17768. Security Trust Company (Toledo, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
January 1, 1934*
Location
Toledo, Ohio (41.664, -83.555)

Metadata

Model
gpt-5-mini
Short Digest
865727d4

Response Measures

Full suspension, Books examined

Other: Bank named in articles as 'Security Home Trust Company' in some places; provided name is 'Security Trust Company'.

Description

Newspaper accounts describe a one-day run by depositors that forced the Security (Home) Trust Company in Toledo to close its doors the next morning. The article also references earlier failure of the Home Trust Company in 1931 and missing or questioned records; no reopening is described. Date in articles is January (paper dated 1934-01-05); exact day of the run/closure is not specified, so dates are given as 1934-01-00.

Events (2)

1. January 1, 1934* Run
Cause
Bank Specific Adverse Info
Cause Details
Reports of missing or questioned trust company records and prior failures undermined confidence and triggered heavy withdrawals.
Newspaper Excerpt
Jan. depositors withdrew from the Security Home Trust company here in day precipitating that forced the bank close doors the next morning
Source
newspapers
2. January 1, 1934* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure followed an immediate one-day run driven by concerns about missing or questioned records and prior instability of the trust company.
Newspaper Excerpt
precipitating that forced the bank close doors the next morning
Source
newspapers

Newspaper Articles (2)

Article from The News-Messenger, January 5, 1934

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Article Text

GRAPHIC BANK'S RUN Senate Committee Hears of Withdrawals From Toledo Institution O., frantic $1,717.000 from the Security Home Trust Company here in day, precipitating forced the bank to the next morning, today was the being sketched before the state bank committee probing closed Toledo banks. Edward Falkenstein, special vestigator the legislative mittee, reported that $10,781,000 withdrawn the year before the Home Trust Company failed on June 16, 1931. crash, said, hurried one-day run which more 1,000,000 was manded by He bombshell into the hearing when he made definite that some the records of the trust were "either lost or Questioned by Marshall, of the reitthat he had been unable find some records that he regarded Senator Lewis, committee member, made recommendations for drastic changes laws during the state of the hearing He urged that be regulated, that be on investments bonds and foreign securities, loans directors be limited that number of men on the board of directors be cut small number. Some of recommendations are embodied in the federal reserve banking laws.


Article from The Daily Sentinel-Tribune, January 5, 1934

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Article Text

RUN CLOSED SECURITY Jan. depositors withdrew from the Security Home Trust company here in day precipitating that forced the bank close doors the next morning today was the story being sketched before the state bank investigating committee probing closed Toledo banks. Edward Falkenstein. special vestigator for the committee, reported that the year before the Home Trust company failed on June The crash, he said, hurried by one-day run in which more than was demanded patrons. He threw bombshell into the hearing when he made definite statement that some of the records the trust company were or missing." comptroller of the currency today national banks, for reports as of the close of busDec.