First National Bank (Sodus, NY)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
August 22, 1932
Location
Sodus, New York (43.238, -77.061)
Bank Type
national
Charter Number
9418

Metadata

Receivership Details

Depositor recovery rate
25.7%
Date receivership started
1933-01-12
Date receivership terminated
1939-07-20
Share of assets assessed as good
23.3%
Share of assets assessed as doubtful
40.3%
Share of assets assessed as worthless
36.4%

Notes

Articles show the bank obtained an emergency loan in Aug 1932 and later is in receivership; suspension is not explicitly described in the clippings.

Events (4)

1. May 26, 1909 Chartered
Source
historical_nic
2. August 22, 1932 Other
Newspaper Excerpt
Sodus, First National Bank of, ... includes: Sodus, First National Bank of, (loan authorized).
Source
newspapers
3. January 12, 1933 Receivership
Newspaper Excerpt
Edwin M. Nelson as receiver for the First National Bank of Sodus has paid depositors a 12 per cent dividend.
Source
newspapers
4. January 12, 1933 Receivership
Source
historical_nic

Newspaper Articles (3)

Article Text

Sodus and Gasport Banks Obtain Loans The statement of loans authorized in the day period under Section of the at rate of interest of act cent., includes: per New York Bellerose, First NationBank, of, $90,000; Depew, Bank of Depew, $15,000; Gasport, First tional Bank (receiver). Manufacturers' National Bank Ilion $50,000; Mahopac, Mahopac National Bank of, Newfane, State Bank of, $17,500; Sodus, First National Bank of,


Article Text

BANK RECEIVER SEES CHANGES Continued from Page 1B per cent dividend to depositors of the Nunda Bank, according to Mr. Kendall. It is impossible to estimate even tentative dates for payment of additional dividends to depositors of the other closed banks, he said. The Arcadia Trust Company and the Gaylord State Bank still have RFC obligations to pay off. Individual Receivers Liquidation of closed national banks in this area is not consolidated but is being handled by individual receivers appointed by the Comptroller of Currency. Now being liquidated are the First National Bank of Sodus, the First National Bank of Newark, First National Bank of Brockport, the First National Bank of East Rochester and the First National Bank of Webster. Edwin M. Nelson as receiver for the First National Bank of Sodus has paid depositors a 12 per cent dividend. Depositors of the First National Bank of Newark have [received a dividend]. Death Claims Julia Carroll Mrs. Julia Webster Carroll, widow of Clarence T. Carroll who was former head of Rochester public schools, died yesterday (May 11, 1935) at her home in Boscawen, N. H. Mrs. Carroll was born in Boscawen, Apr. 1, 1853, the daughter of Lucy and Nathaniel Webster and a close relative of Daniel Webster. She lived in Rochester from 1903 to 1911 during her husband's career as superintendent of the city schools. Since leaving Rochester she has divided her time between her ancestral home in Boscawen where she lived during the summer and with her children in the winter. Surviving are two daughters, Mrs. Laurence P. Tolman, of Reading, Mass., and Mrs. Almon G. Harris, of Penacook, N. H.; two sons, Carl H. Carroll, of Arlington, Mass., and Harry C. Carroll, of Chicago and 13 grandchildren. Mrs. Harris is the former Margaret E. Carroll, graduate of East High School in the class of 1907. Funeral service arrangements are not complete. Burial will be in Boscawen, N. H. Mr. Carroll died in Warner, N. H. in 1912. He was stricken while delivering a commencement address to the graduation class of that high school and died a few minutes later.


Article Text

Continued from Page 1B per cent dividend to depositors of the Nunda Bank, according to Mr. Kendall. It is impossible to estimate even tentative dates for payment of additional dividends to depositors of the other closed banks, he said. The Arcadia Trust Company and the Gaylord State Bank still have RFC obligations to pay off. Individual Receivers Liquidation of closed national banks in this area is not consolidated but is being handled by individual receivers appointed by the Comptroller of Currency. Now being liquidated are the First National Bank of Sodus, the First National Bank of Newark, First National Bank of Brockport, the First National Bank of East Rochester and the First National Bank of Webster. Edwin M. Nelson as receiver for the First National Bank of Sodus has paid depositors a 12 per cent dividend. Depositors of the First National Bank of Newark have received a 67 per cent dividend from Receiver Jonas J. Hulse.