15374. American Bank (Toledo, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 17, 1931
Location
Toledo, Ohio (41.664, -83.555)

Metadata

Model
gpt-5-mini
Short Digest
427b06a56f2ce83d

Response Measures

None

Description

Multiple contemporaneous articles (Aug 17–18, 1931) report the American Bank in Toledo failing to open on Aug 17, 1931 and being turned over to the Ohio state banking department for liquidation/reorganization. The bank closed because its reserves were tied up in two other Toledo banks that suspended; state examiners are described as liquidating the institutions. I classify this as a suspension that led to permanent closure (state takeover/liquidation).

Events (1)
1. August 17, 1931 Suspension
Cause
Local Banks
Cause Details
American Bank closed because its reserves were tied up in two other Toledo banks that had suspended operations; state banking department took control and examiners began liquidation/negotiations for reorganization.
Newspaper Excerpt
Directors of the fourth institution, the American bank, state bank, that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operations.
Source
newspapers

Newspaper Articles (13)
1. August 17, 1931 Springfield Evening Union Springfield, MA
Article from Springfield Evening Union, August 17, 1931

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Article Text

State to Take Control of Four Banks in Toledo [Continued from First attorney for the State Departtheir assurance cooperation ment, state authorities meeting directors announced Late closing the Ohio Trust Trust Bank Trust Yesterday. in the wake of these an from of fourth institution. the American bank. state bank, tied up of the suspending operations. indicated that conferences reorganizati may started week or directors for an indefinite period more Home deposits Bank Company almost Commercial Bank and Trust Company and Trust Bank First National Bank. the To tedo the West Trust Toledo usual Bank the Bank special plan banks, open. Dozen Associations Stop Payments. Aug. building loan Akron Cuyahoga depositors of panies carry of the largest, today said the step tak the protecting the purpose There no question the suspension of payments merely temporary Six Nebraska Banks to Open. Nebraska for Gov. and State of Trade said closings were the result of recent bank suspensions Omaha. had total deposits of

2. August 17, 1931 Quad-City Times Davenport, IA
Article from Quad-City Times, August 17, 1931

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Article Text

Four Banks Are Closed Toledo $110,000,000; Police Prepare for Emergency. Toledo, Aug. Toledo banks with combined resources of more than failed to open for business this morning, while 11 savings associations ceased payments of deposits during the present financial situation. In accordance with the request of directors the four institutions, the state banking department prepared to take over their affairs conserve assets in the face of previous steady withdrawals by positors. City police and detectives troled the banking districts in preparation for any public emergency Meanwhile, there was pending meeting between Mayor W. son and Adjutant General Frank Henderson, Columbus, commanding the Ohio National guard. Late Saturday, directors an nounced closing of the Commerce Guardian Trust and Savings bank, the Ohio Savings Bank and Trust company and the Commercial Sav ings Bank Trust company. Expect to Yesterday, in the wake of these came word from directors of the fourth institution, the American bank, state bank, that it would be forced to close its doors also because its reserves were tied up in two of the banks sus pending operations. It was indicated that conferences relative to reorganization may be started within ten days. Six Close in Nebraska. Lincoln, Neb., Aug. Six Nebraska state banks today failed open their doors for business and both Gov. Charles Bryan and E. H. Luikart, secretary of the state department of trade and commerce, said the closings the result of recent bank sus. pensions in Omaha. Killed by Lightning. H. Broman, 35, of Corydon, was killed afternoon by lightning as he got out of his car to examine damage done in minor accident on highway south Roggan. His wife and small child were uninjured.

3. August 17, 1931 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, August 17, 1931

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Article Text

TOLEDO BANKS FAIL TO OPEN Had Resources of More Than 100 Million Dollars TOLEDO banks combined of more than 100 million dollars to open for business day while 11 saving sociations ceased payments of posits during the present cial The state banking department prepared the banks affairs to conserve in face of previous steady withdraw. Police and detectives patrolled the banking districts in preparation for any public emergency Late Saturday, directors announced closing of the Guardian Trust and Savings bank the Ohio Savings Bank and Trust CO. and the Commercial Savings Bank and Trust co. Directors of the fourth institution, the American bank state bank Sunday it would be forced to close its doors also because its reserves were tied up in two of the banks suspending

