Ohio Savings Bank & Trust Company (Toledo, OH)

Episode Information

Episode UID
56001071580
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
5600107 routing
Routing Number
56-0010
Start Date
August 17, 1931
Location
Toledo, Ohio (41.664, -83.555)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e0f5a513f4f1e914

Response Measures

None

Description

Directors requested closure and the State Banking Department took over; later dividend payments arranged during liquidation.

Events (3)
1. August 17, 1931 Receivership
Newspaper Excerpt
Under a force of sixty men of the state banking department ... the task of liquidating the four suspended banks was immediately begun.
Source
newspapers
2. August 17, 1931 Suspension
Cause
Government Action
Cause Details
Directors requested closure and State Banking Department prepared to take over affairs to conserve assets after steady withdrawals.
Newspaper Excerpt
Four major Toledo banks and their 34 branches ... were closed today by orders of the State Banking Department.
Source
newspapers
3. December 18, 1931 Other
Newspaper Excerpt
plans for dividend payments arranged by banking officials ... distribution of $6,500,000 to depositors of three closed Toledo banks before Christmas.
Source
newspapers

Newspaper Articles (13)
1. August 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, August 16, 1931

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Silver Bar silver continued un changed at the close of the week holding at 27% an ounce New York and 12% pence in London Washington, August 15the Farm Board finally will adopt to the Southern cot farmer his low dilemma tonight the close interest of toel-Operations of steel mills in Washington the Youngstown district next week Hope been virtually abandoned will average per cent of rated for its proposal that third of the an increase of one per cent current crop be destroyed and over the past week, Dow, Jones & ization supplies held off the market Co. estimates. for year At least five actual rejections been received the Governors TOLEDO BANKS CLOSED. who were asked to join in the program. Three Savings Institutions Turned There apparently is no immediate Over To State Department. prospect of action although many to that Toledo, Ohio, August end have out. The disposit Directors of the Ohio Savings Bank seems be to leave the actual for & Trust Co., the Guard plan squarely up to the board to be Trust & Savings Bank and the worked out the counter Commercial Savings Bank & Trust proposals put forward by Governors. Co., at special meetings tonight. de- Senators and cided to close the three board members continued banks and turn their assets their efforts to reach an agreement the State Superintendent of Banks with the directors the American This action means that the three Cotton Cooperative Association on down-town banks and their 34 the amount advances to be branches throughout the ed in handling this city not be opened Monday year's The bumper morning pective crop 15,584,000 In the of said the this action for protection of all de- tions have been in process for during an unparalleled several days. TRY OUT GROUP MARKETING Salem, Ohio, August Orchardists Mahoning and Columbiana Counties today began their first in group marketing. They completed deal whereby large of the apple and peach will be sold an agency 700 and 800 cars of fruit will be shipped with East Palestine New Coford and Canfield

2. August 17, 1931 The Washington Daily News Washington, DC
Article from The Washington Daily News, August 17, 1931

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4 Banks in Toledo, 6 in NebraskaSuspend Ohio Banking Department Takes Action Against Institutions With $100,000,000 Resource By United Press TOLEDO, O.-Four major Toledo banks and their 34 branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the State Banking Department. The institutions were the Ohio Savings Bank & Trust Co., the Commerce Guardian Trust & Savings Bank, the Commercial Savings Bank & Trust Co., and the American Bank. Other banks remained ópen and announced they were prepared to withstand heavy withdrawals. The four closures were precipated (Turn to Page 4)

