Commercial & Savings Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: September 5, 1934
Location: Berea, Ohio (41.366, -81.854)

Metadata

Model: gpt-5-mini
Short Digest: 33a901ad

Response Measures

None

Description

Article (Plain Dealer, 1934-09-06) reports the Commercial & Savings Bank of Berea reopened after being closed during the bank panic of February 1933. The piece describes reopening with little withdrawal activity; no explicit prior run on this specific bank is described in the article, only that the banks had been closed during the 1933 panic. Therefore classified as a suspension followed by reopening.

Events (1)

1. September 5, 1934 Reopening

Newspaper Excerpt: Berea's two banks reopened for business yesterday ... W. H. Ames, president of the Commercial & Savings Bank, reported that his institution opened with $740,000 of deposit accounts ... the day's total withdrawals only $11,078 ... things had been resumed as if nothing had ever happened to interrupt the normal
Source: newspapers

Newspaper Articles (1)

1. September 6, 1934 The Plain Dealer Cleveland, OH

Article from The Plain Dealer, September 6, 1934

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Article Text

Berea's Banks Again Open for Business Berea's two banks reopened for business yesterday, but there was no rush to claim the 350,000 which the openings made available to residents of the Cleveland suburb. Instead, the banks picked up the course of normal business interrupted by the bank panic of February, 1933, with the added protection of federal deposit insurance. W. H. Ames, president of the Commercial & Savings Bank, reported that his institution opened with $740,000 of deposit accounts distributed among 3,500 individuals and firms and that the day's total withdrawals only $11,078. against deposits of 120-a net increase of for the day. Of the depositors of $100 and less who received 100 per cent. of their deposits in the form of credits at the revived bank. only 51 withdrew their cash, while 39 other depositors drew all portion of the 60 per cent. made available to them. The Bank of Berea Co., with 4,800 deposit accounts, aggregating $1,032,945 paid out $16,012 to 78 depositors on withdrawals and received in new deposits total of $13,015. Of the withdrawals 41 were by depositors of $50 and under whose accounts were paid in full. Both bank presidents said things had been resumed "as if nothing had ever happened to interrupt the normal Klossner, assistant chief examiner of the Reconstruction Finance Corp., had returned to Washington yesterday after conferences with liquidators of the Guardian Trust Co. and Union Trust Co. concerning the detailed arrangements for reappraisal of their assets.