Merchants Savings & Trust Company

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: trust company
Start Date: September 24, 1931
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: 27f54f0e

Response Measures

Full suspension, Books examined

Other: Closed by state chief examiner; officers said depositors would be paid in full.

Description

Article (The Record-Argus, 1931-09-24) reports the bank failed to open for business Sept. 24 after recent heavy withdrawals. Closure was effected by the state chief examiner. Other local banks had suspended earlier in the week, suggesting withdrawals were related to local bank failures. The article does not state whether the bank later reopened or was placed in receivership, so the outcome is unclear.

Events (2)

1. September 24, 1931 Run

Cause: Local Banks
Cause Details: Recent heavy withdrawals following suspension/closures of other Pittsburgh banks earlier in the week prompted depositors to withdraw funds.
Measures: None reported prior to closure; heavy withdrawals led to failure to open.
Newspaper Excerpt: A notice posted on the door of the bank ... assigned the closing to recent heavy withdrawals.
Source: newspapers

2. September 24, 1931 Suspension

Cause: Government Action
Cause Details: Closed by the state chief examiner (J. D. Swigart) to protect depositors and conserve assets after heavy withdrawals.
Newspaper Excerpt: The Merchants Savings & Trust company here, failed to open for business today. ... The bank was closed by J. D. Swigart, chief examiner of the State Department of Banking.
Source: newspapers

Newspaper Articles (1)

1. September 24, 1931 The Record-Argus Greenville, PA

Article from The Record-Argus, September 24, 1931

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Article Text

FOURTH BANK IS SUSPENDED Small Pittsburgh Bank, Merchants Savings and Trust, Fails to Open. Pittsburgh, Sept. 24 (/P) The Merchants Savings & Trust company here, failed to open for business today. It was the fourth bank to AUSpend business here this week. A notice posted on the door of the bank, n. small institution. assigned the closing to recent heavy withdrawals. The bank was closed by J. D. Swigart, chief examiner of the State Départment of Banking. The bank of Pittsburgh. N. A., the Highland National hank and the Franklin Savings & Trust company closed Monday. William D. Gordon, secretary of banking. said the action was taken to protect depositors, and stockholders and to conserve the assets so that withdrawing depositors might not obtain preference. The bank's report last June 30 showed total assets of $1,356,706; and deposits, $1,003,290. The capital was $125,000: the surplus, $75,000: and undivided profits, $13,505. Secretary Gordon said the Institution had no affiliation with any other bank or trust company. There were about 2.000 depositors and officers of the institution were quoted as saying they would be paid in full.