3. August 17, 1931 Baker City Herald Baker City, OR
Article from Baker City Herald, August 17, 1931

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OHIO, NEBRASKA BANKS FAIL TO THIS M. Toledo Failures Total $100,000,000; Loan Ass'ns. Suspend Toledo banks with combined sources of more than failed to open for business this morning while 11 seving associations ceased payments of deposita during the present financial In accordance with the request of directors of the four institutions, the state banking department prepared to take over their iffairs conserve assets in the face of previous stendy withdrawals by des positors The action of directors Lies up for an indefinite period more than ity-Home Trust company. a fifth bank which closed about months ago had about $20,000,000 if deposits: the Ohio Savings Bank and Trust company almost the Commercial Savings Bank and Trust company 466,000. and the Six Nebraska state banks failed to open for business today. Governor Charles W Bryan and E. H. Lulkart. secretary of the state department of trade and commerce. said the closings were the result of Yecent bank suspensions in Omaha The six banks had total deposits of approximately $1,180,000 They were the First State bank of Pleasant Dale: the Dwight State bank of Dwight the Brainard State bank of Brainard the Bruno State bank of Bruno: the Butler County Bank of Davis City, and the Leigh State bank of Leigh building and associations of Akron and Cuyahoga Falls today served their depositors with notice of temporary suspensions of withdrawals. The companies involved carry bright. secretary of the largest, today said The step is taken for the purpose of protecting the de positors. There is no question of insolvency

4. August 17, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 17, 1931

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FOUR BANKS IN TOLEDO CLOSED 34 Branches Are Affected; $100,000,000 Resources. By United Press TOLEDO, O., Aug. 17.-Four major Toledo banks and their fourteen branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the state banking department and directors. The institutions were the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings bank, the Commercial Savings Bank and Trust Company and the American bank. Other banks remained open and announced they were prepared to withstand heavy withdrawals. The four closures were precipitated by the closing several weeks ago of the Security Home Trust Company, it was said. As notices were posted on the windows of the institutions, every available policeman in the city was ordered on duty, but there was only one instance of disorder. An irate citizen tossed a bottle through the window. of a branch bank. Under a force of sixty men of the state banking department, augmented by six examiners of the federal reserve bank system from Cleveland, the task of liquidating the four suspended banks was immediately begun. As work of liquidation was started, crowds of anxious depositors thronged about the institutions, but there was no disorder. Traffic presented the greatest problem. Other local banks drew a steady stream of depositors, who withdrew their funds and dispersed. Withdrawals were being met promptly.

5. August 17, 1931 The Journal Times Racine, WI
Article from The Journal Times, August 17, 1931

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FOUR TOLEDO BANKS CLOSE DOORS TODAY TOLEDO, O., Aug. Toledo banks, with combined sources of than for this failed open morning. while 11 saving associations deposits during the present financial situation. In accordance with the request of directors of the four institutions, the state department to take their affairs assets, the face of previous steady withdrawdirectors anLate nounced closing of Commerce Guardian Trust Savings bank. The Ohio Savings Bank and Trust company, The Commercial Bank Trust company. Festerday. in the of these came from directors of the fourth institution, The American bank. state bank. that would be to close Its doors its tied two of the banks, suspending operations. Chicago Livestock Dept. bulk weights and choice light 160-200 weight 250-350 lbs medium good and choice 100 good fed vearlings fully steady stances finished weighty steers classes active: long yearling steers for for bullocks: helfer cattle and steers good choice 1100. medium and medium cows choice common and medlum bulls (yearlings and choice (milk and and choice and 50 lower: lambs off in better grade natives 7.50 paid best sheep lambs choice weights and lbs good 5.25@5.75. Chicago Produce Butter tone and averaged steady higher. Eggs one cent lower. total shipments Saturday 490 Suntrading only Idaho russets and Wisconsin Colorado creamery spe. score) extras estra firsts firsts (90 score graded firsts receipts steady broilers springs roosters turkeys white colored Chicago Grain Milwaukee Produce Aug. standards steady; fresh firsts light springers turkeys ducks springs 20.00 steady: Missouri cobblers steady: Texas 50-1b Milwaukee Grain Aug. yellow Mixed white No. Feed CHEESE MARKET Cheese daisles young Americas Swiss hard hard spring mixed mixed mixed % white Sample grade Timothy Cloverseed

