Maverick National Bank

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The Maverick National Bank was a bank in East Boston, Massachusetts, United States. It was established in 1854http://nehemiahgibson.com/maverickNationalBank.htm{{full citation needed|date=March 2022}} and failed on October 31, 1891.{{Cite web |url=http://bulk.resource.org/courts.gov/c/F1/0055/0055.f1.0894.pdf |title=BEAL v. NATIONAL EXCH. BANK OF DALLAS |access-date=2008-10-03 |archive-url=https://web.archive.org/web/20100513222602/http://bulk.resource.org/courts.gov/c/F1/0055/0055.f1.0894.pdf |archive-date=2010-05-13 |url-status=dead }}{{cite journal |last1=Cutler |first1=Ward A. |title=Insolvent National Banks in City and Country |journal=Journal of Political Economy |date=1899 |volume=7 |issue=3 |pages=367–379 |jstor=1819196 }} The bank had extended large loans to its president, Asa P. Potter, who used the funds for speculative investments.{{cite journal |id={{ProQuest|219625440}} |last1=Fleischman |first1=Richard K. |title=Inside the Business Enterprise: Historical Perspectives on the Use of Information |journal=The Accounting Historians Journal |date=December 1994 |volume=21 |issue=2 |pages=178–179 }}{{cite book |last1=Lamoreaux |first1=Naomi R. |title=Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England |date=1996 |publisher=Cambridge University Press |isbn=978-0-521-56624-7 }}{{page needed|date=March 2022}}

Much litigation followed the bank's failure, including Beal v. National Exchange Bank of Dallas and City of Somerville v. Beal. Potter was indicted for violations of banking law.http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=us&vol=155&invol=438 155 US 438 (1894)

Nehemiah Gibson was a president and later a director of the bank.[http://www.helloboston.com/39_LocalBook.Cfm A History of East Boston] {{webarchive|url=https://web.archive.org/web/20090922132858/http://www.helloboston.com/39_LocalBook.Cfm |date=2009-09-22 }}, 1858

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 the Boston-based banking firm R.L. Day & Co., resulting in $429 of proceeds.{{cite news |title=MAVERICK BANK ASSETS SOLD.; Securities Aggregating $1,095,890 Auctioned in Boston Fetch $429 |url=https://www.nytimes.com/1897/12/30/archives/maverick-bank-assets-sold-securities-aggregating-1095890-auctioned.html |work=The New York Times |date=30 December 1897 }}