17760. Guardian Trust & Savings Bank (Toledo, OH)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: August 15, 1931
Location: Toledo, Ohio (41.664, -83.555)

Metadata

Model: gpt-5-mini
Short Digest: 19813969

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Full suspension, Books examined

Other: State superintendent prepared to take over affairs; later liquidation and dividends paid.

Description

Directors closed the Guardian Trust & Savings Bank around Aug 15, 1931 and turned assets to the State Superintendent of Banks amid heavy withdrawals and a panic triggered by earlier failures (Home Trust/Security Home Trust). The bank did not resume normal business and entered liquidation/receivership (payouts noted April 1932). OCR errors in articles corrected (dates inferred from publication dates: Aug 15-17, 1931).

Events (3)

1. August 15, 1931 Run

Cause: Local Banks
Cause Details: Panic/withdrawals precipitated by the earlier closing/failure of Home Trust Company and runs on other Toledo banks; heavy withdrawals led to instability.
Measures: Directors and State Superintendent of Banks arranged to turn assets over to state; police patrolled banking districts; Federal Reserve provided liquidity to other solvent banks.
Newspaper Excerpt: The wave hysteria which followed the of Home Trust Company June 17, however, has ... The closing ties up for an indefinite period more than of deposits... previous steady withdrawals by depositors.
Source: newspapers

2. August 15, 1931 Suspension

Cause: Local Banks
Cause Details: Directors closed the bank and turned assets to the State Superintendent of Banks to 'protect depositors' amid continuing withdrawals tied to local bank failures/panic in Toledo and elsewhere in Ohio.
Newspaper Excerpt: Directors ... decided to close the three banks and turn their assets the State Superintendent of Banks. ... the Guardian Trust & Savings Bank ... failed to open for business this morning.
Source: newspapers

3. April 23, 1932 Receivership

Newspaper Excerpt: TOLEDO. April three defunct Toledo banks the next 10 from liquidation today. The Guardian Bank will repay 10 per deposits, the turn 45c on the dollar since liquidation started.... depositors are to get $4,500,000 from liquidation today. The Guardian Bank will repay 10 per cent of deposits ... 45c on the dollar since liquidation started. (OCR corrected).
Source: newspapers

Newspaper Articles (12)

1. August 16, 1931 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, August 16, 1931

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Silver Bar silver continued un changed at the close of the week holding at 27% an ounce New York and 12% pence in London Washington, August 15the Farm Board finally will adopt to the Southern cot farmer his low dilemma tonight the close interest of toel-Operations of steel mills in Washington the Youngstown district next week Hope been virtually abandoned will average per cent of rated for its proposal that third of the an increase of one per cent current crop be destroyed and over the past week, Dow, Jones & ization supplies held off the market Co. estimates. for year At least five actual rejections been received the Governors TOLEDO BANKS CLOSED. who were asked to join in the program. Three Savings Institutions Turned There apparently is no immediate Over To State Department. prospect of action although many to that Toledo, Ohio, August end have out. The disposit Directors of the Ohio Savings Bank seems be to leave the actual for & Trust Co., the Guard plan squarely up to the board to be Trust & Savings Bank and the worked out the counter Commercial Savings Bank & Trust proposals put forward by Governors. Co., at special meetings tonight. de- Senators and cided to close the three board members continued banks and turn their assets their efforts to reach an agreement the State Superintendent of Banks with the directors the American This action means that the three Cotton Cooperative Association on down-town banks and their 34 the amount advances to be branches throughout the ed in handling this city not be opened Monday year's The bumper morning pective crop 15,584,000 In the of said the this action for protection of all de- tions have been in process for during an unparalleled several days. TRY OUT GROUP MARKETING Salem, Ohio, August Orchardists Mahoning and Columbiana Counties today began their first in group marketing. They completed deal whereby large of the apple and peach will be sold an agency 700 and 800 cars of fruit will be shipped with East Palestine New Coford and Canfield

