17356. Indemnity Savings & Loan Company (Cleveland, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 16, 1905
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
3a987fc9

Response Measures

None

Description

Multiple contemporaneous newspaper accounts (Oct 16, 1905) report the Indemnity Savings & Loan Company 'failed to open its doors', 'assigned' to its president as assignee, and that the Ohio Attorney General brought quo warranto proceedings alleging violations of state banking law. No run or depositor panic is mentioned. The assignment/closure appears to be a suspension leading to permanent closure/receivership.

Events (3)
1. October 16, 1905 Other
Newspaper Excerpt
The company has made an assignment for the benefit of its creditors to President Sanborn, who will make a financial statement as soon as an inventory can be made. ... Sanborn is its president. Officers declare the institution to be absolutely solvent. (assignment/assignee noted in multiple accounts).
Source
newspapers
2. October 16, 1905 Receivership
Newspaper Excerpt
The Indemnity Savings and Loan company assigned today, President H. R. Sanborn being made receiver. On Saturday Attorney General Ellis began court proceedings ... charging that it had violated the state banking laws.
Source
newspapers
3. October 16, 1905 Suspension
Cause
Government Action
Cause Details
Attorney General Ellis brought quo warranto proceedings charging violation of state banking laws, prompting the bank to fail to open and make an assignment.
Newspaper Excerpt
The Indemnity Savings and Loan company, a banking house, failed to open its doors for business today.
Source
newspapers

Newspaper Articles (6)
1. October 16, 1905 The Vinita Daily Chieftain Vinita, OK
Article from The Vinita Daily Chieftain, October 16, 1905

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Article Text

BANK CLOSED US Associated Press Cleveland, Ohio, Oct. -The Indemnity Savings and Loan company, a banking house, closed today, having assigned to H. R. Sanborn, its president. On Sturday Attorney General Ellis brought quo wairant proceedings against the company to prevent it from continuing business, charging that the company had violated the state banking law. A statement issued in June shows deposits of $640.000. The bank officials say the bank is sound and will resist any attempt to take away its charter.

2. October 16, 1905 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, October 16, 1905

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Article Text

Bank Will Fight for its Charter. Cleveland, Oct. 16.-The Indemnity Savings and Loan Co., a banking house, closed today, having assigned to H. R. Sanborn, it's president. On Saturday attorney general Ellis brought quo-warranto proceedings against the company to prevent it from continuing in business, charging that company with having violated the state banking laws. The statement issued in June showed deposits of $640,000. The bank officials say the bank is sound, and will resist the attorneys' attempt to take away its charter.

3. October 16, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 16, 1905

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Article Text

INSTITUTION IS SOLVENT. Cleveland Savings and Loan Company Assigns, However-State Laws Violated. Cleveland, O., Oct. 16. - The Indemnity Savings and Loan Company assigned today, President H. R. Sanborn being made receiver. On Saturday, Attorney General Ellis began court proceedings, with the view of preventing the company from continuing in business, charging that it had violated the state banking laws. Officers declare the institution to be absolutely solvent. In its June statement. the concern carried $639,000 deposits.

4. October 16, 1905 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, October 16, 1905

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Article Text

LOAN COMPANY HAS ASSIGNED By Associated Press. Cleveland, O., Oct. 16-The Indemnity Savings and Loan Company assigned to H. E. Sanborn today, Attorney General Ellis Saturday beran proceedings to prevent this company doing business in Ohio. Sanborn is its president. The officers say the bank is solvent.

5. October 16, 1905 The Providence News Providence, RI
Article from The Providence News, October 16, 1905

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Article Text

BANKING COMPANY SUSPENDS Cleveland. O., Oct. 16.-The Indemnity Savings and Loan company, a banking house, failed to open its doors for business today. A notice posted at the bank entrance said: "The company has made an assignment for the benefit of its creditors to President Sanborn, who will make a financial statement as soon as an inventory can be made." Attorney G. F. Ellis began proceedings on Saturday last to prevent this company from continuing business in this state, charging that it had violated the banking laws. President Sanborn. who is named as assignee, is the president of the company. Officers of the institution declare that It is absolutely solvent and that depositors can readily be paid in full. They also state that the attorney general's action was without due cause. The bank had, when its last statement was issued, in June of this year assets and liaibilities amounting to $1,392,681. The deposits were then $638,661. The bank will resist the attempt to take away its charter and today filed a motion in Circuit court to quash the summons of Attorney General Ellis.

6. October 19, 1905 The Vinita Weekly Chieftain Vinita, OK
Article from The Vinita Weekly Chieftain, October 19, 1905

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Article Text

BANK CLOSED Associated Press Cleveland, Ohio, Oct. 10-The Indemnity Savings and Loan company, & banking house, closed today, having assigned to H. R. Sanborn, its president. On Sturday Attorney General Ellis brought que wairant proceedings against the company to prevent it from continuing business, charging that the company had violated the state banking law. A statement issued in June shows deposits of $640,000. The bank officials say the bank is sound and will resist any attempt to take away its charter.