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Federal Deposit Insurance Corporation
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Federal Deposit Insurance Corporation
Agency overview
Formed
June 16, 1933
Jurisdiction
Federal government of the United States
Headquarters
Washington, D.C.
Employees
8,713 (December 2012)[1]
Agency executives
Jelena McWilliams, Chairman
Vacant, Vice Chairman
Website
www.fdic.gov
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The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common.[2] The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category.[3]
The FDIC and its reserves are not funded by public funds; member banks' insurance dues are the FDIC's primary source of funding.[4] The FDIC also has a US$100 billion line of credit with the United States Department of the Treasury.[5] Only banks are insured by the FDIC; credit unions are insured up to the same insurance limit by the National Credit Union Administration, which is also a government agency.
As of the end of 2017, the FDIC provided deposit insurance at 5,670 institutions.[6] The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages receiverships of failed banks.
Contents
[hide]
1 Ownership categories
2 Board of directors
3 History
3.1 Panics of 1893 and 1907 and the Great Depression: 1893-1933
3.2 Establishment of the FDIC: 1933
3.3 Historical insurance limits
3.4 S&L and bank crisis of the 1980s
3.5 2008–2010 Financial crisis
3.5.1 2008
3.5.2 2009
3.5.3 2010
4 Funds
4.1 Former funds
4.2 Deposit Insurance Fund
4.3 "Full Faith and Credit"
5 Insurance requirements
6 Resolution of insolvent banks
6.1 Covered Insured Depository Institutions Resolution Plans
7 Insured products
8 Items not insured
9 See also
9.1 Related agencies and programs
10 Notes
11 References
12 Bibliography
13 Further reading
14 External links
Ownership categories[edit]
The FDIC's satellite campus in Arlington, Virginia, is home to many administrative and support functions, though the most senior officials work at the main building in Washington
Each ownership category of a depositor's money is insured separately up to the insurance limit, and separately at each bank. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 × $250,000 = $1,500,000.[7] The distinct ownership categories are[7]
Single accounts (accounts not falling into any other category)
Certain retirement accounts (including Individual Retirement Accounts (IRAs))
Joint accounts (accounts with more than one owner with equal rights to withdraw)
Revocable trust accounts (containing the words "Payable on death", "In trust for", etc.)
Irrevocable trust accounts
Employee Benefit Plan accounts (deposits of a pension plan)
Corporation/Partnership/Unincorporated Association accounts
Government accounts
All amounts that a particular depositor has in accounts in any particular ownership category at a particular bank are added together and are insured up to $250,000.
For joint accounts, each co-owner is assumed (unless the account specifically states otherwise) to own the same fraction of the account as does each other co-owner (even though each co-owner may be eligible to withdraw all funds from the account). Thus if three people jointly own a $750,000 account, the entire account balance is insured because each depositor's $250,000 share of the account is insured.
The owner of a revocable trust account is generally insured up to $250,000 for each unique beneficiary (subject to special rules if there are more than five of them). Thus if there is a single owner of an account that is specified as in trust for (payable on death to, etc.) three different beneficiaries, the funds in the account are insured up to $750,000.
Board of directors[edit]
The Board of Directors of the FDIC is the governing body of the FDIC. The board is composed of five members, three appointed by the president of the United States with the consent of the United States Senate and two ex officio members. The three appointed members each serve six-year terms. No more than three members of the board may be of the same political affiliation. The president, with the consent of the Senate, also designates one of the appointed members as chairman of the board, to serve a five-year term, and one of the appointed members as vice chairman of the board. The two ex officio members are the Comptroller of the Currency and the director of the Consumer Financial Protection Bureau (CFPB).
As of May 2018, the members of the Board of Directors of the Federal Deposit Insurance Corporation were:
Jelena McWilliams – Chairman of the Board
Vacant – Vice Chairman
Martin J. Gruenberg – Independent Director
Joseph Otting – Comptroller of the Currency
Mick Mulvaney – Acting Director, Consumer Financial Protection Bureau[8]
History[edit]
Panics of 1893 and 1907 and the Great Depression: 1893-1933[edit]
Further information: Panic of 1907 and Great Depression
During the Panics of 1893 and 1907, many banks[note 1] filed bankruptcy due to bank runs caused by contagion. Both of the panics renewed discussion on deposit insurance. In 1893, William Jennings Bryan presented a bill to Congress proposing a national deposit insurance fund. No action was taken, as the legislature paid more attention to the agricultural depression at the time.[9]
After 1907, eight states established deposit insurance funds.[10] Due to the lax regulation of banks and the widespread inability of banks to branch; small, local unit banks—often with poor financial health—grew in numbers, especially in the western and southern states.[11] In 1921, there were about 31,000 banks in the US.[12] The Federal Reserve Act initially included a provision for nationwide deposit insurance, but it was removed from the bill by the House of Representatives. From 1893 to the FDIC's creation in 1933, 150 bills were submitted in Congress proposing deposit insurance.[13]
There was widespread panic again over the American banking system due to fears over the strength of many banks in The Great Depression; more than one-third of all U.S. banks were closed by bank runs.[2] Bank runs, sudden demands by large numbers of customers to withdraw all their funds at almost the same time, brought down many bank companies as depositors attempted to withdraw more money than the bank had available as cash. Small banks in rural areas were especially affected. Written and publicly announced reassurances and tightened regulations by the government failed to assuage depositors' fears.
Establishment of the FDIC: 1933[edit]
President Franklin Delano Roosevelt signs the Banking Act of 1935.
President Franklin D. Roosevelt himself was dubious about insuring bank deposits, saying, "We do not wish to make the United States Government liable for the mistakes and errors of individual banks, and put a premium on unsound banking in the future." But public support was overwhelmingly in favor, and the number of bank failures dropped to near zero.[14] On 16 June 1933, Roosevelt signed the 1933 Banking Act into law, creating the FDIC. The initial plan set by Congress in 1934 was to insure deposits up to $2,500 ($45,734 today)[15] adopting of a more generous, long-term plan after six months.[note 2] However, the latter plan was abandoned for an increase of the insurance limit to $5,000 ($91,468 today).[15][16]
The 1933 Banking Act:
Established the FDIC as a temporary government corporation. The Banking Act of 1935 made the FDIC a permanent agency of the government and provided permanent deposit insurance maintained at the $5,000 level.
Gave the FDIC authority to provide deposit insurance to banks
Gave the FDIC the authority to regulate and supervise state non-member banks
Funded the FDIC with initial loans of $289 million through the U.S. Treasury and the Federal Reserve, which were later paid back with interest
Extended federal oversight to all commercial banks for the first time
Separated commercial and investment banking (Glass–Steagall Act)
Prohibited banks from paying interest on checking accounts
Allowed national banks to branch statewide, if allowed by state law.
Bank sign indicating the original insurance limit offered by the FDIC of $2,500 in 1934
Historical insurance limits[edit]
1934 – $2,500
1935 – $5,000
1950 – $10,000
1966 – $15,000
1969 – $20,000
1974 – $40,000
1980 – $100,000
2008 – $250,000
Congress approved a temporary increase in the deposit insurance limit from $100,000 to $250,000, which was effective from October 3, 2008, through December 31, 2010. On May 20, 2009, the temporary increase was extended through December 31, 2013. However, the Dodd–Frank Wall Street Reform and Consumer Protection Act (P.L.111-203), which was signed into law on July 21, 2010, made the $250,000 insurance limit permanent.[17] In addition, the Federal Deposit Insurance Reform Act of 2005 (P.L.109-171) allows for the boards of the FDIC and the National Credit Union Administration (NCUA) to consider inflation and other factors every five years beginning in 2010 and, if warranted, to adjust the amounts under a specified formula.[18][19]
S&L and bank crisis of the 1980s[edit]
Main article: Savings and loan crisis
Federal deposit insurance received its first large-scale test since the Great Depression in the late 1980s and early 1990s during the savings and loan crisis (which also affected commercial banks and savings banks).
