Niles Trust Company

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: trust company
Start Date: September 28, 1931
Location: Niles, Ohio (41.183, -80.765)

Metadata

Model: gpt-5-mini
Short Digest: 61d86478

Response Measures

Full suspension

Other: State Banking Superintendent placed bank in receivership/closed it under state authority.

Description

Articles report continued withdrawals forced directors to close the Niles Trust Company and place it in the hands of the State Banking Superintendent on Sept. 28, 1931. A later article (June 30, 1932) describes an approved plan to reopen the bank, indicating reopening after suspension. Cause of initial withdrawals placed in context of the broader 1931 banking crisis, so classified as macro_news causing a run; the suspension was by state action.

Events (3)

1. September 28, 1931 Run

Cause: Macro News
Cause Details: Steady/continued withdrawals (panic) during the 1931 banking crisis forced heavy withdrawals from the bank.
Measures: Directors closed the institution and placed it in the hands of the State Banking Superintendent.
Newspaper Excerpt: Continued withdrawal of deposits today forced directors of the Niles Trust Company to close the institution
Source: newspapers

2. September 28, 1931 Suspension

Cause: Government Action
Cause Details: Bank was closed by its directors and placed in the hands of the State Banking Superintendent following the run/continued withdrawals.
Newspaper Excerpt: Continued withdrawal of deposits today forced directors of the Niles Trust Company to close the institution and place it in the hands of State Banking Superintendent Ira Fulton.
Source: newspapers

3. June 30, 1932 Reopening

Newspaper Excerpt: SEEK DEPOSITORS IN REOPENING BANK ... NILES, O., June 30 ... bank officials to enable them to reopen the institution for business. Details of plan ... approved by the state banking department ... depositors ... asked to permit at least 10 per cent of their account to remain in the bank indefinitely.
Source: newspapers

Newspaper Articles (4)

1. September 28, 1931 The Washington Times Washington, DC

Article from The Washington Times, September 28, 1931

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Article Text

PHILADELPHIA BANK CLOSED PHILADELPHIA, Sept. 28 (I.N.S.).-The Northern Central Trust Company bank here failed to open its doors today. The institution was closed upon orders of the State banking department. The closed bank is one of the largest in Philadelphia. It has five branch offices. The Northern Central Trust Company, which should not be confused with the solvent Northern Trust Company, is headed by the following officers: President, Walter Gabbell; vice president, Charles H. Bridenbaugh; vice president and secretary, Homer C. Vierson; vice president and treasurer, title and trust officer, Alfred Coxe. NILES, Ohio, Sept. 28 (I.N.S.). Continued withdrawal of deposits today forced directors of the Niles Trust Company to close the institution and place it in the hands of State Banking Superintendent Ira Fulton. Deposits at the end of the fiscal year in 1930 were $2,704,165.67. HARTFORD, Conn., Sept. 28

2. September 28, 1931 The St. Louis Star and Times St. Louis, MO

Article from The St. Louis Star and Times, September 28, 1931

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Article Text

MISSOURI BANKS LOSE, CANTLEY REPORTS FERSON CITY, Sept. Bank of Portage in St. Charles County, today, State Finance ComCantley announced. The Bank of Atchison County Rockport and the Farmers Bank fillhowee of Johnson County did The Bank of Portage des had resources of $98,000. de$67 loans of $69,000 bills payable of $15,000. Huge Texas Bank Closes. ANTONIO TEX., Sept. City Central Bank Trust Company. with deposits $1,000,000. failed to open here toOfficers anounced the instituhad been closed for readjust- Closing Will Pay 100 Pet. Mayfair State Savings Bank sent notices its depositors will close September 30. but has enough cash on hand to every cent the $300,000 in The bank is closing becannot make money under financial conditions. hiladelphia Bank Suspends. Northern Central Company Bank here failed today. on orders of the State the largest in Philadelphia. last statement deposits 3,205,472; capital $966,750 sur$292 undivided profits 211, and total assets of $5,600,- Run Closes Ohio Bank. toforced the Niles Trust Company Deposits at the end of the year were $2,704,165. Bank Closed in New Jersey. LASSBORO Sept. N. Glassboro Title Trust Company Bank closed to- Hammond Banker Gets 2 Years ROWN POINT IND. Sept. 23. S. Pipinsky, forHammond bank president. was two imprisonand fined $30,000 today when pleaded guilty to charges of unauthorized and personal

3. September 30, 1931 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, September 30, 1931

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Article Text

# BANK FAILURES IN U. S. MOUNT DAILY AS CRISIS GROWS Depositors Stand to Lose Savings of a Lifetime Bank failures continue at an un- precedented pace thruout the coun- try. Small depositors especially are hard hit, with their life savings wiped out in many instances, despite the promises of bankers and state banking departments that percent- ages will be paid. Below are some of the banks that were listed as insolvent the last few days. Philadelphia Bank Fails PHILADELPHIA, Pa. -The North- ern Central Trust Co., with five branches with deposits $2,309,959.95, closed its doors after a meeting of the board of directors. A steady run on deposits was declared the cause of the ban's insolvency. The banks covered the northern residential and business section of the city. Frederick, Md., Banks Crash HAGERSTOWN, Md. - The Daily Mail here reports the closing of the Commercial Bank of Maryland and three branches in the county, at Frederick, Md. Demand deposits of $315,869.92 and savings and special deposits of $2,- 340,475.84 were listed in the bank statement of June 30, 1931. The Central Trust Co. of Maryland and eleven branches in four counties closed last week. $11,000,000 Lost in San Antonio SAN ANTONIO, Tex. -The state commissioner of banking took over the affairs of the City Central Bank and Trust Co. with deposits of $11,- 000,000 as of July 1. Glass Town Bank Fails GLASSBORO, N. J.-The Glass- boro Title and Trust Co. in the cen- ter of the glass industry in south New Jersey closed its doors Monday. Total assets as of June 30 are listed at $516,610.32. South Carolina Bank Goes FORT MILL, S. C.- The First National Bank here did not open its doors due to the condition of its bus- iness. Steel Town Bank Closes NILES, Ohio.--The Niles Trust Co. with deposits of $2,400,000 closed its doors here. Niles is in the center of the steel making and finishing in- dustry.

4. July 1, 1932 The Daily Sentinel-Tribune Bowling Green, OH

Article from The Daily Sentinel-Tribune, July 1, 1932

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Article Text

SEEK DEPOSITORS IN REOPENING BANK NILES. O., June 30. ation of depositors of the Niles Trust company, closed since Sept. today was to asked by bank officials to enable them to reopen the institution for business. Details of plan whereby the bank can reopen have been approvthe state banking department, Mac ueen, attorney for the bank, announced. Under the approved plan, deposiwith more than $25 on deposit will be asked to permit at least of their account to remain the bank indefinitely. 10 per cent on all accounts over $25 and full payment of Christmas and school savings will be made the day the bank opens. Lehmann market, meat $25,25. Campbell Coller, labor and supplies for Co. Home, $38.52 Heiby Hdw., axe handles H. Steen, supplies for tractor $37.61. Binkley, 450 chicks and one plow point Zimmerman's, supplies, A. Rappaport Co., same Holdgraf's drug store, drugs, etc., $79.71. Treasury Draws Flower hospital, hospital services for dependent, $25. St. Anthony's hospital, same $31.