10721. Broadway Bank (St Louis, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 8, 1915
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
a5e2962d

Response Measures

Full suspension, Books examined

Other: Receiver appointed and liquidation; bank remained closed permanently.

Description

The Broadway Bank failed to open on Nov 8, 1915 and a state examiner took charge; a receiver was appointed Nov 12, 1915. Reports link the suspension/failure to bad loans and securities connected with the Bankers' Trust Company (now in receivership). Newspapers also reference a depositor run triggered by clearing-house/agent actions after the Bankers' Trust troubles. Thus sequence is a run leading to suspension and permanent closure/receivership.

Events (4)
1. November 8, 1915 Run
Cause
Correspondent
Cause Details
Depositor run triggered by actions/refusal of a clearing-house/agent and distress at affiliated Bankers' Trust Company.
Measures
No specific emergency liquidity measures described in articles; state examiner took charge following the run and bank did not open.
Newspaper Excerpt
the refusal the latter bank act agent for Broadway Bank Louis Clearing House Association caused run on the Broadway Bank.
Source
newspapers
2. November 8, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension said to be due to loans and securities of speculative and development enterprises in which the Bankers' Trust Company (now in receivers' hands) was interested and promoted.
Newspaper Excerpt
The Broadway Bank ... did not open its doors today. The bank was taken in charge by a state examiner today.
Source
newspapers
3. November 12, 1915 Receivership
Newspaper Excerpt
F. H. Benoist ... was appointed receiver to liquidate the Broadway bank ... The bank ... failed to open for business last Monday.
Source
newspapers
4. January 27, 1916 Other
Newspaper Excerpt
A total loss of at least a quarter of a million dollars, by depositors and stockholders of the Broadway Bank, 1701 South Broadway, which closed its doors November 8 last, was indicated by a statement ... Benoist said he hoped the depositors would not lose more than 20 per cent.
Source
newspapers

Newspaper Articles (5)
1. November 8, 1915 Evening Star Washington, DC
Article from Evening Star, November 8, 1915

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Article Text

ST. LOUIS BANK CLOSES DOORS OWING $900,000 With Institution Neighborhood Many Depositors in Examiner's Hands. ST. LOUIS, November 8.-The Broadway Bank, a neighborhood institution in the southern part of St. Louis, with deposits of approximately $900,000. did not open its doors today. The bank was taken in charge by a state examiner today. The last official statement of the institution, issued September 2, gave the deposits at $814,000; capital, $100,000. The resources, according to the statement, included loans and discounts amounting to $691,000. The bank was a member of the St. Louis Clearing House Association. It was affiliated with the Bankers' Trust Company, now in a receiver's hands, and the suspension is said to be due loans on securities of speculative and development enterprises in which the Bankers' Trust Company was interested and promoted.

2. November 9, 1915 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, November 9, 1915

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Article Text

Examiner in Charge of Bank. St. Louis, Nov. S.-The Broadway Bank, a neighborhood institution with deposits of $814,000, did not open its doors today. A State examiner took charge. The suspension is said to be due to loans and securities of speculative and development enterprises in which the Bankers' Trust Company, now in receivers' hands, was interested.

3. November 12, 1915 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 12, 1915

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Article Text

Receiver for Broadway Bank. St. Louis, Mo., Nov. 12.-F. H. Benoist, of St. Louis, was appointed rereciver to liquidate the Broadway bank of this city by the state bank commissioner at Jefferson City Thursday night. The bank, which had deposits aggregating approximately $900,000, failed to open for business last Monday.

4. January 27, 1916 Iron County Register Ironton, MO
Article from Iron County Register, January 27, 1916

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Article Text

The Broadway Bank. (Sunday's St. Louis Post-Dispatch.) A total loss of at least a quarter of a million dollars, by depositors and stockholders of the Broadway Bank, 1701 South Broadway, which closed its doors November 8 last, was indicated by a statement made yesterday to a Post-Dispatch reporter by E. H. Benoist, special bank commissioner, appointed to liquidate the bank's affairs. Benoist said he hoped the depositors would not lose more than 20 per cent. As the total of deposits, made by 4000 depositors, was $792,274.90, a 20 per cent loss would be more than $150,000. The $100,000 capital stock, held by 118 stockholders, is lost in its entirety. Benoist said a payment to depositors would be made in April. It may not amount to more than 35 per cent of the deposits, he said, or it may be 40 per cent or more. To date, Benoist said, he has collected about $250,000 on the assets which have come into his hands for liquidation. The depositors will get this, and as much more as he can obtain. The time for a final settlement has not been fixed, and it is by no means certain that the depositor will get more than 50 per cent in all. About 400 depositors have failed, thus far, to prove their claims, but Benoist hopes to hear from most of these before the April payment. The Bankers Trust Company, now in receivership, wasthe largest holder of the Broadway Bank's stock, having 433 shares. Edward Beisbarth, president of the bank, was the largest individual stockholder, having 156 shares. Most of the stock was in small holdings of 10 shares or less. The bank is said to have had only a small amount of Bankers Trust Company paper in its collateral.

5. January 1, 1930 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, January 1, 1930

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Article Text

1776 Fail to Take Funds Due Them in Liquidation of Bank Some Checks Written Ten Years Ago in Broadway Failure for Depositors Who Have Not Been Located Are Uncashed. Eugene Benoist, Special Deputy Finance Commissioner, charge of the defunct Broadway Bank of St. Louis approximately $8574 still deposit for former customers of bank cannot be located. revealed yesterday when Circuit Judge Hartmann approved his final report. The report disclosed there 1240 the bank which did not receive the last dividend paid November 23, last, because the officials did not know where send the checks, The amount to $5723.20. An additional 196 counts the final payment failed cash them. They have $1498 stil due them from final dividend. elapsed between the Ten the final dividend and the fifth dividend. Despite that length of time there are still thirteen checks mailed September 10, which have been cashed. There were 327 accounts which did not receive checks that time because of lack of addresses. These still $899 due them. The Bank was placed the hands the State Finance Department in 1915 following run The first dividend the paid to the depositors on April 26, 1916. Since that time 2011 checks for dividends have been held up because formation concerning the addresses the bank the first bank in The Missouri under the direction Finance partment giving that jurisdiction passed. the their penses amounted Benoist his attorney. making the final litigation adjust cident liquidation. against the that the refusal the latter bank act agent for Broadway Bank Louis Clearing House Association caused run on the Broadway Bank. This out of court for There 2836 the books when failed. These depositors have received