American National Bank (Dayton, OH)

View Charter #4054 on SPMC View balance sheet

Episode Information

Episode UID
405401484
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
40540 national
Charter Number
4054
Start Date
August 17, 1923
Location
Dayton, Ohio (39.759, -84.192)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ddc3463e5c0a20df

Response Measures

None

Description

Embezzlement by the cashier prompted suspension and the bank was later bought out.

Events (5)
1. June 21, 1889 Chartered
Source
historical_nic
2. August 17, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged defalcations by cashier Fred W. Hecht; known shortage reported ~$290,000 (forged notes).
Newspaper Excerpt
After a lengthy meeting last night ... the directors ... announced ... the bank never would open its doors for business again.
Source
newspapers
3. September 21, 1923 Voluntary Liquidation
Source
historical_nic
4. October 7, 1923 Receivership
Newspaper Excerpt
When Hecht was arrested last August, the bank suspended operations and was later bought out by the Winters National Bank of Dayton.
Source
newspapers
5. December 18, 1931 Other
Newspaper Excerpt
Assets of the closed American National bank, Dayton, were ... Total, as $685,171 ... the receiver issued statement Thursday by ... (listing assets).
Source
newspapers

Newspaper Articles (3)
1. August 17, 1923 Evening Star Washington, DC
Article from Evening Star, August 17, 1923

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Article Text

BANK IS WRECKED BY $290,000 THEFT Dayton Official's Embezzlement Ruins Institution-Depositors May Be Paid. By the Associated Press. DAYTON, Ohio, August 17.-After a lengthy meeting last night, which ended after midnight, the directors of the American National Bank and Trust Company announced this morning that they believed a solution of the financial difficulties of the bank, caused by the alleged defalcations of Fred W. Hecht. second vice president and cashier. was near at hand. The directors will meet again today to pass on a proposal made by a Dayton bank to take over the business of the institution. J. Edward Sauer, president of the American National Bank, said he believed a means would be found to pay all depositors in full. It was learned that the bank never would open its doors for business again. If all other plans fail a receiver likely will be named. Hecht was unable to give $50,000 bond. after being bound over to the grand jury by United States Commissioner Carl Lenz yesterday, and was returned to the county jail. It is believed. however, his father, the Rev. M. C. Hecht, and friends will come to the aid of the former bank official today and that he will be released pending his hearing in Cincinnati. Hecht's case will be taken before the federal grand jury at Cincinnati, which meets in November. Hecht claims his defalcations were to pay blackmailers who threatened exposure of former business transactions. Hecht has not revealed the nature of the transactions which he feared were to be exposed. although, he says, they were outside of bank affairs. His known shortage stands at $290.000. all in the form of forged notes. Late Thursday it was suspected that other securities had been tampered with. and that the total defalcation may run as high as $325,000. Funds of depositors are believed to be safe, although it may be some time before they are paid in full. The federal authorties hold a signed confession by Hecht, acknowleding forgery. Hecht's salary was $3,000 a year. One of Hecht's forgeries for a note of $1,000 is said to bear the name of his aged father. Rev. M. C. Hecht.

2. October 7, 1923 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 7, 1923

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Article Text

CASHIER INDICTED 30 Counts Contained in Indictment Against Hecht CINCINNATI, O., Oct. 5.-An indictment was returned against Fred W. Hecht, former cashier of the American National Bank and Trust company, Dayton, O., in a partial report rendered late today by the federal grand jury to United States District Judge Smith Hickenlooper. The indictment against Hecht contains 30 counts, 29 charging separate offense of abstracting funds from a national bank totaling $306,573. The other count charges him with emblezzlement of funds from the bank. When Hecht was arrested last August, the bank suspended operations and was later bought out by the Winters National Bank of Dayton.

3. December 18, 1931 The Chattanooga News Chattanooga, TN
Article from The Chattanooga News, December 18, 1931

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Article Text

impossible for the railways to balance their budget of 1932 even though the unconditional payments, which the Young plan places upon them. should be turned back to them now through the Hoover plan. This was accepted as the first official indication that the experts' final report would contain for moratorium on conditional payments rather than for By EDWARD STANLEY London, Dec. 17.-(Copyright, 1931, Normaley Awaited. by the Associated world "As soon as Germany gets back to normal," the subcommittee report is standing on the threshold of the said, "the railways may be expected greatest prosperity It ever has experito attain net earnings comparable to enced-if only the necessary steps are those of the railways in other coun tries." taken-Sir George Paish, noted British An official committee said the comeconomist and member of the British mission had reported: official mission to the United States in First, that from 1925 to the railways were able to pay 660,000,000 1914, said today in an exclusive interin reparations imposed by the view with the Associated Press. Young plan, inasmuch as the net reThree of the chief recommendations were that the 1930 profits dropped to 000 marks, the basis of individual debtor's crease of 13 per cent, and that by capacity December, 1931, receipts had fallen by Even If the conference is limited to 28 per cent, and thus the company the question of German short forced to draw on its credits, official American participawhich included the benefits it derived tioin appeared uncertain due to atfrom the Hoover moratorium. tacks by Congress on alleged pracParleys. tices of political leaders and internaDec. tional bankers. and France began preliminary exchange of views today on the international debts and reparations con- Assets of Defunct Dayton ference to follow the Young plan adBank Listed at $685,171 visory committee sessions under way The committee is investigating Asets and liabilities of the closed Ameri"capacity to pay. The conference folcan National bank, Dayton, were lowing will consider revision. receiver. Thursday by The United States probably will be The receiver issued statement of the by "an observer" since nancial the Washington considers reparations vember the date on which the bank susbusiness purely n. European problem and is The follows: willing to discuss war debts only on hand, assets than bills on and cash hand, $209,616.78. Toon "COMFORTABLE unsecured, $456,VISION" deposits secured by pledge collateral, assets the bank aggregating $240.37 secured by sets of the bank aggregating $65,044.46 specialize in giving eyes bills payable secured by of assets the bank Whether you wear glasses Total, as $45,000. not, you may have me