17517. Citizens Bank (Jackson, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 23, 1931
Location
Jackson, Ohio (39.046, -82.650)

Metadata

Model
gpt-5-mini
Short Digest
8b39f54c

Response Measures

Full suspension, Books examined

Description

A classroom discussion by a high‑school student generated a false rumor that the bank was impaired; depositors ran on the bank on April 23, 1931. The State Banking Department (Ira J. Fulton) took charge, the bank and its Oak Hill branch were closed and assets taken over for liquidation — i.e., suspension by government action leading to closure.

Events (4)
1. April 23, 1931 Other
Newspaper Excerpt
The bank was closed for liquidation by R. Fulton following the run. the Oak Hill branch of the bank ... also suspended business. Deposits in the institution totaled $775,000 and assets ... $950,000.
Source
newspapers
2. April 23, 1931 Receivership
Newspaper Excerpt
Its assets were taken by the banking department. Notice that Ira J. Fulton, state banking superintendent, had assumed charge.
Source
newspapers
3. April 23, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
A high-school pupil used the bank's name in a classroom discussion to illustrate a run; that rumor was carried home and sparked heavy withdrawals.
Random Run
Yes
Random Run Snippet
high‑school classroom discussion sparked false rumor causing withdrawals
Measures
Directors called state examiners; State Banking Superintendent Ira J. Fulton took charge after withdrawals depleted cash.
Newspaper Excerpt
Long lines of worried depositors withdrew their funds after sons and daughters carried home rumor that the bank's assets had become endangered.
Source
newspapers
4. April 23, 1931 Suspension
Cause
Government Action
Cause Details
State Banking Department ordered the institution closed when its cash was depleted by the run; assets taken over by the state for liquidation.
Newspaper Excerpt
The state banking department late today announced the closing of the Citizens bank of Jackson, O., because of heavy withdrawals of deposits during the day.
Source
newspapers

Newspaper Articles (9)
1. April 24, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, April 24, 1931

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Article Text

Started By Talk State Takes Charge Jackson, Ohio, April discussion the subject banking today resulted the closof Jackson bank, said thorities to be solvent. To the effect of bank, high-school pupil used the name the Citizens' Bank of Jackson. The fact that state aminers today inspecting the bank's books lent color to rumor that the bank's had become impaired. This report was carried home parents the lunch hour, and o'clock the bank's doors dered closed by the State Banking Department because uneasy depositors funds. Notice that Ira Fulton, State Banking Superintendent, had sumed charge posted on the doors less than an hour before the bank due to close the business for the day. Long lines depositors had withdrawn their funds from the institution until its cash was depleted and the state took charge. Fulton Charles Saffin, counsel for the State Banking Department, came here call the Directors after the run started. bank, organized in 1905, with capital stock of $50,000, reported sources of $965,664 last March the call the State Department for condition of banks. The was headed by Martin, President, and gon, manager.

2. April 24, 1931 Bluefield Daily Telegraph Bluefield, WV
Article from Bluefield Daily Telegraph, April 24, 1931

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Article Text

CITIZENS BANK OF JACKSON, 0., CLOSED Columbus. O., April 23. (/P)-The state banking department late today announced the closing of the Citizens bank of Jackson. O., because of heavy withdrawals of deposits during the day. Ira Fulton. state banking 811perintendent. and Charles Sraffin. counsel for the department. ordered the closed when all cash had been depleted by heavy run during the morning and early afternoon. The bank was organized in 1905 with capital etock of $50,000. On March 25, the last state bank call. the bank reported resources of John M. Martin was president and E. E. Margon was manager of the in-

3. April 24, 1931 Bluefield Daily Telegraph Bluefield, WV
Article from Bluefield Daily Telegraph, April 24, 1931

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Article Text

CITIZENS BANK OF JACKSON, 0., CLOSED Columbus. O., April 23. (/P)-The state banking department late today announced the closing of the Citizens bank of Jackson. because of heavy withdrawals of deposits during the day. Fulton. state banking superintendent. and Charles Sraffin. counsel for the department. ordered the institution closed when all cash had been depleted by a heavy run during the morning and early afternoon. The bank was organized in 1905 with capital stock of $50.000. On March 25, the last state bank call. the bank reported resources of John M. Martin WAS president and E. Margon was manager of the institution.

