Leominster Savings Bank (Leominster, MA)

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NATIONAL CLOSED; SAVINGS RUN ENDS

(Continued from Page One) bank was under "he direction of the bank shortly before 9 o'clock this

"This bank IS under the direction of the Comptroller of the Currency. Daniel Murphy, National Bank Examiner in charge (Signed)

Daniel F. Murphy, National Bank "Closed by resolution of the board of directors The Leominster National bank and the Leominster Savings bank are entirely separate financial institutions. It appears to be an accepted fact, that the savings bank suffered from the proximity of the two banks in the same building The savings bank was prepared to meet all demands Saturday night Promptly at o'clock the doors swung open for business There were large number waiting and demands were paid without question and with promptness Trustees mingled with the people reassuring them. The pub-

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was given every assurance that they wanted to withdra their money it was ready and walt ng for them At o'clock Saturday night, the usual hour for the bank to close, Raymond Middlemas, treasurer of the bank, went = the lobby to inform those gathered there that the doors were to be closed and ive invied all those who ished to draw their money to go inside. The large force remained on duty until every demand was met. Again the morning large number was on hand when the bank opened at o'clock More than ple funds were hand to meet all demands. indicated in the statement of the bank on Page Judge Ward Healey issued statement for the trustees of the savings bank which discloses that the bank has ample cash available to meet all demands Judge Healey's statement was as follows. "The Leominster Savings bank was fully prepared meet the run on the bank which developed this evenwhen it opened its doors at 6.30 ing o'clock. A large number of people had assembled at the entrance of the bank which was used in common for the Savings bank and the Leominster National bank. Many them had come with the intention of doing business at the Leominster National bank, but found the bank doors closed. The savings bank officials had on hand large amount of money and paid promptly to all persons who presented themselves at the bank such moneys as depositors wished withdraw. Several trustees of the bank were in the lobby and helped and advised the customers Some of the trustees even assisted customers in making out deposit and withdrawal slips. full corps of clerks was behind the windows and when the bank doors closed at o'clock all persons within the bank were allowed remain until each had transacted their business. "Mr Middlemas, the treasurer of the bank, mingled with the people and at 8 o'elock went outside and invited all in who wished to transact business Eight o'clock IS the usual closing time of the bank on Saturday nights. "The customers who were in the bank were in good humor at all times and there were no instances of panic or fear among them In many cases they withdrew portion their money. Whatever their demands they were given money they requested without question. "The bank on Monday morning is prepared ineet every demand that may be made upon it. It has large quantity of cash on hand, ready to meet any emergency that may arise The bank has quick assets of more than three and one-half million dollars. The trustees of the Leominster Savings bank are united in saying they have full confidence in the integrity of the bank and its ability to meet all of its obligations promptly and without resorting to moratorium