Commercial Savings & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust
Start Date: March 1, 1933*
Location: Akron, Ohio (41.081, -81.519)

Metadata

Model: gpt-5-mini
Short Digest: c97c46d2ac7095d2

Response Measures

None

Description

Article (Evening Star, 1933-08-22) lists the Commercial Savings & Trust Co. among 'closed Akron banks' whose case should be forwarded to state banking officials. The piece states the First-Central failed to receive a license to reopen after the national banking holiday in March 1933; the Commercial Savings & Trust is described as closed but no run is mentioned and no reopening is reported. Date of suspension is not explicitly given for this bank; likely closed around the March 1933 banking holiday/licensing period. No receivership or reopening is stated in the article.

Events (1)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Did not receive license to reopen after the national banking holiday (bank remained closed); closure cited to be forwarded to state banking officials for action.
Newspaper Excerpt: the Commercial Savings & Trust Co., the First City Trust and the Central Depositors & Trust were three other closed Akron banks ... recommended forwarding the facts disclosed ... to State banking officials
Source: newspapers

Newspaper Articles (1)

1. August 22, 1933 Evening Star Washington, DC

Article from Evening Star, August 22, 1933

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Article Text

OHIO BANKERS INDICTED. Six Heads of Closed Institution Accused of Misapplying Funds. AKRON, Ohio, August 22 (A)).-The Summit County grand jury today indicted six former officers of the FirstCentral Trust Co. for misapplication of funds. The First-Central was Akron's largest bank at the time it failed to receive a license to reopen after the national banking holiday last March. The indictments named men who have been leaders in both Akron and Ohio banking circles. Prosecutor Ray B. Watters said he would ask a Federal investigation of the bank's closing. Sterling B. Cramer, who was president of the First-Central from November, 1932. to June, 1933, was indicted in connection with the alleged withdrawal by the B. F. Goodrich Co. of $294.600 and by the Enterprise Manufacturing Co. of $60,700 after restrictions had been placed on withdrawals last February. Cramer now is executive vice president of Cincinnati's FifthThird Union Trust Co. George H. Dunn, former vice chairman of the First-Central board and former president of the Ohio Bankers' Association, was named with George W. Merz, Charles and Walter Herberich and William J. Ruof for alleged substitution of trust department securities for other collateral in a loan of nearly $1,000,000 to the First-Central by the Goodyear Tire & Rubber Co. The grand jury, in a supplementary report asserted the present condition of the county's unlicensed banks was due largely to inadequacy and laxity of the banking laws. and incompetence, laxity, neglect and inefficiency by those charged with administering these laws. Incompetence was charged to certain banking officials and directors. "The jury has found." it said, "numerous instances of irregularities which are not of a criminal nature, such as splitting of commissions, preferences to certain depositors and borrowers, and so-called 'window-dressing'.'' The jury recommended that the county prosecutor forward the facts disclosed in its investigation of three other closed Akron banks, the Commercial Savings & Trust Co., the First City Trust and the Central Depositors & Trust, to State banking officials for "suitable action." It also recommended revision of the State banking laws. The report, climaxing nine weeks of investigation, followed sensational disclosures of large loans to officers by the two large closed Cleveland banks. the Union Trust Co. and the Guardian Trust Co. A State Senate committee is investigating those banks. which together listed more than $300,000,000 deposits in their last December 31 statement.