West Toledo National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 13256
Charter Number: 13256
Start Date: August 18, 1931
Location: Toledo, Ohio (41.664, -83.555)

Metadata

Model: gpt-5-mini
Short Digest: 475d6ca3

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Several Toledo banks closed or suspended (four or five institutions) around Aug 17–18, 1931. The West Toledo National Bank opened early to accommodate depositors, had increased cash on hand (shipments from Cleveland/Fed Reserve), and remained open. This is a run/withdrawal episode tied to failures of other local banks; the bank did not suspend or close in the articles provided.

Events (3)

1. November 27, 1928 Chartered

Source: historical_nic

2. August 18, 1931 Run

Cause: Local Banks
Cause Details: Multiple other Toledo banks closed or posted withdrawal restrictions, prompting heavy withdrawals and precautionary early openings at remaining banks.
Measures: Opened early to accommodate depositors; increased cash on hand (armored truck shipments from Federal Reserve Cleveland and offers of support from Reserve members).
Newspaper Excerpt: the West Toledo National Bank also opened early...bankers were confident that the situation was well in hand.
Source: newspapers

3. September 18, 1933 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (5)

1. August 18, 1931 Oakland Tribune Oakland, CA

Article from Oakland Tribune, August 18, 1931

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Article Text

ABATES BANKS Institutions Open Early to Accommodate Depositors opened their after the failure four other banks to open yesterday. With millions in their vaults, the banks opened doors soon the trickle apToledo Trust First National Bank opened hour half before the customary The Trust and Savings Bank opened West Toledo National Bank early. There greeted the the busiyesterday. and bankwere confident that the situation well in hand. have you want it. We remain open to take care the sent out, and did until yesterday. lines of were taken care The banks had more cash their vaults today than yesterday, officials Late arrived the bank Cleveland millions to meet any which might they Three the four larger banks remaining members the Bank of which nounced will the limit' to support Toledo banks remaining open. There offers support from other parts of the country.

2. August 18, 1931 Evening Star Washington, DC

Article from Evening Star, August 18, 1931

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Article Text

BANKS OPEN EARLY IN TOLEDO CRISIS Situation There Believed Well in Hand After Four Institutions Fail. By the Associated Press. TOLEDO. Ohio, August 18.-Toledo's remaining banks opened early today to inspire confidence of their depositors after the failure of four other banks to open yesterday morning. With millions in their vaults, the banks opened their doors as soon as the first trickle of patrons appeared. The Toledo Trust Co. and the First National Bank opened at 7:30 a.m., an hour and a half before the customary time. Crowds Not Present. The Spitzer-Rorick Trust & Savings Bank opened at 8 a.m., and the West Toledo National Bank also opened early. There were no crowds such as greeted the banks at the opening of business yesterday, however. and bankers were confident that the situation was well in hand. "You can have you money if you want it. We will remain open to take care of the last customer." was the word the banks sent out and they did remain open until 4:40 p.m., yesterday, until the long lines of depositors had been taken care of, after opening an hour earlier in the morning to accommodate first arrivals. The banks had more cash in their vaults today than yesterday, officials said. Late yesterday $11,00,000 in currency arrived here by armored truck from the Federal Reserve Bank in Cleveland, and additional millions were available to meet any situation which might arise, officials said. Given Offers of Help. Three of the four larger banks remaining in business here are members of the Federal Reserve Bank of Cleveland, which has announced it will "go the limit" in support of those Toledo banks remaining open. There were offers of support from other parts of the country. It was pointed out that in the lines of depositors and in the ranks of the curious who thronged corners in the downtown district there was no disorder of any kind. Bankers said they believed confidence in the remaining banks is being restored rapidly and that the situation will be cleared in Toledo when depositors begin to understand that their money is there if they want it. The first of the banks here to close, did so two months ago. Three others immediately posted 60-day withdrawal requirements on savings deposits. Demands for cash would have been 80 heavy yesterday when the withdrawal notice expired, that the banks decided over the week end not to open yesterday morning. A fifth bank which had deposits in some of the others, also had to close. Among the latter four, bankers said, it will be possible eventually to pay off all deposits in full, but meanwhile the funds may be tied up for an indefinite period. Frozen assets and ] heavy withdrawals was the generally accepted explanation of the cause of the closings.