The Federal Savings and Loan Insurance Corporation (FSLIC) had been created to insure deposits held by savings and loan institutions ("S&Ls", or "thrifts"). Because of a confluence of events, much of the S&L industry was insolvent, and many large banks were in trouble as well. FSLIC's reserves were insufficient to pay off the depositors of all of the failing thrifts, and fell into insolvency. FSLIC was abolished in August 1989 and replaced by the Resolution Trust Corporation (RTC). On December 31, 1995, the RTC was merged into the FDIC, and the FDIC became responsible for resolving failed thrifts. Supervision of thrifts became the responsibility of a new agency, the Office of Thrift Supervision (credit unions remained insured by the National Credit Union Administration). The primary legislative responses to the crisis were the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). Federally chartered thrifts are now regulated by the Office of the Comptroller of the Currency (OCC), and state-chartered thrifts by the FDIC.
Final combined total for all direct and indirect losses of FSLIC and RTC resolutions was an estimated $152.9 billion. Of this total amount, U.S. taxpayer losses amounted to approximately $123.8 billion (81% of the total costs.)[20]
No taxpayer money was used to resolve FDIC-insured institutions.
2008–2010 Financial crisis[edit]
Further information: 2007–2012 global financial crisis
2008[edit]
In 2008, twenty-five U.S. banks became insolvent and were closed by their respective chartering authority.[21] However, during that year, the largest bank failure in terms of dollar value occurred on September 26, 2008, when Washington Mutual, with $307 billion in assets, experienced a 10-day bank run on its deposits.[22][23]
The FDIC created the Temporary Liquidity Guarantee Program (TLGP) to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount.
The deposit insurance limit was temporarily raised from $100,000 to $250,000.
2009[edit]
On August 14, 2009, Bloomberg reported that more than 150 publicly traded U.S. lenders had nonperforming loans above 5% of their total holdings. This is important because former regulators say that this is the level that can wipe out a bank's equity and threaten its survival. While this ratio does not always lead to bank failures if the banks in question have raised additional capital and have properly established reserves for the bad debt, it is an important indicator for future FDIC activity.[24]
On August 21, 2009, Guaranty Bank, in Texas, became insolvent and was taken over by BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria, the second-largest bank in Spain. This was the first foreign company to buy a failed bank during the credit crisis of 2008 and 2009. In addition, the FDIC agreed to share losses with BBVA on about $11 billion of Guaranty Bank's loans and other assets.[25] This transaction alone cost the FDIC Deposit Insurance Fund $3 billion.
On August 27, 2009, the FDIC increased the number of troubled banks to 416 in the second quarter. That number compares to 305 just three months earlier.[26] At the end of the third quarter, that number jumped to 552.[27]
At the close of 2009, a total of 140 banks had become insolvent.[28] This is the largest number of bank failures in a year since 1992, when 179 institutions failed.[29]
2010[edit]
On February 23, 2010, FDIC Chairman Sheila Bair warned that the number of failures in 2010 could surpass the 140 banks that were seized in 2009. Commercial real estate overexposure was deemed the most serious threat to banks in 2010.[28]
On April 30, 2010, the FDIC was appointed as receiver for three banks in Puerto Rico at a cost of $5.3 billion.[30]
In 2010, 157 banks with approximately $92 billion in total assets failed.[31]
In 2010, a new division within the FDIC, the Office of Complex Financial Institutions, was created to focus on the expanded responsibilities of the FDIC by the Dodd-Frank Act for the assessment of risk in the largest, systemically important financial institutions, or SIFIs.[32][33][34]
Funds[edit]
Former funds[edit]
Between 1989 and 2006, there were two separate FDIC funds – the Bank Insurance Fund (BIF), and the Savings Association Insurance Fund (SAIF). The latter was established after the savings and loans crisis of the 1980s. The existence of two separate funds for the same purpose led to banks' attempting to shift from one fund to another, depending on the benefits each could provide. In the 1990s, SAIF premiums were, at one point, five times higher than BIF premiums; several banks attempted to qualify for the BIF, with some merging with institutions qualified for the BIF to avoid the higher premiums of the SAIF. This drove up the BIF premiums as well, resulting in a situation where both funds were charging higher premiums than necessary.[35]
Then Chairman of the Federal Reserve Alan Greenspan was a critic of the system, saying, "We are, in effect, attempting to use government to enforce two different prices for the same item – namely, government-mandated deposit insurance. Such price differences only create efforts by market participants to arbitrage the difference." Greenspan proposed "to end this game and merge SAIF and BIF".[36]
Deposit Insurance Fund[edit]
In February 2006, President George W. Bush signed into law the Federal Deposit Insurance Reform Act of 2005 (FDIRA) and a related conforming amendments act. The FDIRA contains technical and conforming changes to implement deposit insurance reform, as well as a number of study and survey requirements. Among the highlights of this law was merging the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) into a new fund, the Deposit Insurance Fund (DIF). This change was made effective March 31, 2006. The FDIC maintains the DIF by assessing depository institutions an insurance premium. The amount each institution is assessed is based both on the balance of insured deposits as well as on the degree of risk the institution poses to the insurance fund.
When a bank becomes insolvent, the FDIC is appointed receiver of the failed institution. As receiver, the FDIC takes title to the failed institution's assets and liquidates them; and as deposit insurer pays off the failed institution's deposit liabilities or pays another institution to assume them. Because the failed institution's assets are almost always worth less than its deposit obligations, a bank failure results in a loss to the DIF.
Bond interest payments of the Financing Corporation, the funding vehicle for the "Resolution Fund" of the now defunct Federal Savings and Loan Insurance Corporation (FSLIC), are funded by DIF premiums.
A March 2008 memorandum to the FDIC board of directors shows a 2007 year-end Deposit Insurance Fund balance of about $52.4 billion, which represented a reserve ratio of 1.22% of its exposure to insured deposits, totaling about $4.29 trillion. The 2008 year-end insured deposits were projected to reach about $4.42 trillion with the reserve growing to $55.2 billion, a ratio of 1.25%.[37] As of June 2008, the DIF had a balance of $45.2 billion.[38] However, 9 months later, in March, 2009, the DIF fell to $13 billion.[39] That was the lowest total since September, 1993[39] and represented a reserve ratio of 0.27% of its exposure to insured deposits totaling about $4.83 trillion.[40] In the second quarter of 2009, the FDIC imposed an emergency fee aimed at raising $5.6 billion to replenish the DIF.[41] However, Saxo Bank Research reported that, after Aug 7, further bank failures had reduced the DIF balance to $648.1 million.[42]
The FDIC announced its intent, on September 29, 2009, to assess the banks, in advance, for three years' of premiums in an effort to avoid DIF insolvency. The FDIC revised its estimated costs of bank failures to about $100 billion over the next four years, an increase of $30 billion from the $70 billion estimate of earlier in 2009. The FDIC board voted to require insured banks to prepay $45 billion in premiums to replenish the fund. News media reported that the prepayment move would be inadequate to assure the financial stability of the FDIC insurance fund. The FDIC elected to request the prepayment so that the banks could recognize the expense over three years, instead of drawing down banks' statutory capital abruptly, at the time of the assessment.[43] The fund is mandated by law to keep a balance equivalent to 1.15 percent of insured deposits.[43] As of June 30, 2008, the insured banks held approximately $7,025 billion in total deposits, though not all of those are insured.[44] As of September 30, 2012, total deposits at FDIC-insured institutions totaled roughly $10.54 trillion, although not all deposits are insured.[45]
The DIF's reserves are not the only cash resources available to the FDIC. In addition to $67.3 billion of cash and U.S. Treasury securities held as of March 2016,[46] the FDIC has the ability to borrow up to $100 billion from the Treasury. The FDIC can also demand special assessments from banks as it did in the second quarter of 2009.[47][48]
"Full Faith and Credit"[edit]
The official FDIC teller sign, posted at every U.S. insured bank and savings association, states that FDIC deposit insurance is "backed by the full faith and credit of the United States government." The FDIC describes this sign as a symbol of confidence for depositors.[49] As part of a 1987 legislative enactment, Congress passed a measure stating "it is the sense of the Congress that it should reaffirm that deposits up to the statutorily prescribed amount in federally insured depository institutions are backed by the full faith and credit of the United States."[50]
Insurance requirements[edit]
To receive this benefit, member banks must follow certain liquidity and reserve requirements. Banks are classified in five groups according to their risk-based capital ratio:
Well capitalized: 10% or higher
