Citizens Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: October 8, 1920
Location: Elkhart, Indiana (41.682, -85.977)

Metadata

Model: gpt-5-mini
Short Digest: 6f735e27

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Single article (Oct 8/9 1920) describes a depositor run triggered by a foreigner who spread a false report. Bank issued public statement, remained open and paid withdrawals. No suspension or closure mentioned.

Events (1)

1. October 8, 1920 Run

Cause: Rumor Or Misinformation
Cause Details: A foreigner who had been refused cashing a large check spread the report at his workplace that the bank could not pay its obligations, provoking heavy withdrawals.
Random Run: Yes
Random Run Snippet: Foreigner spread false report bank could not pay; bank denied it
Measures: Bank officials issued a public statement asserting solvency, assured depositors they'd be paid on request, and kept the bank open to accommodate withdrawals.
Newspaper Excerpt: A run on the Citizens Trust Co., one of Elkhart's oldest and most substantial banks was in progress here today, as the result it is believed of rumors started by a foreigner.
Source: newspapers

Newspaper Articles (1)

1. October 9, 1920 South Bend News-Times South Bend, IN

Article from South Bend News-Times, October 9, 1920

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Article Text

START RUN ON ELKHART BANK AFTER RUMOR Excited Depositors Rush to Institution Following Rumors. ELKHART, Ind., Oct. 8.-A run on the Citizens Trust Co., one of Elkhart's oldest and most substantial banks was in progress here today, as the result it is believed of rumors started by a foreigner. The man a day or two ago tried to cash a check of large denomination and was refused because he could not be identified. He spread the report where he was employed that the bank could not pay its obligations. Friday afternoon the bank was crowded with depositors drawing their money. Hundreds of persons were said to have taken out their deposits. Officials of the bank issued a public statement in which they asserted the bank was absolutely secure, having suffered no losses and anticipating none. Patrons were assured they would be paid their money in full upon request, and it was announced the bank will remain open tonight to accommodate those wishing to withdraw their deposits. Prominent citizens joined in an effort to calm excited depositors to and rumors leading to the run. One woman withdrew deposits totalling thirty thousand dollars and ten minutes later replaced the money in the same bank.