8763. Pittsfield Trust Company (Pittsfield, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
November 1, 1913*
Location
Pittsfield, Maine (44.783, -69.383)

Metadata

Model
gpt-5-mini
Short Digest
2417879c

Response Measures

None

Description

The Pittsfield Trust Company was placed in receivership and remained closed/defunct; articles (1916) describe the receiver's petitions, court decrees, assessments of shareholders and partial dividends to savings depositors. No article describes a depositor run prior to suspension; the primary events are receivership/suspension and court-ordered assessment/settlement, i.e., permanent closure.

Events (3)
1. November 1, 1913* Suspension
Cause
Government Action
Cause Details
Placed in the hands of a receiver (bank examiner/receiver) and taken into receivership by authorities; suspended operations and has been in receivership since ~late 1913.
Newspaper Excerpt
has been in the hands of a receiver for the past two and one-half years
Source
newspapers
2. May 2, 1916 Receivership
Newspaper Excerpt
Affairs of Defunct Pittsfield Trust Co. Recalled at Hearing ... receiver of the Pittsfield Trust Co., asking that the court determine and appraise the value of the remaining assets of the company and order an assessment upon the capital stock of the company for such an amount as the court may deem necessary for the payment of the claims of the depositors. The company has been in the hands of a receiver for the past two and one-half years, a portion of the securities has been realized upon and a payment of 70 per cent. made to the depositors of the savings bank department but none thus far to the checking department.
Source
newspapers
3. June 10, 1916 Other
Newspaper Excerpt
That an assessment of one hundred per cent. upon the whole capital of said Pittsfield Trust Company amounting to $50,000 is necessary to be made to meet the claims of said depositors and claimants and is hereby ordered and decreed, payable forthwith.
Source
newspapers

Newspaper Articles (8)
1. January 6, 1916 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, January 6, 1916

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Mrs. W. T. Seekins who was quite ill last week is improving. Dr. Cora M. Johnson dined with friends New Year's day in Waterville. The Bethany Guild is meeting this afternoon in the Ladies' Parlor at the Bethany Church. Miss Mary Guerney has returned to Boston after a visit at the home of her brother, E. J. Guerney on Water Street. William Lessard and wife of Portsmouth, N. H. who have been guests of Mrs. Lessard's sister, Mrs. Marie Boulette, departed Monday. Mrs. M. A. Eames of North Anson came to Skowhegan Monday to spend the remainder of the winter with her daughter, Mrs. Perley Stevens. Mrs. Rachel Webb left here Monday morning for Wabasha, Minn., where she is to pass two months with her son William B. Webb and family. Mrs. Lester H. Packard has been in Centerville, N. B. for several days, having been summoned there by the death of her step-mother, Mrs. Chas. L. Merrithew. Officer Guerney of Fairfield was up from Fairfield Saturday to commit one John Devine to the County Jail. Devine was arrested in Fairfield on an intoxication charge. The stockholders of the First National Bank are to hold their annual meeting on January 11 and the stockholders of the Skowhegan Trust Co. on Wednesday, January 12. The members of the Helen Coburn Mission Circle are to hold their annual meeting tomorrow afternoon. Mrs. Helen Weston is to act as hostess at her home on Main St. The High School orchestra, which was to have played at the Covell Meetinghouse last Friday evening were unable to keep their contract because neither a piano or organ was procurable. Somerset Chapter, R. A. M. was in session Friday evening, three degrees having been conferred. Supper was served shortly before 11 o'clock, Mrs. Kate Simpson catering, after which the dying year was watched out. Edward J. Butler of the firm of Lashon & Butler, has purchased of Thomas Butler, a house on Leavitt St., adjacent to the one where the latter resides. Mr. Butler has also sold to Benjamin L. Flanders, a house on East St. Mr. and Mrs. William R. Clapham recently entertained at a dinner party in celebration of their second wedding anniversary. Covers were laid for nine and after dinner there was a short program. Gifts were also given, each one being accompanied by a verse which caused much merriment. Through W. L. Pushor, receiver for the Pittsfield Trust Co. of Pittsfield, notice is given in this issue of an auction to be held in Pittsfield, the real estate formerly belonging to the Portland Mfg. Co. being offered for sale and including considerable property. Mr. Pushor was a member of the famous ball team of '87 and '88 and his picture was in the group of that team published in an issue of the Independent-Reporter last season. Otto R. Folsom-Jones of Harvard Business School, who has been visiting his parents, Mr. and Mrs. Chas. Folsom-Jones, departed Friday on the mid-day train. Miss Madeline Plummer of Lisbon Falls, who has also been a guest of the family departed at the same time. Among the holiday parties was a charming little auction given by Mrs. Folsom-Jones, the bidden guests being close friends of her son. During the evening fruit, salad, rolls and dainty pastries were served. The Bethany Men's Brotherhood class held a social meeting at the home of Edward Estabrook Friday evening, Mr. Estabrook being assisted in entertaining by Edward F. Haines and Maurice Magoon. During the evening Mrs. Estabrook favored the gentlemen with a vocal solo and a reading, and Mrs. G. R. Fogg gave a reading. There was also singing by the entire company and Rev. George Merriam offered remarks. The next meeting will be held at the Bethany Church and the Boys' Class will be guests. The following committee was appointed to have the affair in charge Messrs G. R. Fogg, Myron Whittemore. Nason, Tobey, Wells and Waldron. The Searchlight Club has elected officers for the ensuing year as fol-

