New Haven Savings Bank - New Haven, CT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: September 25, 1873
Location: New Haven, Connecticut (41.308, -72.928)

Metadata

Model: gpt-5-mini
Short Digest: 5ed39294

Response Measures

None

Description

Managers voted to require notice of withdrawal for large amounts on 1873-09-25 as a prudential precaution. Article explicitly states there had been no run; banks continue to pay small sums on demand. Likely a temporary suspension/limitation under charter rather than a failure.

Events (1)

1. September 25, 1873 Suspension

Cause Details: Prudential precaution by management to require notice for large withdrawals (no run reported).
Newspaper Excerpt: the managers of the New Haven Savings Bank ... met this morning and unanimously voted that it was prudent to take advantage of the provisions of their respective charters, and require notice of withdrawal of deposits. The banks continue to pay small sums on demand, but for large amounts they will require some days' notice.
Source: newspapers

Newspaper Articles (1)

1. September 26, 1873 The New York Herald New York, NY

Article from The New York Herald, September 26, 1873

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Article Text

The Savings Banks in New Haven. NEW HAVEN, Conn., Sept. 25, 1873. The managers of the New Haven Savings Bank, the ownsend Savings Bank, the Connecticut Savings Bank and the National Savings Bank (all the institutions of the kind in the city) met this morning and unanimously voted that it was prudent to take advantage of the provisions of their respective charters, and require notice of withdrawal of deposits. The banks continue to pay small sums on demand, but for large amounts they will require some days' notice. Thus tar there has been no run upon any of the savings banks, national banks, State banks, trust companies or private banks in this city, but the course of the savings banks has been followed from prudential motives, to protect borrowers and depositors alike. Every savings bank in the city has a handsome surplus above its liabilities, and all are known to be in excellent condition. The national and State banks of New Haven were never in better condition and depositors feel no uneasiness.