Central Union Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: October 30, 1931
Location: Wheeling, West Virginia (40.064, -80.721)

Metadata

Model: gpt-5-mini
Short Digest: c66da3ba

Response Measures

None

Description

Article (1931-10-30) states Central Union Trust Co. of Wheeling went broke and was the first failure in the city's history. The item does not describe a depositor run or temporary suspension; it reports failure/receivership. I classify this as a suspension leading to permanent closure/receivership. No detailed cause is given in the excerpt.

Events (1)

1. October 30, 1931 Receivership

Newspaper Excerpt: Wheeling, W. Va., had the first failure in its history when the Central Union Trust Co. went broke.
Source: newspapers

Newspaper Articles (1)

1. October 30, 1931 The Producers News Plentywood, MT

Article from The Producers News, October 30, 1931

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Article Text

BANKS POP IN AREA NEAR PITTSBURGH Pittsburgh.- The banks continue popping in the Pittsburgh area despite the Hoover plan to thaw frozen assets. Following the closing of five banks in Washington county with resources of more than $12,500,000 the National Bank of Fayette County ,at Uniontown, went into the hands of receivers. The bank. with deposits of six million dollars was one of the oldest in western Pennsylvania. Wheeling, W. Va., had the first failure in its history when the Central Union Trust Co. went broke. Two million dollars in cash was rushed from Pittsburgh in armored trucks to prevent a similar fate for another panhandle bank.