2. August 16, 1931 The Cincinnati Enquirer Cincinnati, OH

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TOLEDO BANKS CLOSED. Three Savings Institutions Turned Toledo, Ohio, August 15-(AP)Directors the Ohio Savings Bank Co., the Guard& Trust lan Trust Savings Bank and the Commercial Savings Bank & Trust Co., special meetings tonight. decided to close the three banks and turn their assets the State Superintendent of Banks. that the three This action means banks their down-town branches scattered throughout the not be opened Monday In making the announcement of this action for "protection of all de positors during an pehysteria,' clearly was dicated that the are considered solvent and would be able to take all normal demands in The wave hysteria which followed the of Home Trust Company June 17, how. ever, has the banks and has unabated. The three banks total resources more $100,000,000 and deposits of $80,000,000. to the published stateaccording ments of June 30.

3. August 17, 1931 The Salisbury Post Salisbury, NC

Article from The Salisbury Post, August 17, 1931

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Deposits Ohio, Aug. 17. Four Toledo banks with combined more than failed open for business morning. while 11 savings associations payments deposits during the present financial situaaccordance with the request of the four institutions, the state banking department take over their affairs assets steady police and detectives, acting under orders of Police Chief Louis Haas, patroled preparation for any public emerLate Saturday, directors announced closing of the Guardian Trust bank. Ohio Savings Bank and Trust Commercial Bank and Trust company Yesterday, in the wake these came word of fourth institution, American bank. state that be forced to close also because reserves tied the banks usupending operations. indicated that conferences started within week or The action of directors ties up an period more than of deposits The SecurTrust company, which closed two months had about $20,000,000 deposits: the Ohio Savings bank and Trust company almost $48,000,000; the Commercial Savings Bank Trust and the Trust and Savings bank The First National bank, the Toledo Trust company. Spitzerboric Trust banks West Toledo National were usual today. The Morris bank bank. special plan banks, also were There disorders when were no affected by closings banks here today. were opened crowds at the banks. large

4. August 17, 1931 Des Moines Tribune Des Moines, IA

Article from Des Moines Tribune, August 17, 1931

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TOLEDO BANKS FAIL TO OPEN Had Resources of More Than 100 Million Dollars TOLEDO banks combined of more than 100 million dollars to open for business day while 11 saving sociations ceased payments of posits during the present cial The state banking department prepared the banks affairs to conserve in face of previous steady withdraw. Police and detectives patrolled the banking districts in preparation for any public emergency Late Saturday, directors announced closing of the Guardian Trust and Savings bank the Ohio Savings Bank and Trust CO. and the Commercial Savings Bank and Trust co. Directors of the fourth institution, the American bank state bank Sunday it would be forced to close its doors also because its reserves were tied up in two of the banks suspending

5. August 17, 1931 The Selma Times-Journal Selma, AL

Article from The Selma Times-Journal, August 17, 1931

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Four More Banks at Toledo Close Doors As Result Of Panic TOLEDO, O., Aug. Toledo of failed open for business this associations deposits during the present financial accordance with the request directors four institutions, the State Banking Department prepared take over affairs to conserve assets the face of svious steady by police and acting under orders Police Chief Louis Haas, patrolled the banking districts in preparation for any public emergency Meanwhile, there was pending meeting between Mayor Jackand Adjutant General Frank Henderson, commanding the Ohio National Guard. Last night SafeD. Black Col. Golson Light, the 148th National Guard. More rural bankers of who met yesterday of Banks Ira Charles Saffor the State Department, had their cooperation authorities in meeting local Late directors announcclosing the GuardiTrust and Bank, the Ohio Savings Trust Company and the Savings Bank and Trust Company. Yesterday, the wake of these came word from rectors of the feurth institution, the American Bank. state bank, that would be forced to close its doors its reserves tied up of the banks suspending operations. was indicated that conferences relative may be started within week or ten days.