3. August 18, 1931 The Baltimore Sun Baltimore, MD

Article from The Baltimore Sun, August 18, 1931

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Article Text

TOLEDO SEEKS AID AS BANKS CLOSE Business Leaders Take Steps To Ease Financial Situation There NEEDY TO BE ASSISTED Six Nebraska Institutions Fail,To Open-One In Virginia Suspended [By the Associated Press] Toledo. Ohio, August 17-Industrial and financial leaders moved rapidly tonight to aid depositors after four large Toledo banks and a small one had closed in the last twenty-four hours. The last bank to shut its doors was the Point Place State, which opened December 1929, with $25,000 capital, $5,000 surplus and about $80,000 in deposits. Small Loans Planned To minimize hardship among an estimated 150,000 depositors affected by the closing of the five institutions, members of the Merchants and Manufacturers Association of Toledo decided they would aid their unemployed workers with small loans whenever necessary. The association decided it was impractical to try to raise funds from the membership to aid concerns af. fected. It was estimated this would require at least $5,000,000. A suspension of industry here was not anticipated. of the banks, will be discussed at a Several large truck loads of money meeting tomorrow of the citizens' comwere rushed here from the Federal mittee recently named by Mayor WilReserve Bank at Cleveland to aid the liam T. Jackson to study the city's unbanks remaining open. To take care employment and poor relief problem. of an increased amount of withdrawals It was pointed out that the closing the Toledo Trust Company opened an of the banks, with its resultant slowhour early and closed at 4.40 P. M. ing up of tax payments, would interNone of the banks reported any fere seriously with the city's power hardship by remaining open. Fairly to issue bonds to finance poor relief. long lines of depositors were reported at the First National, the West Toledo National Bank, the Spitzer-Rorick Trust and Savings and the Morris Plan and Industrial Banks, two special plan banks. The Point Place Bank directors reported late this afternoon they were closing for the protection of their depositors, and that it could collect on its loans, practically all of which were made after the period of inflation. Plans for caring for the needy, impoverished temporarily by the closing Six Nebraska Banks Fail To Open Doors Lincoln. Neb., Aug. 17 (P)-Six Nebraska State banks failed to open for business today. Gov. Charles W. Bryan and E. H. Luikart. secretary of the State Department of Trade and Commerce, said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of approximately $1,180,000.

4. August 18, 1931 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, August 18, 1931

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Article Text

Toledo Houses to Lend Funds to Workmen Continued from First Page. ly long lines of depositors were reported at the First National, the West Toledo National Bank, the Spitzer-Rorick Trust and Savings and the Morris Plan and Industrial banks, two special plan banks. Caring for Poor. The Point Place Bank reported late this afternoon that they were closing for the protection their depositors, and that it could on its loans, practically all of were made after the period of Plans for caring for needy temporarily impoverished by the closing of the banks will be discussed meeting tomorrow of the Citizens recently by Mayor William T Jackson to study the city's and poor relief problem The decision to hold the special meeting was reached Mayor Jackson today. It was pointed out that the closing of the banks. with its resultant slowing up of tax pay. ments. will interfere with the city power to issue bonds to finance poor relief. Nebraska Banks Close. By Associated Press. LINCOLN, NEB., August 17 small Nebraska state banks failed to open for today. Gov. Charles W. Bryan and E. H. Luikart, secretary of the State Department of Trade and Commerce. said the closing were the result of recent bank suspensions in Omaha. The six banks had total deposits of approxi They were the First State Bank of Pleasant Dale, the Dwight State Bank of Dwight, the Brainard State Bank of Brainard, the Bruno State Bank of Bruno, the County Bank of Davis City and the Leigh State Bank of Leigh. Bank of England and the United States Federal Reserve System by which the latter came to the support of the pound later. This took place by low interest rates in New York and later by the Federal Reserve itself tak ing half of the $250,000,000 short term granted the Bank England the Federal Reserve and the Bank of France The Federal Reserve also came to the aid of Austria, Hungary and Germany with short term credits, thus assisting British flnancing in hard -pressed Central Europe. Cannot Repay $250,000,000. It is obvious that the Bank of England not be able to repay the $250,000,000 then it due without endangering the stability of the pound. Hence, Mr. Norman's new task is to obtain co-oper ation in long-term loan for Great Britain. This would enable Great Britain to reimburse the short term loan and also would enable conversion in London of the huge per cent war loan to per cent basis, resulting in saving of interest and lightening Chancellor of the Exchequor Philip Snowden's budget. and make unnecessary taxation of fixed income securities, which British financial fear the MacDonald Government has in mind. Such taxation would cause flight of capital away from the pound and the British credit borrower.

5. August 20, 1931 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, August 20, 1931

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COMMERCE In Toledo For Survey Retail Merchants Announce Continuation Of Credit To Speed Assembly Session May Sought For Taxation Relief. Toledo, Ohio, August Retail merchants Toledo declared there would be no change in their merchandising and credit policies result bank suspensions here this week providing usual purchasing power more than 100,000 customers business slowly worked back normal flow today. Special bank hours for pay roll cashing being put into effect the big West Toledo industrial district by the West Toledo National Bank, one of the four comerical banks remaining open. Theodore Tangeman, Director Commerce, arrived here from Columbus today and making complete survey the situation for Governor White. He assisted by Ira Fulton, Superintendent of Banks. Tangeman said he might have announcement make the state's position in the banking situation. Further repercussions of the bank closings here echoed from nearby Michigan towns when two banks Tecumseh, Mich., into and larger banking house, and one small bank in Britton, Mich., was closed. State banking officials moved all the from closed banks today Toledo Trust Company depository. Inability the State Tax Commisgrant for payment taxes Toledoans the request from Grant Northrup, County special session the Legislature called effect County authorities also suspended the filing tax collect nearly back taxes. Carl would the Judge Ira for grand the three large closed banks. Judge, behalf group depositors, said had been gossip that large been made to Saturday charges "personal jealousies between local bankers" might have had something to do with the bank affairs.