Maverick National Bank
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The Maverick National Bank was a bank in East Boston, Massachusetts, United States. It was established in 1854[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 and City of Somerville v. Beal. Potter was indicted for violations of 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 the Boston-based banking firm R.L. Day & Co., resulting in $429 of proceeds.[8]
