1370. East Hartford Trust Company (East Hartford, CT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
January 2, 1932
Location
East Hartford, Connecticut (41.782, -72.612)

Metadata

Model
gpt-5-mini
Short Digest
38ed607c7b748d7c

Response Measures

None

Description

Multiple contemporary reports (Jan 2–3, 1932) state the East Hartford Trust Co. closed at noon after heavy withdrawals following runs on the City Bank & Trust; the State Bank Commissioner issued a temporary restraining order. A later (1932-06-29) Hartford Courant item refers to a receiver for the East Hartford Trust Company, indicating the bank remained closed and was placed in receivership. Cause of initial run appears to be runs on a local bank (City Bank & Trust) that triggered withdrawals at East Hartford Trust.

Events (3)
1. January 2, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals at East Hartford were brought on after directors of the City Bank & Trust asked the state banking department to take over, producing heavy withdrawals from East Hartford; runs on City Bank & Trust precipitated the East Hartford run.
Measures
State Bank Commissioner issued a temporary restraining order; banks invoked 90-day notice rule for savings withdrawals.
Newspaper Excerpt
The East Hartford Trust Company closed at noon after heavy withdrawals throughout the morning.
Source
newspapers
2. January 2, 1932 Suspension
Cause
Local Banks
Cause Details
Suspension/closure followed heavy withdrawals triggered by runs on the City Bank & Trust and general panic among depositors in Hartford; banks invoked 90-day notice rule after runs.
Newspaper Excerpt
The East Hartford Trust Company closed at noon after heavy withdrawals ... The State Bank Commissioner, who issued temporary restraining order, said the action was necessary to protect depositors.
Source
newspapers
3. June 29, 1932 Receivership
Newspaper Excerpt
Mortgage Releases By E. Hartford Bank Receiver Authorized ... the Phoenix State Bank & Trust Company receiver of the closed bank, has this power. ... the receiver of the East Hartford Company, which was filed Monday ... indicates the East Hartford Trust Company ... receiver of the closed bank ... .
Source
newspapers

Newspaper Articles (6)
1. January 3, 1932 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 3, 1932

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Article Text

CONNECTICUT BANK CLOSED. Hartford Conn., January 2-(AP) The City Bank & Trust Co. did not open for business this morning The bank was incorporated in 1851. In report to the State Banking Commission the savings deposits were given at $15,500,000, commercial de posits at $5,500,000, capital $1,000,000 surplus $2,000,000 and total resources $25,000,000 The East Hartford Trust Company closed at noon after heavy withdrawa the morning The State Bank who issued temporary restraining order, said the action was necessary to protect depositors The bank's assets are $3,540,000. with deposits totaling

2. January 3, 1932 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, January 3, 1932

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Article Text

BANKS IN HARTFORD CLOSE AFTER RUNS City Bank and Trust and East Hartford Trust Shut Others Will Require 90 Days' Notice Hartford, Jan. City Bank and Trust company East Hartford Trust company today because heavy withother banks here require days' notice for savings accounts of $100 or City Bank Trust company, with deposits and accounts directors asked banking department business action heavy from the East Hartford which noon protect total commercial deposits George bank comthe City Bank Trust should to pay all depositors

3. January 3, 1932 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, January 3, 1932

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Article Text

BANKS IN HARTFORD CLOSE AFTER RUNS City Bank and Trust and East Hartford Trust Shut Others Will Require 90 Days Notice Hartford, Jan. City Bank Trust company the East Hartford Trust company closed because heavy withtoday drawals, and other banks here cided require days' notice for removing savings accounts $100 more. The City Bank Trust company, commercial deposits $5,500,and savings accounts of $15,500,not after the directors asked the banking department to take over the business. The action brought heavy withdrawals from the East Hartford bank, which closed noon to protect depositors. Its savings and commercial deposits $747,000. George J. Bassett, state bank comthe City Bank and Trust in 1851, vance should able to pay all depositors eventually.

4. January 3, 1932 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 3, 1932

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Article Text

CONNECTICUT BANK CLOSED. Hartford, Conn., January 2-(AP) City Bank & Trust Co. did open for business this The bank was orporated in 1851. report to the State Banking Commission the savings deposits given at $15,500,000. deposits $5,500,000, capital $1,000,000. surplus $2,000,000 and total resources $25,000,000. The East Hartford Trust Company closed at noon after heavy withdrawals throughout the morning. The State Bank Commissioner, who issued temporary restraining order, said the action was necessary to protect depositors. bank's assets are $3,540,000, with deposits totaling

5. January 7, 1932 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, January 7, 1932

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Article Text

HARTFORD BANKS SHAKEN BY LONG RUNS ON MONDAY Savings Banks, Gov't Postal Savings Are Stormed In City HARTFORD, Conn. - Following the closing of the city bank and trust Co., the East Hartford Trust Co. Saturday, a run of major proportions developed here Monday when depoitors of all savings banks and governmental postal savings stormed the banks and formed long, insistent lines until the Federal Reserve Bank of Boston rushed $1,000,000 to meet the demands of the depositors. Banks thruout the city immediately invoked the rule of ninety days notice for withdrawals. All day Monday anxious crowds formed in front of all savings banks here, as well as the postal savings, calling for a return of their deposits. Bank officials are seeking to cover up the seriousness of the situation by the usual promises of "rehabilitation" and "need for confidence." . * The Freehold Trust Co. of Freehold, Monmouth County, New Jersey placed its affairs in the hands of the state department of Banking and Insurance after a period of heavy withdrawals. Depositors Try Recover Money. Desperate because of the closing of the People's State Bank of Monck's Corner, S. C., two depositors forced an entrance into the closed bank and took $2,000, a sum equal to that which they had in deposits at the time of the bank closing. The two depositors later surrendered to the sheriff, after burying the money they took.

6. June 29, 1932 Hartford Courant Hartford, CT
Article from Hartford Courant, June 29, 1932

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Article Text

Mortgage Releases By E. Hartford Bank Receiver Authorized The decision of Judge Arthur F. Ells of the Superior Court in an application for advice by the receiver of the East Hartford Company, which was filed Monday means that the East Hartford Trust Comp ny has not the power, either in its banking or fiduciary capacity. to release ortgages, but that the Pho-nix State Bank & Trust Company receive: of the closed bank, has this power. This explanation was made Tuesday by counsel for the receiver result of misundersta .ng created by newspaper accounts of the court decision. The question was brought to the Superior Court by counsel for the receiver as result of being raised in the Probate Court in East Hartford. where it was held that officers of the East Hartford Trust Company had the power, where the bank was acting as guardian. to release mortgages. Judge Ells's opinion contrary to this and allows only the receiver to act. Accused of Stealing Wine. vocal solos by Malcolm Ogden, boy Milton Chaffe, 34. of 1906 Park soprano, and readings by Ruth CarStreet, was arrested Tuesday by Po- ter and Eleanor Bates. The proceeds licemen C. N. Fistler and R. J. Dil- will be used for the Salvation Army lon, charged with breaking and en- Young People's Camp. known as the tering and drunkenness, Chaffe, Nathan Hale Camp. The public is is entered the cellar of invited. Selvina Silvia of Francis Avenue and stole bottle of wine. He was Twelve-years-old Josephine Lewis noticed running from the place af- of Drefach. Wales has won 370 ter the theft had been discovered. prizes in elocution contests.