6. August 17, 1931 Tucson Citizen Tucson, AZ

Article from Tucson Citizen, August 17, 1931

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FOUR OHIO BANKS CLOSE THEIR DOORS TOLEDO, Ohio, Aug. 17. (AP). Four Toledo bank with combined resources of more than $100,000,000 failed open for business this mornwhile 11 saving associations payments of deposits during the present financial In accordance with the request of directors of the four institutions, the state department prepared to take over affairs to conserve assets in the face of previous steady withdrawals by depositors. City police and detectives, acting under orders of Police Chief Louis Haas, patroled the banking districts in preparation for any public emergency. More than 100 rural bankers of who met yesterday with Superintendent of Banks Ira Fulton and Charles Saf fin. attorney for the state department, had their assurance of co-operation by state authorities in meeting local The closing ties up for an indefinite period more than of deposits. The Trust company when it closed had about of the Ohio Savings Bank and Trust company almost Commercial Savings Bank and Trust company Guardian Trust and Savings Bank

7. August 17, 1931 Kenosha News Kenosha, WI

Article from Kenosha News, August 17, 1931

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Four Toledo Banks Are Institutions Major With 34 Branches in State Toledo, major ledo banks and their 34 branches, with combined resources of more than and counts, were today by orders the state banking department and directors. The institutions were the Ohio Savings Bank Trust Guardian Trust bank, the Commercial Bank Trust and the bank. Other banks oper and announced they were to withstand heavy withdrawals. Home Trust is Cause The four closures were precipitated the closing several weeks ago the Security Home Trust company was said. As notices were posted on the dows the every avail able in the city was or dered on duty but there only one of disorder. An trate citizen tossed bottle through the window of a branch bank. Building and Loan companies incidentally notified depositors tha further withdrawals would be nied until the situation had been ad justed.

8. August 17, 1931 The Modesto Bee Modesto, CA

Article from The Modesto Bee, August 17, 1931

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FOUR OHIO BANKS, SIX IN NEBRASKA HALT PAYMENTS Eleven Savings Associations Shut Down During Money Crisis Four Toledo banks combined of more than $100,000,000 failed to open for business this morning, while eleven savings sociations ceased payments of posits during the present financial In accordance with the request the four institutions, the state department pared to take over their affairs to conserve assets in the face of previous steady withdrawals by depositors. City police and detectives, acting orders Chief Louis Haas, patroled the banking districts in preparation for any public emergency Conference Pending Meanwhile there was pending meeting between Mayor W. Jackson and Adjutant General Frank Columbus. More than 100 rural bankers of who met terday with State yes. of Banks Ira Fulton and Charles Saffin, attorney for the state department, had their assurance co-operation by state authorities in meeting Late Saturday directors announced closing of the Guardian Trust and Savings Bank, the Ohio Savings Bank Trust Company and Commercial SavBank and Trust Company Yesterday, in the wake of these came word from directors of the fourth the American Bank, state bank, that it would be forced to close doors also because its reserves were tied up in two of the banks suspending operations. CLOSE IN NEBRASKA LINCOLN, Neb., Aug. Six Nebraska state banks failed to for business to-day. Gov Charles W. Bryan and E. H. Luisecretary of the state department of trade and said the closings were the result of rebank suspensions in Omaha. The six banks had total deposits of approximately $1,120,000

