8801. Saco Savings Bank (Saco, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 16, 1910
Location
Saco, Maine (43.501, -70.443)

Metadata

Model
gpt-5-mini
Short Digest
9154f353

Response Measures

None

Description

The Saco Savings Bank was closed/suspended by agreement of the trustees and the State Bank Examiner on Dec 16, 1910 and subsequently placed in receivership (Jan 1911). No run is described in the articles; receivers wound up the institution and paid dividends but the bank did not resume operations as a going concern.

Events (2)
1. December 16, 1910 Suspension
Cause
Government Action
Cause Details
Closed by order/injunction and by agreement of trustees with the State Bank Examiner due to shrinkage of assets and material falling off of deposits.
Newspaper Excerpt
The Saco Savings Bank closed its doors today. ... The action was taken after a conference between the trustees and State bank examiner.
Source
newspapers
2. January 4, 1911 Receivership
Newspaper Excerpt
Conflict arose over the appointment of a receiver for the closed Saco Savings bank ... The bank was closed Dec. 12 last, by order of Mr. Skelton. Frank C. Deering and Frank W. Nutter ... were appointed by the supreme court as receivers of the Saco Savingn bank, which was closed on December 12. They furnished bonds in the sum of $100,000 each.
Source
newspapers

Newspaper Articles (17)
1. December 17, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 17, 1910

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BANK CLOSES. Injunction Against Saco Savings Institution. Condition Due to Shrinkage of Its Assets. Action Taken To Protect the Depositors--Hearing Jan. 3. Saco, Me., Dec. 16.-The Saco Savings Bank closed its doors today. The action was taken after a conference between the trustees and State bank examiner. The closing of the bank came as a great surprise to everyone and at 9.30 o'cleck, a half hour after the usual time for the opening for business, barely a dozen people knew about it. The banking rooms are in the same apartment as the Saco National Bank and when called they were informed by officials of the latter bank that the Saco Savings Bank was closed. The employes of the savings bank were not in the bank until later in the day when the officials returned from the conference held in Portland between the trustees and State Bank Examiner William B. Skelion. An official statement from Examiner Skelton was expected to be issued about noon, explaining the situation. One of the trustees stated that the action was taken to protect the depositors and that it was believed the bank's affairs could be settled 80 that the loss to depositors would be very small if anything. He asserted that there was nothing irregular in the accounts. The present condition of the Institution is due to a shrinkage of assets. Owing to the condition of the stock market the bank has not realized what

2. December 19, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 19, 1910

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THE VERY LAW Under Which Saco Savings Bank Was Closed Was Assisted in the Passage by President Moore. Real Trouble Was Bank Put Eggs All in One Basket. Saco, Me., Dec. 18.-Former Mayor Luther R. Moore, president of the Saco Savings Bank whose doors were closed Friday by orders from the supreme court on petition of State Bank Commissioner William B. Skelton and the bank's trustees because of a material falling off of deposits, for several years has desired to reórganize the institution into a trust company and four years ago obtained a charter for a trust company which was to take over the business of the savings bank and to be known as the Pepperell Trust Co., but the change for various reason never was made. Treasurer Frank W. Nutter Saturday in discussing this matter said that had the trust company taken over the bank's business it probably would have been necessary to suspend as a trust company's method of operating is different and more liberal than that of a savings bank. He declared the bank is solvent, and the only difficulty is that its closing will inconvenience the depositors. While he did not know, he did not anticipate they ever would resume business: The temporary injunction can be discsived at the hearing to be held on Jan. 3 in this city if the trustees deem it wise to have it done. If not dissolved D receiver probably will be appointed át that time to wind up the affairs of the bank, Mr. Nutter said. The depositors will not lose a dollar and may receive more than the amount of their deposits in his opinion. If a receiver is appointed the closing out of securities will not be hurried owing to present market conditions and as a result the final settlement will be on a very satisfactory basis. It is a notable fact that President Moore was responsible for the passage by the Legislature in 1907 while a member of the House, of the very law under which the bank was closed. The former statutes were complex, and the new law made the closing of a savings bank much more simple and easy. The business of the other banks in Biddeford and Saco was not affected by the closing of the Saco Savings Bank, either From or Saturday, and there was no suggestion of a run on them. The people apparently are satisfied with te situation as it was shown by the statement of Bank Commissioner Skelton, who especially emphasized that "none of the affairs of this bank involve other banks

