Steuben Trust Company (Hornell, NY)

Episode Information

Episode UID
50027871586
Episode Type
Run Only
Bank Type
trust
Bank ID
5002787 routing
Routing Number
50-0278
Start Date
February 13, 1932
Location
Hornell, New York (42.328, -77.661)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9b4126928e4c9fe7

Response Measures

None

Description

The bank experienced two distinct runs in 1932: one in February following the failure of the First National Bank, and a second in April triggered by anonymous telephone calls.

Events (3)
1. February 13, 1932 Run
Cause
Local Banks
Cause Details
The failure of the First National Bank of Hornell triggered heavy withdrawals at the remaining banks.
Measures
Armored cars brought in currency; the bank merged with Citizens' National Bank to strengthen its position.
Newspaper Excerpt
They experienced heavy runs before Feb. 13 after the First National Bank had closed and met all calls for withdrawals.
Source
newspapers
2. February 15, 1932 Other
Newspaper Excerpt
The merger united the Steuben Trust Co. a State bank with resources of $2.500,000. and the Citizens' National
Source
newspapers
3. April 29, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Anonymous telephone calls to depositors and rumors of a 'Communistic plot' triggered the run.
Random Run
Yes
Random Run Snippet
withdrawals started as the result of anonymous telephone calls to depositors
Measures
Invoked 30-day withdrawal clause on savings; extended hours for Monday; requested American Bankers' Association investigation.
Newspaper Excerpt
Heavy runs were made on both the existing banks here today. The withdrawals started Friday and continued on a larger scale today
Source
newspapers

Newspaper Articles (5)
1. February 15, 1932 Evening Star Washington, DC
Article from Evening Star, February 15, 1932

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Article Text

Banks Ordered Closed. HORNELL, N. Y., February 15 (AP).One bank suspended here over the week end and two others were merged. The First National closed its doors Saturday, directors announced yesterday. One of the oldest in this part of the State, it was capitalized at $300,000, with resources of approximately $3.000.000. The merger united the Steuben Trust Co. a State bank with resources of $2.500,000. and the Citizens' National with resources of about $3,000,000. SALT LAKE CITY. February 15 (AP). -The closing of the Desert Savings Bank was announced late last night simultaneously with announcement of the taking over of the Desert National Bank by the Security National Bank.

2. February 15, 1932 The Buffalo News Buffalo, NY

Article Text

DIRECTORS CLOSE BANK AT HORNELL Federal Examiner in Charge; Two Other Institutions Announce Merger. Special the BUFFALO EVENING NEWS. HORNELL Feb. First National bank did not open for business Monday At M. Sunday the following notice was posted upon the door the Closed by order of the board of directors. This bank in charge of National Bank Examiner Connor.' The notice dated Feb. 13. Following closing of the bank came an official merger Citizens' National Bank Trust company and the Steuben Trust company result complete the banking complexion While could add nothing to notice posted bank. known that business will be done under his jurisdiction cept receive money due on loans and employes been duty, the pointed the comptroller of currency, Pole Interests Protected. Records assets and liabilities being and such cases usually takes from six months to President F. Bronson could not be his has been three but Henry. issued the following statement "It was deemed advisable the board of directors close the order to protect the interests the depositors. By further run on the will be avoided preference Rumors that First National was to close current in the city Saturday Sunday but nothing was known officially until the notice posted upon door. Crowds gathered in front the bank Sunday night after the The bank founded by the Adsit leading this section. and remained their control unthe death of Charles Adsit few years With Bank 30 Years. President Bronson has been the for 30 years and the institution has always been garded one of the strongest banks officers of the bank include: (Continued on Page Column 1.)

3. February 15, 1932 The Buffalo News Buffalo, NY

Article Text

DIRECTORS CLOSE BANK AT HORNELL Federal Examiner in Charge; Two Other Institutions Announce Merger. HORNELL Feb The First National bank here not day the for M. Sun- busifollowing posted upon the door the bank the board of directors bank charge of National Bank Connor. The notice 13. came Following the of the bank merger National Bank ben Trust the Steucompany complete the complexion While he could add nothing the will be done except to loans All have been and the examiners will appointed the of J. Pole Interests Records liabilities are cases usually from six to year President Bronson could not be reached home been ill for but the following statement deemed advisable by the board of the bank order to the interests depositors. By this method further run on the bank will be avoided and Rumors that the First National was the urday and but nothing was known officially until the notice was upon the in front the bank Sunday night the notice appeared The was founded by the family leading this and under their control til the of Charles Adsit few years ago With Bank 30 Years. President Bronson has with the bank for 30 years and the institution has always been regarded one of the strongest banks in this section officers of the bank include Fred Merrill of Albany. N. Y., state tax No new has chosen for the new from the ger of the National and the Steuben Trust as Combined of the two banks are $5. 424,087 making the new bank the largest in Steuben county Merger the two it was would protect munity and they are completely able to handle any A statement issued by the of the two banks "These enlarged banking facilities will enable the new render depositors and of the First bank. Cars Bring Money In. Armored cars brought amount of currency the Sunday night estimated at upward of quarter million dollars. and was learned that any addition was immediatel available by Frank E. Storms president of the Citizens bank and W. G. Hollands heads the Steuben Trust company. Both banks have had steady and growth for years At of Hornell Chamber of, Sunday night held result of the closing of the First Na. tional bank and the other two city banks every merchant in Hornell pledged himself to make dethe merged bank Monday Four meetings were held Sunday in the Erie railroad Silk Merrill and Merrill silk mill. with addresses by Frances and L. Collins representing Chamber Commerce. The speakers informed the groups that abundance of cash was on hand in the merged bank and that directors of the bank have announced that soon as First bank are certified. loans up to 50 of the deposits will be available REORGANIZATION PLANNED NEW YORK, Feb .-Harold E chairman of the committee for the Continental Clay Products corporation announces the formulation plan which It stated will effect the necessary readjustment the corporation's financial