6. August 17, 1931 The Evening Sun Baltimore, MD
Article from The Evening Sun, August 17, 1931

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6 SMALL NEBRASKA First Family Of China BANKS FAIL TO OPEN Meets At Mother's Bier Closings Are Called Result Of Suspensions In Omaha Nebraska State banks failed to open for business today. Gov. Charles W. Bryan and E. H. Luikart, Secretary of the State Department of Trade and Commerce. said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of approximately $1,180,000. They were the First State Bank, of Pleasant Dale: the Dwight State Bank of Dwight; the Brainard State Bank, of Brainard: the Bruno State Bank. of Bruno: the Butler County Bank. of Davis City, and the Leigh State Bank. of Leigh. Four Ohio Banks Remain Closed Toledo banks with combined resources of more than failed to open for business this morning. while eleven saving associations ceased payments of deposits during the present financial In accordance with the request of directors of the four institutions, the State Banking Department prepared to take over their affairs to conserve assets in the face of previous steady by depositors. City police and detectives, acting under orders of Police Chief Haas, patroled the banking districts in preparation for any public emergency. Meanwhile there was pending meeting between Mayor W. T. Jackson and Adj-Gen. Frank D. Henderson. Columbus, commanding the Ohio National Guard. Late Saturday, directors announced closing of the Commerce Guardian Trust and Savings Bank. the Ohio Savings Bank and Trust Company and the Commercial Savings Bank and Trust Company Yesterday, in the wake of these announcements, came word from directors of the fourth institution. the American Bank, State bank. that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operaIt was indicated that conferences relative to reorganization may be started within week or ten days. Three Famous Daughters, Two Distinguished SonsIn-Law And Three Sons Gather To Mourn Death Of Mother-In-Law Of Revolution Family' one of their rare reunions in Shanghai tonight This time they gathered around the bier of their mother. Mme. K. T Soong. sometimes referred to as the mother-in-law of the Chinese revoluMme. Soong died in Tsingtao July 23 shortly after receiving word of the attempted here of her son, T. V. Soong. vice-chairman Finance Minister of the Chinese Nationalist Government. The gathering was completed late today with the arrival of Chiang Kaishek, head of the Nationalist Government, from Nanchang to attend the two-day funeral. Chiang Kai-shek is son-in-law of Mme. Soong. Mme. Soong numbered in her family three famous daughters, two distinguished sons and three sons all of whom. gathered at the bier. emphasized how the object of their mourning had wielded an influence on modern China such as few women have exercised in any nation in his- Besides President Chiang Kai-shek ter of Mme. Soong and widow of the founder of the Chinese Republic: Mme H. H. Kung. another daughter and wife of the Nationalist Minister of third daughter: T. V. Soong. Minister of Finance and vice-chairman of the Nationalist and younger sons, T. L. Soong and T. N. Soong. who hold minor Government positions. Daughter Returns From Exile Mme. Sun Yat-sen returned from voluntary exile in Europe to attend the funeral and thus temporarily rejoined the kinsmen from whom she had been politically and spiritually estranged since Today's rites at the Soong home included Christian service. Mme. Soong was a Christian. and reared six children in that faith. It was in her home and largely under her influence that Chiang Kai-shek last year was baptized in the Methodist Episcopal Church South. Mine Soong had been widow since 1928. She will be buried tomorrow. Banking and Insurance. Mr. Bristow said the closing was ordered to protect the depositors of the bank. which capitalized at $250,000. In separate announcement today it was stated that the Richmond Trust Company here had been acquired by the American Bank and Trust Company of Richmond. Officers of the Richmond Trust Company were interented in the Hopewell bank. but the ansaction did not involve the latter institution. it was stated.

7. August 17, 1931 Tucson Citizen Tucson, AZ
Article from Tucson Citizen, August 17, 1931

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FOUR OHIO BANKS CLOSE THEIR DOORS TOLEDO, Ohio, Aug. 17. (AP). Four Toledo bank with combined resources of more than $100,000,000 failed open for business this mornwhile 11 saving associations payments of deposits during the present financial In accordance with the request of directors of the four institutions, the state department prepared to take over affairs to conserve assets in the face of previous steady withdrawals by depositors. City police and detectives, acting under orders of Police Chief Louis Haas, patroled the banking districts in preparation for any public emergency. More than 100 rural bankers of who met yesterday with Superintendent of Banks Ira Fulton and Charles Saf fin. attorney for the state department, had their assurance of co-operation by state authorities in meeting local The closing ties up for an indefinite period more than of deposits. The Trust company when it closed had about of the Ohio Savings Bank and Trust company almost Commercial Savings Bank and Trust company Guardian Trust and Savings Bank

