Preston National Bank

Episode Information

Episode UID: 373001122
Episode Type: Run Only
Bank Type: national
Bank ID: 37300 national
Charter Number: 3730
Start Date: June 14, 1893
Location: Detroit, Michigan (42.331, -83.046)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: ae135c19ec9e672c

Response Measures

Partial suspension

Description

Article describes a city-wide threatened run in Detroit; the specific bank is not named.

Events (3)

1. June 23, 1887 Chartered

Source: historical_nic

2. June 14, 1893 Run

Cause: Local Banks
Cause Details: Runs were part of an epidemic of savings bank runs linked to failures of other banks (e.g., McCague bank and American National) in other cities.
Measures: Officers of all banks required depositors to give legal (time) notice (30-day rule), limiting immediate withdrawals.
Newspaper Excerpt: At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored.
Source: newspapers

3. June 17, 1902 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. June 14, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, June 14, 1893

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Article Text

MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.