7105. Greenfield Savings Bank (Greenfield, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
February 1, 1909*
Location
Greenfield, Massachusetts (42.588, -72.600)

Metadata

Model
gpt-5-mini
Short Digest
86b91e4328356bf2

Response Measures

None

Description

Bank was closed by the Massachusetts Savings Bank Commissioner in February 1909 due to unprofitable/irregular investments by the prior investment committee; remained closed while a suit was pending and then reopened April 1, 1913 with full payment to depositors and dividends. No run is described in the articles.

Events (2)
1. February 1, 1909* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by the savings bank commissioner after alleged poor/unprofitable investments and irregularities by the prior investment committee; a suit against the investment committee was pending.
Newspaper Excerpt
The Savings bank commissioner closed the bank in February, 1909.
Source
newspapers
2. April 1, 1913 Reopening
Newspaper Excerpt
The Greenfield Savings Bank ... was reopened today for business. Notice has been given that the depositors will receive the full amount of their principal on deposit, together with a three per cent. dividend and interest since last November.
Source
newspapers

Newspaper Articles (6)
1. September 27, 1912 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, September 27, 1912

Click image to open full size in new tab

Article Text

MASSACHUSETTS NOTES. Depositors in the Greenfield Savings bank will be interested to know that the bank, which suspended three years and six months ago, has assets enough to pay every dollar of its indebtedness, besides a surplus. Bank Commissioner Thorndike told the trustees Friday that he could not consent to a full resumption of business until the termination of the suit brought by his predecessor against the investment committee, but he recommended that within a short time the trustees allow interest to the depositors.

2. December 10, 1912 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 10, 1912

Click image to open full size in new tab

Article Text

PLENTY OF FUNDS But Greenfield, Mass., Bank Cannot Resume Till Suit Is Settled. Greenfield, Mass., Dec. 9.-An unique situation in the banking situation of Massachusetts was shown, today, at the annual meeting of the Greenfield Savings Bank, which has been closed since February, 1909, Bank Commissioner Augustus G. Thorndike announced that although every cent of the bank's $2,838,075 liabilities to depositors was covered by good assets, and there was a surplus of $106,924, the bank could not be opened nor could its 7000 depositors be paid. This condition of affairs is due to the fact that the bank has a suit pending against the Board of Investment, which was in office when it was closed and whose alleged poor investments and irregularities brought about the suspension. The bank commissioner said the laws of Massachusetts would not allow the re-opening of the bank until the suit was disposed of. He announced his intention of asking the in-coming Legislature to amend the present statutes So that a re-ppening might be possible.

3. March 31, 1913 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, March 31, 1913

Click image to open full size in new tab

Article Text

Bank Open Again. GREENFIELD, Mass., March 31.After having been closed for four years the Greenfield Savings bank is to open its doors tomorrow. The depositors have been notified and all who wish to may draw out the full amount of their deposits, together with a 3 per cent. dividend and interest since last November. The Savings bank commissioner closed the bank in February, 1909. The assets now amount to $3,055,497 and the deposits, $2,838,075.

4. April 1, 1913 The Evening Times Grand Forks, ND
Article from The Evening Times, April 1, 1913

Click image to open full size in new tab

Article Text

SAVINGS BANK REOPENS. Greenfield, Mass., April 1.-The Greenfield Savings Bank. which was closed by order of the savings bank commissioner more than four years ago, was reopened today for business. Notice has been given that the depositors will receive the full amount of their principal on deposit. togethed with a three per cent dividend and interest since last November. The suspension of the bank was caused by unprofitable loans.

5. April 1, 1913 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, April 1, 1913

Click image to open full size in new tab

Article Text

SAVINGS BANK REOPENS. Greenfield, Mass., April The Greenfield Savings Bank, which was closed by order of the savings bank commissioner more than four years ago, was re-opened today for business. Notice has been given that the depositors will receive the full amount of their principal on deposit, together with a three per cent. dividend and The interest since last November. suspension of the bank was caused by unprofitable loans.

6. April 2, 1913 Amarillo Daily News Amarillo, TX
Article from Amarillo Daily News, April 2, 1913

Click image to open full size in new tab

Article Text

Savings Bank Re-Opens GREENFIELD, Mass., April 1.The Greenfield Savings Bank, which was closed by order of the savings bank commissioner more than four years ago, was reopened today for business. Notice has been given that the depositors will receive the full amount of their principal on deposit together with three per cent dividend and interest since last November. The suspension of the bank was caused by unprofitable loans.