3. January 4, 1911 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, January 4, 1911

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DISPUTE OVER SACO BANK. Number of Receivers and Who They Shall Be Debated at Hearing. Saco, Me., Jan. 4.-Conflict arose over the appointment of a receiver for the closed Saco Savings bank at a hearing in the superior court yesterday. Judge Henry E. Peabody took the matter under consideration. Opinion was divided as to whether there should be one or two receivers, and as to who should be the receiver if a single official was appointed. State Bank Examiner William B. Skelton expressed himself in favor of the appointment of Frank C. Deering of Saco. George F. Haley of Biddeford, in behalf of 416 depositors, asked for the appointment of Frank A. Nutter, treasurer of the Saço Savings bank. Thomas Talbut of Portland, in behalf of a group of depositors, objected to Mr. Nutter. James O. Bradbury of Saco, a depositor, in behalf of himself and other depositors, thought the matter should be entrusted to two men and favored Messrs. Deering and Nutter. The bank was closed Dec. 12 last, by order of Mr. Skelton.

4. January 5, 1911 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 5, 1911

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Frank C. Deering and Frank W. Nutter, both of Saco. Me., yesterday were appointed by the supreme court as receivers of the Saco Savingn bank, which was closed on December 12. They furnished bonds in the sum of $100,000 each. Two commissioners. whose duty it will be to assist the receivers in their work. pass upon claims, etc., were appointed.

5. January 5, 1911 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 5, 1911

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Condensed Telegrams Mrs. L. k. Leiter Gave a Ball in honor of Miss Helen Taft. William Ekerson, who weighed over 500 pounds, died at Elizabeth, N. J. The Widow of the Late Congressman Beriah Wilkins died at the age of 60 years. Mrs. Gertrude H. Arnoid was married to Richard Gland Lee of New York. Wreckage of the Lost British steamer Axim has been found in the Bay of Biscay. Representative Charles Adkins was elected speaker of the Illinois house Wednesday. Rev. Dr. Daniel W. Faunce, formerly of Washington D. C., died in Providence, R. I. Mexican Federal Troops are pressing the rebels into the Ojinaga district. a desert. Miss Edna Finch, formerly a trained nurse, has joined the police force of Milwaukee, Wis. The Ministerial Association of Bristol, Tenn., has agreed not to marry eloping couples. The War Department Has Authorized a new flag to be used at army recruiting stations. Two Shocks Were Necessary to electrocute Samuel Austin, colored, at Sing Sing prison. Capt. Henry Merritt of the Mallory line, who spent 63 years at sea, dropped dead in New York. The Supreme Court Sustained the right of the government to sue for unpaid Spanish war taxes. Champ Clark Has Declared Himself in favor of a six years' term for president and three years for representatives. Fines Aggregating $3,100 were imposed on six New Yorkers for violating the district law against bucketshopping. President Page of the American Association for Highway Improvement, says bad roads have cost the public nearly $300,000,000. The Supreme Court Decided that amendments to the railroad rate law making the initial carrier liable for loss of interstate shipments was constitutional. W. Fred Allen, Last Year the President of the National Curling club of America and long identified with curling in this country and Canada, died at his home in Utica yesterdav afternoon, following a brief illness, The Annual Woman Suffrage Bill, providing for submitting to popular vote an amendment to the constitution giving women the ballot. was introduced in the New York assembly yesterday afternoon by Senator Newcomb. Mrs. Hettie Jankins, a Colored Woman born in 1793. is dead in Lancaster, Pa. She married three times, was the mother of twenty-five children and outlived her husbands and. with one exception, all her children. The sole survivor is a son residing in Lancaster. With the Democrats in Control of Both Houses, the eighteenth general assembly of Colorado convened Wednesday. George McLachlan of Denver was elected speaker of the house. In the senate. Senator William H. Adams of Conejos county was elected president pro tem. Following a Contest of the Election of Certain Members of the Ohio legislature which is now in progress at Cincinnati, Judge Gorman in the criminal court Wednesday charged the new grand jury of Hamilton county to investigate the alleged traffic in votes that has been brought up in the legislative cases. Frank C. Deering and Frank W. Nutter. both of Saco. Me., yesterday were appointed by the supreme court as receivers of the Saco Savingn bank, which was closed on December 12. They furnished bonds in the sum of $100,000 each. Two commissioners. whose duty it will be to assist the receivers in their work. pass upon claims, etc., were appointed. BATHTUB TRUST CASES UP.

