17085. Standard Savings Bank (Akron, OH)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
February 27, 1933
Location
Akron, Ohio (41.081, -81.519)

Metadata

Model
gpt-5-mini
Short Digest
933d353d

Response Measures

Accommodated withdrawals, Partial suspension, Books examined

Description

Feb 27, 1933 article reports Standard Savings Bank (Akron) limited withdrawals to 1% per month — a run/withdrawal restriction during the 1933 banking crisis. April articles discuss larger Akron banking troubles and investigations (mentions 'Standard bank' among troubled institutions) but do not explicitly state that Standard Savings Bank suspended payments or was closed; therefore classified as run_only. OCR errors in originals corrected (e.g., 'Ycungstown' -> Youngstown).

Events (2)
1. February 27, 1933 Run
Cause
Macro News
Cause Details
Statewide banking unrest and anticipation of emergency banking laws during the 1933 banking crisis led to heavy withdrawals and coordinated limits.
Measures
Limited savings withdrawals to 1% per month; 'abnormal' checking withdrawals handled under a complicated system (restrictions on large/abnormal checks).
Newspaper Excerpt
Akron's five banks - First Central Trust Co., Firestone Park Trust & Savings Bank, the Commercial Bank & Trust Co., the Dime Savings Bank Co., and the Standard Savings Bank - restricted savings deposit withdrawals to 1 per cent per month.
Source
newspapers
2. April 18, 1933 Other
Newspaper Excerpt
Washington handling this matter pressing importance... Beacon Journal is pleased recognize apparent by the state banking department to dig deeply into January and February withdrawals Commercial Bank Trust Co. Standard Bank of Akron. applauded the department' original decision to check into withdrawals those connected with the ... accusations of excessive withdrawals prior to the first bank holiday ... Standard Akron mentioned in investigations and collateral issues discussed by county officials and conservator Skehan in April 1933. (paraphrased from April 18 article.)
Source
newspapers

Newspaper Articles (3)
1. February 27, 1933 Evening Star Washington, DC
Article from Evening Star, February 27, 1933

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Article Text

WITHDRAWALS CUT BY 20 OHIO BANKS Institutions With $815,000,000 in Deposits Await Legislative Action. By the Associated Press. COLUMBUS, Ohio, February 27.Twenty Ohio Banks, all but two in Cleveland, Akron, Dayton and Ycungstown, today placed restrictions on heavy withdrawals in anticipation of emergency banking laws Gov. George White promised to offer to the current Legislature. On the basis of December 31, 1932, statements. the institutions had more than $815,000,000 in deposits and more than $1,025,000,000 in rescurces. Both in Akron and Cleveland, the banks announced future deposits would be set aside and not be placed under the restrictions. All Dayton banks closed for a three-day holiday. One Refuses to Participate. All eight of Cleveland's banks opened as usual, but six of them limited withto 5 per and a seventh, a Trust, drawals deposits, placed temporarily restriction the of Guardian cent 1 per of cent. The eighth, the National City Bank, declined to participate and announced it would conduct business on a normal basis. The six which limited withdrawals cent of deposits were the Bank, National Cleveland to American 5 per Savings Bank, Central Trust United Co., Lorain Street Savings & Trust Co., Society for Savings and Union Trust Co. While they placed no specified limit, the Union National and the Mahoning National Banks at Ycungstown announced they would restrict large and unusual withdrawals. Sufficient funds will be paid cut on demand, they said, to prevent inconvenience to customers. One Per Cent Per Month. Akron's five banks - First Central Trust Co., Firestone Park Trust & Savings Bank, the Commercial Bank & Trust Co., the Dime Savings Bank Co., and the Standard Savings Bank-restricted savings deposit withdrawals. to 1 per cent per month. "Abnormal" checking account withdrawals will not be honored under a complicated system. The four banks of Dayton-the Winters National, the Third National, the Merchants National and the Morris Plan-declared a three-day holiday under a declaration by the city commission and mayor. The Clinton Savings Bank Co., near Akron, announced it would follow the lead of Akron banks. The First American Trust Co. of Lima, Ohio, limited withdrawals to 2 per cent of deposits. There was no announced action to interrupt normal banking elsewhere in the State. Gov. White declined to divulge the nature of the proposed legislation. Manager G. A. Stephenson of the Cleveland Clearing House Association, however, said the suggested laws would "enable the superintendent of banks, with the approval of the Governor and attorney general, to stop or limit withdrawals from Ohio banks."