Adequately capitalized: 8% or higher
Undercapitalized: less than 8%
Significantly undercapitalized: less than 6%
Critically undercapitalized: less than 2%
When a bank becomes undercapitalized, the institution's primary regulator issues a warning to the bank. When the number drops below 6%, the primary regulator can change management and force the bank to take other corrective action. When the bank becomes critically undercapitalized the chartering authority closes the institution and appoints the FDIC as receiver of the bank.
At Q4 2010 884 banks had very low capital cushions against risk and were on the FDIC's "problem list".
Resolution of insolvent banks[edit]
A bank's chartering authority—either an individual state banking department or the U.S. Office of the Comptroller of the Currency—closes a bank and appoints the FDIC as receiver. In its role as a receiver the FDIC is tasked with protecting the depositors and maximizing the recoveries for the creditors of the failed institution. The FDIC does not close banks.
The FDIC as receiver is functionally and legally separate from the FDIC acting in its corporate role as deposit insurer, and the FDIC as receiver has separate rights, duties, and obligations from those of the FDIC as insurer. Courts have long recognized these dual and separate capacities.
In 1991, to comply with legislation, the FDIC amended its failure resolution procedures to decrease the costs to the deposit insurance funds. The procedures require the FDIC to choose the resolution alternative that is least costly to the deposit insurance fund of all possible methods for resolving the failed institution. Bids are submitted to the FDIC where they are reviewed and the least cost determination is made.
A receivership is designed to market the assets of a failed institution, liquidate them, and distribute the proceeds to the institution's creditors. The FDIC as receiver succeeds to the rights, powers, and privileges of the institution and its stockholders, officers, and directors. The FDIC may collect all obligations and money due to the institution, preserve or liquidate its assets and property, and perform any other function of the institution consistent with its appointment.
A receiver also has the power to merge a failed institution with another insured depository institution and to transfer its assets and liabilities without the consent or approval of any other agency, court, or party with contractual rights. Furthermore, a receiver may form a new institution, such as a bridge bank, to take over the assets and liabilities of the failed institution, or it may sell or pledge the assets of the failed institution to the FDIC in its corporate capacity.
The two most common ways for the FDIC to resolve a closed institution and fulfill its role as a receiver are:
Purchase and Assumption Agreement (P&A), in which deposits (liabilities) are assumed by an open bank, which also purchases some or all of the failed bank's loans (assets). The bank's assets[51] that convey to the FDIC as receiver are sold and auctioned through various methods, including online, and using contractors.
Deposit Payoff, as soon as the appropriate chartering authority closes the bank or thrift, the FDIC is appointed receiver. The FDIC as insurer pays all of the failed institution's depositors[52] with insured funds the full amount of their insured deposits. Depositors with uninsured funds and other general creditors (such as suppliers and service providers) of the failed institution do not receive either immediate or full reimbursement; instead, the FDIC as receiver issues them receivership certificates. A receivership certificate entitles its holder to a portion of the receiver's collections on the failed institution's assets.
Covered Insured Depository Institutions Resolution Plans[edit]
To assist the FDIC in resolving an insolvent bank, the FDIC requires plans including the required submission of a resolution plan by covered institutions requirement under the Dodd Frank Act. In addition to the Bank Holding Company ("BHC") resolution plans required under the Dodd Frank Act under Section 165(d),[53] the FDIC requires a separate Covered Insured Depository Institution ("CIDI") resolution plan for US insured depositories with assets of $50 billion or more. Most of the largest, most complex BHCs are subject to both rules, requiring them to file a 165(d) resolution plan for the BHC that includes the BHC's core businesses and its most significant subsidiaries (i.e., "material entities"), as well as one or more CIDI plans depending on the number of US bank subsidiaries of the BHC that meet the $50 billion asset threshold.[54]
On December 17, the FDIC issued guidance for the 2015 resolution plans of CIDIs of large bank holding companies (BHCs).[55] The guidance provides clarity on the assumptions that are to be made in the CIDI resolution plans and what must be addressed and analyzed in the 2015 CIDI resolution plans including:[54]
The assumption that the CIDI must fail.
The cause of CIDI failure must be a core business loss or impairment.
At least one "multiple acquirer strategy" is required in the plan.
A deep level of granularity is expected in the plan.
Sales strategies must be feasible and supported by considerable acquirer detail.
A detailed financial and liquidity analysis is needed.
Key legal issues must be considered.
Resolution obstacles must be addressed.
The CIDI must be insolvent at the start of resolution.
Insured products[edit]
Example of FDIC insurance coverage
FDIC deposit insurance covers deposit accounts, which, by the FDIC definition, include:
demand deposits (checking accounts of a type that formerly could not legally pay interest), and negotiable order of withdrawal accounts (NOW accounts, i.e., savings accounts that have check-writing privileges)
savings accounts and money market deposit accounts (MMDAs, i.e., higher-interest savings accounts subject to check-writing restrictions)
time deposits including certificates of deposit (CDs)
outstanding cashier's checks, interest checks, and other negotiable instruments drawn on the accounts of the bank
accounts denominated in foreign currencies[56]
Accounts at different banks are insured separately. All branches of a bank are considered to form a single bank. Also, an Internet bank that is part of a brick and mortar bank is not considered to be a separate bank, even if the name differs. Non-US citizens are also covered by FDIC insurance as long as their deposits are in a domestic office of an FDIC-insured bank.[56]
The FDIC publishes a guide entitled "Your Insured Deposits",[57] which sets forth the general characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance.[58]
Items not insured[edit]
Only the above types of accounts are insured. Some types of uninsured products, even if purchased through a covered financial institution, are:[58]
Stocks, bonds, and mutual funds including money funds
The Securities Investor Protection Corporation, a separate institution chartered by Congress, provides protection against the loss of many types of such securities in the event of a brokerage failure, but not against losses on the investments.
Further, as of September 19, 2008, the United States Treasury is offering an optional insurance program for money market funds, which guarantees the value of the assets.[59]
Exceptions have occurred, such as the FDIC bailout of bondholders of Continental Illinois.
Investments backed by the U.S. government, such as Treasury securities
The contents of safe deposit boxes.
Even though the word deposit appears in the name, under federal law a safe deposit box is not a deposit account – it is merely a secured storage space rented by an institution to a customer.
Losses due to theft or fraud at the institution.
These situations are often covered by special insurance policies that banking institutions buy from private insurance companies.
Accounting errors.
In these situations, there may be remedies for consumers under state contract law, the Uniform Commercial Code, and some federal regulations, depending on the type of transaction.
Insurance and annuity products, such as life, auto and homeowner's insurance.
See also[edit]
Title 12 of the Code of Federal Regulations
2008–2010 bank failures in the United States
Canada Deposit Insurance Corporation
Financial crisis of 2007-2010
List of acquired or bankrupt United States banks in the late 2000s financial crisis
List of largest U.S. bank failures
Too Big to Fail policy
Related agencies and programs[edit]
CAMELS Rating System – used by the FDIC's Division of Risk Management Supervision (RMS) examiners to rate each bank and the FDIC problem bank list
FDIC Enterprise Architecture Framework
National Credit Union Administration
Temporary Liquidity Guarantee Program
Notes[edit]
Jump up ^ Around 491 commercial banks failed in 1893, and 243 between 1907-8.[9]
Jump up ^ The latter plan was to insure all deposits up to $10,000 ($182,935), 75 percent of all deposits over $10,000 to $50,000 ($914,677), and 50 percent of anything over $50,000. Brackets indicate amount taking into account consumer price inflation from 1934.[15]
References[edit]
Jump up ^ "Statistics At A Glance". FDIC. Retrieved 8 June 2012.
^ Jump up to: a b Walter 2005, p. 39.
Jump up ^ "FDIC insurance limit of $250,000 is now permanent". Boston Globe.
Jump up ^ Bovenzi 2015, p. 69.
Jump up ^ Ellis, Diane. "Deposit Insurance Funding: Assuring Confidence" (PDF). fdic.gov.
Jump up ^ "Statistics at a Glance as of December 31, 2017" (PDF). Federal Deposit Insurance Corporation. Check date values in: |date= (help)
^ Jump up to: a b "FDIC: Understanding Deposit Insurance".
