Maverick National Bank

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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

  1. 1 2 http://nehemiahgibson.com/maverickNationalBank.htm%5B%5D
  2. ↑ "BEAL v. NATIONAL EXCH. BANK OF DALLAS" (PDF). Archived from the original (PDF) on May 13, 2010. Retrieved October 3, 2008.
  3. ↑ Cutler, Ward A. (1899). "Insolvent National Banks in City and Country". Journal of Political Economy. 7 (3): 367–379. JSTOR   1819196.
  4. ↑ 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.
  5. ↑ 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 ]
  6. ↑ http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=us&vol=155&invol=438 155 US 438 (1894)
  7. ↑ A History of East Boston Archived 2009-09-22 at the Wayback Machine , 1858
  8. ↑ "MAVERICK BANK ASSETS SOLD.; Securities Aggregating $1,095,890 Auctioned in Boston Fetch $429". The New York Times. December 30, 1897.


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