2. May 2, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 2, 1916

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DECISION RESERVED Affairs of Defunct Pittsfield Trust Co. Recalled at Hearing A hearing was held before Associate Justice Leslie C. Cornish Monday forenoon at the court house upon the petition of William L. Pushor of Pittsfield, receiver of the Pittsfield Trust Co., asking that the court determine and appraise the value of the remaining assets of the company and order an assessment upon the capital stock of the company for such an amount as the court may deem necessarv for the payment of the claims of the depositors. The company has been in the hands of a receiver for the past two and one-half years, a portion of the securities has been realized upon and a payment of 70 per cent. made to the depositors of the savings bank department but none thus far to the checking department. Mr. Pushor was represented by Sanford L. Fogg of the law firm of Williamson, Burleigh' & McLean. The petition of the receiver which was heard Monday represents that from the assets which have been reduced to cash there has been collected the sum of $282,736.39, that there has been paid by the receiver as necessary expenses of the receivership sums amounting to $18,228.92 and to preferred creditors $39,627.42, to savings depositors dividends amounting in the aggregate to the sum of $174,295.23, and that there now remains in the hands of the receiver after deducting said dividends, payments and expenses the sum of $50,584.82. The petition further represents that there remains due to savings depositors, including interest on deposits at 6 per cent. per annum to Feb. 1, 1916, sums amounting in the aggregate to $95,873.34 and to check depositors sums, including interest at the rate of 6 per cent. to Feb. 1, 1916, amounting to $140,537.46. The petition also sets forth that it is impossible to convert into cash the remaining assets of the trust company without great loss but that it is apparent that the deficiency of said assets will exceed 100 per cent. of the entire capital stock of the company. The matter was thoroughly discussed at the hearing at which several of the stockholders of the Pittsfield Trust Co. were present, including A. P. Bigelow of St. Albans, J. H. Winchester of Corinna and Capt. O. W. Look of Jonesport. They made some inquiry as to the condition of the affairs of the company but voiced no opposition to the petition of the receiver and were not represented by counsel. No decision was rendered and Justice d Cornish will go into the matter further d in detail before finally passing upon the petition.

3. May 11, 1916 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, May 11, 1916

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Article Text

Decision Reserved A hearing was held before Associate Justice Leslie C. Cornish recently at the court house upon the petition of William L. Pushor of Pittsfield, receiver of the Pittsfield Trust Co., asking that the court determine and appraise the value of the remaining assets of the company and order an assessment upon the capital stock of the company for such an amount as the court may deem necessary for the payment of the claims of the depositors. The company has been in the hands of a receiver for the past two and one half years, a portion of the securities has been realized upon and a payment of 70 per cent made to the depositors of the savings bank department but none thus far to the checking department. Mr. Pushor was represented by Sanford L. Fogg of the law firm of Williamson, Burleigh & McLean. The petition of the receiver which was heard Monday represents that from the assets which have been reduced to cash there has been collected the sum of $282,736.39, that there has been paid by the receiver as necessary expenses of the receivership sums amounting to $18,228.92 and to preferred creditors $39,627.42 to savings depositors dividends amounting in the aggregate to the sum of $174.295.23, and that there now remains in the hands of the receiver after deducting said dividends, payments and expenses the sum of $50,584.82. The petition further represents that there remains due to savings depositors. including interest on deposits at 6 per cent per annum to Feb. 1, 1916, sums amounting in the aggregate to $95,873.34 and to check depositors sums, including interest at the rate of 6 per cent to Feb. 1, 1916, amounting to $140,537.46. The petition also sets forth that it is impossible to convert into cash the remaining assets of the trust company without great loss but that it is apparent that the deficiency of said assets will exceed 100 per cent of the entire capital stock of the company. The matter was throughly discussed at the hearing at which several stockholders of the Pittsfield Trust Co. were present, including A. P. Bigelow of St. Albans, J. H. Winchester of Corinna and Capt. O. W. Look of Jonesport. They made some inquiry as to the condition of the affairs of the company but voiced no opposition to the petition of the receiver and were not represented by counsel. No decision was rendered and Justice Cornish will go into the matter further in detail before finally passing upon the petition.