4. August 17, 1931 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, August 17, 1931

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Article Text

CLOSINGS CAUSE CONFUSION THAT DISTRICT Toledo, Aug. Toledo with combined sources of more than $100,000,000 failed open for business this morning, while saving sociations ceased payments posits during the present financial situation. In accordance with the request directors the four institutions, the state banking department pared take over their affairs to conserve assets the face of vious steady withdrawals by deposMore than 100 rural bankers Ohio, who met terday with State Charles Saffin, for state partment, had their assurance of cooperation by state authorities meeting local Saturday Late directors nounced closing of the Commerce Trust and Savings Bank, Ohio Savings Bank and Company and Commercial Bank Trust Company the wake these came word from directors fourth institution, the American Bank, state bank, that would be forced close because two the banks pending operations. It indicated conferences ative reorganization may be started within week ten days. Ties Up Large Amount. The action directors ties up period than The SecurTrust company, fifth bank which closed had about $20,000,000 deposits: the Savings Bank Trust company Commercial Savings Bank and company and the Trust and Savbank National bank, the fedo Trust company, the bank and the West usual today. The Morris bank and the Industrial bank, two special plan banks, open. There were no disorders when banks affected by the closings opened here today. There large crowds a: the banks. Twelve Close Akron. Akron, Aug. building and loan associations Akron and Falls today served their depositors with notice suspension withdrawals. companies involved deposits of $26,000,000. Albright. secretary of the largest. said step taken for purpose the no question insolvency and the suspension payments merely temporary." Nebraska Has Flurry. Lincoln, Neh., Aug. small Nebraska state banks failed open for business today. Gov. Charles Bryan and Lulkart, the state trade the were the result recent bank suspensions in Omaha. The six banks had total deposits approximately $1,180,000. They were the First State Bank Pleasant Dale: the Bank Dwight; the Brainard State Bank of Brainard; the Bruno State Bank of Bruno; the County Bank Davis City, and the Leigh State Bank of Leigh.

5. August 17, 1931 The Evening Review East Liverpool, OH
Article from The Evening Review, August 17, 1931

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Article Text

FOUR TOLEDO BANKS CLOSED State Takes Over Institutions in Move to Protect Assets For Depositors. TOLEDO, O., Aug. con assets for the protection of and expedite negotiations merger four major Toledo banks and their 34 banches were today the hands of state banking department for operation. Directors of Ohio Savings Bank Trust company, the Commerce Guardian & Savings bank, the Commericial Savings Bank Trust Co. and American Bank voted Saturday night to turn the institutions over Ira Fulton, state superintendent of banks. Re sources of the four total more than 60-day notice on withdrawals invoked by the Toledo banks after closing of the Security Home Trust Co. June 17. With the ex piration of that period heavy with drawals anticipated and the action today was taken avoid serious obstacles to orderly liquida tion. Negotiations for a merger among the four will be pressed with vigor is understood. and with the full co-operation of the state banking the department to restore Toledo's fin ancial structure to normal condi

6. August 17, 1931 The Lima News Lima, OH
Article from The Lima News, August 17, 1931

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Article Text

TOLEDO BANKS CLOSE DOORS TO PROTECT ASSETS O., Aug. Toledo banks with bined resources of more than decided to open this morning, while 11 savings associations ceased payments temporarily. In accordance with the request directors the Institutions, state banking department prepared to talk their affairs conserve assets. Late Saturday directors closing the Commerce Trust and Savings bank, the Ohio Savings bank and Trust Co. and the CommerSavings Bank and Trust Co. directors the fourth institution, the American bank, said would forced to close its doors also because reserves were tied up two of the banks suspending While no direct could be had definitely from affected local or banking authorities, was indicated that relative reorganibe started within week or ten days.

7. August 17, 1931 The Modesto Bee Modesto, CA
Article from The Modesto Bee, August 17, 1931

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Article Text

FOUR OHIO BANKS, SIX IN NEBRASKA HALT PAYMENTS Eleven Savings Associations Shut Down During Money Crisis Four Toledo banks combined of more than $100,000,000 failed to open for business this morning, while eleven savings sociations ceased payments of posits during the present financial In accordance with the request the four institutions, the state department pared to take over their affairs to conserve assets in the face of previous steady withdrawals by depositors. City police and detectives, acting orders Chief Louis Haas, patroled the banking districts in preparation for any public emergency Conference Pending Meanwhile there was pending meeting between Mayor W. Jackson and Adjutant General Frank Columbus. More than 100 rural bankers of who met terday with State yes. of Banks Ira Fulton and Charles Saffin, attorney for the state department, had their assurance co-operation by state authorities in meeting Late Saturday directors announced closing of the Guardian Trust and Savings Bank, the Ohio Savings Bank Trust Company and Commercial SavBank and Trust Company Yesterday, in the wake of these came word from directors of the fourth the American Bank, state bank, that it would be forced to close doors also because its reserves were tied up in two of the banks suspending operations. CLOSE IN NEBRASKA LINCOLN, Neb., Aug. Six Nebraska state banks failed to for business to-day. Gov Charles W. Bryan and E. H. Luisecretary of the state department of trade and said the closings were the result of rebank suspensions in Omaha. The six banks had total deposits of approximately $1,120,000

8. August 17, 1931 The Stockman's Journal Omaha, NE
Article from The Stockman's Journal, August 17, 1931

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Article Text

Toledo Banks With Hundred Million Resources Close Toledo. O., Aug. 17 Toledo their combined resources more than $100,000,000 and 150,000 accounts, closed today order the state banking department and institutions were the Ohio Savings Trust Commerce Guardian Trust Savings Bank, the Commercial Savings Bank Trust company and the American Bank. Other banks remained open and withstand heavy The four were precipitatby the closing several of the Security Home Trust comBuilding and companies coinnotified depositors that cidentally further withdrawals would be denied until the situation had been adjusted.

