Ashaway Savings Bank - Ashaway, RI

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 14, 1901
Location: Ashaway, Rhode Island (41.423, -71.786)

Metadata

Model: gpt-5-mini
Short Digest: c9ee06b4

Response Measures

None

Description

The bank 'closed its doors' on 1901-01-14 to prevent a run; officials called a meeting to decide whether to continue or close. The article gives no later reopening; it indicates closure is likely and discusses possible winding up. Outcome not fully certain from this single article, but permanent closure is suggested, so classified as suspension_closure.

Events (1)

1. January 14, 1901 Suspension

Cause: Voluntary Liquidation
Cause Details: Officials closed the bank voluntarily to prevent a run; meeting of depositors called to decide future (possible winding up or scaling down).
Newspaper Excerpt: The Ashaway Savings Bank in the village of Ashaway, closed its doors today. This move was taken by the officials to prevent a run on the bank.
Source: newspapers

Newspaper Articles (1)

1. January 14, 1901 The Providence News Providence, RI

Article from The Providence News, January 14, 1901

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Article Text

TO PREVENT RUN ON BANK. Doors of Savings Institution at Ashaway Were Closed This Morning. The Ashaway Savings Bank in the village of Ashaway, closed its doors today. This move was taken by the officials to prevent a run on the bank. A meeting of depositors has been called for Monday, Jan. 28, to decide the future of the institution. It is stated that a slight scaling down may be necessary in case depositors decide to continue, but that if it is decided to close up, depositors may get nearly dollar for dollar. The bank is a small institution and has not carried deposits of late years above $75,000. The following table shows the resources and liabilities of the bank as reported to the state auditor: RESOURCES. Amount invested in fortgages on real estate $59,216.73 Amount invested in stocks 9,400.00 Amount invested in bonds 2,800.00 Amount loaned on personal security 1,640.00 Amount of cash on hand 307.49 Real estate 1,000.00 $74,364.22 LIABILITIES. $72,849.15 Amount of deposits 1,515.07 Amount of profits on hand $74,864.23