Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile2 entries
1874
Speculative investments, related-party loans, and deceptive assurances
The bank became associated with speculative railroad investments, loans to officials and business associates, weak trustee oversight, misleading suggestions of federal backing, and inconsistent interest payments. These governance and financial misconduct issues contributed to its insolvency and depositor losses.
1874
Unauthorized loan made after closure
An actuary authorized a secret loan to Juan Boyle after the bank had formally closed. Senator Blanche Bruce characterized the transaction as unlawful and as evidence of serious administrative failures.