9. August 17, 1931 The Fresno Bee Fresno, CA

Article from The Fresno Bee, August 17, 1931

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Oranges Higher In Spots While Lemons Are Easier LOS ANGELES. Aug. 17.-(P)-California oranges were higher in spots and lemons were easier to lower on eastern and middlewestern fruit auction centers to-day, early reports indicated Carlot of citrus fruits for the United States by the govreports from Financial Notes 15th: Southern SAN FRANCISCO, Aug. 17.-(P) California crude oil production was estimated by the California Oil World to-day at 513,000 barrels South daily for last week's average This was an increase of 7,100 barrels daily over the preceding week's estimate. The corresponding week of 1930 was 105,950 barrels daily higher than last week. Carlot California State Park 4 per cent bonds totaling 376,000 will be sold Covina September 4th The first block of $194 will mature 2nd 1948 and the remaining $182,000 year later. Receipts for 1,455 California hotels having twenty-five or more guest rooms amounted to about $92,000,000 in 1929, the census bureau reported turning from two months' trip to Europe, Hubert Parson, president of W. Woolworth Co. said he business conditions abroad especially in France Seal showed some improvement. NEW ORLEANS UTURES Aggregate net income for the (By Press) first half this year reported by 335 NEW ypical industrial declines 24 amounts to $329,095,000 a 48 per cent decline from the $631,733,000 reported by the same companies in the corresponding period last year survey by Standard Statistics Company says The Federal Reserve Bank of DALLAS COTTON SEED OIL Paula New York has received $1,365,000 in SEED gold from Mexico. 17.-COTTON United Air Lines Show NEW ORLEANS SPOT COTTON Sunkist Press) mont NEW Spot 33 Pct. Gain In Travel middling CHICAGO Aug. The United Air Lines Companies Boe4 Banks Close In Ohio; ing National and Pacific Transport and Varney Air Lines, report6 In Nebraska; Loan ed to-day they had carried 33 per cent revenue passengers in Associations Shut Down July than in United Air Lines is the operTOLEDO (Ohio), Aug. ating subsidiary of the United Air Four Toledo banks with combined Craft and Transport Corporation of more than 000 Valencias Their machines flew in excess of failed to open for business this 1,000,000 miles in July, and carried morning, while savings asso- 6,215 ciations ceased payments of New York to Chicago and Dallas, posits during the present financial Chicago to San Salt Lake City to Seattle and Seattle to In accordance with the request San Diego of the four institu tions, the state banking depart LIVESTOCK MARKETS ment to take their affairs to assets in the BAY LIVESTOCK face of previous steady withdraw Press) els by Late Saturday, directors an nounced closing of the Guardian Trust and Savings Bank the Ohio Savings Bank and Trust Company and the Commercial Sav ing Bank and Trust Company Yesterday in the wake of these came word from directors of the fourth institution the American Bank, a state bank that It would be forced to close its doors also because its reserves were tied up in two of the banks NEBRASKA BANKS CLOSE Aug. Six small Nebraska State Banks failed to to-day. Governor Charles W. Bryan said the closIngs were the result of recent bank in Omaha. They were CHIC LIVESTOCK the First State Bank of Pleasant State Bank of Brainard State Bank Brainard, the Bruno State Bank of Bruno, the Butler County Bank Davis and the Leigh State Bank Leigh Loans On Securities Cut Down By Five Millions Loans on securities dropped $5 000,000 last week the federal reserve bank of San Francisco reported for welfth district. The LOS ANGELES LIVESTOCK D. total loans in fifty banks reportIng weekly from eight leading cities in the seven far western states declined to $310,000,000 on securities collateral. Net demand deposits were up $4,000,000 while time were down that amount The time posits totaled $1.028 and the demand deposits $732,000,000. Lemon

10. August 18, 1931 The Times Hammond, IN

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$11,000,000 QUIETENS THE DEPOSITORS TOLEDO. rival of from the Cleveland Federal Reserve bank was credited today with restoring confidence stability four remaining banks which were heavy runs yesterday by the closing of four brother institutions. Officials the four solvent banks advised that anyone wanted his could come and The statement resulted in the of withdrawn acreturn many counts. As an expression of confidence, the Federal Reserve bank sent $11,to the four banks late yesterday. Meanwhile staff of 60 state and six federal continued their of liquidating the Ohio Bank and Trust the Guardian Trust and Savings company, the Bank Trust the American company with sources of approximately 000.

11. October 26, 1931 The Zanesville Signal Zanesville, OH

Article from The Zanesville Signal, October 26, 1931

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PLAN MERGER TOLEDO BANKS Toledo, Oct. for the merger four of Toledo's five closed banks and the independent reorganization of the Guardian Trust and Savings bank expected to presented to Ira Fulton, superintendent banks, for his

12. April 23, 1932 Detroit Free Press Detroit, MI

Article from Detroit Free Press, April 23, 1932

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TOLEDO DEPOSITORS ARE TO GET $4,500,000 TOLEDO. April three defunct Toledo banks the next 10 from liquidation today. The Guardian Bank will repay 10 per deposits, the turn 45c on the dollar since liquidation started. Home the each will pay per cent dividend General Electric Board Meets NEW of the Electric held their annual meeting today, the present No other business apart from routine matters transacted at the meeting.