Cranston Bank - Cranston, RI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 16, 1893
Location: Cranston, Rhode Island (41.780, -71.437)

Metadata

Model: gpt-5-mini
Short Digest: 56bf2eee

Response Measures

None

Description

Article (Providence News, 1894-02-13) states receivers of the Franklin Institution for Savings, Cranston and Union Banks declared their final dividends, indicating Cranston Bank was in liquidation/receivership. No run or suspension described; closure/receivership inferred. Date of condition statement referenced is 1893-11-16.

Events (1)

1. November 16, 1893 Receivership

Newspaper Excerpt: the receivers of the Franklin Institution for Savings, Cranston and Union Banks declaring their final dividends.
Source: newspapers

Newspaper Articles (1)

1. February 13, 1894 The Providence News Providence, RI

Article from The Providence News, February 13, 1894

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Article Text

STATE AUDITOR'S REPORT. — The Annual Statement of the Condition of the State Banks. The annual statement of the State Auditor of the condition of the State banks, institutions for savings, secretaries and treasurers of the various trust companies, and treasurer of the Home Investment Company, will be submitted to the General Assembly. The standing of the respective institutions is given at the close of business on Thursday, Nov. 16, 1893. Five State banks have reported in good standing, and one, the State Bank of Providence, in liquidation. They all declared a semi-annual dividend, the average rate being 2 7-12 per cent. Thirty-five institutions for savings, four of which are in liquidation, report in the aggregate $69,053,724.14 in deposits, a decrease from the previous year of $853,268.43; number of depositors, 130,610, a decrease of 11,882. The decrease in deposits and 11,491 of the decrease in number of depositors may be attributed to the receivers of the Franklin Institution for Savings, Cranston and Union Banks declaring their final dividends. When comparing the statements of each of the several institutions, with those of the year previous, the deposits of 12 are found to have decreased $1,311,314.23 and number of depositors 2142, 23 to have gained in deposits $1,407,559.34 and in depositors 1751, which shows an increase in deposits of $96,245.11 and a decrease in number of depositors of 391. The annual increase in the aggregate amount of deposits is less by $3,534,590 than that reported in 1892, and the falling off is undoubtedly due to the financial panic which swept over the country during the year. The total resources of the35 savings banks are $73,072,097.59. Twenty-one institutions declared semiannual and 10 annual dividends which amounted to $1,554,292.09, the average rate being 4 11-31. The amount loaned on mortgage in this State is $22,450,679.66, an increase of $726,271.74; in other States $5,681,228.38, a decrease of $43,179.54. The amount loaned on personal security is $3,907,799.27 a decrease from last year of $1,257,699.59. Eight trust companies report resources amounting to $22,086,328.44, a decrease during the year of $328,124.16. Mortgages on real estate in this State $1,031,423.07. In other States, $1,720,520.44; loaned on personal security, $6,691,020.47, a decrease of $1,576,413.54.