4. April 24, 1931 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, April 24, 1931

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Article Text

Run Closes State Bank at Jackson JACKSON April 23 Its money supply by run the Citizens Bank of Jackson and its branch Oak Hill, near closed today and its assets taken by the banking department Notice Ira state banking superintendent, had assumed charge on the doors less than before the bank due for the day Throughout the day, long lines depositors withdrawn their from the institution until its cash depleted and the state took charge and Charles Saffin for the state banking depart the directors after started. The bank. organized in 1905 with capital stock reported sources last March 25, the last call of the state department for condition The institution headed John M. Martin and E. Margon manager

5. April 24, 1931 The Cleveland Press Cleveland, OH
Article from The Cleveland Press, April 24, 1931

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Article Text

BANK, BRANCH CLOSE But High School Students Not Blamed for Run Press State JACKSON, O., April 24-A report that the run on the Citizens' Bank here yesterday was caused by discussion in the high school here on the effect of bank runs was generally here today The bank was closed for liquidation by R. Fulton following the run. the Oak Hill branch of the bank, 12 miles south of here, also suspended business. Deposits in the institution totaled $775,000 and assets as of March 25 were listed as $950,000.

6. April 24, 1931 The Dayton Herald Dayton, OH
Article from The Dayton Herald, April 24, 1931

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Article Text

SCHOOL TALK LEADS TO CLOSING OF BANK Students Tell About Rumors and Run Is Started. JACKSON, O., April 24.-AIthough said to be solvent, the Citi- zens Bank of Jackson was closed here today because its name was used in a classroom discussion by a high school student attempting to illustrate the effect of a run on bank. Long lines of worried depositors withdrew their funds after sons and daughters carried home rumor that the bank's assets had become endangered. The presence in Jackson of state examiners making an inspection of the bank's books was said to caused general acceptance of the report. State Banking Superintendent Ira J. Fulton came here and took charge after the clamor for a return of deposits started. By the time he arrived the bank's supply of cash had been depleted. Organized in 1905 with a capital stock of $50,000. the bank reported resources of $965,664 March 25.

7. April 24, 1931 The Sandusky Register Sandusky, OH
Article from The Sandusky Register, April 24, 1931

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Article Text

STATE IN CHARGE OF JACKSON BANK AFTER HEAVY RUN JACKSON. O.. April 23 (P)-Its money supply depleted by a heavy run of depositors. the Citizens Bank of Jackson and Its branch at Oak Hill, near here. closed today and its assets were taken over by the state banking department. Notice that Ira J. Fulton, state banking superintendent had assumed charge. was posted on the doors leas than an hour before the bank was due to close the business of the day. Mr. Fulton and Charles J. Saffin, counsel for the state banking department, came here on call of the dlrectors after the run started. The bank, organized in 1905 with

8. April 24, 1931 The Galion Inquirer Galion, OH
Article from The Galion Inquirer, April 24, 1931

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Article Text

Scholar's Foolish Talk Closes Bank JACKSON. Apr. said to solvent. the Citizens bank Jackson was closed here today because its used in classroom discussion by high school student attempting to illus trate the effect of run on bank Long lines of worried depositors withdrew their funds after sons and daughters carried home or that the bank's assets had come endangered. The presence in Jackson of state examiners making an inspection the bank's books was said to have ing caused general acceptance of the report.

9. April 25, 1931 The News-Messenger Fremont, OH
Article from The News-Messenger, April 25, 1931

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Article Text

RUINS BANK JACKSON, O., April said solvent, the Citizens' Bank was closed because its name used in high school student attempting illustrate effect of run bank. Long lines of worried depositors withdrew their funds after sons daughters carried home rumor that the bank's assets had become endangered. Organized 1905 with capital stock $50,000. the bank reported sources $965,664 March