15221. Broadway Central Bank (Manhattan, NY)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: January 8, 1927
Location: Manhattan, New York (40.783, -73.966)

Metadata

Model: gpt-5-mini
Short Digest: b0f5d338

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Other: Bank was purchased/taken over by Central Mercantile Bank & Trust Company; sale ended run.

Description

A depositor run began after arrest of three officers for alleged misappropriation (Jan 8, 1927). The run prompted emergency cash from the Federal Reserve and a sale/takeover by Central Mercantile Bank & Trust that restored confidence and deposits were returned. There is no mention of a formal suspension of payments or a receivership; therefore classified as run_only. Also noted: death of president Frank Williams after the sale.

Events (1)

1. January 8, 1927 Run

Cause: Bank Specific Adverse Info
Cause Details: Arrest of three bank officers on charges of misappropriating/embezzling bank funds, prompting depositor panic and heavy withdrawals.
Measures: Armored car brought $1,000,000 from the Federal Reserve; bank was sold/taken over by Central Mercantile Bank & Trust Company which assumed liabilities to restore confidence and stop withdrawals.
Newspaper Excerpt: Almost 2,000 depositors started a run on the Broadway Central Bank yesterday afternoon as result of the arrest of three of the bank's officers for alleged misappropriation of funds. An armored car brought $1,000,000 from the Federal Reserve Bank to take care of the rush.
Source: newspapers

Newspaper Articles (9)

1. January 9, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 9, 1927

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Article Text

RUN UPON BANK FOLLOWS ARRESTS 2,000 Throng Broadway Central; $1,000,000 Rushed From Federal Reserve. Almost 2,000 depositors started a run on the Broadway Central Bank yesterday afternoon as result of the arrest of three of the bank's officers for alleged misappropriation of funds. Police reserves were called from the West 100th st. station to maintain order while the crowd of depositors withdrew their money from the bank, which is at 2574 Broadway, Manhattan. The three arrested men are Harry Rebholtz. of 948 Hudson ave., Union City, N. J., cashier for the last 12 years; George H. Cook, of 33 New York ave., Baldwin, assistant cashier for six years, and Anthony Ziesat. of 111 198th st., Hollis, until a few days ago vice president. The three were held without ball for examination Tuesday in West Side Court on the specific charge of using $10,000 of the bank's money for their own speculations. As the frantic depositors crowded into the bank, Charles H. Heydt, first vice president, made two speeches, assuring them that the bank was entirely solvent and could pay all obligations. It was said that only small depositors withdrew their funds. The bank is said to have 12,000 depositors. An armored car brought $1,000.000 from the Federal Reserve Bank to take care of the rush.

2. January 9, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 9, 1927

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Article Text

RUN UPON BANK FOLLOWS ARRESTS 2,000. Throng Broadway Central; $1,000,000 Rushed From Federal Reserve. Almost 2,000 depositors started a run on the Broadway Central Bank yesterday afternoon as result of the arrest of three of the bank's officers for alleged misappropriation of funds. Police reserves were called from the West 100th st. station to maintain order while the crowd of depositors withdrew their money from the bank. which is at 2574 Broadway. Manhattan. The three arrested men are Harry Rebholtz, of 948 Hudson ave., Union City, N. J., cashier for the last 12 years; George H. Cook, of 33 New York ave., Baldwin. assistant cashier for six years, and Anthony Ziesat, of 111 198th st., Hollis, until a few days ago vice president. The three were held without ball for examination Tuesday in West Side Court on the specific charge of using $10,000 of the bank's money for their own speculations. As the frantic depositors crowded into the bank, Charles H. Heydt, first vice president, made two speeches. assuring them that the bank was entirely solvent and could pay all obligations. It was said that only small depositors withdrew their funds. The bank is said to have 12,000 depositors. An armored car brought $1,000,000 from the Federal Reserve Bank to take care of the rush.

3. January 10, 1927 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, January 10, 1927

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Article Text

$600,000 Withdrawn in Run on Bank Despite the placing of $2,000,000 in bills where it could seen by worried depositors of the Broadway Central Bank, 97th st. and Broadway, Manhattan, and the announcement of the bank's purchase by the Central Mercantile Bank and Trust Company with assumption of all liabilities, between $600,000 and $700,000 had been withdrawn from the institution up to o'clock this afternoon in the run which began Saturday. (Details on Page 1, inside.)

