Lowell Bank - Lowell, MA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 15, 1931
Location: Lowell, Massachusetts (42.633, -71.316)

Metadata

Model: gpt-5-mini
Short Digest: 93ad6db2b3a9ab87

Response Measures

None

Description

Article (Dec 15, 1931) lists the Lowell among nine Boston-area institutions closed after runs on the Federal National Bank of Boston, with state officials planning speedy reopening. The Lowell is listed as closed due to its affiliation with the Federal National Bank; the governor and bank commissioner expected re-opening.

Events (1)

1. December 15, 1931 Suspension

Cause: Correspondent
Cause Details: Closed as an affiliated/associated institution when runs hit the Federal National Bank of Boston and its branches; closures of affiliated banks followed the Federal's runs and request that the comptroller take charge.
Newspaper Excerpt: Nine Boston institutions ... were closed today. The list included ... the Lowell, $4,000,000. ... The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday
Source: newspapers

Newspaper Articles (1)

1. December 15, 1931 The Chico Enterprise Chico, CA

Article from The Chico Enterprise, December 15, 1931

Click image to open full size in new tab

Article Text

Institutions BOSTON, Dec. Nine Boston institutions with aggregate deposits, according to the last statements, of $58,700,000 were closed today. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of Boston which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and its branches yesterday, had deposits, on September 29, of $28,235,238. The other banks and their latest available statements of deposits were: The Middlesex National Bank, tional Bank, Lynn, $2,013,565; the Lowell, $4,000,000; the State NaGlouchester National. $1,600,000, the Bancroft Trust company, Worcester, $5,876,474; The Lawence Trust company, Lawrence, $9,555,926; the Inman Trust company, Cambridge, $3,808,412; the Brockton Trust company, Brocton, $1,508,753; the Salem Trust company, Salem, $2,115,530. To Reopen Soon. Governor Joseph B. Ely. in statement from his home in Westfield, said that with proper measures, plan for the speedy re-opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. President Daniel C. Mulloney on the Federal National Bank Expressed the opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.