Article Text
britBank Directors Liable
Directors of the Saybrook Bank, of Essex, Conn., which loaned $48,000 to a man whose estate was only worth $9000, had to guarantee depositors I to stop a run on the institution.
Saybrook Bank (Essex, CT)
Episode Information
- Episode Type
- Run Only
- Start Date
- December 1, 1906*
- Location
- Essex, Connecticut (41.353, -72.391)
- Bank Type
- state
Metadata
Events (1)
1.
December 1, 1906*
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large loan ($48,000) made to a man whose estate was worth only $9,000 led to loss of confidence and withdrawals.
- Measures
- Directors guaranteed depositors (personal/board guarantee) to stop the run.
- Newspaper Excerpt
- Directors of the Saybrook Bank, of Essex, Conn., ... had to guarantee depositors to stop a run on the institution.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
Bank Directors Liable.
Directors of the Saybrook Bank, of Essex, Conn., which loaned $48,000 to a man whose estate was only worth $9000, had to guarantee depositors to stop a run on the institution.