19311. Garfield Bank (Pittsburg, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 26, 1931
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
3b2d4456

Response Measures

Full suspension

Other: Bank was affiliated with Bloomfield Trust; directors asked state Banking Department to take over leading to suspension.

Description

Multiple contemporaneous articles (AP) report the Garfield Bank 'failed to open' / was closed Sept. 26, 1931. Closures are attributed to heavy withdrawals (a run). The bank was listed among insolvent/suspended Pittsburgh banks that week and there is no mention of a reopening, so I classify this as a run leading to suspension and permanent closure.

Events (2)
1. September 26, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals (a depositor run) amid a wave of Pittsburgh bank suspensions that week
Measures
Directors asked the State Banking Department to take over; banks closed to protect depositors' interests.
Newspaper Excerpt
Heavy withdrawals held responsible for the action
Source
newspapers
2. September 26, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after heavy withdrawals and affiliation with Bloomfield Trust; directors requested state banking department intervention.
Newspaper Excerpt
Four state banks here failed to open today, bringing to 10 the number of Pittsburgh institutions that have suspended business this week. Those closed this morning were ... the Garfield Bank, affiliated with the Bloomfield Trust
Source
newspapers

Newspaper Articles (7)
1. September 26, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, September 26, 1931

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Article Text

MORE BANKS SUSPEND; Deposits in One of Concerns Closing Today Listed at other, $3,269,677. By the Associated Press. Pa., Sept. Four state banks here failed to today, bringing to the numopen ber of Pittsburg depositories that have suspended business this week. Those closed this the Bloonifield Trust Co., Garfield Bank, affiliated with the Bloomfield Trust; the Hamilton State Bank of Bank and Trust Co. Heavy withdrawal of deposits was held responsible for the action the boards of directors asking the Banking Department to take the The banks closed to protect the interests of the depositories, the directors In statements last June 30. the Bloomfield and deposits the Bank and Trust of and deposits, Hamilton State Bank, $350.and deposits, $266,000, and Garfield Bank resources and deposits, Bank, Whose President Killed Self. Closes the Associated Va., Sept. Broadway Bank Trust whose president, Hoffman. found dead bedroom yesterday, was closed today. signed by Bristow Commissioner of Banking and Insurance was posted on the closed doors. the bank notice for the purpose of havan audit Coroner M. Whitfield returned verdict that the of Hoffdeath was suicide by gas.'

2. September 26, 1931 Evening Star Washington, DC
Article from Evening Star, September 26, 1931

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Article Text

FOUR BANKS FAIL TO OPEN Closed Pittsburgh Institutions Now Number Ten in All. PITTSBURGH, September 26 (P).Four State banks here failed to open today, bringing to 10 the number of Pittsburgh institutions that have suspended business this week. Those closed this morning were the Bloomfield Trust Co., the Garfield Bank, affiliated with the Bloomfield Trust; the Hamilton State Bank of Homewood and the Pennsylvania Bank & Trust Co.

3. September 27, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, September 27, 1931

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Article Text

FOUR MORE DOORS SHUT. Bank Suspensions At Pittsburgh Total Ten In Week Pittsburgh. September Four state banks here failed to open their doors today, bringing to 10 the number of Pittsburgh institutions that suspended this week Those closed this morning were the Bloomfield Trust Company, the Garfield Bank, affiliated with the Bloomfield Trust the Hamilton State Bank of H. and the Pennsylvania Bank and Trust Company. The Bloomfield Trust Company owned controlling interest in the Garfield Bank, but the other two in stitutions had no affiliation with any other financial institution in PittsIn statements last June 30 the Bloomfield reported resources of $1,983,000 and deposits $1,463,000; the Pennsylvania Bank Trust Company resources $4,075,252 and deposits of $3,269,677 the Hamilton State Bank resources $350,000 and deposits of $266,000 and the Garfield Bank resources of $507,000 and deposits of

4. September 27, 1931 Messenger-Inquirer Owensboro, KY
Article from Messenger-Inquirer, September 27, 1931

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Article Text

PITTSBURG Heavy Withdrawais Blamed For Asking The Banking Department To Act. Sept. 26. state banks here failed open day, bringing to ten the number of Pittsburgh institutions that suspended business this week. Those closed this morning the Bloomfield Trust company the Garfield bank affiliated with the Bloomfield Trust, the Hamilton State Bank of Homewood, and the Bank and Trust Heavy withdrawals held sponsible for the banks asking state banking department over the The closed to protect the interests of their depositors, the directors announced. In statements last June 30, the Ploomfield Trust reported sources and deposits the Bank and Trust company and deposits the Hamilton State Bank resoure$350,000 and deposits and the Garfield bank and deposits

5. September 27, 1931 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, September 27, 1931

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Article Text

PITTSBURG Withdrawals Blamed Heavy For Asking The Banking Department To Act. Pittsburgh, Sept. 26. state banks here failed open day, bringing ten the number of Pittsburgh institutions that have suspended business this week. Those closed this morning the Trust company, the Garfield bank affiliated with the Bloomfield Trust, the Hamilton State Bark Homewood, and the Bank and Trust comHeavy withdrawals was held sponsible for the banks the state banking department to take over the The banks were closed to protect the interests of their depositors, the directors In statements last June 30, the Ploomfield Trust reported sources of and deposits the Bank and Trust of and the Hamilton State Bank $350,000 and and the Garfield bank and deposits

6. September 27, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, September 27, 1931

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Article Text

FOUR MORE DOORS SHUT. Bank Suspensions At Pittsburgh Total Ten In Week. Pittsburgh. September 26-(AP)Four state banks here failed to open their doors today, bringing to 10 the number of Pittsburgh institutions that have suspended this week. Those closed this morning were the Bloomfield Trust Company, the Garfield Bank, affiliated with the Bloomfield Trust: the Hamilton State Bank Homewood and the Pennsylvania Bank and Trust Company. The Bloomfield Trust Company owned controlling interest in the Garfield Bank, but the other two institutions had no affiliation with any other financial institution in Pittsburgh. In statements last June 30 the Bloomfield Trust reported resources of $1,983,000 and deposits $1,463,000; the Pennsylvania Bank Trust Company resources $4,075,252 and deposits of $3,269,677; the Hamilton State Bank resources $350,000 deposits of $266,000, and the Garfield Bank resources of $507,000 and deposits of $422,000.

7. September 29, 1931 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, September 29, 1931

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Article Text

SIX PITTSBURGH BANKS IN CRASH 10 Banks Closed With $60,000,000 Lost PITTSBURGH, Pa., Sept. 28.-With six banks cosed over the week-end. the total of insolvent banks here within the last two weeks total ten with lost deposits estimated at $60,000.000. The Pittsburgh-American, Bank and Trust Co. and the McGillick Savings and Trust Co. were closed Friday by the State Banking Department. A run on the former bank withdrew $700,000 of the $3,000,000 deposits. it was reported. The lost McGillick bank deposits total $300,000. Declarations to the effect that the depositors would receive a full return on their lost money is in line with the usual promises to forestall immediate mass action of the depositors. Four other banks, the Bloomfield Trust Co., the Garfield Bank, the Hamilton State Bank and the Pennsylvania Bank and Trust Co. were closed Saturday. The deposits of the crashed banks in the order named are: $1,463,000, $422,000; $253,000, and $2,822,000. No promise of return on the deposits were made by officials of the above four banks.