Jump up ^ "FDIC: Board of Directors & Senior Executives". Fdic.gov. Retrieved 2013-06-19.
^ Jump up to: a b White 1981, p. 538.
Jump up ^ White 1981, pp. 537-538.
Jump up ^ White 1981, p. 539
Jump up ^ Walter 2005, p. 44.
Jump up ^ Golembe 1960, p. 188.
Jump up ^ Christopher W. Shaw, "'The Man in the Street Is for It': The Road to the FDIC." Journal of Policy History 27#1 (2015): 36-60, quote p 47.
^ Jump up to: a b c Federal Reserve Bank of Minneapolis Community Development Project. "Consumer Price Index (estimate) 1800–". Federal Reserve Bank of Minneapolis. Retrieved January 2, 2018.
Jump up ^ Golembe 1960, p. 193.
Jump up ^ "Changes in FDIC Deposit Insurance Coverage". fdic.gov. July 21, 2010. Archived from the original on November 22, 2010.
Jump up ^ "Reform of Deposit Insurance (including the adjustment to $250,000 and allowing for adjustments every five years)".
Jump up ^ "FDIC Interim rule" (PDF). gpo.gov.
Jump up ^ The Cost of the Savings and Loan Crisis
Jump up ^ FDIC. "Failed Bank List". Retrieved 2009-06-27.
Jump up ^ Shen, Linda (2008-09-26). "WaMu's Bank Split From Holding Company, Sparing FDIC". Bloomberg. Archived from the original on 2012-10-23. Retrieved 2008-09-27.
Jump up ^ Dash, Eric (2008-04-07). "$5 Billion Said to Be Near for WaMu". The New York Times. Retrieved 2008-09-27.
Jump up ^ Ari Levy (2009-08-14). "Toxic Loans Topping 5% May Push 150 Banks to Point of No Return". Bloomberg. Retrieved 2009-08-14.
Jump up ^ Barr, Colin (August 21, 2009). "Foreign banks can't save everyone". CNN. Archived from the original on October 2, 2009. Retrieved May 2, 2010.
Jump up ^ "FDIC: Press Releases – PR-153-2009 8/27/2009". Fdic.gov. Retrieved 2011-09-15.
Jump up ^ Eric Dash (November 24, 2009). "As Bank Failures Rise, F.D.I.C. Fund Falls Into Red". The New York Times. p. B4. Retrieved 2009-11-28.
^ Jump up to: a b Dakin Campbell (2010-03-20). "Avanta Bank, Six other U.S. Banks Collapse Due to Bad Loans". Bloomberg. Retrieved 2010-03-19.
Jump up ^ FDIC. "FDIC Trends, March, 2009" (PDF). Retrieved 2009-07-10.
Jump up ^ Dakin Campbell (2010-05-01). "Puerto Rico Banks Seized as Regulators Waive Deposit Limits". Bloomberg. Retrieved 2010-04-30.
Jump up ^ "Failed Banks Class of 2010". Retrieved 2011-01-05.
Jump up ^ James Wigand, the FDIC's Complexity Czar, By Yalman Onaran, Bloomberg Businessweek, October 13, 2011.
Jump up ^ FDIC Announces Organizational Changes to Help Implement Recently Enacted Regulatory Reform by Congress, FDIC press release, August 10, 2010.
Jump up ^ FDIC Creates Office of Complex Financial Institutions, by Steve Quinlivan, article at dodd-frank.com, private website, August 10, 2010.
Jump up ^ Sicilia, David B. & Cruikshank, Jeffrey L. (2000). The Greenspan Effect, pp. 96–97. New York: McGraw-Hill. ISBN 0-07-134919-7.
Jump up ^ Sicilia & Cruikshank, pp. 97–98.
Jump up ^ "Assessment Rates for 2008" (PDF). 2008-08-11. p. 11. Retrieved 2011-09-15.
Jump up ^ "Chief Financial Officer's (CFO) Report to the Board: DIF Balance Sheet – Third Quarter 2008". Fdic.gov. Retrieved 2011-09-15.
^ Jump up to: a b Ari Levy and Margaret Chadbourn (July 10, 2009). "Bank of Wyoming Seized; 53rd U.S. Failure This Year (Update1)". Bloomberg. Archived from the original on June 7, 2012. Retrieved 2009-07-10.
Jump up ^ "FDIC Statistics at a Glance" (PDF). 2008-08-11. Retrieved 2011-09-15.
Jump up ^ Ari Levy and Margaret Chadbourn (2009-07-25). "Lender Failures Reach 64 as Georgia Shuts Security Bank's Units". Bloomberg. Retrieved 2009-07-22.
Jump up ^ Bagger-Sjöbäck, Robin (August 12, 2009). "FDIC's Shrinking Deposit Insurance Fund – A Testimony of Current Accounting Standards". Saxo Bank Research. Archived from the original on August 21, 2009. Retrieved 2009-08-20.
^ Jump up to: a b "FDIC Insurance Plan Is No Long-Term Solution". New York Times. Associated Press. September 29, 2009. Retrieved September 29, 2009.
Jump up ^ "Deposits of all FDIC-Insured Institutions, National Totals* by Asset Size: Data as of June 30, 2008". Summary of Deposits. Federal Deposit Insurance Corporation. Retrieved October 3, 2009. [permanent dead link]
Jump up ^ "FDIC: Institution Directory". .fdic.gov. Retrieved 2013-06-19.
Jump up ^ "FDIC Balance Sheet - First Quarter 2016". fdic.gov.
Jump up ^ "Banks Tapped to Bolster FDIC Resources: FDIC Board Approves Proposed Rule to Seek Prepayment of Assessments". Press Release. Federal Deposit Insurance Corporation. September 29, 2009. Retrieved October 4, 2009.
Jump up ^ "FDIC Extends Restoration Plan: Imposes Special Assessment". Press Release. Federal Deposit Insurance Corporation. February 27, 2009. Retrieved October 5, 2009.
Jump up ^ "FDIC: Symbol of Confidences".
Jump up ^ "4000 - Advisory Opinions: Full Faith and Credit of U.S. Government Behind the FDIC Deposit Insurance Fund". Retrieved 2009-01-16.
Jump up ^ http://www.fdic.gov/buying/
Jump up ^ "Archived copy" (PDF). Archived from the original (PDF) on 2013-03-17. Retrieved 2013-01-25.
Jump up ^ "First take: Resolution plan guidance to largest firms".
^ Jump up to: a b "First take: Ten key points from the FDIC's resolution plan guidance" (PDF). PwC Financial Services Regulatory Practice, December, 2014.
Jump up ^ "Guidance for Covered Insured Depository Institution Resolution Plan Submissions" (PDF). PwC Financial Services Regulatory Practice, December, 2014.
^ Jump up to: a b "FDIC Law, Regulations, Related Acts – Rules and Regulations". Fdic.gov. Retrieved 2011-09-15.
Jump up ^ fdic.gov Archived December 10, 2007, at the Wayback Machine.
^ Jump up to: a b "FDIC: Insured or Not Insured?". Fdic.gov. Retrieved 2011-09-15.
Jump up ^ Henriques, Diana B. (2008-09-19). "Treasury to Guarantee Money Market Funds". The New York Times. Retrieved 2008-09-20.
Bibliography[edit]
Bovenzi, John (2015). Inside the FDIC: Thirty Years of Bank Failures, Bailouts, and Regulatory Battles. Manhattan: John Wiley & Sons. ISBN 978-1-118-99408-5.
Walter, John (2005). "Depression-Era Bank Failures: The Great Contagion or the Great Shakeout?". Economic Quarterly. 91 (1). Retrieved 4 December 2015.
White, Eugene, N. (1981). "State-Sponsored Insurance of Bank Deposits in the United States, 1907-1929". The Journal of Economic History. 41 (3): 537–557. doi:10.1017/S0022050700044326.
Golembe, Carter, H. (1960). "The Deposit Insurance Legislation of 1933: An Examination of Its Antecedents and its Purposes". Political Science Quarterly. 75 (2): 181–200. doi:10.2307/2146154.
Further reading[edit]
60 Minutes – Your Bank Has Failed: What Happens Next?
Kaufman, George G. (2002). "Deposit Insurance". In David R. Henderson (ed.). Concise Encyclopedia of Economics (1st ed.). Library of Economics and Liberty. CS1 maint: Extra text: editors list (link) OCLC 317650570, 50016270, 163149563
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text:
Evacuation Day (New York)
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Evacuation Day
Evacuation Day and Washington's Triumphal Entry
Observed by
New York City
Significance
Date when the last British troops left New York
Date
November 25
Frequency
annual
First time
November 25, 1783 (1783-11-25)
Evacuation Day on November 25 marks the day in 1783 when British troops departed from New York City on Manhattan Island, after the end of the American Revolutionary War. After this British Army evacuation, General George Washington triumphantly led the Continental Army from his former headquarters, north of the city, across the Harlem River south down Manhattan through the town to The Battery at the foot of Broadway.[1]
The last shot of the war was reportedly fired on this day, as a British gunner fired a cannon at jeering crowds gathered on the shore of Staten Island, as his ship passed through the Narrows at the mouth of New York Harbor. The shot fell well short of the shore.[2]
Contents
1 Background
2 Event history
2.1 British evacuation from New York
2.2 Washington's entry into New York
2.3 Gallery
2.4 Aftermath
3 Commemoration
3.1 Early popularity
3.2 Mid-19th century and decline
3.3 Centennial and 20th century fading
3.4 21st century and renewed efforts
4 See also
5 References
6 External links
Background[edit]
Prison Ship Martyrs' Monument, Wallabout Bay, East River, (now Fort Greene Park), New York-Brooklyn
Following the devastating losses at the Battle of Long Island on August 27, 1776, General George Washington and the Continental Army retreated across the East River by benefit of both a retreat and holding action by well-trained Maryland Line troops at Gowanus Creek and Canal and a night fog which obscured the barges and boats evacuating troops to Manhattan Island.[3] On September 15, 1776, the British flag replaced the American atop Fort George, where it was to remain until Evacuation Day.
Washington's Continentals subsequently withdrew north and west out of the town and following the Battle of Harlem Heights and later action at the river forts of Fort Washington and Fort Lee on the northwest corner of the island along the Hudson River on November 16, 1776, evacuated Manhattan Island. They headed north for Westchester County, fought a delaying action at White Plains, and retreated across New Jersey in the New York and New Jersey campaign.
For the remainder of the American Revolutionary War, much of what is now Greater New York was under British control. New York City (occupying then only the southern tip of Manhattan, up to what is today Chambers Street), became, under Admiral of the Fleet Richard Howe, Lord Howe and his brother Sir William Howe, General of the British Army, the British political and military center of operations in British North America. David Mathews was Mayor of New York during the British occupation. Many of the civilians who continued to reside in town were Loyalists.[4]
