The Atlantic National Bank was one of three in New York City to be exempted from taxes which pertained to capital invested in United States stocks after February 25, 1862.
[5] At the conclusion of March 1871 the Atlantic National Bank possessed capital of $350,000, with undivided profits amounting to $63,700.
The money which was lost came primarily out of bank funds, but it was acknowledged that Pacific Mail was among the securities which came up short in the losses sustained.
A. Fuller, Chairman of the Depositor's Committee, found that the Atlantic National Bank was in an insolvent state for at least a year prior to its failure.
The United States Treasury was left to consider the mysterious circumstances of how the bank remained afloat for so many months.