Maverick National Bank
The Maverick National Bank was a bank in East Boston, Massachusetts, United States. It was established in 1854[1] and failed on October 31, 1891.[2][3] The bank had extended large loans to its president, Asa P. Potter, who used the funds for speculative investments.[4][5]
Much litigation followed the bank's failure, including Beal v. National Exchange Bank of Dallas and City of Somerville v. Beal. Potter was indicted for violations of banking law.[6]
Nehemiah Gibson was a president and later a director of the bank.[1][7]
In 1897, the remainder of the bank's assets, which included many worthless stocks and bonds of already defunct companies, were sold at auction by the Boston-based banking firm R.L. Day & Co., resulting in $429 of proceeds.[8]
References[edit]
- ^ a b http://nehemiahgibson.com/maverickNationalBank.htm[full citation needed]
- ^ "BEAL v. NATIONAL EXCH. BANK OF DALLAS" (PDF). Archived from the original (PDF) on 2010-05-13. Retrieved 2008-10-03.
- ^ Cutler, Ward A. (1899). "Insolvent National Banks in City and Country". Journal of Political Economy. 7 (3): 367–379. JSTOR 1819196.
- ^ Fleischman, Richard K. (December 1994). "Inside the Business Enterprise: Historical Perspectives on the Use of Information". The Accounting Historians Journal. 21 (2): 178–179. ProQuest 219625440.
- ^ Lamoreaux, Naomi R. (1996). Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England. Cambridge University Press. ISBN 978-0-521-56624-7.[page needed]
- ^ http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=us&vol=155&invol=438 155 US 438 (1894)
- ^ A History of East Boston Archived 2009-09-22 at the Wayback Machine, 1858
- ^ "MAVERICK BANK ASSETS SOLD.; Securities Aggregating $1,095,890 Auctioned in Boston Fetch $429". The New York Times. 30 December 1897.
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