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Clarke Brothers Bank facts for kids

Kids Encyclopedia Facts
Bank
Fate Bankruptcy
Defunct June 1929
Headquarters

Clarke Brothers Bank was a bank located in Manhattan, New York, at 154 Nassau Street. This bank stopped operating in June 1929 because it ran into serious financial trouble.

After Clarke Brothers Bank closed, a new bank called Park Row Trust Company opened in March 1930. It was located in the very same spot.

What Happened to Clarke Brothers Bank?

When Clarke Brothers Bank failed, it meant the bank could not pay back the money it owed to people. At first, experts thought the bank had lost about $5,000,000. This was a huge amount of money at the time.

The Bank's Financial Problems

Because the bank was in trouble, another company, the Irving Trust Company, stepped in to help manage the situation. They were like a special helper appointed to sort out the bank's finances. After looking closely at everything, the Irving Trust Company estimated the actual loss was about $3,811,364. This was still a very large sum, but it was $1,200,000 less than the first estimate.

There were also serious questions about how the bank's money was managed before it failed.

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