8. August 17, 1931 The Iola Register Iola, KS
Article from The Iola Register, August 17, 1931

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Hundred Million in posits Tied Up In City Toledo, Ohio, Aug. 17. Four Toledo banks with combined resources of more than failed open for business this morning, while eleven savings associations ceased payments of deposduring present financial situation. accordance with the request directors the four institutions, state banking department their affairs conserve assets in the face of vious steady withdrawals by depositors. City police and detectives. acting under orders Police Chief Louis Haas. patroled the districts any public The action of directors ties for an indefinite period more than of deposits. The Security Home Trust company when closed had about deposits; Ohio Savings Bank Trust company almost Commercial Savings Bank Trust company and Commerce Guardian Trust Savings Bank There disorders when banks affected by the closings opened here There crowds. the banks. Neb., Aug. banks today failed open their business and both Bryan secretary the state trade and merce, said the closings were the result recent bank suspensions Omaha. The six banks with total deposits the State Bank Dale: Dwight State Bank of Dwight; Brinard State Bank Brinard: Bruno State Bank the Butler County Bank of Davis and the Leigh State Bank Leigh.

9. August 17, 1931 The Lima News Lima, OH
Article from The Lima News, August 17, 1931

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TOLEDO BANKS CLOSE DOORS TO PROTECT ASSETS O., Aug. Toledo banks with bined resources of more than decided to open this morning, while 11 savings associations ceased payments temporarily. In accordance with the request directors the Institutions, state banking department prepared to talk their affairs conserve assets. Late Saturday directors closing the Commerce Trust and Savings bank, the Ohio Savings bank and Trust Co. and the CommerSavings Bank and Trust Co. directors the fourth institution, the American bank, said would forced to close its doors also because reserves were tied up two of the banks suspending While no direct could be had definitely from affected local or banking authorities, was indicated that relative reorganibe started within week or ten days.

