22594. Bank of Green Bay (Green Bay, WI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 3, 1931
Location
Green Bay, Wisconsin (44.519, -88.020)

Metadata

Model
gpt-5-mini
Short Digest
8d9c7774

Response Measures

Accommodated withdrawals, Public signal of financial health, Partial suspension, Books examined

Other: Clearinghouse order required 30/60/90 day notice on savings withdrawals; armored trucks and currency brought in to display liquidity.

Description

Newspaper accounts (dated 1931-06-03) describe heavy withdrawals (a run) on the Bank of Green Bay and five other local banks after a nearby bank closed. The Green Bay Clearing House imposed 30/60/90-day notice on savings withdrawals (a partial suspension of payment) and brought large currency supplies to counters; prominent citizens publicly reassured depositors. The run was halted and banks remained open, so this matches run -> suspension (partial) -> reopening/no failure. Cause attributed to circulation of groundless rumors.

Events (2)

1. June 3, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals followed the closing of the Brown County State bank and circulation of 'groundless and vicious rumors' stirred depositor uneasiness.
Measures
Armored trucks/express brought over $500,000 in currency to counters; prominent citizens pledged deposits and public reassurance.
Newspaper Excerpt
More than $500,000 in currency...was stacked conspicuously on bank counters to lend confidence to patrons. Anxious crowds milled through the bank lobbies...The banks involved in the runs are... Bank of Green Bay...
Source
newspapers
2. June 3, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Clearing house required 30/60/90 day notice on savings withdrawals to halt runs triggered by rumors after a local bank closure.
Newspaper Excerpt
An order from the Green Bay Clearing House association, requiring from one to three months notice on withdrawal of savings deposits, today appeared to have halted a heavy run on six local banks...
Source
newspapers

Newspaper Articles (2)

Article from Green Bay Press-Gazette, June 3, 1931

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Article Text

SUSPECTED SLAYER BEATEN AT POLLS; 67,000 VOTES Clark Trails 28,000 Behind In Los Angeles Municipal Judge Ballot. LOS he was but this the first time that have found the city sick being bound for trial on said Dr. Minahan in his talk. want to tell all Charles opening litical of you that Green the oldest city in Wisconsin. is fundamagazine mentally sound and believe in it and its people. have been ed than here resident of this city for forty years and have made my money terday his for municipal here. interested in Green Bay's welfare and know from judge defented. Complete official returns gave reliable information that this city's financial institutions are Clark votes and his sound. Charles B. MacCoy, 95,Banks Won't Be Closed 774. returns indicated he lost "The People's Savings Trust company, of which am approximately votes director and large stockholder sound as any institution Charles McCoy, candidate for reof its kind in Wisconsin. It is true that we had run there election. this afternoon. but everyone that applied got his money. The Clark. central figure in case scribed People's and Savings company will not be closed. can racketeer assure you of that. same applies to the Bank of Green raise the Bay and the Kellogg Citizens National Bank. both banks in for his which am heavily interested. Clark's did not ask the charges the "Before these institutions close every dollar of my fortune the saying felt all facts will be loaned them. The Orpheum theatre small project should brought light superior itself. is clear of indebtedness. So is the Minahan building. court. Municipal Judge Carl Sturzenacker granted him bail over will throw these properties and much again in gladly the protest Ford. bonds and mortgages into the breach save these three banks. Volunteer bondsmen were able imreliable information, understand the other banks in From mediately to raise and Green Bay are sound and that they will weather this financial efforts were continued to obtain the remaining $36,000. crisis. Two witnesses identified Clark people of Green Bay ought to some sense. There the man enter is for this hysteria. Our remaining financial instituno excuse office before and leave after the tions are trustworthy and will continue to serve the people faithshooting. fully and honestly if given half SOVIETS TO NEGOTIATE "Tuesday sent some bonds to Milwaukee and before the FRENCH TRADING PACT banks open Wednesday morning will deposit $30.000 in cash here. have this much faith in our banks, knowing the conPARIS The foreign office of the of the certainly should dition affairs rest people today reports Russian delegation arrive late this have enough confidence to deposit their money in them. Continued on Page 2, Column


Article from Kenosha News, June 3, 1931

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Article Text

Can Withdraw Cash Only on Given Notice Green Bay Clearing House Takes Steps to Save Six Banks Green Bay, Wis.-(P)-An order from the Green Bay Clearing House association, requiring from one to three months notice on withdrawal of savings deposits, today appeared to have halted a heavy run on six local banks which followed the closing of the Brown County State bank for a check by state examiners. More than $500,000 in currency, rushed here by armored trucks, express and parcel post from Milwaukee and Chicago, was stacked conspicuously on bank counters to lend confidence to patrons. Anxious crowds milled through the bank lobbies reading the notices posted by the association members when the banks opened for business this morning. Disturbances were of minor nature, however, since fears of depositors previously had been assuaged somewhat by statements of prominent citizens and bankers who expressed confidence in the solidarity of the institution. The banks involved in the runs are the Kellogg Citizens National; Bank of Green Bay; West Side State; South Side State; Farmers Exchange; and the Peoples' Savings and Trust Investment company. Evolve Plan at Meet association conferred for hours last night and evolved the plan of requiring 30, 60, and 90 day notices on withdrawals. Scores of depositors had taken advantage of demand withdrawal privileges, rented safety deposit boxes for their money or had accepted cashiers' checks on Milwaukee or Chicago banks. Cashier A. FV Schultz of the Brown County bank announced that his bank was affiliated in investments with the McCartney National bank which closed its doors May 21, marking the first bank failure in Green Bay in 46 years. A near run on several banks was averted yesterday when the Kellogg Citizens' National bank kept its doors open 45 minutes after regular closing hours to enable to make withdrawals if they wished. The action, bank officials said, gave citizens the assurance necessary to halt the run. Vow Faith in Banks In radio addresses last night, A. B. Fontaine, prominent lawyer and politician; Dr. J. R. Minahan and Judge Carlton Merrill expressed their conviction that the six Green Bay banks were in sound shape and promised to deposit all their available funds in local banks as indicative of their belief. Several Green Bay citizens started withdrawing funds from their accounts after the Brown County bank shut its doors. Cashier A. F. Schultz said the bank was closed merely because the directors wished an accounting as result of heavy withdrawals following the closing of the McCartney National bank last Thursday. "Circulation of groundless and vicious rumors was responsible for the depositors' uneasiness," he said. "They will not lose anything as a result of the directors' action." There is one dentist for every 1700