4. February 15, 1932 The Buffalo News Buffalo, NY

Article Text

NEW YORK CURB DIRECTORS CLOSE BANK AT HORNELL Federal Examiner in Charge; Two Other Institutions Announce Merger. Special the BUFFALO EVENING First National here did not busiopen for M. Sunday the notice was posted the door the Closed by order the board of This bank of National Bank The notice was dated Feb. 13. Following closing of the bank came official Bank merger between Trust the Citizens' National and the Steuben Trust The result is complete the banking complexion of While could add nothing to the at the that business will be done his jurisdiction except All been and the will retain pointed by the of J. W. Pole Interests Records assets and liabilities are being compiled cases usually takes from six months to President could not be reached where has been for three but the statement "It was deemed advisable by board of directors to close the bank order to the interests of depositors By this run on the bank will be and depositors preference Rumors that the First National to close were current the city urday and Sunday but nothing known officially until the notice posted upon the in front the bank Sunday night the The bank founded by the Adsit family. leading this and remained under their control til the death of Charles Adsit years With Bank 30 Years. President Bronson has been nected with the bank for 30 years and the has always been garded one of the strongest banks in this The of the bank include Fred and Merrill of Albany. N Y., state tax No new name has been chosen for the new bank resulting from the merger of the Citizens' National and the Steuben Trust as yet. Comoined the two banks are 087 ting the new bank the largest Steuben Merger of the two banks it was stated. would greatly protect the munity and they completely able to handle any situation prepared statement issued by the directors of the two said These enlarged banking facilities will enable the new render depositors and of the First National Cars Bring Money In. Armored cars brought large mount of currency into city Sunday night. estimated at upward of quarter million and learned that any necessary addition was immediatel by airplane Frank Storms of the Citizens bank and W. G. Hollands heads the Trust Both banks have had steady and sound growth for many years. At meeting Hornell Chamber of Commerce Sunday night. held result of the closing the First Na. tional bank and merger of the other two city every Hornell pledged himself make deposits in bank Monday Four meetings were held Sunday in the Erie railroad shops Huguet Silk company, Merrill hostery mill and Merrill silk with addresses by Frances and W. L. representin the Chamber of Commerce The speakers the groups an abundance of cash was on hand in the merged bank and that directors of the new bank have announced that as soon as accounts in First National bank are certified. loans up to 50 per cent. of the deposits will be available

5. April 30, 1932 Elmira Star-Gazette Elmira, NY

Article Text

Hornell Banks Withstand Run By Depositors Citizens' National and Trust Company Subjected to Extensive Demand for Deposits — Both Solvent, Boards Announce Hornell—(Special)—Heavy runs were made on both the existing banks here today. The withdrawals started Friday and continued on a larger scale today, with hundreds asking for their deposits. Representatives of the Second Federal Reserve System District as well as officers and directors of both banks issued statements declaring the two institutions are solvent and have unlimited funds. The banks affected by the runs are the Citizens' National Bank and Trust Company and the Steuben Trust Company. They experienced heavy runs before Feb. 13 after the First National Bank had closed and met all calls for withdrawals. Announcement was also made this morning that undercover men of the American Bankers' Association had arrived in Hornell to serve subpoenas on any person or persons circulating or transmitting untrue statements which would tend to cause withdrawal of deposits or in any other way affect the stability of the banking institutions. The representatives of the American Bankers' Association, investigating the cause for the run, declared that the withdrawals started as the result of anonymous telephone calls to depositors. They stated that it may be the work of some irresponsible person but also declared that they were investigating the possibility of a well-organized Communistic plot. The latter theory was being given considerable weight by the investigators. Extra police were detailed to handle the large crowds that visited the two banks. At noon the bank buildings were filled and the crowds overflowed into the street. Neil McGreevy, a director of the Citizens' National Bank, addressed the crowd which gathered at that institution, announcing that the regular closing hour of 12 o'clock for Saturday would be observed but the bank would be open Monday from 9 a. m. to 9 p. m. Both banks today observed the 30-day withdrawal clause on savings deposits. Bulow, Lydia Elliott and Mrs. F. P. Breese. MISSIONARY RALLY A union home and foreign missionary rally for young people of Elmira District will be held in Hedding Church Monday night. Supper will be served at 6:30. Miss Mariam Matthews of India and Mrs. S. G. Houghton of Canandaigua will speak. TO MEET MONDAY Daughters of Union Veterans of the Civil War will hold their regular meeting Monday at 8 p. m. in the Armory. Delegates to the state convention will be chosen. HOME BUREAU MEETING The Penn-State Unit met Wednesday at the home of Mrs. John Passmore of Gillett. Mrs. S. J. Narsh gave a talk on "The Perennial Garden." A picnic dinner was served at noon to the following members: Mrs. H. C. Andrews, Mrs. Adelbert Tears, Mrs. Pearl Brown, Mrs.