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.
1373. Saybrook Bank (Essex, CT)
Bank Information
- Episode Type
- Run Only
- Bank Type
- state
- Start Date
- December 25, 1906
- Location
- Essex, Connecticut (41.353, -72.391)
Metadata
- Model
- gpt-5-mini
- Short Digest
b3f4589ac5672baa
Response Measures
None
Description
Two newspaper notices (Dec 1906–Jan 1907) report a run on the Saybrook Bank in Essex, CT. Directors guaranteed depositors to stop the run after a large bad loan ($48,000 loan on estate worth $9,000). No suspension, reopening, or receivership is mentioned.
Events (1)
1.
December 25, 1906
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large imprudent loan ($48,000) secured by an estate worth only $9,000, undermining confidence and prompting withdrawals.
- Measures
- Bank directors personally guaranteed depositors (paid/guaranteed funds) to stop the run.
- Newspaper Excerpt
- 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.
- Source
- newspapers
Newspaper Articles (2)
Click image to open full size in new tab
Click image to open full size in new tab
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.