15065. Bank of Depew (Depew, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 22, 1932
Location
Depew, New York (42.904, -78.692)

Metadata

Model
gpt-5-mini
Short Digest
7012b9cf

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Description

Newspaper reports (Buffalo News, Feb 3, 1933) state heavy/continuous withdrawals, directors asking State Banking Department to take charge and an audit begun; bank was placed in hands of examiners and closed. An earlier article (Aug 22, 1932) shows the bank obtained an authorized loan ($15,000). I infer a depositor run led to suspension and permanent closure/receivership. Dates are taken from the Feb. 3, 1933 report (closing occurred the previous day/evening).

Events (4)

1. August 22, 1932 Other
Newspaper Excerpt
Depew, Bank of Depew, $15,000; ... loans authorized ... includes: Depew, Bank of Depew, $15,000; ... (loan authorization list).
Source
newspapers
2. February 2, 1933 Receivership
Newspaper Excerpt
place the institution in the hands of the State Banking Examiners ... began an audit ... confirmed the bank closing
Source
newspapers
3. February 2, 1933 Run
Cause
Bank Specific Adverse Info
Cause Details
Large, continuous withdrawals (about half a million dollars reported) drained the bank; directors cited continuous withdrawals as reason to place bank in examiners' hands
Measures
Directors requested State Banking Department/examiners to take charge; audit begun
Newspaper Excerpt
continuous withdrawal deposits ... reported in half million dollars
Source
newspapers
4. February 2, 1933 Suspension
Cause
Government Action
Cause Details
Directors placed the bank in the hands of State Banking Examiners and asked the State Banking Department to take charge, resulting in the bank's closing under examiner control
Newspaper Excerpt
Directors Ask Banking Department to Take Charge... place the institution in the hands of the State Banking Examiners; confirmed the bank closing
Source
newspapers

Newspaper Articles (2)

Article from The Daily Messenger, August 22, 1932

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Article Text

Sodus and Gasport Banks Obtain Loans The statement of loans authorized in the day period under Section of the at rate of interest of act cent., includes: per New York Bellerose, First NationBank, of, $90,000; Depew, Bank of Depew, $15,000; Gasport, First tional Bank (receiver). Manufacturers' National Bank Ilion $50,000; Mahopac, Mahopac National Bank of, Newfane, State Bank of, $17,500; Sodus, First National Bank of,


