Libby, J. E. Harris and D. E. Wheeler; its deposits as of December 29. 1923, were $578,217.30; its reserve fund as shown by its books $29,000, and its undivided profits account $3497.07. Bank Commissioner Lawrence stated that the closing of the institution was due to impaired earning capacity and losses resulting from unfortunate investments, conspicuous among which are the bonds of certain street railway companies in other states. He believes that the loss to depositors will be comparatively small.

3. January 8, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 8, 1924

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STATE OF MAINE KENNEBEC. ss-Supreme Judicial Court. in Equity. Fred F. Lawrence, Bank Commissioner, vs. Cascade Savings Bank. BILL IN EQUITY To Honorable Leslie C. Cornish. Chief Justice of the Supreme Judicial Court: Respectfully represents Fred F. Lawrence of Skowhegan. in the County of Somerset and State of Maine, Bank Commissioner of said State, and complains against the Cascade Savings Bank, a corporation duly existing under the laws of said State relating to savings banks, and located at Oakland in the County of Kennebec, and says: First: The plaintiff is the duly appointed and legally qualified Bank Commissioner of the State of Maine. Second: The defendant is. and since May 7. 1869, has been a banking corporation engaged in the transaction of a savings bank business at Oakland in the County of Kennebec in said State, and as such amenable to the Laws of this State duly enacted for the regulation and control of such institutions. Third: The plaintiff. upon examination of said defendant corporation as required by law, is of the opinion that it is insolvent and that its condition is such as to render its further proceedings hazardous to the public and to those having funds in its custody: WHEREFORE the plaintiff prays: 1. That this court. upon presentation of this bill in equity. will issue a temporary injunction or restraining order to restrain said defendant bank in whole or in part from proceeding further with the transaction of its business until a hearing can be had. 2. That after a full hearing of the corporation said injunction may be made perpetual or modified as circumstances may require. 3. That said Cascade Savings Bank may be decreed to be insolvent and its condition decreed to be such 2S to render Its further proceedings hazardous to the public and to these having funds in its custody. 4. That this court will appoint one or more receivers or trustees to take possession of its property and effects. subject to such rules and orders as may be from time to time prescribed. 5. That this court will make and issue such further orders and decrees in the premises as seem proper for liquidating the affairs of said bank, the distribution of its assets and the protection of its depositors. 6. That the Court will grant such other and further relief in the premises as the nature of the case may require. And may it please this Honorable Court to grant the plaintiff its writ of injunction directed against the said Cascade Savings Bank to restrain it and its officers. servants and agents from the further prosecution of its business as a savings bank under the laws of this State. and also issue its writ of subpoena to said defendant commanding it to aprear before this court and answer to this bill of complaint at the February rules following and abide the orders and decrees of court thereon. FRED F. LAWRENCE Bank Commissioner of the State of Maine. STATE OF MAINE January 3. 1924. K ENNEBEC. SS. Then personally appear the above named Fred F. Lawrence and made eath that he has read the above bill and knows the contents thereof and that the same is true of his own knowledge Before me. HERBERT W. TRAFTON. Justice of the Peace. STATE OF MAINE Supreme Judicial Court in Vacation. Upon the foregoing petition, it is hereby ORDERED That a hearing be held at the Court House in Augusta. in the County of Kennebee, on Thursday, January 17. 1924. at ten o'clock in the forenoon. and that notice thereof be given to the defendant Cascade Savings Bank by giving in hand to its clerk and treasurer a true and attested copy of the

