Gary Trust & Savings Bank

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: savings bank
Start Date: June 29, 1931
Location: Gary, Indiana (41.593, -87.346)

Metadata

Model: gpt-5-mini
Short Digest: f126cf81

Response Measures

Full suspension

Other: Bank closed and started reorganization plans; president stated depositors would be paid in full.

Description

Article (AP, June 30, 1931) reports the Gary Trust & Savings Bank 'closed yesterday' after withdrawals of almost $500,000 and 'started reorganization plans.' It links heavy withdrawals (a run) to the suspension but gives no information about reopening or permanent closure, so outcome is unsure.

Events (2)

1. June 29, 1931 Run

Cause Details: Heavy withdrawals (loss of depositor confidence) mounting to almost $500,000 prompted the run.
Measures: Bank closed its doors to 'protect' depositors and began reorganization plans.
Newspaper Excerpt: doors were shut to protect them after withdrawals mounted to almost $500,000.
Source: newspapers

2. June 29, 1931 Suspension

Cause Details: Bank closed (suspended) following heavy withdrawals; closure presented as protective and for reorganization.
Newspaper Excerpt: GARY Trust & Savings bank closed yesterday and started reorganization plans.
Source: newspapers

Newspaper Articles (1)

1. June 30, 1931 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, June 30, 1931

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Article Text

BUSINESS OF GARY BANK SUSPENDED (By Associated Press) GARY, Ind., June 30-The Gary Trust & Savings bank closed yesterday and started reorganization plans. Harry Arnold, president. said that depositors would be paid in full, and that the doors were shut to protect them after withdrawals mounted to almost $500,000.