Union Trust Company - Cleveland, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: April 3, 1937
Location: Cleveland, Ohio (41.499, -81.695)

Metadata

Model: gpt-5-mini
Short Digest: b01d0285

Response Measures

None

Description

Article (Apr 3, 1937) refers to the liquidators of the Union Trust Co. as creditors of the Van Sweringen estate, indicating Union Trust was in liquidation/receiver status and therefore permanently closed. No run or temporary suspension described in the article; only evidence of liquidation/receivership. Date of actual suspension/appointment of receiver not provided in the text, so I use article date as the reference to the receivership/liquidation being current.

Events (1)

1. April 3, 1937 Receivership

Newspaper Excerpt: Among these creditors are the liquidators of the Union Trust Co. and Guardian Trust Co., the Midland Bank of Cleveland and New York banks with whom the Van Sweringens dealt in their financial operations.
Source: newspapers

Newspaper Articles (1)

1. April 3, 1937 Evening Star Washington, DC

Article from Evening Star, April 3, 1937

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Article Text

# RECEIVER TO FILE # MIDAMERICA SUIT Official for Van Sweringen Estate Demands "His Right" to Purchase Control. By the Associated Press. CLEVELAND, April 3.-J. Paul Thompson, receiver for the partner- ship estate of the late O. P. and M. J. Van Sweringen, announced late yes- terday he had served formal demand on George A. Ball and George A. Tomlinson that they "protect his right" to purchase controling interest in Midamerica Corp. through exercise of a purchase option they gave the Van Sweringens at the time Midamer- ica was organized. This demand, Thompson said, was a preliminary to filing of a suit by him within the next week for a court order directing Ball and Tomlinson to sell to him control of Midamerica under terms of the option. Thompson is a court-appointed re- ceiver to protect the interests of cred- itors of the Van Sweringen partner- ship. Among these creditors are the liquidators of the Union Trust Co. and Guardian Trust Co., the Midland Bank of Cleveland and New York banks with whom the Van Sweringens dealt in their financial operations. This development came on the heels of reports here and in New York that Ball, who owns 90 per cent of Mid- america, was negotiating for sale of the top holding corporation of the Van Sweringen railroad empire which he and Tomlinson formed after buying at auction control of the Van Swer- ingen enterprises in September, 1935.