On September 21, 1776, the city suffered a devastating fire of uncertain origin after the evacuation of Washington's Continental Army at the beginning of the British Army occupation. With hundreds of houses destroyed, many residents had to live in makeshift housing built from old ships.[5] In addition, over 10,000 Patriot soldiers and sailors died through deliberate neglect on prison ships in New York waters (Wallabout Bay) during the British occupation—more Patriots died on these ships than died in every single battle of the war, combined.[6][7][8][9][10][11][12][13][14] These men are memorialized, and many of their remains are interred, at the Prison Ship Martyrs' Monument in Fort Greene Park, Brooklyn.
Event history[edit]
British evacuation from New York[edit]
In mid-August 1783, Sir Guy Carleton, then the last British Army and Royal Navy commander in formerly British North America, received orders from his superiors in London for the evacuation of New York. He informed the President of the Confederation Congress that he was proceeding with the subsequent withdrawal of refugees, liberated slaves and military personnel as fast as possible, but it was not possible to give an exact date because the number of refugees entering the city recently had increased dramatically. More than 29,000 Loyalists refugees were eventually evacuated from the city.[15][16] The British also evacuated over 3,000 Black Loyalists, former slaves they had liberated from the Americans to Nova Scotia, East Florida, the Caribbean, and London,[17] and refused to return them to their American enslavers and overseers as the provisions of the Treaty of Paris had required them to do. The Black Brigade were among the very last to depart.[18]
Carleton gave a final evacuation date of 12 noon on November 25, 1783. An anecdote by Alexander Anderson told of a scuffle between a British officer and the proprietor of a boarding house, as she defiantly raised her own American flag before noon.[19] Following the departure of the British, the city was secured by American troops under the command of General Henry Knox.[20]
Entry into the city by General George Washington was delayed until after a British flag which had been spotted still flying had been removed. A British Union Jack was nailed on a flagpole at Fort George in the Battery at the southern tip of Manhattan as a final act of defiance and the pole was greased. After a number of men attempted to tear down the British colors, wooden cleats were cut and nailed to the pole and with the help of a ladder, an army veteran, John Van Arsdale, was able to ascend the pole, remove the flag, and replace it with the Stars and Stripes before the British fleet had completely sailed out of sight.[21][22] That same day, a liberty pole with a flag was erected at New Utrecht Reformed Church, and its successor still stands there.[23][24] Another liberty pole was raised in Jamaica in Queens in a celebration that December.[25]
Washington's entry into New York[edit]
Seven years after the retreat from Manhattan on November 16, 1776, General George Washington and Governor of New York George Clinton reclaimed Fort Washington on the northwest corner of Manhattan Island and then led the Continental Army in a triumphal precision march down the road through the center of the island onto Broadway in the Town to the Battery.[26] During his stay, Washington had a meeting with Hercules Mulligan, which helped dispel suspicions about the tailor and spy.[27]
Gallery[edit]
Monument in Bennett Park marking the November 16, 1776 evacuation and the November 25, 1783 triumphal entry of the American forces
Washington's Entry into New York by Currier & Ives
Washington's Grand Entry into New York, Nov. 25th, 1783 by Alphonse Bigot
George Washington, Evacuation of New York, by John Trumbull, 1790, New York City Hall
Henry Kirke Brown's George Washington in Union Square commemorates Washington's entrance to the city on Evacuation Day
Aftermath[edit]
A week later, on December 4, at Fraunces Tavern, at Pearl and Broad Streets, General Washington formally said farewell to his officers with a short statement, taking each one of his officers and official family by the hand.[28]
Later, Washington headed south, being cheered and fêted on his way at many stops in New Jersey and Pennsylvania. By December 23, he arrived in Annapolis, Maryland, where the Confederation Congress was then meeting at the Maryland State House to consider the terms of the Treaty of Paris. At their session in the Old Senate Chamber, he made a short statement and offered his sword and the papers of his commission to the President and the delegates, thereby resigning as commander-in-chief. He then retired to his plantation home, Mount Vernon, in Virginia.[29]
Commemoration[edit]
Early popularity[edit]
View of the commemorative flagpole at the Battery in its "gigantic churn", during a visit by the French frigate Embuscade (shortly before the Action of 31 July 1793).
Public celebrations were first held on the fourth anniversary in 1787, with the city's garrison performing a dress review and feu de joie, and in the context of a Federalist push for constitutional ratification following the Philadelphia Convention.[30][31]
The British Fort George at Bowling Green was demolished in 1790, and in that year the Battery Flagstaff was built on newly reclaimed land on the Battery, called the "churn", operated by William and then Lois Keefe; this was replaced in 1809, and demolished about 1825. In 1809, the new flagstaff further east on the Battery with a decorative gazebo, which was operated as a concession.[32][33][34][35][36] The Battery Flagstaff commemorated Evacuation Day, and was the site of the city's annual flag-raising celebration with a 50 x 100 foot flag for over a century. A flag-raising was held twice a year, on Evacuation Day and on the Fourth of July, and after 1853 flag-raisings on these days were also held at The Blockhouse.[37][38][39]
On Evacuation Day 1790, the Veteran Corps of Artillery of the State of New York was founded.[40]
John Van Arsdale is said to have been a regular flag-raiser at the early commemorations.[39]
Washington Irving described a September 1804 visit to the commemorative flagpole, as "The standard of our city, reserved, like a choice handkerchief, for days of gala, hung motionless on the flag-staff, which forms the handle to a gigantic churn," in his A History of New York.[41]
The Scudder's American Museum / Barnum's American Museum held what it claimed was the original 1783 Evacuation Day flag until the museum's burning in 1865, and flew it on Evacuation Day and the Fourth of July.[42]
On Evacuation Day 1811, the newly completed Castle Clinton was dedicated with the firing of its first gun salute.[43]
On Evacuation Day 1830 (or rather, on November 26 due to inclement weather), thirty thousand New Yorkers gathered on a march to Washington Square Park in celebration of that year's July Revolution in France.[44][45]
For over a century the event was commemorated annually with patriotic and political connotations, as well as embracing a general holiday atmosphere.[46] Sometimes featured were greasy pole climbing contests for boys to recreate the taking the down the Union Jack.[47] Evacuation Day also became a time for theatrical spectacle, with for example an 1832 Bowery Theatre double bill of Junius Brutus Booth and.Thomas D. Rice.[48][49] David Van Arsdale is said to have raised the flag after his father's death in 1836.Cite error: A <ref> tag is missing the closing </ref> (see the help page). There was also a traditional parade from near the current Cooper Union down the Bowery to the Battery.[39]
Painting of flagstaff and "churn" at the Battery.
The "churn" after its retirement as flagstaff, ca. 1825
A view of the second Battery Flagstaff about 1812, with surrounding gazebo.
Mid-19th century and decline[edit]
Evacuation Day Parade of First Division under Charles W. Sandford, New York State Militia, 1866
Julius Caesar at The Winter Garden Theatre, with John Wilkes Booth, Edwin Booth, and Junius Brutus Booth, Jr., November 25, 1864.
The importance of the commemoration was waning in 1844, with the approach of the Mexican–American War of 1846–1848.[50]
However, the dedication of the monument to William J. Worth, the Mexican–American War general, at Madison Square was purposely held on Evacuation Day 1857.[51]
In August 1863, the Battery Flagstaff was destroyed by a lightning strike; it was subsequently replaced.[52][53]
Before it was a national holiday, Thanksgiving was proclaimed at various dates by state governors – as early as 1847, New York held Thanksgiving on the same date as Evacuation Day, a convergence happily noted by Walt Whitman, writing in the Brooklyn Eagle. The observance of the date was also diminished by the Thanksgiving Day Proclamation by 16th President Abraham Lincoln on October 3, 1863, that called on Americans "in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next as a day of thanksgiving."[54] That year, Thursday fell on November 26. In later years, Thanksgiving was celebrated on or near the 25th, making Evacuation Day redundant.[55]
On Evacuation Day 1864, the Booth brothers held a performance of Julius Caesar at the Winter Garden Theatre to raise funds for the Shakespeare statue later placed in Central Park. That same day, Confederate saboteurs attempted to burn down the city, lighting an adjoining building on fire, and for a time disturbing the performance.[56][57][58][59]

