17097. Amherst Savings & Banking Company (Amherst, OH)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 17, 1928
Location: Amherst, Ohio (41.398, -82.222)

Metadata

Model: gpt-5-mini
Short Digest: f401d117

Response Measures

Full suspension, Books examined

Other: Directors requested state take-over; state liquidating officer audited books.

Description

A run began immediately after the suicide of director/vice-president Jacob Baus and led directors to request state takeover; the bank was closed and placed in the hands of state liquidating officers. Multiple articles report withdrawals ($18,000–$20,000) and state audit/liquidation with alleged losses of ~$142,000–$150,000. No reopening is reported; state liquidation/receiver action is in progress.

Events (3)

1. December 17, 1928 Run

Cause: Bank Specific Adverse Info
Cause Details: Run began immediately after the suicide of director/vice-president Jacob Baus, which precipitated depositor panic.
Measures: Tellers paid out withdrawals (about $18,000–$20,000) until directors requested state intervention; board asked state to take over and an audit was begun.
Newspaper Excerpt: the run on the Amherst Savings and Banking Company ... started immediately following the suicide of Jacob Baus, director of the bank, last Monday.
Source: newspapers

2. December 20, 1928 Receivership

Newspaper Excerpt: A. C. Krug, assistant to Maj. C. W. Miller state liquidating officer, started today to investigate the condition of the Amherst Savings & Banking Co. ... The bank was officially closed ... after director's committee had requested the state to take the bank over.
Source: newspapers

3. December 20, 1928 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors requested state takeover and closed after the run precipitated by the director's suicide and discovery of irregularities; state liquidating officers began audit showing large shortages/accommodation paper losses.
Newspaper Excerpt: the board of directors of the institution requested the state to take over the company ... the institution closed its doors today ... the bank was officially closed Thursday morning after director's committee had requested the state to take the bank over.
Source: newspapers

Newspaper Articles (7)

1. December 20, 1928 The Portsmouth Times Portsmouth, OH

Article from The Portsmouth Times, December 20, 1928

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Article Text

Run Closes Amherst Bank SUICIDE OF DIRECTOR STARTS DEPOSITORS ARE PAID AMHERST, Ohio, December 20. Superintendent of Banks E. H. Blair this aft. ernoon estimated that shortage of approximately $85,000 would be found in the Amherst Savings and Banking Company. W. H. Shibley, president of the institution, said this amount was COVered by notes from reliable persons. run which started after the suicide of Incob Baus, director, resulted in the closing of the Anherst Savings Banking Company State Superintendent of Banks IT. Biair. The institution. the largest in this village of 3,000. had nesets $1,300,000. The last statement listed Biair, who came here nt the invitation directors. sald the institution (Continued On Page Nineteen)

2. December 20, 1928 Telegraph-Forum Bucyrus, OH

Article from Telegraph-Forum, December 20, 1928

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Article Text

BANK CLOSES FOLLOWING RUN Suicide of Amherst Man Causes Heavy / Ban; Officers Ask That Institution Be Closed COLUMBUS, O., Dec. 20 (INS)-Because of run on the Amherst Savings and Banking Company at Amherst. Lorain county, the board of directors of the institution requested

3. December 21, 1928 The Cleveland Press Cleveland, OH

Article from The Cleveland Press, December 21, 1928

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Article Text

LAUNCH PROBE IN CLOSING OF AMHERST BANK State Liquidating Officers Go Over Books After Director's Suicide Starts "Run" Press State Service ELYRIA. Dec. 21-A. C. Krug. assistant to Maj. C. W. Miller *state liquidating officer, started today to investigate the condition of the Amherst Savings & Banking Co. This institution closed Its doors Wednesday for the usual Wednesday afternoon holiday and failed to open for business Thursday Maj. Miller stated Thursday that loss exceeding $150,000 in the bank's accounts may be disclosed. Indications of irregularities were announced by state banking officials Aste Thursday after first day examination. Makes Cryptic Statement Before leaving Amherst last night the state liquidating officer declared that there seemed to be plenty of reasons for an investigation into the bank's affairs. Miller would not enlarge upon this statement beyond indicating that developments might occur within week. The bank was officially closed Thursday morning after director's committee had requested the state to take the bank over. The request came after run on the bank which started Monday The run was caused. it is believed. by the suicide of Jacob Baus, vice president of the bank and reputedly wealthy Amherst shoe dealer. Financial reverses and ill health are believed to have caused the suicide. Before the bank closed, $20,000 had been withdrawn. Cite Loss of $142,000 State Superintendent of Banks E. N. Blair was in charge of the investigation Thursday morning but left at noon. leaving Miller in charge. A loss of $142,000 in "accommodation paper" was revealed in the examination yesterday, Miller and Skehan declare. William H. Schibley president of the bank. and A. G. Nemz, second vice president, maintain that this paper is both collectable and sound; that it is pleged by leading citizens. Schibley, in addition to being president of the bank, is president of the U. S. Automatic Co., manufacturing screw machine parts. He holds that the bank is solvent and will pay dollar for dollar. Baus was vice president of the manufacturing company. According to the bank statements assets and liabilities are There are 3300 depositors The capital is $50,000 and the surplus is $42,000. nd profits are $5802.39. Records show that the savings accounts of the bank have decreased by $15,990 since July 1928. Figures given by Fred H. Fogrefe, cashier of the bank, show saving accounts of $834,780 on July 1 and accounts of $818,790 on Dec. The feeling at Amherst appears to feeling reopen after the state audit was PASS APPROPRIATION WASHINGTON, Dec. The Senate has passed the Interior Department appropriation bill, carrying 468,000. The bill now goes to conference.