10. August 17, 1931 The Fresno Bee Fresno, CA
Article from The Fresno Bee, August 17, 1931

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Oranges Higher In Spots While Lemons Are Easier LOS ANGELES. Aug. 17.-(P)-California oranges were higher in spots and lemons were easier to lower on eastern and middlewestern fruit auction centers to-day, early reports indicated Carlot of citrus fruits for the United States by the govreports from Financial Notes 15th: Southern SAN FRANCISCO, Aug. 17.-(P) California crude oil production was estimated by the California Oil World to-day at 513,000 barrels South daily for last week's average This was an increase of 7,100 barrels daily over the preceding week's estimate. The corresponding week of 1930 was 105,950 barrels daily higher than last week. Carlot California State Park 4 per cent bonds totaling 376,000 will be sold Covina September 4th The first block of $194 will mature 2nd 1948 and the remaining $182,000 year later. Receipts for 1,455 California hotels having twenty-five or more guest rooms amounted to about $92,000,000 in 1929, the census bureau reported turning from two months' trip to Europe, Hubert Parson, president of W. Woolworth Co. said he business conditions abroad especially in France Seal showed some improvement. NEW ORLEANS UTURES Aggregate net income for the (By Press) first half this year reported by 335 NEW ypical industrial declines 24 amounts to $329,095,000 a 48 per cent decline from the $631,733,000 reported by the same companies in the corresponding period last year survey by Standard Statistics Company says The Federal Reserve Bank of DALLAS COTTON SEED OIL Paula New York has received $1,365,000 in SEED gold from Mexico. 17.-COTTON United Air Lines Show NEW ORLEANS SPOT COTTON Sunkist Press) mont NEW Spot 33 Pct. Gain In Travel middling CHICAGO Aug. The United Air Lines Companies Boe4 Banks Close In Ohio; ing National and Pacific Transport and Varney Air Lines, report6 In Nebraska; Loan ed to-day they had carried 33 per cent revenue passengers in Associations Shut Down July than in United Air Lines is the operTOLEDO (Ohio), Aug. ating subsidiary of the United Air Four Toledo banks with combined Craft and Transport Corporation of more than 000 Valencias Their machines flew in excess of failed to open for business this 1,000,000 miles in July, and carried morning, while savings asso- 6,215 ciations ceased payments of New York to Chicago and Dallas, posits during the present financial Chicago to San Salt Lake City to Seattle and Seattle to In accordance with the request San Diego of the four institu tions, the state banking depart LIVESTOCK MARKETS ment to take their affairs to assets in the BAY LIVESTOCK face of previous steady withdraw Press) els by Late Saturday, directors an nounced closing of the Guardian Trust and Savings Bank the Ohio Savings Bank and Trust Company and the Commercial Sav ing Bank and Trust Company Yesterday in the wake of these came word from directors of the fourth institution the American Bank, a state bank that It would be forced to close its doors also because its reserves were tied up in two of the banks NEBRASKA BANKS CLOSE Aug. Six small Nebraska State Banks failed to to-day. Governor Charles W. Bryan said the closIngs were the result of recent bank in Omaha. They were CHIC LIVESTOCK the First State Bank of Pleasant State Bank of Brainard State Bank Brainard, the Bruno State Bank of Bruno, the Butler County Bank Davis and the Leigh State Bank Leigh Loans On Securities Cut Down By Five Millions Loans on securities dropped $5 000,000 last week the federal reserve bank of San Francisco reported for welfth district. The LOS ANGELES LIVESTOCK D. total loans in fifty banks reportIng weekly from eight leading cities in the seven far western states declined to $310,000,000 on securities collateral. Net demand deposits were up $4,000,000 while time were down that amount The time posits totaled $1.028 and the demand deposits $732,000,000. Lemon

11. August 18, 1931 The Times Hammond, IN
Article from The Times, August 18, 1931

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$11,000,000 QUIETENS THE DEPOSITORS of from the Cleveland was credited today with confidence in stability of Toledo's four banks which were yesterby the closing of four brother Officials the four solvent banks advised depositors that anyone wanted his money could come and get The statement resulted in the of many withdrawn acexpression of the Federal bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank Trust company, the Commerce Guardian Trust and Savings company, the Commercial Savings Bank and Trust company and the American bank, which of approximately $100,000,000.

12. August 18, 1931 Evansville Press Evansville, IN
Article from Evansville Press, August 18, 1931

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TOLEDO BANKS GET AID TO STOP RUNS Cleveland Federal Reserve Sends $11,000,000 By United Press TOLEDO. O., Aug. 18.-Arrival of $11,000,000 from the Cleveland Federal Reserve Bank was credited today restoring confidence in the stability Toledo's four remaining banks which were threatened with heavy runs yesterday the closing of four brother institutions. Officials of the four solvent banks advised depositors that anyone who wanted his could come and get The statement resulted in the return of many withdrawn accounts. As expression of confidence. the Federal Reserve Bank sent to the four banks late yesterday. Meanwhile staff of 60 state six federal examiners continued mammoth task of liquidating the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings Company, the Commercial Savings Bank Trust Company, and the American Bank, which suspended with combined resources of approximately $100,000,000. Banks Toledo's trade area were reported in good condition today.

13. December 18, 1931 The News-Messenger Fremont, OH
Article from The News-Messenger, December 18, 1931

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PAY DIVIDENDS FOR CHRISTMAS TOLEDO, Dec. the way for the distribution of $6,500,000 depositors of three closed Toledo banks before Christmas, Common Pleas Judge Martin today approved the plans for dividend payments arranged by banking officials, per cent dividend payment be made the Commercial Savings Bank Trust Company, and cent dividends paid by the Ohio Savings Bank Trust Company, the Home Trust Company, it anPayment of the dividends by the three closed banks, which recently abandoned plans for consolidating single institution because support from begin next