A traditional children's rhyme of the era was:
It's Evacuation Day, when the British ran away,
Please, dear Master, give us holiday![60]
Over time, the celebration and its anti-British sentiments became associated with the local Irish American community.[46]
Centennial and 20th century fading[edit]
Raising the Stars and Stripes, 1883 print showing a variant of the Cowpens flag and a completely inauthentic Union Jack
The Old Guard of New York raising the flag on Evacuation Day at the Battery, 1897.
In the 1890s, the anniversary was celebrated in New York at Battery Park with the raising of the Stars and Stripes by Christopher R. Forbes, the great grandson of John Van Arsdale, with the assistance of a Civil War veterans' association from Manhattan—the Anderson Zouaves.[61] John Lafayette Riker, the original commander of the Anderson Zouaves, was also a grandson of John Van Arsdale. Riker's older brother was the New York genealogist James Riker, who authored Evacuation Day, 1783[62] for the spectacular 100th anniversary celebrations of 1883, which were ranked as “one of the great civic events of the nineteenth century in New York City.”[63] David Van Arsdale had died in November 1883 just before before the centennial,[64] having helped revive the event the year previous,[65] and he was succeeded by his grandson.[39]
As part of Evacuation Day celebrations in 1883 (on November 26), the George Washington statue by Federal Hall was unveiled.[66]
On Evacuation Day 1893, the Nathan Hale statue currently in City Hall Park was unveiled.[67]
In 1895, Asa Bird Gardiner disputed the rights to organize the flag-raising, claiming that his organization, the General Society of the War of 1812, were the true heirs of the Veteran Corps of Artillery.[39][37][68]
In 1900, Christopher R. Forbes was denied the honor of raising the flag at the Battery on Independence Day and on Evacuation Day[69] and it appears that neither he nor any Veterans' organization associated with the Van Arsdale-Riker family or the Anderson Zouaves took part in the ceremony after this time. In 1901, Forbes raised the flag at the dedication of Bennett Park.[70] Following the warming of relations with Britain immediately preceding World War I, the observance all but disappeared.
In the early 20th century, the flagpole used was that from the 1901 America's Cup defender Constitution.[71][72][73] The commemorative flagpole was still listed as an attraction in a Federal Writers' Project city guide as late as 1939,[74] and the annual flag-raising ceremony lasted until the 1950s.[46]
The event was officially celebrated for the last time on November 25, 1916 with a march down Broadway for a flag raising ceremony by sixty members of the Old Guard.[75][76][77] The position of the flagstaff at this time was described as near Battery Park's sculptures of John Ericsson and Giovanni da Verrazzano.[78] The flagpole was included on a map of Battery Park in the WPA New York City Guide of 1939.[79] It was removed sometime in midcentrury. Later, City Council President Paul O'Dwyer expressed interest in a restored flagpole for the 1976 United States Bicentennial.[47] A bicentennial of Evacuation Day in 1983 featured the labor leader Harry Van Arsdale, Jr.[80] A commemorative plaque marking Evacuation Day was put on a flagpole at Bowling Green in 1996.[81]
The Sons of the Revolution fraternal organization continues to hold an annual 'Evacuation Day Dinner' at Fraunces Tavern.
21st century and renewed efforts[edit]
Though little celebrated in the previous century, the 225th anniversary of Evacuation Day was commemorated on November 25, 2008, with searchlight displays in New Jersey and New York at key high points.[82][83][84] The searchlights are modern commemorations of the bonfires that served as a beacon signal system at many of these same locations during the revolution. The seven New Jersey Revolutionary War sites are Beacon Hill in Summit,[85] South Mountain Reservation in South Orange, Fort Nonsense in Morristown, Washington Rock in Green Brook, the Navesink Twin Lights, Princeton, and Ramapo Mountain State Forest near Oakland. The five New York locations which contributed to the celebration are; Bear Mountain State Park, Storm King State Park, Scenic Hudson's Spy Rock (Snake Hill) in New Windsor, Washington's Headquarters State Historic Site in Newburgh, Scenic Hudson's Mount Beacon.
November 25, 1783
Evacuation Day Plaza
The renaming of a portion of Bowling Green, a street in Lower Manhattan to Evacuation Day Plaza was proposed by Arthur R. Piccolo, the chairman of the Bowling Green Association, and James S. Kaplan of the Lower Manhattan Historical Society. The proposal was initially turned down by the New York City Council in 2016 because the Council's rules for street renaming specify that a renamed street must commemorate a person, an organization, or a cultural work. However, with the support of Councilwoman Margaret Chin, and after supporters of the renaming pointed to streets and plazas named after "Do the Right Thing Way", "Diversity Plaza", "Hip Hop Boulevard", and "Ragamuffin Way", the council reversed its decision and approved the renaming of the street on February 5, 2016.[86][75]
See also[edit]
Battery Park
Evacuation Day (Massachusetts)
Prison Ship Martyrs' Monument
References[edit]
Notes
Jump up ^ A Toast To Freedom: New York Celebrates Evacuation Day. Fraunces Tavern Museum. 1984. p. 7.
Jump up ^ Staten Island on the Web: History
Jump up ^ Field, Thomas Warren. The Battle of Long Island: With Connected Preceeding Events, and the Subsequent American Retreat Long Island Historical Society, 1869, page 250
Jump up ^ Calhoon, Robert M. "Loyalism and neutrality" Chapter 29, p. 235. Greene, Jack P. and Pole, J.R. A Companion of the American Revolution (2004)
Jump up ^ Homberger, Eric (2005). The Historical Atlas of New York City, Second Edition: A Visual Celebration of 400 Years of New York City's History. Macmillan. p. 56. ISBN 978-0-8050-7842-8.
Jump up ^ Stiles, Henry Reed (1865). Letters from the Prisons and Prison-ships of the Revolution. Thomson Gale (reprint). ISBN 978-1-4328-1222-5.
Jump up ^ Dring, Thomas and Greene, Albert. "Recollections of the Jersey Prison Ship" (American Experience Series, No 8). Applewood Books. November 1, 1986. ISBN 978-0-918222-92-3
Jump up ^ Taylor, George. "Martyrs To The Revolution In The British Prison-Ships In The Wallabout Bay." (originally printed 1855) Kessinger Publishing, LLC. October 2, 2007. ISBN 978-0-548-59217-5.
Jump up ^ Banks, James Lenox. "Prison ships in the Revolution: New facts in regard to their management." 1903.
Jump up ^ Hawkins, Christopher. "The life and adventures of Christopher Hawkins, a prisoner on board the 'Old Jersey' prison ship during the War of the Revolution." Holland Club. 1858.
Jump up ^ Andros, Thomas. "The old Jersey captive: Or, A narrative of the captivity of Thomas Andros...on board the old Jersey prison ship at New York, 1781. In a series of letters to a friend." W. Peirce. 1833.
Jump up ^ Lang, Patrick J.. "The horrors of the English prison ships, 1776 to 1783, and the barbarous treatment of the American patriots imprisoned on them." Society of the Friendly Sons of Saint Patrick, 1939.
Jump up ^ Onderdonk. Henry. "Revolutionary Incidents of Suffolk and Kings Counties; With an Account of the Battle of Long Island and the British Prisons and Prison-Ships at New York." Associated Faculty Press, Inc. June 1970. ISBN 978-0-8046-8075-2.