2. April 18, 1933 The Akron Beacon Journal Akron, OH
Article from The Akron Beacon Journal, April 18, 1933

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Article Text

One after another tells disappointment the of Akron's efforts to defrost the history local banks, something to the depositors pay and business motion. Failure of three put of banks the big blow out five to open was Recovered little from that the stunned one, then absorbed the series of body populace implicit in the gradual stepping down punches of estimates on how much of the frozen in the Trust giant would ever be restored to owners Revelation early this that the course of action promising any program, return to would mean payment of depositors, 20 hard to take. Still only cent was one the long suffering accustomed itself public this drastic measure to certain extent. And comes definite word that the tentative May dividend date has gone glimmering, that the delay indefinite in length and that action by congress might be required before be done about founding new national bank and handing First-Central customers fraction of their dues. authorities after promising FirstCentral sufficient of loan to pay depositors 20 cents on the dollar now belatedly report that the national bank law prohibits their present lending more than 10 per cent on the of banks. That would mean ment of cents or less on each dollar the tient public has in the big bank here. To meet the situation in Akron and Cleveland, it be to amend that may necessary The United States treasury department said would favorable the change. United States Senator Bulkley has indicated he will sponsor is proper that he should assume that responsibility. And it incumbent upon him to show speed if he would be of any substantial service to his constituency. The United States government of course, in no way responsible for Akron's bank messes. But once having committed itself to aid out tangle insofar that be done without risking bad investment, the government will at fault if the rescue expedition arrives too late to do any good whatso hardest of appraisals resulting in an announced decision that sufficient to pay depositors 20 cent can be loaned with absolute safety, have right to expect rapid slashing of red tape and performance of Washington's promise. Most, if not all, that has been said about the bankers, speculators and industrial overlords who wrecked our financial institutions was tified. But cussing them for the delays in distributing the 20 per cent they failed to dissisatisfactory method of letting off steam. to Uncle Sam to deliver. Washington handling this matter pressing importance, this newspaper is pleased recognize apparent by the state banking department to dig deeply into January and February withdrawals Commercial Bank Trust Co. Standard Bank of Akron. applauded the department' original decision to check into withdrawals those connected with the and expressed hope that the words would be broadly interpreted include the dominant depositors well the actual officers, directors and bank employes. Amplified instructions make the investigation include abnormal by firms, partnerships associations numbering bank officers or directors among their officers or directors would seem to be step in that direction. The one industry most often mentioned rumors of excessive withdrawals prior to the first bank holiday an official who is a FirstCentral director. That makes not only possible but practically mandatory for John Eckler prove or forever lay to rest that particular charge. In this same we should seeing attorneys attempt block taking of depositions today in the brought nominally recover some two sand dollars, probably to details of the bank's collapse. With reorganization indefinitely postponed by Washington developments, claims that this case law imperils the work will hardly hold The depositions might possibly provide valuable public check on secret activities of state banking department representatives or conjectural bank probe grand jury. For one thing the state banking department is not itself in any too good odor with the public. has yet to answer the question of why permitted continued operation of financial stitutions must have realized were trembling towards fall. If and when any part of county money deposit Commercial Standard banks is lost, the state would be much at fault Summit commissioners alleged to have allowed the deposits to remain there without adesecurity. In yesterday demanding delivery into its hands of the first mortgage collateral posted part security for deposits, the board as good confessed loose practices. City school board have had such paper under their own lock and key for some time. Unquestionably the county should have done likewise. County Prosecutor Ray declaration will

3. April 20, 1933 The Akron Beacon Journal Akron, OH
Article from The Akron Beacon Journal, April 20, 1933

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Article Text

NEW BANK PLAN DECISION WAITS Bulkley Hurrying Action On Amendment; Stock Transfers Are Revealed COUNTY FLAREUP ENDED (Continued From Page One) Senator Bulkley's amendment may expected, remained undetermined Thursday. Committee consideration was expected this week. Sterling Cramer, president of the First-Central, had said proposed waiting for such action until Friday this week, when, not will proval of the federal treasury and the nance Corp. of another the proposed new national bank Former officers of the bank said Thursday the have been no during the first three of this year during the three months last year. Collateral Values Up in the One Bank Trust Co., and Standard bank uations was the value as result the United States temporarily going off the gold The dollar value of much of the collateral in these three banks, in all banks, for that matter, materially national orders gold, the conservators value real estate held by the banks, they or they are collateral loans behind them much rubber and preferred of wide range and variety. may affected degree by sharp declines in government utility Revision upward the dollar value assets the banks immediately was forecast. Confers With Trustees As the state banking department was going the transfer sheets First-Central, Clyde Macdonald, assistant county prosecutor, beconferences with gan series township trustees county boards education, to ascertain what tection available for their funds in non-licensed Richfield township trustees summoned first. This $9,000 the Banking Co., which the hands of Macdonald informed that first mortgage excess of that held by the trustees, and to the fund that paper is amply and what to pursue in disposing of the collateral Others Are Summoned Norton, Northampton and Franklin township trustees and school board asked Macdonald. confer had with the common Thursday affidavit, disclosing that the county had to mortproceeded collateral Commercial Bank gage Trust posted secure county moneys deposited there, to prevent possibility offsets during liquidation, adjustment. Skehan The possibility some connected with of the and Standard Akron, was seen today, Skehan, conservator charge those statement to make Skehan declined give any indication the import his probable statement, but said had discussed both banks the condition state banking department officials in Columbus Wednesday Ira Fulton, superintendbanks, that ordinates that and what had on had not reached him. With Cramer in Cleveland, believed with R. officials others with relieving general bank situation northeast Ohio, there were moves apparent today important the program establish the national bank here. Joins Conference John W. Bricker, Ohio general, and Lewis Laylin, sistant Eckler and Skehan in also went Cleveland, tracted discussion the Akron Laylin and his chief. trying establish local counsel both Akron and Cleveland to assist the Laylin told the Beacon Journal long distance telephone from Conecessity of permanent legal setup in both communities anyone who delved at all into the bank sit"Transfers stock the Firstand banks discussion did withdrawals. But decision has been reached immediate We going forward, and attorney general legal tion may be necessary in particular cases.' Plans Decision Soon Laylin decision as to the proposed legal forthcoming the next few days. the sponsors of the projected new bank time day, awaiting hopeful the proposed amendment available by attorneys assisting in the bank The proposed amendment would aid organization banks Akron Cleveland, where proposed take liquid assets the banks, was Loans Are Restricted Under present national bank act, national are pointed out, to make loans per cent of the national 2-14-33