Casco Mercantile Trust Company (Portland, ME)

Episode Information

Episode UID
52000271600
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
trust
Bank ID
5200027 routing
Routing Number
52-0002
Start Date
April 27, 1933
Location
Portland, Maine (43.661, -70.255)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8c924dd40720b986

Response Measures

None

Description

Conservator mentioned in July; April article describes heavy withdrawals and a Casco plan to restrict savings. Final disposition (permanent closure vs. later reopening) not explicit in these items.

Events (2)

1. April 27, 1933 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals reported and discussion of plan to restrict savings and free checking ('Casco plan') following asset/real-estate sales and depositor alarm.
Measures
Proposed Casco plan to release checking deposits while restricting savings (partial restrictions described).
Newspaper Excerpt
the Justice did not operation, said that based Chapman he believed the bank could 100 on savings or checking... heard that 000,000 had been withdrawn the bank
Source
newspapers
2. July 31, 1933 Suspension
Cause
Government Action
Cause Details
Bank placed under a conservator (government/authority action) and received authorized loan advances.
Newspaper Excerpt
The Casco Mercantile Trust Co. conservator, Portland, Me., $1,800,000;
Source
newspapers

Newspaper Articles (2)

Article from The Lewiston Daily Sun, April 27, 1933

Click image to open full size in new tab

Article Text

CHAPMAN EXPLAINS Continued from Page One and prodded at times by the ques. tions of Guy H. Sturgis, who presided, outlined proposal the instiinstead of liquidating Chapman said had no desire be president of the Institution selfish interest" the $100,000 checking account of the Portland Water District which he is trustee and the lease which the bank's main office real estate holding company which he president. then there are 25,000 customers who with the old they might feel had left them the lurch when sold three ago. was dired with the dread what happen to the city the in were he in explaining his in the He the bank be headed "by banker, not promoter or The bank had deposits in sav$10,000,000 and in checking it was The "Casco plan" would release 25 both classes of decent posits, checking unrestricted, but with the savings restricted or as pointed one and one Sturgis out quarter per cent of the deposit month. of the Justice, ChapOn question heard that 000,000 had been withdrawn the bank the the Justice did not operation, said that "based Chapman he believed the bank could 100 on savings or checking "That's the market rise," Sturgis interjected, (the bankers) were dropped. short Lauren M. After of said "skeptical of the Sanborn attacked Chapman's budget expenses for and said that his figure of contrasted paid in salaries and rental the quarters leased company year. that he knew run Chapman bank for 1926 and were meeting all obligain you are at the


Article from Evening Star, July 31, 1933

Click image to open full size in new tab

Article Text

(Continued From First Page.) companies were from 41/2 to 5 per cent. Among the larger loans to banks authorized were: The Casco Mercantile Trust Co. conservator, Portland, Me., $1,800,000; the Fidelity Trust Co. conservator, Portland, Me., $4,341,776; the Baltimore Trust Co., Baltimore, Md., $3,454,000; the Hopkins Place Savings Bank of Baltimore, Md.. $2,660,000; the receiver of the Federal National Bank of Boston, Mass., $1,050,000; the receiver of the New Jersey National Bank & Trust Co. of Newark, N. J., $1,325,000; Harriman National Bank & Trust Co. conservator. New York, $7,133,524: the Bank of North Dakota, Bismarck N. Dak. $3,498,000: the American National Bank. Nashville, Tenn., $1,500.000: the Equitable Securities Co., Dallas, Tex., $1,000,000. Other Large Loans. Among other large loans authorized tere $35,000,000 to the Progress Mortgage Co., San Francisco: $1,093,860 to the Military Investment Co., Port Huron, Mich.; $2,000,000 to the Mortgage Bond Co. of New Jersey. Jersey City: $4,820,000 to the Argile Mortgage & Loan Co., Cincinnati: $2,200,000 to the American Mortgage Co., El Paso. Tex., and $1,070.000 to the Midland Mortgage Co., Houston, Tex. a The corporation also authorized $1,320,000 loan to the Pacific Coast Joint Stock Land Bank of San Francisco: $1,400,000 to the San Antonio Joint Stock Land Bank of San Antonio, Tex and $410,000 to the Fremont Joint Stock Land Bank at Lincoln, Nebr. Of the advances made for self-liquidating and reconstruction projects, $6,500,000 was authorized for the unified Rehabilitation Corporation at Los Angeles for rebuilding earthquake stricken areas. A $1,000,000 advance was authorized to the Liberal Kansas Relief Corporation. Sold $70,000,000 in Notes. The report showed that the corporation sold $70,000,000 in notes in June to the Treasury. making a total of $1,585,000,000 of notes outstanding at the close of business on June 30, at which time the cash balance on hand was $3.283,014. The report was made public by South Trimble. clerk of the House of Representatives, to whom it is submitted during the recess of Congress. State totals of loans authorized for banks and trust companies in June were: Alabama, $23,000: Arkansas, $100,000; California, $105,000; Colorado, $102,000; Connecticut, $270.000; Florida, $82,000; Georgia, $224,852; Illinois, $256,500; Indiana, $144,500; Iowa, $475,000; Kansas, $31,000; Kentucky, $593,355; Louisiana, $940,511; Maine, $6,146,776; Maryland, $6,274,000; Massachusetts, $1,115,000; Michigan, $1,903.795; Mississippi, $521,500; Missouri, $772,800; Montana, $59,164; New Jersey, $1,657,650: New York, $7,330,736; North Carolina, $108,000; North Dakota, $3,501.500; Ohio, $952,500; Oklahoma, $165,612; Oregon, $65,295.01; Pennsylvania, $868,000; South Carolina, $80,000; South Dakota, $30,000; Tennessee, $2,050,240; Texas, $1,494.811; Vermont, $50,000; Virginia, $38,939; Washington, $212,786; West Virginia, $86,000; Wisconsin, $1,247.