Jump up ^ West, Charles E.. "Horrors of the prison ships: Dr. West's description of the wallabout floating dungeons, how captive patriots fared." Eagle Book Printing Department, 1895.
Jump up ^ "UELAC.org - Loyalist Ships". www.uelac.org. Retrieved 2018-08-04.
Jump up ^ Grasso, Dr. Joan S. The American Revolution on Long Island Arcadia Publishing, 2016, page 110
Jump up ^ Lanning, Michael Lee. African Americans in the Revolutionary War page 161.
Jump up ^ Finkelman, Paul (2006-04-06). Encyclopedia of African American History, 1619-1895: From the Colonial Period to the Age of Frederick Douglass Three-volume Set. Oxford University Press, USA. ISBN 9780195167771.
Jump up ^ Lossing, Benson John (1889). Hours with the Living Men and Women of the Revolution: A Pilgrimage. Funk & Wagnalls.
Jump up ^ Margino, Megan. "Evacuation Day: New York's Former November Holiday", New York Public Library, November 24, 2014
Jump up ^ Riker (1883), pp. 16–18.
Jump up ^ Hood, C. 2004, p. 6. Clifton Hood in his essay on New York's Evacuation Day makes the following citation for John Van Arsdale's role in removing the Union Flag and replacing it with the Stars and Stripes: Rivington’s New York Gazette, November 26, 1783; The Independent New-York Gazette, November 29, 1783; Edwin G. Burrows and Mike Wallace, Gotham: A History of New York to 1898 (New York, 1999): 259–61; Douglas Southall Freeman, George Washington: A Biography, v. 5, Victory with the Help of France (New York, 1952): 461; James Thomas Flexner, George Washington, v. 3, In the American Revolution (1775–1783) (Boston, 1967): 522–8. Van Arsdale has sometimes been identified as an Army enlisted man or an Army officer. The flag later joined the historic collection at Scudder's American Museum but unfortunately was destroyed in a fire in 1865.
Jump up ^ "Church History". www.newutrechtchurch.org. Retrieved 2018-08-04.
Jump up ^ White, Norval; Willensky, Elliot; Leadon, Fran; Chapter, American Institute of Architects New York (2010-06-09). AIA Guide to New York City. Oxford University Press, USA. p. 276. ISBN 9780195383867.
Jump up ^ Grasso, Dr Joanne S. (2018-07-09). George Washington’s 1790 Grand Tour of Long Island. Arcadia Publishing. p. 38. ISBN 9781439664766.
Jump up ^ Baker, William S. Itinerary of General Washington from June 15, 1775, to December 23, 1783 (concluded)The Pennsylvania Magazine of History and Biography Vol. 15, No. 4 (1891), pages 419–420.
Jump up ^ Misencik, Paul R. (2013-12-10). The Original American Spies: Seven Covert Agents of the Revolutionary War. McFarland. p. 124. ISBN 9780786477944.
Jump up ^ "Today in History – December 4: Goodbye to General Washington". Library of Congress.
Jump up ^ "Today in History – December 23: Washington Resigns His Commission". Library of Congress.
Jump up ^ "Fall 2010, Volume 10, Number 2 | New York State Archives Partnership Trust". www.nysarchivestrust.org. Retrieved 2018-02-04.
Jump up ^ Sullivan, Robert (2012-09-04). My American Revolution: A Modern Expedition Through History's Forgotten Battlegrounds. Macmillan. ISBN 9780374217457.
Jump up ^ Lopate, Phillip (2000). Writing New York: A Literary Anthology. Simon and Schuster. p. 9. ISBN 9780671042356.
Jump up ^ Halsey, Richard Townley Haines (1899). Pictures of Early New York on Dark Blue Staffordshire Pottery: Together with Pictures of Boston and New England, Philadelphia, the South and West. Dodd, Mead.
Jump up ^ "The Oldest Parks : Online Historic Tour : NYC Parks". www.nycgovparks.org. Retrieved November 1, 2016.
Jump up ^ Stokes, I. N. Phelps (1915). The iconography of Manhattan Island. Robert H. Dodd. p. 402. ISBN 9785871799505.
Jump up ^ McMaster, John Bach (1915). A History of the People of the United States. Volume II 1790–1803. D. Appleton.
^ Jump up to: a b The City Record. 1895. p. 3520.
Jump up ^ 1812, Military Society of the War of (1901). Roster of the Veteran Corps of Artillery Constituting the Military Society of the War of 1812.
^ Jump up to: a b c d e The Spirit of '76. Spirit of '76 Publishing Company. January 1, 1895.
Jump up ^ Aldermen, New York (N Y. ) Board of (1895). Proceedings of the Board of Aldermen. The Board. p. 290.
Jump up ^ Irving, Washington (January 1, 1830). A History of New-York, from the Beginning of the World to the End of the Dutch Dynasty: In Two Volumes. Carey & Lea. p. 183.
Jump up ^ History of the Flag of the United States of America, p. 285-86 (1880)(reporting that the flag was destroyed in the 1865 fire of Barnum's)
Jump up ^ Service, United States National Park (1976). Castle Clinton. U.S. Department of the Interior, National Park Service.
Jump up ^ Folpe, Emily Kies (2002). It Happened on Washington Square. JHU Press. pp. 71–72. ISBN 9780801870880.
Jump up ^ Gouverneur, Samuel L. (1830). Oration delivered in commemoration of the Revolution in France.
^ Jump up to: a b c Sullivan, Robert (September 4, 2012). My American Revolution: A Modern Expedition Through History's Forgotten Battlegrounds. Macmillan. pp. 179–180. ISBN 9780374217457.
^ Jump up to: a b "Plea for a Historic Flagpole". The New York Times. 1976-02-21. ISSN 0362-4331. Retrieved 2018-01-13.
Jump up ^ Archer, Stephen M. (2010-08-20). Junius Brutus Booth: Theatrical Prometheus. SIU Press. ISBN 9780809385928.
Jump up ^ Johnson, Stephen (2012). Burnt Cork: Traditions and Legacies of Blackface Minstrelsy. Univ of Massachusetts Press. ISBN 1558499342.
Jump up ^ "Evacuation Day was once a glorious holiday here". The New York Times. October 19, 1924.
Jump up ^ Snyder, Cal (January 1, 2005). Out of Fire and Valor: The War Memorials of New York City from the Revolution to 9–11. Bunker Hill Publishing, Inc. p. 32. ISBN 978-1-59373-051-2.
Jump up ^ "The Storm Yesterday". The New York Times. 1863-08-07. ISSN 0362-4331. Retrieved 2018-01-13.
Jump up ^ "General City News". The New York Times. 1863-08-20. ISSN 0362-4331. Retrieved 2018-01-13.
Jump up ^ Lincoln, Abraham (October 3, 1863). "Proclamation of Thanksgiving". Abraham Lincoln Online. Retrieved September 11, 2011.
Jump up ^ Rodwan, Jr., John G. (November 20, 2010). "No Thanks". Humanist Network News. Archived from the original on August 7, 2011. Retrieved September 11, 2011.
Jump up ^ Roberts, Sam (November 25, 2014). "As Booth Brothers Held Forth, 1864 Confederate Plot Against New York Fizzled". The New York Times.
Jump up ^ Brandt, Nat (July 1999). The Man Who Tried to Burn New York. iUniverse. p. 106. ISBN 978-1-58348-346-6.
Jump up ^ Holzer, Harold (2016-08-12). "A Melting Pot's Melting Point". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-08-06.
Jump up ^ Neill, Michael; Schalkwyk, David (2016-08-18). The Oxford Handbook of Shakespearean Tragedy. Oxford University Press. ISBN 9780191036149.
Jump up ^ Riker (1883), p. 22.
Jump up ^ "The Sunday Advocate (Newark, Ohio)" November 26, 1893,
NEW YORK, Nov As the sun rise guns pealed forth at Fort William. Old Glory was run up to the truce of the city flagstaff at Battery Park on the site where stood the staff to which the British nailed their flag before sailing down the harbor. The British flag was torn down and replaced by the American colors by Van Arsdale, the sailor boy, and the "flag run up by one of his lineal descendants, Christopher R. Forbes, who was assisted by officers of the Anderson Zouaves. The flag was saluted by the guns at Fort William.
New York Times, November 26, 1896,
The day was also celebrated by raising the flag at sunrise at the Battery by Christopher R. Forbes, great-grandson of John Van Arsdale, assisted by the Anderson Zouaves. Sixty-second Regiment, New-York Volunteers. Capt. Charles E. Morse, and Anderson and Williams Post, No. 394, Grand Army of the Republic.