4. January 9, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 9, 1924

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STATE OF MAINE KENNEBEC, ss-Supreme Judicial Court. in Equity. Fred F. Lawrence, Bank Commissioner, vs. Cascade Savings Bank. BILL IN EQUITY To Honorable Leslie C. Cornish. Chief Justice of the Supreme Judicial Court: Respectfully represents Fred F. Lawrence of Skowhegan, in the County of Somerset and State of Maine, Bank Commissioner of said State, and complains against the Cascade Savings Bank. a corporation duly existing under the laws of said State relating to savings banks, and located at Oakland in the County of Kennebec, and says: First: The plaintiff is the duly appointed and legally qualified Bank Commissioner of the State of Maine. Second: The defendant is. and since May 7. 1869. has been a banking corporation engaged in the transaction of a savings bank business at Oakland in the County of Kennebec in said State, and as such amenable to the Laws of this State duly enacted for the regulation and control of such institutions. Third: The plaintiff. upon examination of said defendant corporation as required by law, is of the opinion that it is insolvent and that its condition is such as to render its further proceedings hazardous to the public and to those having funds in its custody; WHEREFORE the plaintiff prays: 1. That this court. upon presentation of this bill in equity. will issue a temporary injunction or restraining order to restrain said defendant bank in whole or in part from proceeding further with the transaction of its business until a hearing can be had. 2. That after a full hearing of the corporation said injunction may be made perpetual or modified as circumstances may require. 3. That said Cascade Savings Bank may be decreed to be insolvent and its condition decreed to be such as to render its further proceedings hazardous to the public and to those having funds in its custody. 4. That this court will appoint one or more receivers or trustees to take possession of its property and effects. subject to such rules and orders as may be from time to time prescribed. 5. That this court will make and issue such further orders and decrees in the premises as seem proper for liquidating the affairs of said bank. the distribution of its assets and the protection of its depositors. 6. That the Court will grant such other and further relief in the premises as the nature of the case may require. And may it please this Honorable Court to grant the plaintiff its 'writ of injunction directed against the said Cascade Savings Bank to restrain it and its officers. servants and agents from the further prosecution of its business as a savings bank under the laws of this State. and also issue its writ of subpoena to said defendant commanding it to appear before this court and answer to this bill of complaint at the February rules following and abide the orders and decrees of court thereon. FRED F. LAWRENCE Bank Commissioner of the State of Maine. STATE OF MAINE KENNEBEC. SS. January 5. 1924. Then personally appeared the above named Fred F. Lawrence and made eath that he has read the above bill and knows the contents thereof and that the same is true of his own knowledge. Before me. HERBERT W. TRAFTON. Justice of the Peace. STATE OF MAINE Supreme Judicial Court in Vacation. Upon the foregoing petition, it is hereby ORDERED That a hearing be held at the Court House in Augusta. in the County of Kennebec. on Thursday. January 17, 1924, at ten o'clock in the forenoon, and that notice thereof be given to the defendant Cascade Savings Bank by giving in hand to its clerk and treasurer a true and attested copy of the foregoing application and of this order of Court thereon. at least seven days prior to said 17th day of January and that public notice thereof be given by nublication in

5. January 18, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 18, 1924

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Chief Justice Leslie C. Cornish of the supreme judicial court after a hearing Thursday forenoon appointed Carroll N. Perkins of Waterville receiver of the Cascade Savings Bank of Oakland and he was ordered to furnish a bond in the sum of $25,000. Chief Justice Cornish sanctioned an agreement whereby the Augusta Trust Co., which now owns two-thirds of the stock of the Messalonskee National Bank of Oakland, will take over the liabilities of the Cascade Savings Bank and the depositors of the latter institution will be paid in full. The Augusta Trust Co. will establish a branch at Oakland through the consolidation of the national bank and the closed savings bank. Bank Commissioner Fred F. Lawrence said at the hearing that the proposed branch at Oakland and the assuming of the liabilities of the savings institution was the only practicable method of protecting the depositors. "If this arrangement is sanctioned the Augusta Trust Co. will file an application for a branch at Oakland. and that application will be granted," said Commissioner Lawrence. "The Augusta Trust Co. has approximately $10,000,000 in resources,

6. January 18, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 18, 1924

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AUGUSTA TRUST CO. TO TAKE OVER DEFUNCT OAKLAND SAVINGS BANK AND FORM COMBINE Chief Justice Leslie C. Cornish of has undoubted earning power and is a very substantial institution," continthe supreme judicial court after a hearued Commissioner Lawrence. ing Thursday forenoon appointed Carroll N. Perkins of Waterville receiver "The department has had no interest from the start in this matter than to of the Cascade Savings Bank of Oakland and he was ordered to furnish a protect the depositors. I was convinced last August that the Cascade bank bond in the sum of $25,000. Chief Justice Cornish sanctioned an ought to be placed in the hands of a receiver. agreement whereby the Augusta Trust William M. Ayer, president of the Co., which now owns two-thirds of the stock of the Messalonskee National Cascade Savings Bank, and Horace W. Greeley. president of the Messalonskee Bank of Oakland, will take over the National Bank, said that the arrangeliabilities of the Cascade Savings Bank ment was satisfactory to all the trusand the depositors of the latter institees and to the depositors, as far as tution will be paid in full. The Authey knew. gusta Trust Co. will establish a branch Chief Justice Cornish said that the at Oakland through the consolidation arrangement was a happy solution of of the national bank and the closed the problem and that it was good for savings bank. the town of Oakland and good for the Bank Commissioner Fred F. Lawdepositors. rence said at the hearing that the proChief Justice Cornish on January 5 posed branch at Oakland and the aslast issued a restraining order, on apsuming of the liabilities of the savplication of Bank Commissioner Fred ings institution was the only practiF. Lawrence, closing the Cascade Savcable method of protecting the deposings Bank at Oakland and enjoining it itors. from engaging in business. "If this arrangement is sanctioned The closing of the Cascade bank was the Augusta Trust Co. will file an apdue to impaired earning capacity and plication for a branch at Oakland. and losses resulting from unfortunate inthat application will be granted," said vestments, conspicuous among which Commissioner Lawrence. were bonds of certain street railway "The Augusta Trust Co. has apcompanies of other states. proximately $10,000,000 in resources,

