Maverick National Bank
Encyclopedia
The Maverick National Bank was a bank in Boston
, Massachusetts
, USA. It was established in 1854 in East Boston and failed on October 31, 1891. The bank had extended large loans to its president, Asa P. Potter, who used the funds for speculative investments.
Much litigation followed the bank's failure, including Beal v. National Exchange Bank of Dallas, City of Summerville v. Beal and Potter v US. Potter was indicted for violations of the banking law.
Nehemiah Gibson was a president and later a director of the bank.
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 R.L. Day & Co., a Boston-based banking firm resulting in just $429 of proceeds.
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, USA. It was established in 1854 in East Boston and failed on October 31, 1891. The bank had extended large loans to its president, Asa P. Potter, who used the funds for speculative investments.
Much litigation followed the bank's failure, including Beal v. National Exchange Bank of Dallas, City of Summerville v. Beal and Potter v US. Potter was indicted for violations of the banking law.
Nehemiah Gibson was a president and later a director of the bank.
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 R.L. Day & Co., a Boston-based banking firm resulting in just $429 of proceeds.