6. January 12, 1911 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, January 12, 1911

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Here and There in Maine meeting bay. They intended to be Maine Opticians to Portland. gone only a few hours, but the fog The annual meeting of the Maine shut in thick and they got lost in the association of Opticians will be held bay and landed 0 nan island late in at Portland, Wednesday, January 11. the afternoon. There they found a The business meeting and election of house which they entered, passing the officers will be held at 5 o'clock and night there, Bernard sleeping in the at 7 the banquet is to be held. sink and Harry on a shelf. In the meantime their parents got worried Societies Invited to Waterville. and the report was started that the A meeting of the boards of managboys had been drowned. They apers of the Waterville Board of Trade peared the next morning, however was held Wednesday evening, Jan. 4, none the worse for their experience. at the office of the president, Dr. L. G Buker. Besides routine business the Receivers for Saco Bank. board invited the Grand lodge, AnFrank C. Deering and Treas. Frank cient Order of United Workmen, the W. Nutter, both of Saco, were apSeed Improvement association, the pointed on Wednesday, January 4, by State Dairy Improvement association the Supreme court as receivers of the end the Maine Cattle Breeders' assoSaco Savings bank, which was closed ciation to hold the sessions in that on December 12. Messrs. Deering and city. Nutter furnished bonds in the sum of $100,000 each. Two commissioners. Bath Man Arraigned. whose duty it will be to assist the Wednesday afternoon, Jan. 4, Edreceivers in their work, pass upon ward J. Burns was arraigned before claims. etc., were appointed. They Judge Dunton in the Municipal court are John A. Snow of Scarboro and Bath, to answer to the complaint of John G. Smith of Saco. Mr. Deering Richard B. Thompson of Chicago, repwas recommended by State Bank resenting Swift & Co., for the embezCom'r Wm. B. Skelton, while Mr. Nutzlement of $371.62. The respondent ter, who has been treasurer of the pleaded not guilty and after the testibank for a number of years, was apmony Judge Dunton found probable pointed upon petition of a large numcause and bound him over to the ber of depositors. Judge Peabody degrand jury in the sum of $800, which cided it was best to appoint two men was immediately furnished. to the receivership rather than one.

7. January 17, 1911 Norwich Bulletin Norwich, CT
Article from Norwich Bulletin, January 17, 1911

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President of Saco Savings Bank Dead, Saco, Me., Jan. 16.-Luther B. Moore, president of the Saco Savings bank which recently suspended by agreement of the trustees and the bank commissioner, died at his home today after a protracted illness. Mr. Moore had held many public offices. He was 42 years old and leaves a widow and two children.

8. January 17, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 17, 1911

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LUTHER R. MOORE. Prominent Saco Banker and Business Man Passes Away Monday. Saco, Me., Jan. 16.-Luther R. Moore, president of the Saco Savings Bank, which recently suspended by agreement of the trustees and the bank commissioner, died Monday at his home, after a protracted illness. Mr. Moore had been mayor, alderman, school committeeman, sclicitor and treasurer of the city, representative to the General Court and candidate for Congress. He was born 42 years ago in Limerick, and was the son of Luther S. Moore, once President of the Maine State Senate. A widow and two children survive.

