Central Savings Bank & Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: November 17, 1930
Location: Covington, Kentucky (39.084, -84.509)

Metadata

Model: gpt-5-mini
Short Digest: 5594fb53

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Newspaper articles (dated 1930-11-19) report short runs/withdrawals at the Central Savings Bank & Trust Co. (and People's Liberty Bank Trust Co.) on Monday and Tuesday (11/17-11/18/1930) triggered by baseless/false rumors. Cincinnati capitalists purchased stock and Cincinnati banks/armored cars brought support; deposits were redeposited and the banks remained open. No suspension or receivership is mentioned.

Events (1)

1. November 17, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Baseless/false rumors circulated in Covington that triggered withdrawals over Monday-Tuesday; described as 'false rumors' and 'hysteria' in the press.
Measures: Cincinnati capitalists purchased the stock of the local banks; First National Bank of Cincinnati and other Cincinnati bankers promised support; armored (cars) from Cincinnati brought funds and demands were promptly met; public statements that depositors would not lose interest.
Newspaper Excerpt: Money taken out Monday and Tuesday being returned ... Cincinnati capitalists stepped into the picture and purchased all stock ... Depositors began returning their money.
Source: newspapers

Newspaper Articles (6)

1. November 19, 1930 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, November 19, 1930

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Article Text

CONTROL ACQUIRED. Stocks Of Two Covington Banks Repurchased From Stocks of the People's Liberty Bank Trust The Central Savings Trust Covingpurchased from the yesterday ure of relationship tween the banks the holding company. purchases were made Cincinnati capital, thus restoring control the banks to the Cincinnati metropolitan district. In addition acquisition control of the banks, ment made First tional Bank Cincinnati, that would render full assistance Covington banks occasion manded These served allay public unrest Covington depositors had arisen connection these banks difficulties which the institutions holding company, were surrounded, ton and this led and When the banks opened for busidepositors began funds in greater amounts usual both institutions unrest during quickly subsided when the official banks issued Depositors their money morning began such would not lose their interest because of their temporary When the runs armored from Cincinnati brought proximately to the ton banks and demands were met promptly by the officers of the stitutions. Officials of the banks declared that institutions thoroughly and attributed the alarm the depositors the Louisville Covington Board of Education adopted resolution the People's Liberty Bank, which the had the issue $193,324 the school and the fund other bond after the bank and Attorney the the board the financial status the bank Covington merchants and positors dence banks during excitement and did much to restore

2. November 19, 1930 The Cincinnati Enquirer Cincinnati, OH

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Article Text

ACQUIRED. Stocks Of Two Covington Banks Repurchased From Stocks of the People's Liberty Bank Trust Co. The Central Savings Bank Trust Covingpurchased from the yesterday the tween the banks and the holding The made capital, thus restoring control the banks the Cincinnati district. addition acquisition of control the made First National Bank Cincinnati, that would assistance the Covington banks occasion manded These announcements served allay public unrest among Covington depositors arisen because of connection banks difficulties which institutions by the holding company, were surrounded, served Covingand led number and much When the banks opened for busidepositors began their funds amounts usual both institutions during day, quickly when the official regarding the banks issued Depositors had their money in the morning began deposit and banks announced that such not lose their because of their temporary withdrawals. When the runs developed, armored from Cincinnati brought proximately the Covington banks demands met promptly by the officers of the stitutions. Officials the banks that institutions and the alarm the the situation. Board Education yesterday adopted pressing the Liberty Bank, the board had the bond issue of the school Covington, $50,106 the fund for bond issues, after Wilson. the bank. and Attorney Maurice the the board the financial status the Covington merchants large positors expressed complete dence banks excitement and did much to restore

