17153. Dime Savings Bank (Canton, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
October 5, 1931
Location
Canton, Ohio (40.799, -81.378)

Metadata

Model
gpt-5-mini
Short Digest
adadb987

Response Measures

None

Description

The Dime Savings Bank of Canton was turned over to the banking department for liquidation by its directors in October 1931 (article dated 1931-10-05). By November 1932 the state department was arranging reopenings and the bank is listed among banks scheduled to reopen under reorganization plans (articles dated 1932-11-03 and 1932-11-04). There is no specific article describing a depositor run on this particular bank; the 1932 articles discuss earlier closings generally as resulting from panicky runs on many institutions, but the Dime Savings Bank item indicates director-initiated liquidation, so I classify the initial event as a suspension/closure followed by reopening under state supervision.

Events (2)
1. October 5, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors turned the bank over to the state banking department for liquidation (director-initiated closure).
Newspaper Excerpt
CLOSE CANTON O., BANK The Dime Savings Bank of Canton was turned over to the banking department for liquidation by its directors today
Source
newspapers
2. November 4, 1932 Reopening
Newspaper Excerpt
The Dime Savings Bank Co., Canton; ... are scheduled to be reopened for business within a few weeks, under reorganization plans of the state department of banks, Ira J. Fulton, superintendent of banks of Ohio, announced today.
Source
newspapers

Newspaper Articles (3)
1. October 5, 1931 Springfield Leader and Press Springfield, MO
Article from Springfield Leader and Press, October 5, 1931

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Article Text

EVANGELIST AIMEE TO BOSTON REVIVAL LOS ANGELES Oct 5.-(INS) Mrs Almee McPherson Hutton famed woman evangelist, today speeding toward Boston where she conduct campaign A crowd of about 200 Rdmirers came to the reliway station last night to bid her farewell She is by her husband David whom she cloped air and her see Emma Schafer MUSTNT READ NOBLESVILLE Ind Should mother of 16 children to read books? the question the Ralph the board not to his for explains PLAN AD CROSSING JEFERSON Oct The state filed application with the public service commission for permission to an crossing across the Santa Fe tracks at Carrollton on U. S. Highway 65 cost of The two main line tracks at crosses point CLOSE CANTON O., BANK The Dime Savings Bank of Canton was turned over to the bank ing department for liquidation by its directors today Last June 30 the bank listed assets of $9 455,000 and leposits of $8,658,000 MARRIES TWO COUPLES Two performed the weekend by Justice D E Holman Saturday Ernest Grizzle of Eminence and Alice Friend of Crane were married. and Sunday Ernest Anglend of Joplin and Diana Beatie of Springfield

2. November 3, 1932 The Marion Star Marion, OH
Article from The Marion Star, November 3, 1932

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Article Text

STATE EFFECTS OF CLOSED BANKS Reorganization Plans of Department Help Restore Sound Conditions. AID TO BUSINESS SEEN Ten Ohio Banks Resume Since Jan. Six Others To Follow Soon. Special state scheduled be reopened for within few under plans state department banks Fulton superintendent Ohio, announced Under the department which closed their doors in 1931, result of panicky the public which heavy many financial resumed business since the first the present year The banks planned to be opened soon the Union Savings Bank Trust Co., the Union Savings Trust Co. Warren: Ohio Merchants Trust the Dime Savings Bank Canton: Washington Savings bank, Washington the Farmers bank. Elida Other Reopenings Probable Negotiations are also in progress for reopening several other closed banks. More definite information regarding reopening plans probably be ready for in the new year The state department of banks aiding the committees working on the reopening projects in the varthe of additional Ohio banks in the future many millions of dollars which have been will be turned back into the arteries trade and ton. thus releasing large amounts which temporarily impounded by the closing of banks, the working ital each community directly fected be greatly with resultant strengthening financial situation generally benefits derived do not stop at the boundaries of the extend to other areas, in fact, come statewide in their wholesome Reports Great Improvement According are vastly what they The present year opened with year decrease bank and number such during the past few months has been surprisingly more than might expected normally Since the state department banks taken but five banks for with the ception moderate bank, very institutions, the closing which caused hardly the life of the Banking conditions generally stablized in Ohio other states. Among the banks reopened this Dollar Savings Trust and the City Trust Savings both George Harter Bank, Canton: the Trust Co. and the Savings Trust Co., both Mansfield, and the City Savings Bank Trust Alliance. Other cluded Seville State bank, the Farmers' Banking Co., the bank, and the Bank of Leipsic. Theodore H. Tangeman, director of and member of Gov. ernor White's cabinet. has masisted Fulton in working out the bank reopening which the state put into effect, student of finance, has been position to render effective aid in state's bank work. Charles Saf fin, Jr., in the of has been factor in of the bank reopenworked out by the department.

3. November 4, 1932 News Journal Mansfield, OH
Article from News Journal, November 4, 1932

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Article Text

SIX MORE BANKS TO BE REOPENED IN STATE SOON 10 Already Have Resumed Business Since First Of Year Special To The News COLUMBUS, Nov. 4-Six more state banks are scheduled to be reopened for business within a few weeks, under reorganization plans of the state department of banks, Ira J. Fulton, superintendent of banks of Ohio, announced today. Under negotiations conducted by the department of banks, 10 banks which temporarily closed their doors in 1931, a result of the panicky condition of the public mind, which started heavy runs on many financial institutions, have resumed business since the first of 1932. Bank To Reopen The banks planned to be reopened soon are the Union Savings Bank & Trust Co, Steubenville; the Union Savings & Trust Co, Warren; the Ohio Merchants Trust Co., Massillon; the Dime Savings Bank Co., Canton; the Washington Savings Bank, Washington C. H., and the Farmers' Bank, Elida. Negotiations also are in progress for reopening several other closed banks. More definite information regarding reopening plans probably will be ready for announcement early in the new year. The state department of banks is aiding the committees working on the reopening projects in the various interested communities. "With the reopening of additional Ohio banks in the near future many millions of dollars which have been tied up will be turned back into the arteries of trade and industry," said Superintendent Fulton. "By thus releasing large amounts of assets which have been temporarily impounded by the closing of banks, the working capital of each community directly affected will be greatly increased, with resultant strengthening of financial situation generally. Benefits Statewide "The benefits derived do not stop at the boundaries of the communities, but extend to other areas-in fact, become statewide in their wholesome effects." According to Superintendent Fulton, banking conditions are vastly improved over what they were last year. The present year opened with a marked decrease in bank closings and the number of such closings during the last few months has been surprisingly small- not more than might be expected in normally prosperous times. Since last summer the state department of banks has taken over but five banks for liquidation, with the exception of one, moderatesized bank, all very small institutions, the closing of*which caused hardly a ripple in the economic life of the community. Banking conditions generally are well stab-