Federation Bank & Trust Company (New York, NY)

Episode Information

Episode UID
1033871582
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
103387 routing
Routing Number
1-0338
Start Date
October 30, 1931
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
df71eef356dc21e2

Response Measures

None

Events (2)
1. October 30, 1931 Suspension
Cause Details
Bank closed Oct. 30, 1931; article reports closure but gives no explicit cause.
Newspaper Excerpt
$18,000,000 NEW YORK LABOR BANK CLOSED NEW YORK, Oct. The Federation Bank and Trust Company, depository for the savings of laboring men. was closed today
Source
newspapers
2. October 4, 1932 Reopening
Newspaper Excerpt
The Federation Bank & Trust Co., one of the largest ever founded on labor union support, was reopened yesterday after having been closed since October 30, last year. At the close of the day, Jeremiah D. McGuire, president of the reorganized institution, issued a statement saying depositors outnumbered those making withdrawals 10 to 1....Owen D. Young ... helped raise $2,000,000 of new capital to enable the bank to reopen.
Source
newspapers

Newspaper Articles (2)
1. October 31, 1931 The Indianapolis Star Indianapolis, IN
Article from The Indianapolis Star, October 31, 1931

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Article Text

$18,000,000 NEW YORK LABOR BANK CLOSED NEW YORK, Oct. The Federation Bank and Trust Company, depository for the savings of laboring men. was closed today William Green. president of the American Federation of Labor, had since September been chairman of

2. October 4, 1932 Evening Star Washington, DC
Article from Evening Star, October 4, 1932

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Article Text

BANK CLOSED IN '31 OPENS. ITS DOORS Day's Deposits in Institution Backed by Labor Reported Largest in Its History. By the Associated Press. NEW YORK, October 4.-The Federation Bank & Trust Co., one of the largest ever founded on labor union support, was reopened yesterday after having been closed since October 30, last year. At the close of the day, Jeremiah D. McGuire, president of the reorganized institution, issued a statement saying depositors outnumbered those making withdrawals 10 to 1. The total of deposits, he said, was the largest of any day in the bank's history. McGuire said he saw in the fact that comparatively. few persons withdrew their balances an indication of "a justified confidence in the stability and the soundness of the reorganized bank." Owen D. Young was among the financial leaders who helped raise $2,000,000 of new capital to enable the bank to reopen. The institution was founded in 1923 by the late Peter J. Brady, labor leader.