17402. Columbus Savings & Trust Company (Columbus, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
December 1, 1911
Location
Columbus, Ohio (39.961, -82.999)

Metadata

Model
gpt-5-mini
Short Digest
51686770

Response Measures

Full suspension, Books examined

Description

Steady withdrawals began in early December 1911 after the failure of the Union National Bank. State superintendent F. E. Baxter took charge in late Feb 1912 and the institution was placed in liquidation by the state department of banks and banking. Thus a run preceded a government suspension and liquidation (permanent closure).

Events (3)
1. December 1, 1911 Run
Cause
Local Banks
Cause Details
Withdrawals began following the failure of the Union National bank; steady withdrawals since early December 1911.
Newspaper Excerpt
After the failure of the Union National bank a run was started on the savings Institution
Source
newspapers
2. February 27, 1912 Receivership
Newspaper Excerpt
Following a steady withdrawal of deposits... F. E. Baxter, state superintendent of banks and banking, today took charge of the Columbus Savings and Trust company and its affairs will be liquidated by the state department of banks and banking.
Source
newspapers
3. February 27, 1912 Suspension
Cause
Government Action
Cause Details
State superintendent took charge and placed the institution in liquidation after steady withdrawals; notice of suspension was posted on the doors.
Newspaper Excerpt
F. E. Baxter, state superintendent of banks and banking, today took charge of the Columbus Savings and Trust company and its affairs will be liquidated by the state department of banks and banking.
Source
newspapers

Newspaper Articles (2)
1. February 27, 1912 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, February 27, 1912

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Article Text

BANK ON RUN Baxter Attempts to-Liquidate Its Affairs. (National News Association) COLUMBUS, O., Feb. 27.-Following a steady withdrawal of deposits since the first part of December, F. E. Baxter, state superintendent of banks and banking, today took charge of the Columbus Savings and Trust company and its affairs will be liquidated by the state department of banks and banking. The high rate of interest paid on deposits, which it was found impossible to change. is held largely responsible for the suspension. It is stated by the state superintendent and by officials of the closed institution, that while a good proportion of the stock may be absorbed in the process of liquidation, depositors and other creditors of the institution will be paid in full. At the date of the last statement, December 5 of last year, the Columbus Savings and Trust company had total deposits amounting to $2,075,935.54, of which $254,000 were demand deposits and $1,439,000 savings deposits. After the failure of the Union National bank a run was started on the savings Institution,

2. March 8, 1912 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, March 8, 1912

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Article Text

Columbus Bank Closes. Following steady withdrawals of deposits since the first of December, F. E. Baxter, state superintendent of banks and banking, has taken charge of the Columbus Savings and Trust company, at Long and High streets, and its affairs. The high rate of interest paid on deposits, which it was found impossible to change, is held largely responsible for the suspension. It is stated by the state superintendent and by officials of the closed institution that, while a goodly proportion of the stock may be absorbed in the process of liquidation, depositors and other creditors of the institution will be paid in full. However, under the state banking law, no dividend can be paid to depositors until 90 days have elapsed from the date of closing. The institution was placed in charge of George Walters, deputy superintendent of banks and banking, and of C. S. Baxter of the state department, who will look after its affairs until the appointment of a deputy to supervise the liquidation is made. Notice of the suspension of the institution was posted upon the doors of the bank last evening.