9. August 17, 1931 Troy Daily News Troy, OH
Article from Troy Daily News, August 17, 1931

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BRANCHES CLOSE POLICE FORCE NO REPORTED WAS PLANNED Expedite Negotiations Union of Three Institutions, Belief TOLEDO, O., Aug. 17 (United major Toledo banks and their branches failed to open for business Monday morning. Every available policeman in the duty. but there had been disorders reported at Groups people surrounded the doors of the banks where formal tices closing posted. The banks closed The Ohio Savings and Trust the Commerce Guardian Trust and Savings bank, the Commercial Savings Bank and Trust Co., and The American bank. The building and loan societies here simultaneously with the closing the banking stitutions, that they would permit withdrawals until the present situation has cleared. of the branch banks man threw milk bottle through the window after had hurriedly scanned the formal closing the violence The Norris Plan bank and the dustrial bank were unaffected by the situation. The Commerce Guardian and Commercial banks were closed their directorates special meetings which followed weeks of negotiations between the banks in an attempt to merge three institutions. When came apparent these negotiations could be completed before the 60-day notification expiration placed upon following the closing of the Security Home Trust June was to close the three banks. The American bank closed doors because clears through the was the Commercial bank. the believed Closing negotiations between the Ohio. Guardian, and Commercial for merger and these negotiations will be pressed with possible Closing of the three larger bank ordered. was explained by ficers, assets well permit reorganization plans by heavy continue that Tuesday run the 60-day period for withwhen drawing deposits expired. closing of the Security Following Home Trust Co., heavy runs were made all other banks the city and the only wav financial disaster avoided that time was in the ban on withdrawvoking Ira state superintencharge of all dent institutions. recruited four of about 100 men over the staff This corps met Fulton and was assigned the various banks The men will work connection with the regular staffs the closed banks until assets (Continued on Page

10. August 18, 1931 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, August 18, 1931

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FEDERAL MONEY SAVES BANKS Confidence at Toledo Restored to Depositors. TOLEDO, Aug. from the Cleveland Reserve Bank was credited day with restoring in the stability of Toledo's four remaining banks which threatened with runs yesterday by closing four Officials of the four solvent banks advised that anyone who wanted his money could come and resulted in return of many withdrawn counts. Liquidate Banks. an of confidence, Reserve Bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal their task liquidating the Ohio Bank and Trust the Trust and Savings Company, the Bank and Trust Company, and the American Bank, which with sources approximately Banks Toledo's trade area were reported good condition today.

11. August 18, 1931 The Times Hammond, IN
Article from The Times, August 18, 1931

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$11,000,000 QUIETENS THE DEPOSITORS of from the Cleveland was credited today with confidence in stability of Toledo's four banks which were yesterby the closing of four brother Officials the four solvent banks advised depositors that anyone wanted his money could come and get The statement resulted in the of many withdrawn acexpression of the Federal bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank Trust company, the Commerce Guardian Trust and Savings company, the Commercial Savings Bank and Trust company and the American bank, which of approximately $100,000,000.

12. August 18, 1931 The News-Herald Franklin, PA
Article from The News-Herald, August 18, 1931

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Article Text

RESTORED BANKS OF Arrival of $11,000,000 From Cleveland Federal Reserve Eases Situation After 4 Close. $11,000,000 from the Cleveland eral Reserve Bank was credited today with restoring confidence in the stability Toledo's four banks which were with heavy runs yesterday by the closing of four brother Officials of the four solvent banks advised they were in cure position meet any demands and that every depositor who wanted his money could come and get it. The statement resulted the return many withdrawn accounts. Horton Rorick president of the Rorick Trust and Savings Bank, reported ceipt many new accounts with withdrawals exceeding deposits by only slight margin. Meanwhile staff of 60 state and six Federal examiners continued their mammoth task of liquidating the Savings Band and Trust Company, the Commerce Guardian Trust and ings the Commercial Savings Bank and Trust Company, and the American Bank. which with combined of approximately $100,000,000. Banks in Toledo's trade area were reported in good condition today.

13. August 18, 1931 The Brooklyn Daily Times Brooklyn, NY
Article from The Brooklyn Daily Times, August 18, 1931

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Article Text

Federal Reserve Restores fidence in Institutions After Four Others Close. from the Cleveland Federal Reserve Bank credited today with restoring confidence the stability of Toledo's banks, which were threatened with heavy runs yesterday by the closing of our InstituOfficials of the four solvent advised depositors they were secure position to meet any demands that every depositor wanted his money could come and get The statement resulted the return of many withdrawn Horton Rorick, president of the Trust and Savings Bank, reported receipt of many withdrawals exceeding deposits by only slight of confidence Federal Reserve Bank sent the four banks late yesterday slight mishap occurthe with The money transferred another truck the fast trip staff of 60 State six federal continued attempt liquidating the Bank and Trust the Trust and Compnany, the Commercial Savings Bank and Trust Company the American Bank, pended with combined resourcts of Banks Toledo's trade area in good condition day.