National Bank - Providence, RI

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 16, 1930
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: f1e8d57d

Response Measures

Books examined

Other: Bookkeeper arrested; examination revealed concealed losses of $246,000.

Description

Article reports discovery that a bookkeeper concealed about $246,000 at the National Bank (Providence), arrest of the bookkeeper, and heavy withdrawals following the audit. No mention of a suspension or permanent closure; aid from Worcester/County banks was arranged to meet demands, so classify as run_only driven by bank-specific adverse information (embezzlement/shortage). OCR errors in the article text (garbled phrases) have been corrected in this interpretation.

Events (1)

1. July 16, 1930 Run

Cause: Bank Specific Adverse Info
Cause Details: Bookkeeper Peter Simonini concealed approximately $246,000 over five years, creating a large shortage discovered on examination and prompting heavy withdrawals.
Measures: Examination of books, arrest of the bookkeeper; outside funds requested/provided (Worcester/County National) to meet withdrawal demands.
Newspaper Excerpt: Examination the books of the National Bank of Providence... revealed that Peter Simonini, bookkeeper, concealed for five years ... $246,000... Simonini arrested... Workers Withdraw Funds.
Source: newspapers

Newspaper Articles (1)

1. July 16, 1930 The Brattleboro Reformer Brattleboro, VT

Article from The Brattleboro Reformer, July 16, 1930

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Article Text

BANK SHORTAGE Bookkeeper Conceals Loss at Providence for Five Years FORCED TO COVER FRIEND'S OVERDRAFT Has Not Profited Cent by Illegal Dealings-Heavy Run On Milbury SavBank Started Reports Of Bank's PROVIDENCE. July 16 Examination the books of the National Bank of by full to federal officials, has revealed that Peter Simonini, bookkeeper, concealed for five years of $246,000 in the funds the bank. Simonini arrested Monday night, before United Fred Otis charge of making false entries. and held in officials believe. that he has not profited cent his illegal Five years ago to allow an $6,000, hookkeeper said in made Saturday, the man promised make the following Monday. Simonini, without informing bank said he allowed the overdraft. On Monday made repeatedly forced drafts had proportion, said. the bank's $246,000 short The current examination revealed the losses covered by and the profits than million preclude any serious the institution, officials authorities have refused reveal the name of the man the hope recover some and the father several Workers Withdraw Funds. WORCESTER, Mass., 16 entire town Millbury called when the Savings shortage followed audit acbanking officials excaused $400,000 County National Worcester to provide funds the demands frightscores of workers from the Millbury factories. An the was ordered Comsioner pressed opinion bank funsound but admitted there were counts that had advised office should be placed than the person occupied the position. the from bank today small was that during the than 300 been finally great Chief Police Thomas Dolan asked aid from the state police.