9. January 17, 1911 New-York Tribune New York, NY
Article from New-York Tribune, January 17, 1911

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OBITUARY NOTES. MRS. MARTHA H. CHANDLER widow of William H. Chandler, died on Sunday at her house, at Thompson, Conn. Four daughters-Mrs. George L. Whitman, Mrs. Charles Bulkley Hubbell, Mrs. Charles R. Forrest and Mrs. John H. Boswell-and one son, Randolph H. Chandler, survive her. MRS. FRANCES A. COLEMAN, widow of Emerson Coleman, died suddenly yesterday at the home of her son, John C. Coleman, No. 167 West 73d street, from heart failure following an attack of grip. She was in her eighty-ninth year. Mrs. Coleman was born of Puritan ancestry in Chester, Mass. She came to New York with her husband in 1857. He was a prominent member of the West End Association. He died in 1897. Mrs. Coleman was a member of the Rutgers Presbyterian Church and was actively Identified with the Madison Square Presbyterian Church. She leaves a brother, Edward Coleman, who was president of the Produce Exchange in this city. Her son, John C. Coleman, is a lawyer at No. 100 Broadway. He was the deputy attorney general who conducted the recent milk investigation FREDERICK S. CALYER, for more than twenty years one of the secretaries of the Young Men's Christian Association in New York, died suddenly at Montclair, N. J., yesterday. He was forty-three years old and lived at No. 31 West 129th street. LUTHER R. MOORE, president of the Saco, Me., Savings Bank, which recently suspended business by agreement of the trustees and the Bank Commissioner died at his home, in Saco, yesterday, after a

10. November 16, 1911 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, November 16, 1911

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Receiver Frank W. Nutter of the Saco Savings bank, closed by agreement of the bank examiner of Maine and the trustees of the bank Dec. 16, 1910, announces that he expects a dividend will be declared, by himself and the other receiver, Frank C. Deering, before the end of the month. "We have come to no definite decision as yet regarding the amount of the first dividend," he said.

11. November 20, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 20, 1911

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The Saco Savings Bank depositors are said to be much discouraged at the present condition of the Bank's affairs. It is rumored that the trust company proposition has fallen through, that other steps will be taken to wind up the bank's affairs, and that a dividend will be paid before the new year comes in. A report from the receivers is awaited, and the public generally understand that these have done all in their power to render the outcome of the tangle as favorable to the depositors as could be accomplished by earnest effort.

12. November 23, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 23, 1911

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Expect to Pay Dollar for Dollar. Saco, Me., Nov. 22.-Frank C. Deering and Frank W. Nutter, receivers of the suspended Saco Savings Bank, filed their first report of progress in the settlement of the bank's affairs, Wednesday, with State Bank Examiner Robert F. Dunton. The report shows that a total has been received thus far from all sources of $424,872. There has been disbursed for various purposes $83,841, leaving on hand, available for a dividend, $341,031. There is due depositors, $1,360,262. A large amount of securities unsold remain on hand, from which the receivers hope to realize enough to pay depositors dollar for dollar eventually. The cash on hand is sufficient to pay depositors a dividend of 25 per cent., but no statement in regard to the dividend was made by the receivers. The report was filed in accordance with the statute requiring it to be done in the month of November. The bank closed its doors, Dec. 16, 1910.

13. November 30, 1911 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, November 30, 1911

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The Saco Savings Bank depositors are said to be much discouraged at the present condition of the Bank's affairs. It is rumored that the trust company proposition has fallen through, that other steps will be taken to wind up the bank's affairs, and that a dividend will be paid before the new year comes in. A report from the receivers is awaited, and the public generally understand that these have done all in their power to render the outcome of the tangle as favorable to the depositors as could be accomplished by earnest effort.

