City Bank - Kent, OH

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 1, 1933*
Location: Kent, Ohio (41.154, -81.358)

Metadata

Model: gpt-5-mini
Short Digest: 52298ab6

Response Measures

Books examined

Other: OCR text is garbled; inferred state supervision and a July run from phrases 'Stopped Run July' and 'operated for eight months under ... state banking department.'

Description

Article (1934) refers to events in spring/July 1933. It describes a rumor in July that the bank was bankrupt which stopped run July and that the bank operated for eight months under the state banking department. The text is OCR-corrupted and internally inconsistent (one line says never closed its doors while other fragments refer to closing). There is clear mention of a run triggered by rumors about bankruptcy; no clear statement that the bank suspended payments permanently or was placed into receivership. Therefore classified as run_only.

Events (1)

1. July 1, 1933* Run

Cause: Rumor Or Misinformation
Cause Details: Rumors circulated after stock transactions that the bank was bankrupt; these rumors caused withdrawals in July (1933).
Measures: Bank issued a formal statement denying insolvency; operated under supervision/representation of the state banking department for about eight months (rehabilitation).
Newspaper Excerpt: Stopped Run July, Davey rumor around that bankruptcy and caused small the order to the bank
Source: newspapers

Newspaper Articles (1)

1. October 22, 1934 The News-Messenger Fremont, OH

Article from The News-Messenger, October 22, 1934

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Article Text

DAVEY CHARGES REPUBLICANS Sue Herbert Each Member of Committee for Libel COLUMBUS, Oct. -Branding charges Republican nominee M. Herbert, for lieutenant governor, most unforgivable declaration falsehoods," Martin Davey, Democratic nominee, would Herbert the campaign for libel after unless they publicly retract charges. There more than 100 prominRepublicans campaign Davey said each would named individually in his contemplated libel action. Files Affidavit Attached Davey statement affidavit signed by Pleister, former for Kent certified that read the formal reply stated that within the knowledge this fiant, correct, truthful and plete referred to Herbert lack fitted the role for sense perfectly the which acter this week made attack the behest Brown the board' of the publican state campaign commit- Admits Debts banking which Herbert Davey his formal and offer no apolofreely for many stock City Bank Kent admitted. by the Davey 435 shares Bank stock admitted. The other statements falsewhich furnish the worst dirty politics that ample years. statement that 'the City bank of for many years practically by MarDavey. deliberate and tin unqualified Had Shares owned only shares Bank stock many years, total shares outstanding about fairs the City Bank until mitted myself elected rector after which condition gradually unfolded 435 shares City Bank stock acquired the Davey vestment Company on Aug. program designed bank. After acquisition block the officers directors remained they had many Interviewed to the original the shares the City Bank stock, Davey named prominent resident Portage county, said owed the Kent bank large sum and who pledged the stock Cleveland bank collateral for loan there. Stopped Run July, Davey rumor around that bankruptcy and caused small the order to the bank the that bought his stock and that did the formal statement this bloc stock meant conwhich did not, nothing than many months trying bank that previously been put precarious condition other interconnected with companies. All these occurrences happened before became direcdid not the slightknowledge the conditions until after became director January, "Herbert's statement, the spring 1933 the City Bank closed its deliberunqualified The City Bank never closed its doors, operated for eight months under representing the state banking department. statement, disclosed large its had been wiped out,' deliberate unqualiactual charge-offs very although there considerable amount slow