West Side Bank - Scranton, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 11, 1931
Location: Scranton, Pennsylvania (41.409, -75.662)

Metadata

Model: gpt-5-mini
Short Digest: 0b45dcc8

Response Measures

None

Description

Article (The Times-Tribune, 1931-09-11) lists Hyde Park National Bank among suburban institutions enforcing the sixty-day notice rule for savings withdrawals after the failure/takeover of the Anthracite Trust Company. This is a temporary suspension (30/60/90-type restriction) rather than a full closure; the piece indicates commercial business continued, implying a temporary measure and eventual resumption. No explicit run on Hyde Park is described and no permanent closure or receivership noted in the article.

Events (1)

1. September 11, 1931 Suspension

Cause: Local Banks
Cause Details: Failure/takeover of the Anthracite Trust Company led to unusual activity and runs at local banks, prompting suburban banks (including Hyde Park National) to invoke the 60-day notice rule for savings withdrawals.
Newspaper Excerpt: Suburban institutions enforcing the sixtyday rule included ... the Hyde Park National bank
Source: newspapers

Newspaper Articles (1)

1. September 11, 1931 The Times-Tribune Scranton, PA

Article from The Times-Tribune, September 11, 1931

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Article Text

TWO KILLED, MANY INJURED, IN FILM PLANT EXPLOSION State Banking Department Takes Over Anthracite Trust To Protect Its Depositors President Mears Issues Statement In Which He Declares Assets of Company Are Sufficient To Pay All Deposits In Full. Another Scranton bank, the Anthracite Trust company, has been taken over by the state banking department. In consequence of the Anthracite failure, unusual activity, amounting in some instances to runs, developed at most of the central city and suburban banks. As this edition went to press, all withdrawal demands were being paid on presentation by the central city institutions except the Dime Bank-Lincoln Trust company, which at 2 o'clock put into force the sixty-day notice rule. This applies only to savings deposits. Commercial business will continue in the normal course. A number of suburban banks had availed themselves of the privilege of asking their depositors to give them sixty days' notice of intention to withdraw savings accounts. Suburban institutions enforcing the sixtyday rule included the Keystone bank, the Electric City bank, the West Side bank, the Hyde Park National bank, the Minooka State bank, the Green Ridge bank, the Pine Brook bank, the North Scranton bank and the Providence bank. The closing of the Anthracite Trust company was announced in notice posted on the door shortly before while stood outside waiting for the bank to open. The banking department that its action was necessary because of a seepage in deposits. president of the institution, issued statement this morning in which he declared that the assets of the company are ficient pay the depositors in At the bank the following statement was given by the bank examiners to the press. Due to the seepage in deposits, became to the Trust company. Pennsy this special meeting of the board of the institution. held early in the morning, the direcconcurred in the action the secretary of liam in taking possession of business property of the This course was deemed necessary to conserve the interests all concerned and avoid preference depositors. Gorden stated that the AnthraTrust has no affiliation with any other bank in John W. state bank in charge of the closed the secretary of banking President Mears' Statement. President Mears likewise issued statement to the press in which he avers that "owing unusual heavy which began urday up to and yesterday, the directors, at held last night, decided that the best of the depositors would be served by remaining assets of the company sufficient to the depositors full," Mears his state. ment. the way affects the trusts or tates being handled by the trust partment. This has kept and apart from the department. Neither are the holders of or dividend by the in any way as are by Mr. seen by The declined the formal statement issued by the of the content point to Mr. affairs of the trust depart(Continued on Page 35)