7. March 11, 1924 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 11, 1924

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KENNEBEC CO. REAL ESTATE TRANSFERS The following real estate transfers have been recorded during the past week at the Kennebec county registry of deeds: Augusta-Clara Bellevance to Zelire Bellevance, land and buildings on Jefferson street; Zelire Bellevance to Clara Bellvance, land and buildings on Jefferson street; Max Slosberg to Hyman Chernowsky. land and buildings at the corner of Bridge and Water streets, the building being now known as the Bither drug@store. Belgrade-Clyde Tillson to E. A. Bean, land on the shore of Long pond. China-Amos H. Higgins of Augusta to Fred D. Choate of Augusta, land on the Windsor road; Florence A. Newson of Bath, administratrix, to Amos H. Higgins of Augusta, land on the Windsor road. Gardiner-Helen Dill to Joseph C. Dill, land on West stret. Litchfleld-Mary E. Weston, guardlan, to Philip T. Weston and George P. Weston, land and buildings on the Steventown road. Oakland-Philip Perry of Fairfield to George Gagnon of Fairfield, land in Oakland and Fairfield on the Norridgewock road, $1000: J. Frank Partridge of Northport to John B. Raymond of Waterville, land on the shore of Messalonsked lake: Ethel L. Bickford to William R. and Amy C. Clark, land and buildings an Baker avenue; W. R. and Amy C. Clark to Ethel L. Bickford, land and buildings on Alpine street, $50; Carroll N. Perkins of Waterville, receiver of the Cascade Savings Bank of Oakland, to the Augusta Trust Company of Augusta, five parcels of land, some with buildings, being all the real estate of the said Cascade Savings Bank. Rome-Arthur E. Pray of Norwood. R. I., to Erminie M. Davenport of Boston, Mass., land on the shore of Long pond. Waterville-The Belmont Realty Co. of Providence, R. I., to Alfred and Lucy Lessard of Waterville, land.

8. March 16, 1926 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 16, 1926

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NOTICE OF FORECLOSURE WHEREAS, Harry L. Patten of Oakland, County of Kennebec and State of Maine, by his mortgage dated July 29, 1921, recorded in Kennebec County Registry of Deeds, Book 591, Page 397, conveyed to the Cascade Savings Bank, a corporation having a place of business in said Oakland, the following described real estate: "A certain lot or parcel of land with the buildings thereon, situate in Oakland, in the County of Kennebec and State of Maine, bounded and described as follows, to wit, viz: Beginning at the corner where the Belgrade road intersects the Smithfield road, leading over Long Hill, SO called: thence westerly by said Smithfield road sixteen rods to land formerly in the possession of James Ham, deceased: thence southerly by said Ham lot about eight rods to land formerly owned by Robert Cornforth, dedeased; thence easterly by said Cornforth lot about eight rods to a corner: thence northerly about four rods to another corner: thence easterly by said Cornforth lot about eight rods to the Belgrade road: thence northerly by said Belgrade road about four rods to the first mentioned bound." AND WHEREAS, the said Cascade Savings Bank by Carroll N. Perkins, Receiver, by assignment dated January 9, 1924, and recorded in said Kennebec County Registry of Deeds. Book 615, Page 449, assigned to Augusta Trust Company, a corporation duly established by law and having its principal place of business in Augusta, County of Kennebec and State of Maine, the. said above described mortgage, note, debt, and claim thereby secured, and all its right, title and interest by virtue of said mortgage in and to the premises therein described, AND WHEREAS, the said Augusta Trust Company by its assignment dated March 10, 1926, and recorded in Kennebec County Registry of Deeds, Book 635, Page 211, assigned to Holmes-Swift, Inc., a corporation existing by law and having a principal place of business in Waterville, County of Kennebec and State of Maine, all its right, title and interest by virtue of said mortgage and said assignment of said mortgage in and to the real estate therein described and to the note, debt and claim thereby secured, AND WHEREAS the conditions of said mortgage have been broken, NOW THEREFORE, by reason of the breach of the conditions contined in said mortgage the said Holmes-Swift, Inc., assignee of said mortgage as herein set forth, hereby claims a foreciosure of said mortgage. HOLMES-SWIFT. Inc. By RAYMOND W. SWIFT. Its Treasurer. Waterville, Maine, March 13, 1926. mch16-23-30

