American Bank (Toledo, OH)

Episode Information

Episode UID
56002571580
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
5600257 routing
Routing Number
56-0025
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
19ee7b501e6b5fdd

Response Measures

None

Description

State Banking Department took charge and examiners were liquidating the institution.

Events (1)
1. August 17, 1931 Suspension
Cause
Government Action
Cause Details
State Banking Department prepared to take over affairs and examiners began liquidation after the bank failed to open and reserves were tied up in other suspended banks.
Newspaper Excerpt
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 suspending operations.
Source
newspapers

Newspaper Articles (13)
1. 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)

2. August 17, 1931 The Cleveland Press Cleveland, OH
Article from The Cleveland Press, August 17, 1931

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FOUR BANKS CLOSE DOORS IN TOLEDO TODAY Associations Also Shut Off, With- drawals Service Aug. major and failed open for business this morning. Groups of depositors surrounded the formal notices posted by the on the doors of the closed banks and pressed eagerly to read the The closed banks are the Ohio Savings Bank Trust Co., the Commerce Guardian Trust Savings the Bank Bank. Their resources total ican more than $100,000,000 they carry more than 150,000 accounts. The banks, the Toledo Trust the First National Bank, the Spitzer Trust & Savings Co. and the West Toledo National Bank, were open for business and were heavy prepared withdrawals, should they be made. Shut Off Withdrawals In addition to the four closed banks, the of precipitated when the Security Trust Co. closed its doors here June 17, the loan associations of the city issued statement anthey would permit further of deposits until the situation cleared. The Morris Plan Bank and the Industrial Bank were unaffected by the situation. The Ohio, Commerce Guardian and Commercial banks were closed their directorates at special night, which followed of in attempt to merge the three instiWhen it became these could not be before the expiration of the 60-day notification period, placed upon withdrawals following closing the Security Home Trust Co., June banks. The American Bank closed its doors because clears thru the Ohio Bank and its reserve was the Commercial Bank. Push Merger Effort Closing the banks, is believed, will expedite between the Ohio, Commerce Guardian and Commercial for merger and these with possible vigor, was said. Closing of the three larger banks was was explained by assets well to permit reorganization plans to uninterruted by heavy run that was expected when the period for withdrawing deposits of the Security Home Trust Co., heavy made on all other banks in the city was avoided that time was by voking 60-day ban on withdrawals. Recruits Staff of 100 Ira Fulton, state dent banks, is in charge of all four He recruited staff of about 100 Fulton said that altho the banks are in of liquidation, he would any feasible plan for or With deposits totaling about $80,000,000. directors were emphatic in their declaration that, under normal conditions, the banks solvent and could have payment long depositors demanded their money. But hysteria which followed the closing of the Security bank precipitated run that has abated and several millions dollars in deposits have been withdrawn in the last few weeks. the same time frozen loans and aswhile good, have hampered moves to obtain cash. Metamora Bank Closes O., Aug Home Savings Bank, only Metamora bank, closed this morning and the State Bank Department asked to take charge. Metamora suburb of Toledo. President H. Treadway asked the state take charge after closing of the Ohio Savings Bank Trust Co., Toledo, in which the Metamora bank had many of its curities. The bank had about 1500 depositors and assets of $600,000. had been in business for the last 30 years.

3. August 17, 1931 Quad-City Times Davenport, IA
Article from Quad-City Times, August 17, 1931

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Four Banks Are Closed Toledo $110,000,000; Police Prepare for Emergency. Toledo, Aug. Toledo banks with combined resources of more than failed to open for business this morning, while 11 savings associations ceased payments of deposits during the present financial situation. In accordance with the request of directors the four institutions, the state banking department prepared to take over their affairs conserve assets in the face of previous steady withdrawals by positors. City police and detectives troled the banking districts in preparation for any public emergency Meanwhile, there was pending meeting between Mayor W. son and Adjutant General Frank Henderson, Columbus, commanding the Ohio National guard. Late Saturday, directors an nounced closing of the Commerce Guardian Trust and Savings bank, the Ohio Savings Bank and Trust company and the Commercial Sav ings Bank Trust company. Expect to Yesterday, in the wake of these 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 sus pending operations. It was indicated that conferences relative to reorganization may be started within ten days. Six Close in Nebraska. Lincoln, Neb., Aug. Six Nebraska state banks today failed open their doors for business and both Gov. Charles Bryan and E. H. Luikart, secretary of the state department of trade and commerce, said the closings the result of recent bank sus. pensions in Omaha. Killed by Lightning. H. Broman, 35, of Corydon, was killed afternoon by lightning as he got out of his car to examine damage done in minor accident on highway south Roggan. His wife and small child were uninjured.