4. December 21, 1928 News Journal Mansfield, OH

Article from News Journal, December 21, 1928

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Article Text

PROBE AMHERST Investigators Claim Loss of $150,000 Bank Head Suicides Dec. Krug. assistant Maj. C. W. Miller state liquidating officer, began an investigation of the condition of Amherst Savings and Banking company, today. The bank was closed yesterday. Maj. Miller said loss exceeding $150,000 may be disclosed and indications of alleged irregularities were announced by state banking officials after brief examination. Before leaving Amherst. the state liquidating officer declared "there seemed to be reasons for an investigation into the bank's affairs. Miller would not enlarge upon this statement. The bank was officially closed after director's committee had quested the state to take over. The request came after run the bank which started Monday and followed the suicide Jacob Baus, vice president of the bank and Amherst shoe dealer. Baus hung himself in the garage adjoining his home. Dec Before the bank closed. $20,000 had been withdrawn. State superintendent of banks H. Blair started the investigation Jan. but left Miller in sum of $142,000 in tion paper" was in the examination yesterday, Miller and Skehan declared. Butter William H. Schibley, president of Dec. Dec. bank maintains that this paper both collectable and sound; that pledged by leading citizens of the town. Of the babies born in Cairo, Egypt, almost one in four dies during the first year

5. December 21, 1928 The Daily Sentinel-Tribune Bowling Green, OH

Article from The Daily Sentinel-Tribune, December 21, 1928

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Article Text

RUN ON BANK AFTER SUICIDE CAUSES CLOSING LORAIN. O., Dec. 20. (INS)-The Amherst Savings and Banking Company. in the village of Amherst, near stan. here. is reported to have closed its doors today. Jacob Baus, 60, a director of the bank. and said to have been its president, committed suicide by hanging himself in a garage at the rear of his home Monday. Friday COLUMBUS. O., Dec. 20. (INS)-Beings and Banking company, at Amcause of a run on the Amherst Savherst. Lorain county, the board of directors of the institution requested the state banking department to take over the company which was done this morning. E. H. Blair, superintendent of banks, announced through his office here. duction. According to Blair, the run started immediately following the suicide of Jacob Baus, 60, director of the bank, last Monday. Blair stated that the bank would be closed Admits One temporarily and an audit started at once. Blair, who is in Amherst today declared he believed a plan would be worked out whereby the bank can be re-opened in six weeks. W. H. Shibley, is president of the Amherst bank. It was organized on April 5. 1906 with a capital of $50- -in000. Its profits and surpluses are estimated to be equal to that amount and the total assets according to the last report were $1,300,000 Charles G. Saffin. Jr., banking department attorney, accompanied every foot. Blair to Amberst W. J. Skehan, bank examiner. has been in Amherst for several days checking the books. Admission that city today After an interruption of more than 24 hours wireless communication with Kabul was established by the Teshkent station at 2:50 o'clock this morning. LONDON, Dec. 20. (INS) Important international events may result from the outcome of the revolt under way today in the isclated mountain kingdom of AfghaniBoth England and Soviet Rus-

