Maverick National Bank

The Maverick National Bank was a bank in Boston, Massachusetts, USA. It was established in 1854 in East Boston^[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, City of Summerville v. Beal and Potter v US.^{[citation needed]} Potter was indicted for violations of the 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 R.L. Day & Co., a Boston-based banking firm resulting in just $429 of proceeds.^[8]

See also

• Maverick Square
• Asa P. Potter

References

1. ^ ^{a b} [1]
2. ^ [2]
3. ^ [3] Journal of Political Economy, 1899
4. ^ Inside the Business Enterprise: Historical Perspectives on the Use of Information, National Bureau of Economic Research Conference Report, 1992. ISBN 9780226792040]
5. ^ [Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England By Naomi R. Lamoreaux, National Bureau of Economic Research Published by Cambridge University Press, 1994. ISBN 0521460964]
6. ^ [4] 155 US 438 (1894)
7. ^ A History of East Boston, 1858
8. ^ [MAVERICK BANK ASSETS SOLD.; Securities Aggregating $1,095,890 Auctioned in Boston Fetch $429]. New York Times, December 30, 1897