4. 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

5. 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.

6. August 17, 1931 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, August 17, 1931

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CLOSINGS CAUSE CONFUSION THAT DISTRICT Toledo, Aug. Toledo with combined sources of more than $100,000,000 failed open for business this morning, while saving sociations ceased payments posits during the present financial situation. In accordance with the request directors the four institutions, the state banking department pared take over their affairs to conserve assets the face of vious steady withdrawals by deposMore than 100 rural bankers Ohio, who met terday with State Charles Saffin, for state partment, had their assurance of cooperation by state authorities meeting local Saturday Late directors nounced closing of the Commerce Trust and Savings Bank, Ohio Savings Bank and Company and Commercial Bank Trust Company the wake these came word from directors fourth institution, the American Bank, state bank, that would be forced close because two the banks pending operations. It indicated conferences ative reorganization may be started within week ten days. Ties Up Large Amount. The action directors ties up period than The SecurTrust company, fifth bank which closed had about $20,000,000 deposits: the Savings Bank Trust company Commercial Savings Bank and company and the Trust and Savbank National bank, the fedo Trust company, the bank and the West usual today. The Morris bank and the Industrial bank, two special plan banks, open. There were no disorders when banks affected by the closings opened here today. There large crowds a: the banks. Twelve Close Akron. Akron, Aug. building and loan associations Akron and Falls today served their depositors with notice suspension withdrawals. companies involved deposits of $26,000,000. Albright. secretary of the largest. said step taken for purpose the no question insolvency and the suspension payments merely temporary." Nebraska Has Flurry. Lincoln, Neh., Aug. small Nebraska state banks failed open for business today. Gov. Charles Bryan and Lulkart, the state trade the were the result recent bank suspensions in Omaha. The six banks had total deposits approximately $1,180,000. They were the First State Bank Pleasant Dale: the Bank Dwight; the Brainard State Bank of Brainard; the Bruno State Bank of Bruno; the County Bank Davis City, and the Leigh State Bank of Leigh.

7. August 17, 1931 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, August 17, 1931

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Four More Banks at Toledo Close Doors As Result Of Panic TOLEDO, O., Aug. Toledo of failed open for business this associations deposits during the present financial accordance with the request directors four institutions, the State Banking Department prepared take over affairs to conserve assets the face of svious steady by police and acting under orders Police Chief Louis Haas, patrolled the banking districts in preparation for any public emergency Meanwhile, there was pending meeting between Mayor Jackand Adjutant General Frank Henderson, commanding the Ohio National Guard. Last night SafeD. Black Col. Golson Light, the 148th National Guard. More rural bankers of who met yesterday of Banks Ira Charles Saffor the State Department, had their cooperation authorities in meeting local Late directors announcclosing the GuardiTrust and Bank, the Ohio Savings Trust Company and the Savings Bank and Trust Company. Yesterday, the wake of these came word from rectors of the feurth institution, the American Bank. state bank, that would be forced to close its doors its reserves tied up of the banks suspending operations. was indicated that conferences relative may be started within week or ten days.

8. August 17, 1931 St. Albans Daily Messenger St. Albans, VT
Article from St. Albans Daily Messenger, August 17, 1931

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FOUR BANKS IN TOLEDO CLOSED Eleven Savings Asscciations Cease Payments of Deposits During Financial Crisis TOLEDO, O. Aug. 17-(P)-Four Toledo banks with combined resources of more than $100,000,000 failed to open for business this morning and eleven saving associations ceased payments of deposits during the present financial situation. 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 withdrawals of depositors City police and detectives, acting under orders of Police Chief Louis Haas, patrolled the banking districts in preparation for any public emergency. 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, a state bank, that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operations.

