Dover Bank Failure

Amount Lost by Fawcett’s Defalcation Placed at $6,000

The Citizens Bank of Dover, which failed as a result of D. A. Fawcett’s connection with it and whose affairs are now in the hands of the Assignee, will probably not be opened. The Dover News has the following to say:

The losses of the Dover Bank through the failure of the Aberdeen Bank will probably reach $4,100, which loss will fall on the stockholders, who are liable for double the amount of the bank stock they hold. “Receiver Anderson and Cashier Bruce Rist, President Frazee and other officers of the bank opened the safe Tuesday afternoon and examined the contents.

“While a minute schedule of assets and liabilities has not yet been made or given out, yet enough is known to show that all of the securities of the bank are intact, the cash on hand tallying with the books, and that the condition of the Dover Bank is much less serious than was feared. Except for the loss through the failure of the Aberdeen Bank – between $4,000 and $5,000 and about $1,700 in the Buckingham Bank – the affairs of the Dover Bank are perfectly straight. All this loss will fall upon the stockholders, and the depositors will be paid in full as rapidly as the securities can be realized upon. Only half of the stock of the bank has been paid in - $7,500. A call had already been made for the balance of the stock, payable July 1st. The call for payment of the stock still holds and must be met. It is believed that this will be more than enough to settle all claims, in which case a balance will be returned to the stockholders. If not enough, another assessment will have to be made, as stockholders are liable for double the amount of their stock.

“While the closing of the Bank will be a severe blow to the thirty or forty stockholders of the concern, the depositors will be paid in full. The worst feature of the affair is the fact that Dover is deprived of a banking facility, and the convenience of an institution th””

from the Maysville Public Ledger, June 25, 1908.