4. January 11, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 11, 1927

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Article Text

SALE ENDS RUN ON BANK Broadway Central Is Taken Over by Central Mercantile & Trust. The run on the Broadway Central Bank that followed arrest of three of its officials on charges of misappropriating "more than $100,000" of the bank's funds. ended yesterday when the Central Mercantile Bank & Trust Company bought the and took the liabilities of the institution, which at Broadway and 97th st., Manhattan. The move has restored confidence, is said, and are putting their the bank The Central Mercantile has resources of more than $50

5. January 11, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 11, 1927

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Article Text

SALE ENDS RUN ON BANK Broadway Central Is Taken Over by Central Mercantile & Trust. The run the Broadway Central Bank that arrest three of its officials on charges of misappropriating "more than $100,000" of the bank's funds. ended yesterday when the Central Bank & Trust Company bought the assets and took over the liabilities of the institution, which at Broadway and 97th st., Manhattan. The move has restored confidence, is said, and depositors are putting their money back into the bank. Central resources of more than $50,000,000.

6. January 22, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 22, 1927

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Article Text

RUN ON HIS BANK FATAL TO WILLIAMS Banker Dies After Sale of Broadway Central. The unexpected death of Frank Williams. banker at his home 995 Fifth Manhattan Thursday, by members of his family to grief the tral Bank of which he tated by what its officials termed an "exaggerated" newspaper article He felt his work ruined The bank had to be sold the Mercantile Bank and Trust Co. of Manhattan de. Saturday Jan. after Manhad the harges of the bank's When the run continued Monday the day Will

7. January 22, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 22, 1927

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Article Text

RUN ON HIS BANK FATAL TO IWLLIAMS Banker Dies After Sale of Broadway Central. The death of Frank Williams, banker. at his home. 993 Fifth ave., Manhattan, Thursday revealed yesterday by members of his family and ascribed to grief what he believed an unwarrantable the Broadway Central Bank. Manhattan. of which he was president, on January precipitated by what its officials termed newspaper article. He felt his life's work ruined The bank had to be sold to the Central Mercantile Bank and Trust Co. of Manhattan to protect the de. positors. Over was drawn out Saturday, Jan. after one Man. hattan newspaper had printed exhaustive of the arrest three of the employes charges of embezzling the bank's When continued Monday the officials fearing the liquid aswould used up. decided on the sale. The Mr. Will became ill and weakened rapidly survived by his widow, one brother an Funeral will be CampMonday and interment will follow in Woodlawn Cemetery

8. January 22, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 22, 1927

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Article Text

RUN ON HIS BANK FATAL TO WILLIAMS Banker Dies After Sale of Broadway Central. The unexpected death Frank banker, at his home, 995 Fifth ave., Manhattan, Thursday. revealed yesterday by members his family and to grief over what believed an unwarrantable on the Broadway Central Bank, Manhattan, of which he January precipitated by what its officials termed newspaper article. He felt his life's work ruined. The bank had to be sold to the Central Mercantile Bank and Trust of Manhattan protect the depositors. Over $1,000,000 was drawn out Saturday, Jan. 8, after one Manhattan had printed story the arrest the charges of embezzling the bank's the continued Monday the officials, fearing liquid would used decided the sale. The day Mr. Willbecame ill and weakened rapidly.

9. January 22, 1927 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, January 22, 1927

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Article Text

RUN ON HIS BANK FATAL TO WILLIAMS Banker Dies After Sale of Broadway Central. unexpected death of Frank banker, his 995 revealed yesterday by members of his family and ascribed to grief over what believed an unwarrantable on the Broadway CenBank Manhattan. of which he president. on January precipitated what its officials termed "exaggerated" newspaper article. He felt his life's work ruined. The bank had to be sold to the Central Mercantile Bank and Trust Manhattan protect the de. positors. was drawn out Saturday Jan. after one Manhattan had printed xhaustive story arrest the bank employes charges of embezzling the continued the officials fearing the liquid would used decided same day Mr. became ill and weakened rapidly