Jump up ^ Riker (1883), p. 3.
Jump up ^ Goler, 'Evacuation Day', The Encyclopedia of New York City, p. 385.
Jump up ^ "AN OLD VETERAN GONE.; DEATH OF DAVID VAN ARSDALE AT THE AGE OF 87 YEARS". Retrieved 2018-08-12.
Jump up ^ Massachusetts, Ancient and Honorable Artillery Company of (1883). Annual Record. A. Mudge and son, printers.
Jump up ^ N.Y.), Metropolitan Museum of Art (New York; Dimmick, Lauretta; Hassler, Donna J. (1999). American Sculpture in the Metropolitan Museum of Art: A catalogue of works by artists born before 1865. Metropolitan Museum of Art. p. 148. ISBN 9780870999147.
Jump up ^ N.Y.), Metropolitan Museum of Art (New York; Dimmick, Lauretta; Hassler, Donna J. (1999). American Sculpture in the Metropolitan Museum of Art: A catalogue of works by artists born before 1865. Metropolitan Museum of Art. p. 434. ISBN 9780870999147.
Jump up ^ Aldermen, New York (N Y. ) Board of (1896). Proceedings of the Board of Aldermen. The Board. p. 472.
Jump up ^ New York Times, July 3, 1900,
Christopher R. Forbes, who for many years has had the privilege of raising and lowering the flag at the Battery on Evacuation Day and the Fourth of July, and claims that he inherited the right from his great-grandfather, John Van Arsdale, who tore down the British’colors on the spot and hoisted the American flag instead, he feels very sore over the way in which he has been treated by the Park Department. Van Arsdale family members from New York to San Francisco remain aghast. He said last evening:
“Early in June I made an application for permission to raise the flag on the Fourth, and I received a reply from President Clausen, on June 5 giving me permission to participate in the raising of the flag by the employes of the Park Department. Now any tramp can participate in the raising of the flag if he stands by and looks on, and that was the kind of permission that was given to me. If this was not a snub and an insult, I’d like to know what is. When my great-grandfather hauled down the British flag and hoisted the American colors I’d like to know where Mr. Clausen’s great-grandfather was and what he was doing.
Later even this tramp permission was revoked. To-day I received another letter from Mr. Clausen informing, me that instead of my participating with the Park Department employees in hoisting the flag, that ceremony would be performed by the Veteran Corps of Artillery, Military Society of the War of 1812.
“I saw the hand of Asa Bird Gardiner behind all this. He tried to do me out of I my privileges before, and he has succeeded now. The Veteran Corps was really wiped out in 1872 and in 1892 Mr. Gardiner was instrumental in organizing the present one. He wanted me and C. B. Riker to join, but we refused.
In former years the Anderson Post, the Anderson Zouaves, the Anderson Girls, and the Camp Sons of Veterans used to go with me and assist me in the ceremony of raising the flag and now even the tramp permission of participating with employees has been revoked.
I am going to consult with Mr. Riker about this matter and I shall probably be somewhere near the flag raising Wednesday morning. I think they will hear from me before then.”
Jump up ^ The Church Eclectic. 1904.
Jump up ^ "19 Jun 1910, Page 6 - The Brooklyn Daily Eagle at Newspapers.com". Brooklyn Public Library. Retrieved 2018-08-06.
Jump up ^ New York: The Metropolis of the Western World ... Foster & Reynolds. 1924. p. 22.
Jump up ^ Rider, Fremont (1924). Rider's New York city: a guide book for travelers, with 13 maps and 20 plans. H. Holt. p. 151.
Jump up ^ Federal Writers' Project, ed. (1939). New York City Guide (American Guide Series). Random House. p. 63. ISBN 9781623760557.
^ Jump up to: a b Roberts, Sam (January 29, 2016). "New York Council Resists Renaming Effort to Honor Evacuation Day". The New York Times.
Jump up ^ Goldman, Ari L. (November 25, 1983). "AN OLD HOLIDAY REBORN". The New York Times. ISSN 0362-4331. Retrieved November 21, 2016.
Jump up ^ Burrows, Edwin G. (November 9, 2010). Forgotten Patriots: The Untold Story of American Prisoners During the Revolutionary War. Basic Books. pp. 243–244. ISBN 0465020305.
Jump up ^ Brown, Henry Collins (January 1, 1917). New York of To-day. Old Colony Press. p. 149.
Jump up ^ on, Best Books (1939). New York City: Vol 1, New York City Guide. Best Books on. p. 63. ISBN 9781623760557.
Jump up ^ Carroll, Susan Heller Anderson and Maurice. "NEW YORK DAY BY DAY". Retrieved 2018-08-06.
Jump up ^ "In Honor of Evacuation Day Historical Marker". Retrieved 2018-01-13.
Jump up ^ NJ.com
Jump up ^ RevolutionaryNJ.org Archived October 27, 2009, at the Wayback Machine.
Jump up ^ HVpress.net Archived July 23, 2011, at the Wayback Machine.
Jump up ^ "Beacon Hill Club". Retrieved September 11, 2011.
Jump up ^ Plagianos, Irene (February 10, 2016). "Bowling Green To Be Co-Named 'Evacuation Day Plaza'". DNAinfo.com: Breaking News, Local Neighborhood News. www.DNAinfo.com. Archived from the original on June 30, 2017.
Bibliography
Hood, Clifton. An Unusable Past: Urban Elites, New York City’s Evacuation Day, and the Transformations of Memory Culture, Journal of Social History, Summer 2004.
Riker, James (1883). Evacuation Day, 1783; Its many stirring events; with recollections of Capt. John Van Arsdale of the Veteran Corps of Artillery, by whose efforts on that day the enemy were circumvented and the American flag successfully raised on the Battery. New York.
Schecter, Barnet (2002). The Battle for New York: The City at the Heart of the American Revolution. New York: Walker&Co. ISBN 0-8027-1374-2. Archived from the original on February 22, 2006.
External links[edit]
Wikimedia Commons has media related to The evacuation of New York by the British.
The Founding Fathers of American Intelligence
Steenshorne, Jennifer E. (Fall 2010). "Evacuation Day" (PDF). 10. New York State Archives. Archived from the original (PDF) on July 6, 2011.
"Evacuation Day – November 25, 1783". Teaching American History.
Salwen, Peter (November 23, 1985). "What Evacuation Day Meant to New York". The New York Times.
Happy Evacuation Day – Sarah Vowell on The Daily Show, November 17, 2011
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Battery Park

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East River (New York)

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Confederation Congress

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values: American General George Washington stands in front of a white horse, with Bowling Green and the Battery in the background, on Evacuation Day, November 25, 1783

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Thanksgiving Day (United States)

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Anderson Zouaves

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//www.worldcat.org/issn/0362-4331

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//www.worldcat.org/issn/0099-9660

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Liberty Pole

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Invasion of Canada (1775)

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American Turtle

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values: Jour de l'Évacuation (New York) – French

values: День Эвакуации (Нью-Йорк) – Russian

values: Evacuation Day (New York) – Simple English

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