6. December 24, 1928 News Journal Wilmington, OH

Article from News Journal, December 24, 1928

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GOVERNOR AND MRS. DONAHEY WILL BE HOSTS COLUMBUS, Dec. 24-(P)-Governor and Mrs. Donahey will be hosts at reunion of the Donahey family at the Governor's cottage on Indian Lake, Christmas Day, when a turkey dinner, with all trimmings, will be served. The Governor ordered a turkey prepared for the family and the fowl will be garnished with oyster dressing, cranberries and all the fixings. James W. Huffman, State Utility Commissoner, and his wife and daughter will be guests. Mrs. Huffman is the Governor's daughter. State institutions were not for gotten when the State prepared to celebrate the Yuletide. John P. Brennan, State purchasing agent, distributed 11 tons of candy to the various charity and penal institutions in Ohio to'be served following Christmas dinners. The superintendent of each institution was permitted to order the meat and trimmings for the holiday dinner. Many selected turkey, others chickens, while fish will be served at the Boys' Industrial School, Lancaster. Cranberries, oranges, and a variety of fruits were ordered by the State in ton lots and distributed to the institutions on order of the superintendents. The Christmas candy order cost the State approximately $2,640. Mixed candies will be served in the majority of institutions. Brennan purchased approximately 10,000 cigars, to be given men inmates of the various institutions. SHORTAGE TO BE $150,000 shortage in accounts of the Am herst Savings & Banking Co., of Amherst, closed last week, after a run of depositors, probably will reach $150,000. E. H. Blair, State superintendent of banks, said, today. He declared that the total amount would not be known until state auditors had completed their check of the bank's accounts. The run of the bank followed the suicide of one of the institution's SUICIDE IS VERDICT A verdict of suicide was returned, today, by Coroner A. L. Bell, in the death of Mrs. Edith Holland, 19, of Deandale, near here, who died, last night, from a self-inflicted bullet wound in the head. The young woman. who has been separated from her husband for several months, shot herself, last night, a short time after visitor had left her sister's home, where she was staying.

7. January 18, 1929 The Plain Dealer Cleveland, OH

Article from The Plain Dealer, January 18, 1929

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AMHERST IS CALM IN BANK'S CLOSING (Continued From First Page) ness. Price lists pasted in the front windows quote goods at sacrifice Men's Storm King Rubber Boots, $4.15: overshoes, 85 cents pair. Norman Baus is conducting the sale. He young civil engineer, son of the late Jacob Baus. vice ident and director of the Amherst Saving & Banking Co., who hanged himself to rafter in his garage Dec. The suicide, it is believed. precipitated the two-day run on the bank that forced the closing. Only $18,000 had been paid out by the tellers when the order came lock the doors. The audit of the bank's books is not complete as yet but estimated that more than million dollars in individual savings and checking accounts remains unpaid. had $125,000 in the Lorain County Amherst Savings Banking Co vaults, and the city of Amherst had $30,000. Both accounts however were in secured deposits and neither county nor city stands to lose anyThe funds tied up by the state exmade it aminer's necessary for the Amherst Council to borrow $1,000 to meet current expenses and further loans may be needed before the expected liquidation complete Savings Banking The Amherst sandstone Co. occupies the southwest corner of building Park and Church Streets floors are rented out The upper two The bank fronts on in office the lobby rising the Park the rear height of two mezzanine built in of the lobby above the safety deposit vaults. Yellow shades. accordian pleated. are drawn across the high windows and. from the street, the bank quarters appear deserted. Inside, however, lights are burning in the offices on the mezzanine. where four employes of the bank are assisting Krug and W. Skehan in auditing the books Krug is assistant state liquidating E. H. Blair, state superintendent drops in from time to of time to note how the work is progressing In the front of the lobby, desk marble Hogrefe behind who cashier the bank as deputy collector of taxes, may be found working after the tax office closes. Hogrefe believes the bank may be able to reopen in two three weeks. This possibility depends U. entirely Auto- on of the the proposed sale Cleveland concern matic Co. to for figure generally thought to be something in excess of $200,000. holds the U. S. AutoThe bank Co.'s accommodation paper the amount of $85,000. William H. Schibley, president of the bank, Auto- was the U. also matic president Co. until the board of directors requested his resignation. Directors Approve Sale. Baus was vice president of the U. S. Automatic Co. the time of his does not The company pear much affected by the bank's closing Day and night shifts usual are out the still turning bolts and quota of few men were laid ago off Two but days this is not considered significant The company. directors week approved ago. of the factory The the sale will meet Whether Monday the matter. vote on to they will also approve is doubtful. stock, Much of the company's been up as colis has put lateral on loans from various stumbling banks tobacco plant this fact may prove and of the sale. block in the way if the sale is completed, The company, will reorganized, is said, and stockholders in the present exchange comallowed to will be pany their shares at the rate of six for new issue. the one The of possible sale and reorganiza Automatic United States of the tion Co. would, in the opinion relieve of most the of in situation the people that has placed the Amherst Savings & Banking Co. on the verge of involuntary the audit is The when somewhere between will be There is comparatively little talk about the bank's of guests At gathered the hothe about tel. the group stove discusses the possibie action of the county grand discussion jury but the in the matter seems rather academic.