9. March 23, 1926 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 23, 1926

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NOTICE OF FORECLOSURE WHEREAS, Harry L. Patten of Oakland, County of Kennebec and State of Maine, by his mortgage dated July 29. 1921, recorded in Kennebec County Registry of Deeds, Book 591, Page 397, conveyed to the Cascade Savings Bank, a corporation having a place of business in said Oakland, the following described real estate: "A certain lot or parcel of land with the buildings thereon, situate in Oakland, in the County of Kennebec and State of Maine, bounded and described as follows, to wit, viz: Beginning at the corner where the Belgrade road intersects the Smithfield road, leading over Long Hill, SO called; thence westerly by said Smithfield road sixteen rods to land formerly in the possession of James Ham, deceased; thence southerly by said Ham lot about eight rods to land formerly owned by Robert Cornforth, deceased; thence easterly by said Cornforth lot about eight rods to a corner: thence northerly about four rods to another corner: thence easterly by said Cornforth lot about eight rods to the Belgrade road; thence northerly by said Belgrade road about four rods to the first mentioned bound." AND WHEREAS. the said Cascade Savings Bank by Carroll N. Perkins, Receiver, by assignment dated January 9, 1924, and recorded in said Kennebec County Registry of Deeds, Book 615, Page 449, assigned to Augusta Trust Company, a corporation duly established by law and having its principal place of business in Augusta, County of Kennebec, and State of Maine, the said above described mortgage, note, debt. and claim thereby secured, and all its right, title and interest by virtue of said mortgage in and to the premises therein described, AND WHEREAS, the said Augusta Trust Company by its assignment dated March 10. 1926, and recorded in Kennebec County Registry of Deeds, Book 635, Page 211, assigned to Holmes-Swift, Inc., a corporation existing by law and having a principal place of business in Waterville, County of Kennebec and State of Maine, all its right, title and interest by virtue of said mortgage and said assignment of said mortgage in and to the real estate therein described and to the note, debt and claim thereby secured, AND WHEREAS the conditions of said mortgage have been broken, NOW THEREFORE, by reason of the breach of the conditions contined in said mortgage the said Holmes-Swift, Inc., assignee of said mortgage as herein set forth, hereby claims a foreclosure of said mortgage. HOLMES-SWIFT Inc. By RAYMOND W. SWIFT. Its Treasurer. Waterville, Maine, March 13, 1926. mch16-23-30

10. March 30, 1926 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 30, 1926

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NOTICE OF FORECLOSURE WHEREAS, Harry L. Patten of Oakland, County of Kennebec and State of Maine, by his mortgage dated July 29. 1921, recorded in Kennebec County Registry of Deeds, Book 591, Page 397, conveyed to the Cascade Savings Bank, a corporation having a place of business in said Oakland, the following described real estate: "A certain lot or parcel of land with the buildings thereon, situate in Oakland, in the County of Kennebec and State of Maine, bounded and described as follows, to wit, viz: Beginning at the corner where the Belgrade road intersects the Smithfield road, leading over Long Hill, So called: thence westerly by said Smithfield road sixteen rods to land formerly in the possession of James Ham, deceased; thence southerly by said Ham lot about eight rods to land formerly owned by Robert Cornforth, deceased: thence easterly by said Cornforth lot about eight rods to a corner: thence northerly about four rods to another corner; thence easterly by said Cornforth lot about eight rods to the Belgrade road; thence northerly by said Belgrade road about four rods to the first mentioned bound." AND WHEREAS. the said Cascade Savings Bank by Carroll N. Perkins, Receiver, by assignment dated January 9, 1924, and recorded in said Kennebec County Registry of Deeds, Book 615, Page 449. assigned to Augusta Trust Company, a corporation duly established by law and having its principal place of business in Augusta, County of Kennebec and State of Maine, the said above described mortgage, note, debt, and claim thereby secured, and all its right, title and interest by virtue of said mortgage in and to the premises therein described, AND WHEREAS, the said Augusta Trust Company by its assignment dated March 16, 1926, and recorded in Kennebec County Registry of Deeds, Book 635, Page 211, assigned to Holmes-Swift, Inc., a corporation existing by law and having a principal place of business in Waterville, County of Kennebec and State of Maine, all its right, title and interest by virtue of said mortgage and said assignment of said mortgage in and to the real estate therein described and to the note, debt and claim thereby secured, AND WHEREAS the conditions of said mortgage have been broken, NOW THEREFORE, by reason of the breach of the conditions contined in said mortgage the said Holmes-Swift, Inc., assignee of said mortgage as herein set forth, hereby claims a foreclosure of said mortgage. HOLMES-SWIFT. Inc. By RAYMOND W. SWIFT. Its Treasurer. Waterville, Maine. March 13, 1926. mch16-23-30