Westminster Bank - Providence, RI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 26, 1923
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: 3da88d01

Response Measures

None

Description

Article (Nov 28, 1923) reports the Rhode Island Hospital Trust Co. took over on Monday last the business of the Westminster bank to save it from liquidation. This indicates the Westminster bank was taken over (closed/permanently ceased independent operations). No explicit run on Westminster is described; the run mentioned in the article refers to the Cosmopolitan Trust Co., which cleared largely through Westminster. I infer the Westminster failure was bank-specific (insolvency/liquidation risk) and was rescued/taken over by another trust company on about 1923-11-26.

Events (1)

1. November 26, 1923 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Rhode Island Hospital Trust Co. took over Westminster's business to save it from liquidation, indicating insolvency or threatened liquidation and loss of solvency concerns.
Newspaper Excerpt: the taking over on Monday last by the Rhode Island Hospital Trust Co. of the business of the Westminster bank to save it from liquidation.
Source: newspapers

Newspaper Articles (1)

1. November 28, 1923 New Britain Herald New Britain, CT

Article from New Britain Herald, November 28, 1923

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Article Text

PROVIDENCE BANK CLOSED Cosmopolitan Trust Company Ordered To Suspend Business In Order To Protect Depositors. Providence, Nov. 28.-The Cosmopolitan Trust Co. was ordered closed at noon today by Bank Commissioner George H. Newhall. This action followed the taking over on Monday last by the Rhode Island Hospital Trust Co. of the business of the Westminster bank to save it from liquidation. The Cosmopolitan Trust Co. cleared largely through the Westminster bank. If had nearly a million in small deposits and a large Christmas einh fund mostly from Italians of small means. The Cosmopolitan was closed Commissioner Newhall said to protect depositors since they had a run on the bank this morning He conferred wth Atternet Gen. Herbert L. Ca may this afternoon preliminary is - ng a petition for receivership.