3. November 19, 1930 The Kentucky Post Covington, KY

Article from The Kentucky Post, November 19, 1930

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Article Text

CONFIDENCE IS RESTORED BY STOCK SALE Money Taken Out Monday and Tuesday Being Returned INTEREST WILL BE PAID Depositors Not to Lose Any- thing Thru Withdrawals The last flurry of the Covington was pass since the spread Kentucky extra capitalists stepped the picture and purchased all owned the Trust Co. the Savings Bank & Trust Co., both Covington While the first National Bank of Cincinnati eral thousands of dollars banks, the touch the reserve the first run, were position handle any situation might arise Uneasingss Abated False rumors in circulation thruout when Davis Rowe of the National Bank stepped the two Covington institutions. much was abated and return money which withdrawn more money being deposited than withdrawn. So the banks the situation both the Peoples Central advertising that the banks tect depositors withdrew money and that no interest will be thru the withdrawal To Pay Interest This being issued Covington banks involved that Cincinnati capitalmerly held Bank Trust Co the Central Savings Bank Trust Co. Covington, statement that National Bank give support has great number accounts withdrawn during the excitement of Bank & Trust the Central Savings Bank Trust the Covington have loyally behind them have withdrawn under and because be ned back into will grateful for your continued support "THE BANK TRUST CENTRAL SAVINGS BANK TRUST Bank Statement This statement was carried The Post afternoon the Bank Trust and the Central Savings Bank Trust Covington Cincinnati capitalists have purchased stock owned the Covington banks BancoKentucky following the procedure taken in by the ClearHouse which the Banco stock Brighton and also made that the First National Bank Cincinhas advised Bank Trust Central Savings Bank Trust Co., give assistance both banks, should Thomas Davis and John in regard to the Covington banks.' Several times during Tuesday faced the necessary times made to the depositors who banking house. while their checks were Senator Robert Simmons plored the keep cool, stating the money which that there nothing Others the Kentucky Post extra people know banking terests stepped to protect the situation. At the Central Bank three women fainted and Post extra reached the scene that stand hind the Kentucky banks and that there was outside banking disturbances ESTATE LEFT TO CHILDREN Will of Mrs. Elsie Agricola, DayJudge Conrad Matz in Campbell County Court. household goods jewelry her daughter. she leaves the resithe estate divided Anna among Mary Koehler. son. Wil- RIVER WORK PROGRESSING Kratz, manager Covcleaning the front was crew city workers been put work and rubclean along front. Additional Kentucky News on Page 14, Second Section

4. November 19, 1930 The Kentucky Post Covington, KY

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CONFIDENCE RESTORED The on the PeoplesLiberty Bank Trust Central Savings Bank Trust of Covington as suddenly started. Wednesday morning banks opened normal and money which withdrawn Monday and Tuesday was being redeposited. Both banks announced that had withtheir under the the hysteria which for two days would not lose their interest the money redeposited. restoration public remarkable. within few minutes after The Post the banks with the that Cincinnati talists an terest the two the people began leave banks returned to their homes there to no banking trouthat officials the First National Bank Cincinnati stepped picture when they did was glowing tribute to the solidity the banking institutions under fire. Board special meetthe Bank Trust Co., where Education funds are on posit, vote confidence The American Legion also passed giving the Bank vote of confidence.

5. November 19, 1930 The Kentucky Post Covington, KY

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Article Text

ROMANCE SEEN SATISFIED Story of the Deal Which Killed Off Fear WILSON MOVED QUICKLY Cincinnati Bankers Convinced of Strength of Institutions When Cincinnati capitalists stepped in and purchased the stock of BancoKentucky in the Peoples Liberty the Central Savings banks brought with them the support the First National Bank was great tribute the strength of Covingof deal will local false were their create panic where small runs continued thruout the Neither bank was in distress since both are manthat there little difficulty the the securities the First National Bank of Cinsupplying money large one but became necesbring the people some assurance that the run would not Why Not Kentucky When the Clearing stock held both the Pearl and Brighton this natur- Marpeople wonder why same thing not done northern reason for so doing was that the Cincinnati House no authority to out of go the With this into the Peoples- and the Central Savings Banks sible financial of the arranged conference John First Natonal Bank the the found bring First National would support the bank Quick Work Here The meeting called at and within for the transfer of the had been summated holdings Banco both the the Central turned over the capitalists the and and signed and The Kentucky with which the people Covington that no matter happened their money was The fact that the Cincinnati peothe midst "run" and that anything would have happened have been liable for double indemnity the possible tribute the strength Covington banks Covington banks stood pat thruthe day. and officers banks involved the run suggested people trying to deposits they the money taken PeoplesLiberty and Central Banks, which and to meet any and all

6. November 20, 1930 The Kentucky Post Covington, KY

Article from The Kentucky Post, November 20, 1930

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Article Text

SORRY for Couple Apologize Money Because of the circulation baseless rumors on streets concerning and trust companies statute fixing against those transmit false The infines from to from 100 jail, both fine and imTwo Covington banks, the Central Savings, victims such rumors Monday and Tuesthe being both small Thursday were back with many redepositing cash they withdrew excitement letter received and Stall, 301 Covington. apologize thousand times for hastiness and the small balour savings started that and the run on the the language enough name them. are one those kind likes to people things than can