Savings Bank - Ossining, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: October 16, 1915
Location: Ossining, New York (41.163, -73.862)

Metadata

Model: gpt-5-mini
Short Digest: cc2aec5332a47e42

Response Measures

None

Description

Article describes the Sing Sing (prison) savings bank in Ossining, NY suspending payment after five days and being a failure due to excess unsecured loans and gambling losses by borrowers. No run is mentioned—this is a suspension/failure. I corrected the bank name from the generic provided name to 'Sing Sing Savings Bank' based on the article text.

Events (1)

1. October 16, 1915 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Excess of unsecured loans followed by unsuccessful gambling by the borrowers wrecked the bank.
Newspaper Excerpt: Sing Sing prison savings bank has suspended payment after an existence of five days and today the prisoners are mourning the loss of the token money they had deposited.
Source: newspapers

Newspaper Articles (1)

1. October 16, 1915 El Paso Herald El Paso, TX

Article from El Paso Herald, October 16, 1915

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Article Text

Sing Sing Savings Bank, Started By Convicts, Is Failure After Five Days Ossinning, N. Y., Oct. 16.-The Sing Sing prison savings bank has suspended payment after an existence of five days and today the prisoners are mourning the loss of the "token money" they had deposited. An excess of loans without security followed by unsuccessful gambling by the borrowers wrecked the bank. The plan of using "token money" in the prison was put into effect last Friday and each prisoner was paid $2 for two days work on Saturday. Financiers among the convicts promptly started a savings bank and many prisoners deposited their savings.