Windsor Locks Savings Bank - Windsor Locks, CT

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: *
Location: Windsor Locks, Connecticut (41.929, -72.627)

Metadata

Model: gpt-5-mini
Short Digest: d739c984

Response Measures

None

Description

Article recounts a past event in which the Windsor Locks Savings Bank was looted by a defaulting treasurer who shot himself as discovery was imminent. The institution was closed and the state bank commissioners served as receivers and brought suits against trustees. No run is described; this is a suspension/closure with receivership driven by embezzlement/defalcation (bank-specific adverse information). Date of the original event is not provided in the article.

Events (2)

1. * Receivership

Newspaper Excerpt: the state bank commissioners, who served without pay as receivers of the closed institution, brought a series of suits against the men who had served as trustees of the bank over a long period of years. Recovery was made in all cases except those affected by the statute of limitations, The principle was definitely established that under the Connecticut law the trustees of state banks may be held responsible for neglect of their duty which permits dishonest officials to wreck a bank.
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Defaulting treasurer embezzled/looted the bank and committed suicide upon discovery; trustees alleged negligent oversight.
Newspaper Excerpt: some years ago when the Windsor Locks Savings bank was similarly looted by a defaulting treasurer who shot himself as discovery was imminent, the state bank commissioners, who served without pay as receivers of the closed institution...
Source: newspapers

Newspaper Articles (1)

1. August 22, 1924 Putnam Patriot Putnam, CT

Article from Putnam Patriot, August 22, 1924

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Article Text

COMMENT OF STATE PAPERS ON THE GILPATRIC CASE (Hartford Times.) With the defalcation of State Treasurer Gilpatric running toward a half million dollars, if indeed it does not exceed that sum, the question of restitution is an important one for the community affected. News dispatches which indicate that the bank was run as a one-man-affair and that the directors did little or no actual directing suggest that there may be a possible means of recouping part of the loss which is worth exploring. Some years ago when the Windsor Locks Savings bank was similarly looted by a defaulting treasurer who shot himself as discovery was imminent, the state bank commissioners, who served without pay as receivers of the closed institution, brought a series of suits against the men who had served as trustees of the bank over a long period of years. Recovery was made in all cases except those affected by the statute of limitations, The principle was definitely established that under the Connecticut law the trustees of state banks may be held responsible for neglect of their duty which permits dishonest officials to wreck a bank. This should not be forgotten in examining into the manner in which the Putnam bank was conducted.