14. December 23, 1911 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 23, 1911

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Made by Judge Leventritt In Keith Theatre Case. Another Feature of Saco Savings Bank Litigation. Justices in Consultation--Final Adjournment on Saturday. One of the most eloquent arguments ever presented in the Kennebec county court house was made, Friday forenoon, before the law court by Judge David Leventritt, who was for 10 years one of the justices of the New York supreme court. The case argued was the controversy between Frederick F. Proctor an B. F. Keith, the principal owners of the Keith & Proctor Amusement Co. The case appeared upon the York county docket, the corporation having been organized in that county under the general laws of Maine. Judge Leventritt appeared for Proctor and Howard R. Ives for Keith. Attorney Ives stated that in the dissolution of the company all of the property had been distributed upon agreement, except the Fifth Avenue theater in New York, of which the Keita & Proctor Amusement Co. has a lease until 1916. He claimed that Proctor was about to lose the lease of the house when, it developing that Keith had the ability to renew the lease, Proctor consented to enter into an agreement or partnership, so that the benefit of the lease and business might not be entirely lost. Proctor's lease at that time had but 11 months to run. Afterwards, the Keith & Proctor Amusement Co. did lease the theater and Keith claims that the lease now in force is one of the assets of the company. Judge Leventritt took the ground that Keith practiced deceit in renewing the lease of the theater; that he, in the guise of the International Amusement & Realty Co., bought the property, exercised the right retained by the Gilsey estate to terminate the Proctor lease in one year, and thus forced Proctor to make terms with him, though he still concealed the fact that he owned all the stock in the International Co. Judge Leventritt read parts of letters to show that Keith, after the combine, raised the rent on his partner, when he was obliged to renew the lease, and further set up the claim that not only did Keith not procure the new lease, but that the lease was wrung from him only after litigation was started. The argument in the Keith & Proctor case consumed the entire forenoon and the only case to be argued in the afternoon was that of Frank W. Nutter et al., receivers of the Saco Savings Bank, in re Batchelder & Snyder Co. vs. Saco Savings Bank. Clifford E. McGlauflin of Portland appeared for the plaintiff and C. C. Palmer of Biddeford for the defendant. The case is before the law court upon exceptions by receivers to a decree overruling exceptions to report of commissioners of claims. This was the last case argued and the justices went into consultation at 4 P. M. Final adjournment will occur sometime Saturday.

15. December 2, 1912 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 2, 1912

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SPARKS FROM MAINE WIRES. Frank W. Nutter and Frank C. Deering, receivers of the Saco Savings Bank, closed by agreement of the trustees and the bank examiner, have filed a report with Robert E. Dunton, the bank examiner, in which they give a detailed statement of the receipts and disbursements. They make no recommendation in regard to the payment of a dividend. One 25 per cent. dividend was paid, last February. The report in substance, is: "We have devoted our time to the collection of real estate loans and to following the market closely for any opportunity to sell securities at a fair price. The extreme dullness has continued and we have hesitated at parting with good stocks and bonds except in case of some upward movement that has enabled us to realize very near cost."

16. February 27, 1913 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 27, 1913

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SPARKS FROM MAINE WIRES. Frank W. Nutter and Frank C. Deering, receivers of the Saco Savings Bank of Saco. have made application to Supreme Court Justice George E. Bird of Portland for permission to pay the depositors a second dividend, and a hearing has been ordered, for March 25. There are funds enough in the bank to declare a 25 per cent. dividend, a total of about $33,000 being required. Public bequests amounting to $11,000 in the will of Edward Stetson were made public at Bangor, Tuesday, as follows: Eastern Maine General hospital, $5000; Unitarian church. $2000: Bangor Children's Home, $1000; Bangor Y. M. C. A., $1000; Home for Aged Men, $1000: King's Daughters' Home, $1000. The balance of the estate goes to the widow and son. The total inventory is about $350,000.

17. December 5, 1914 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 5, 1914

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A third dividend will be distributed by the Saco Savings Bank this winter. The bank was closed by agreement of the Maine bank examiner and the bank trustees Dec. 16, 1910, since which it has made two distributions of 25 per cent. each. An official said that while a third would be paid this winter, he could not tell the exact date or the amount. He was of the opinion that it would be less than 25 per cent. There are 2800 depositors. The COreceivers of the bank are Frank W. Nutter and Frank C. Deering.