Article from The Buffalo News, February 3, 1933

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Article Text

Transactions on the New York Stock Exchange Stock Sales 1,255,270 Shares Prev. (Prev. '32-'33) Prev. (Prev. Prev. High Low Stock Div. Close Open High Low Stock and Open High Low High Low Div. Open High Low and Insuranshar 1% 1% 1% 20 Wesson 9% 1% Adams Express. 4% 4½ 14% Rap 6% 6% 4% 4% Western Pacific. 9% 9% 88 88 Prods 9% Int 50 12% Western Union. Air 3. 57 Harvest West Brak 16% Alaska .60 11% 2% 15% Westing Elect 3% Nickel 7% Alleghany 3½ Interna 281/2 White Rk Spgs 897/8 Allied 12% 2% Wilcox 120 121 44% 26% 26% Internat % Willys Overland Chalmers 15% 22% 20% 29% Am 58% 58% DEPEW BANK CLOSED 33% 10 Manville 19 Johns 27 Am For 5% 5% Am 101/4 10% 10% 14% Kayser 7% Directors Ask Banking DepartAm 51% Am 36% 36% Kennecott 8% ment to Take Charge. 31% 3% Am Kresge 32 32 10 Groc Kroger The Bank of Depew did not 28% 29 28% 29 25 Lambert Co Thursday ing 91/4 evening which was voted Power 12 Lehigh place the institution in the hands of 10 the Lehigh State Banking Rad 42% 42% Elmer Nash, Lehman 58 his the his Ref 22 12 12 home may be able to Re 37% Examiners charge of the bank Am Friday and began an audit Am Lorillard to determine its exact condition Earl Am Sumatra 26% in charge of the State 100% 100 99% 18 18 18 17% 17% Banking Buffalo district 55% confirmed the bank closing and 58 56% 10 15% 15% Trucks an be issued from New York city Am 9% 10 10 Manh Manhat'n Deposits recently have been reAnchor Cap 60. ported in half million dolMarine Mid Armour Marshall lars. A recent statement placed loans Armour of 16 16 outstanding Math on the door of the 20 94 10 special of the board 86 63 McIntyre of the of Depew 44 49 Bank held Feb at the Atlantic 15% agreed by Auburn the undersigned directors that for the 87/8 Aviation best interests the of the institution the and 35 26 continuous withdrawal deposits 21% 3% 10% that the of banks be Balti & requested to take of this 99 62 Bambgr bank. Barnsdall Elmer Nash Bendix Aviation 2½ Murray 30 30 William Idsardi B. Michael Pepoczek Bohn Motors Edward Kupczynski 37% Bippert Borg Warner Albert 19% Maine Mr Bock the bank's cashier. 11% Briggs Bklyn Manhat 50. RAILROAD CREDIT LOANS 78% Bklyn National 46 PLACED AT $48,136,052 Bklyn Nevada Copper Budd Central Railroad Credit has corporation 40. thorized in Investors roads meet their fixed interest ob24% Byers 151/2 Haven H Actual loans totaled $48 Of 78% 12 19 8% 8% 10% amount has been re8% 8% carried FriCo 21% Noranda 20% day in the monthly re20% Canadian Capital Am 5% 5% Adminis The corporation receives and dis65% 42% 15 15 14% 15 25% Northern Pac money 15 50 on by the In201/2 5 50. Funds Cerro Oliver derived from the rate Chesa Elevator 12 the first 11 months of 1932 were $57, Chesa Otis 3% 12 Owens Glass INVESTMENT TRUSTS 28% 28% 28% Island NEW YORK Motor 21/4 the counter 14 Chi Yello Cab 1 80. market Chickasha Oil Paramo't Cor Gen 78 Pathe Exchange 1.65 91/2 5% Penney Fdrs 40 69 Stand A Industry 1.94 Colum Dodge 3½ 11% Com'l Trust Philip Shrs 3% 13% Com .60. 10% .60 Pittston Diversified 2.30 Plymouth Diversified Congoleum 7% 42% 1.11 234 Cons 5.62 Gas 53 pf. 13% Consol 97 Inc Pullman Sec 51/4 51/4 71/4 Purity 20 Shrs 15% A 2.50 251/4 Cont B Nation Sec Radio Continental 5% 1.90 Raybestos Sh 1956 56% Corn Second 140 Corn 142 139% 139% Second 7% Coty Sec 1st 1.85 Wheat 27 27 271/4 261/2 Reyn Tobac 3. Crown Cork Rossia Insura Cuba Am Sugar Am 1.05 Curtiss Wright Safeway Store 39% 12 3½ Cutler Hammer 5% 5% 5% 5% 7% BB Am Schulte Ret 7% 21/4 Davega 51/4 Seab 15% Fund Shrs 32 50 Sears Roebuck Servel 15% Trustee 15 15 B 3% Snider Trustee Shrs Doug Socony 40 57 22 Dupont deN 35% Southern Pac 5% Bank Eastm Kodak 55% Elec & 10% Pow 16 5% 5% 5% Tr Sh 5% 5% 15 24 24 Stor 241/4 24 MONEY AND EXCHANGE Johnson 251/4 25 Erie RR 5% 5% 5% 5% 5% Sterling A FOREIGN EXCHANGE NEW YORK Feb. following are 6 Fidel Phen 22 amounts Sterlg Sec Cables Par Demand 10 56 35 Stewart Sterling $3.39% 101/4 Fourth In Stone Webst. 5.2631 Studebaker Belgium 28% 10 Freeport 22% 22% 221/4 Superior Germany Holland Snubber Tenn Corp Switzerland 35% 19% 13 27% 56% Argentina 12 Gen 11% 10 60. Thatcher Mfg Gen 23% 23 23 23% Exchange. 2% 100 cents per Canadian 28 40 40 40 6% 24% 7% Motors 12% 12% 23 Timk Bear Call The market low Gen Pub ing 28% Rail 18% Commercial Paper. 11% Bag 8½ 26 paper in the market 36% 20 Gillette Raz. 16% Union Pacific Time Gimbel 23 loans Mixed collat3% 56 51 Adolph 3% days. 20% United 12% 14% Carbon cent 103 101 per five to six % per United 12% Goodrich United 40. Co Corp Rediscount Goodrich 12 39% 35% 36 The rate 29% Goodyear 32% 11% New 30% Goth district Graham 1% 27 201/2 201/2 Bankers' Acceptances. 141/2 Grant Thirty days North Ore Leather 25 Gt North 91/4 71/4 .50 8% 81/4 12 West Sugar 11% Six Rubber Co 1/4 Hayes Body BUFFALO CLEARINGS Cor 81% 50 16% Friday Helme 701/2 22% Thursday 83 Hershey 27 52% 163 110 Homestake 157 158 158% 157 day last month 7½ Houdaille Her 10% Utility 3,500,000.00 Clearings week ending Houston Oil Houston Detin's 15 16 16 Vulcan week year 161/2 Howe Sound 40. Bank 00 5% week last year Hupp Car Wabash Warner Bro TREASURY ATEMENT 247/8 4% Illinois 20 Warn pf. Feb. 40 Indust 321/4 3% 3% receipts for Feb 32% Warren Bros 3% 3% 14% Ingersoll 24 Warren for Insu'hare of Del Warner 94 ½ Quinlan