4. June 10, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 10, 1916

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STATE OF MAINE. Somerset, SS. Upon the foregoing petition it is hereby ordered, adjudged and decreed, that said William L. Pushor, receiver, pay to each depositor in the savings department of Pittsfield Trust Company a sum equal to 10 per cent. of the amount of his deposits as evidenced by the report of said receiver as to claims and deposits now on file with the court. Said dividend shall be paid by check of said receiver and the endorsement of said check shall be a sufficient voucher to said receiver for the payment hereof. In all cases in which the balance of the deposit is ten

5. June 10, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 10, 1916

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SHAREHOLDERS ASSESSED (Continued from Page One) savings depositors, demand depositors and claimants was on May 1, 1916, $241,599.14. That said cash on hand and the amount that can be realized from the sale of the assets in said receiver's hands still unsold will be insufficient to pay the claims of all depositors and claimants in full by the sum of $79,584.79, without any deductions from said assets for the payment of expenses and costs accruing in the settlement of said receivership. That the amount of capital stock of said Pittsfield Trust Company is $50,000, and under chapter 19 of the Public Laws of 1905, the shareholders are individually responsible to a sum equal to the amount of the par value of the shares owned by each, towards the meeting of said deficit. It is therefore hereby further ordered, adjudged and decreed: That an assessment of one hundred per cent. upon the whole capital of said Pittsfield Trust Company amounting to $50,000 is necessary to be made to meet the claims of said depositors and claimants and is hereby ordered and decreed, payable forthwith. And that said William L. Pushor in his said capacity as receiver of said Pittsfield Trust Company be hereby authorized and directed to collect from each owner of record of the stock of said Pittsfield Trust Com-

6. June 10, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 10, 1916

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Pittsfield Trust Company. Petition of receiver for leave to declare dividends upon savings deposits. To the Supreme Judicial Court: The undersigned William L. Pushor, receiver, respectfully reports. First: That he has in his hands as proceeds of the assets of said bank, which were regregated under Chapter 32 of the Public Laws of 1911 for the security and payment of savings deposits, the sum of twenty-eight thousand eight hundred and sixty-nine and 99-100 dollars. Second: That the amount of such savings deposits as evidenced by the report of the receiver as to the same is two hundred forty-eight thousand nine hundred ninety-three and 23-100 ($248,993.23) dollars. He therefore respectfully prays that the court may order such portion of the funds in his hands, as aforesaid, to be divided among the depositors named in

7. June 10, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 10, 1916

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The Decrees The decrees follow: Robert F. Dunton, Bank Examiner vs Pittsfield Trust Company et als. This cause came on to be heard on the first day of May A. D. 1916, upon the petition of William L. Pushor, receiver of the Pittsfield Trust Company, to ascertain and determine the value of the assets of the Pittsfield Trust Company remaining in his hands and unsold and uncollected, also to ascertain and determine whether any assessment should be ordered and decreed upon the capital stock of said Pittsfield Trust Company. and the amount of said assessment. and it appeared that notice had been given to all parties interested as ordered. After hearing upon said petition it is hereby ordered, adjudged and decreed: That the amount of money which can be realized in any event from the sale of the property and assets remaining in the hands of said receiver on said May 1st unsold and uncollected will not exceed the sum of $111,429.53. That from the assets of said Trust Company which have been heretofore sold by said receiver and reduced to cash there remains in the hands of said receiver the sum of $50,584.82, making a total of estimated uncollected assets and cash on hand of $162,014.35. That after deducting the dividends amounting to seventy per cent. of the face value of their time deposits heretofore paid all savings depositors of said Trust Company in accordance with the decrees of this court there was due said savings depositors of said Trust Company on said first day of May, A. D. 1916. including interest, the sum of $96,837.61 which sum still remains due and unpaid. That there was due to the demand depositors of said Trust Company on said 1st day of May, 1916. including interest the sum of $143,877.84, which sum still remains due and unpaid. That there was due to claimants other than depositors on said May 1st. 1916, including interest the sum of $883.69, paid. which sum still remains due and unThat therefore the total amount due (Continued on Page 14-Column 3)

8. December 11, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 11, 1916

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# Receivers' Report on the # Pittsfield Trust Company Irving E. Vernon of Portland, State bank commissioner, Saturday made public a statement from William L. Pushor, receiver of the Pittsfield Trust Company, showing an account of the progress made in the settlement of the affairs of the company to date, as follows: