Mcgillick Savings & Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: September 25, 1931
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: 77152332

Response Measures

Full suspension, Books examined

Other: Closed by State Banking Department to protect depositors; likely permanent closure/insolvent.

Description

Multiple articles report heavy withdrawals from McGillick prior to the State Banking Department closing the institution on Sept. 25–26, 1931. The closure was by state banking authorities and appears permanent in these reports (no reopening mentioned). OCR errors in source: 'Pittsburg' corrected to 'Pittsburgh'; bank name capitalization normalized.

Events (2)

1. September 25, 1931 Run

Cause: Local Banks
Cause Details: Heavy withdrawals by depositors in the city amid multiple local bank failures/closures (runs on other Pittsburgh banks) led to withdrawals from McGillick.
Measures: None reported prior to closure; withdrawals continued and bank was closed by state authorities.
Newspaper Excerpt: There had been many withdrawals of deposits during the past few days.
Source: newspapers

2. September 25, 1931 Suspension

Cause: Government Action
Cause Details: Closed by the State Banking Department to protect depositors after many withdrawals.
Newspaper Excerpt: The McGillick Savings and Trust Company was closed by the state banking department this afternoon.
Source: newspapers

Newspaper Articles (3)

1. September 26, 1931 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, September 26, 1931

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Article Text

SAVINGS BANK CLOSES DOORS IN PITTSBURGH was McGillick closed Savings and by the state partment this afternoon. was the close today and the sixth to suspend business this week FAVORS DRY REFERENDUM Senator Glenn of Illinois said today he would vote to resubmit the eigh. teenth amendment, as proposed by the American Legion

2. September 26, 1931 The Miami Herald Miami, FL

Article from The Miami Herald, September 26, 1931

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Article Text

WITHDR ALS CLOSE PITTSBURGH BANKS PITTSBURGH Sept. 25. (P)-The McGillick Savings and Trust Company was closed by the state banking department this afternoon. was the second bank to close here today and the sixth to this week D. Swigart, chief examiner the said the institution was closed to protect depositors. He said there had been many withdrawals of deposits during the past few days. The PittsburghAmerican Bank and Trust Company directors today the state banking department had taken over that institution. Officials said more than $700,000 of the bank's $3,000,000 in deposits had been since Monday The McGillick Bank reported last April it had of $690,000 and deposits of more than $300,000

3. 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.