9. 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

10. August 17, 1931 The Urbana Daily Citizen Urbana, OH
Article from The Urbana Daily Citizen, August 17, 1931

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LIQUIDATIONS BANKS BEGIN National Banks in No List Are Affected. United Press TOLEDO. Aug. maToledo banks and their 34 branches failed to open for busiMonday morning. Every available policeman in the city on duty. but there had been no disorders reported at Groups of people surrounded the doors the banks where formal notices of closing were posted. The banks closed the Ohio Savings and Trust Co., the Commerce Guardian Trust and Savings bank, the Commercial Savings Bank and Trust Co., and the Amerbank The resources of the four institutions given today folThe Ohio Savings Bank Trust Co., according to their last statement June The Commercial Bank. Commerce Guardian Trust Savings Bank, and The American Bank, None the banks closed was national bank Halt Withdrawals The eleven building loan cieties here announced, simultaneously with the closing of the banking institutions, that they would permit no withdrawals until the present situation has cleared. At one of the branch banks threw milk bottle through the window after he had hurriedly scanned the formal closing notice. the only evidence of violence. The Morris Plan Bank and the Industrial bank unaffected by the situation. Planned Merger The Ohio. Commerce Guardian and Commercial banks were closed by their directors special meetings Saturday night, which followed weeks of negotiations the banks in an attempt merge the three institutions. When came apparent these negotiations could not be completed fore the expiration of the 60-day no tification period, placed upon with drawals following closing of the Security Home Trust June decided to close the three banks. The American Bank closed its doors because clears through the Ohio bank and its reserve was the Commercial bank. Closing banks, is believed. will negotiations between the Ohio, Commerce Guardian and Commercial for merger and these negotiations will be pressed with all possible vigor, was said. Conserve Assets Closing the three larger banks ordered, was explained by officers, to conserve assets well permit reorganization plans to continue uninterrupted by heavy run that was pected Tuesday when the 60-day period for deposits pired. Ira Fulton. state superintendent of banks, in charge of all four institutions. He recruited staff of about 100 men over the This corps met Sunday Fulton and assigned duty in the various banks and branches. The men will work connection with the regular staffs of all the closed banks until assets been checked and liquida tion routine has been established. Fulton said that although the banks now in process of liquidation, he not only would approve any feasible plan for merger reorganization, would assist in every consistent with the pol icy of his department to alleviate the situation and restore Toledo's financial structure to normal basis. Directors were emphatic in their declaration that, under normal con ditions. all the banks were solvent and could have continued payment as long depositors demanded their money Hysteria, which fol lowed the closing of the Security bank, precipitated run that has not abated. Neb., Aug. state banks having deposits esti mated an aggregae of $1,120,000 voluntarily closed their doors to The closures according to Governor Charles W Bryan spoke for the state banking department result "of the closing of the Union State Bank of Omaha

11. August 18, 1931 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, August 18, 1931

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FEDERAL MONEY SAVES BANKS Confidence at Toledo Restored to Depositors. TOLEDO, Aug. from the Cleveland Reserve Bank was credited day with restoring in the stability of Toledo's four remaining banks which threatened with runs yesterday by closing four Officials of the four solvent banks advised that anyone who wanted his money could come and resulted in return of many withdrawn counts. Liquidate Banks. an of confidence, Reserve Bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal their task liquidating the Ohio Bank and Trust the Trust and Savings Company, the Bank and Trust Company, and the American Bank, which with sources approximately Banks Toledo's trade area were reported good condition today.

12. 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.

13. August 18, 1931 The News-Herald Franklin, PA
Article from The News-Herald, August 18, 1931

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RESTORED BANKS OF Arrival of $11,000,000 From Cleveland Federal Reserve Eases Situation After 4 Close. $11,000,000 from the Cleveland eral Reserve Bank was credited today with restoring confidence in the stability Toledo's four banks which were with heavy runs yesterday by the closing of four brother Officials of the four solvent banks advised they were in cure position meet any demands and that every depositor who wanted his money could come and get it. The statement resulted the return many withdrawn accounts. Horton Rorick president of the Rorick Trust and Savings Bank, reported ceipt many new accounts with withdrawals exceeding deposits by only slight margin. Meanwhile staff of 60 state and six Federal examiners continued their mammoth task of liquidating the Savings Band and Trust Company, the Commerce Guardian Trust and ings the Commercial Savings Bank and Trust Company, and the American Bank. which with combined of approximately $100,000,000. Banks in Toledo's trade area were reported in good condition today.