15389. Security Trust Company (Toledo, OH)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
trust
Start Date
June 16, 1931
Location
Toledo, Ohio (41.664, -83.555)

Metadata

Model
gpt-5-mini
Short Digest
f8e6abe2db495d1c

Response Measures

None

Description

Newspaper excerpts describe a one-day run of depositors at the Security (Home) Trust Company that forced the bank to close the next morning; the articles also reference the trust's ultimate failure (failed on June 16, 1931). OCR shows variant name Security Home Trust Company; I use the provided bank name. Cause appears to be adverse, internal issues (missing/questioned records) that undermined confidence.

Events (3)

1. June 16, 1931 Receivership
Newspaper Excerpt
the Home Trust Company failed on June 16, 1931.
Source
newspapers
2. * Run
Cause
Bank Specific Adverse Info
Cause Details
Large one-day withdrawals precipitated by loss/questioning of company records and revealed internal problems
Measures
Bank was forced to close its doors the next morning
Newspaper Excerpt
frantic $1,717,000 from the Security Home Trust Company here in day, precipitating forced the bank to the next morning
Source
newspapers
3. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure immediately following heavy withdrawals and concerns about missing/questioned records
Newspaper Excerpt
forced the bank close doors the next morning
Source
newspapers

Newspaper Articles (2)

Article from The News-Messenger, January 5, 1934

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Article Text

GRAPHIC BANK'S RUN Senate Committee Hears of Withdrawals From Toledo Institution O., frantic $1,717.000 from the Security Home Trust Company here in day, precipitating forced the bank to the next morning, today was the being sketched before the state bank committee probing closed Toledo banks. Edward Falkenstein, special vestigator the legislative mittee, reported that $10,781,000 withdrawn the year before the Home Trust Company failed on June 16, 1931. crash, said, hurried one-day run which more 1,000,000 was manded by He bombshell into the hearing when he made definite that some the records of the trust were "either lost or Questioned by Marshall, of the reitthat he had been unable find some records that he regarded Senator Lewis, committee member, made recommendations for drastic changes laws during the state of the hearing He urged that be regulated, that be on investments bonds and foreign securities, loans directors be limited that number of men on the board of directors be cut small number. Some of recommendations are embodied in the federal reserve banking laws.


Article from The Daily Sentinel-Tribune, January 5, 1934

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Article Text

RUN CLOSED SECURITY Jan. depositors withdrew from the Security Home Trust company here in day precipitating that forced the bank close doors the next morning today was the story being sketched before the state bank investigating committee probing closed Toledo banks. Edward Falkenstein. special vestigator for the committee, reported that the year before the Home Trust company failed on June The crash, he said, hurried by one-day run in which more than was demanded patrons. He threw bombshell into the hearing when he made definite statement that some of the records the trust company were or missing." comptroller of the currency today national banks, for reports as of the close of busDec.