The Maverick National Bank was a bank in
East Boston
East Boston, nicknamed Eastie, is a neighborhood of Boston, Massachusetts annexed by the city of Boston in 1637. Neighboring communities include Winthrop, Revere, and Chelsea. It is separated from the Boston neighborhood of Charlestown and d ...
,
, established in 1854.
[http://nehemiahgibson.com/maverickNationalBank.htm] 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'' and ''City of Summerville v. Beal.'' 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 $429 of proceeds.
References
Banks established in 1854
East Boston
1854 establishments in Massachusetts
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