7267. Bancroft Trust Company (Worcester, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
December 15, 1931
Location
Worcester, Massachusetts (42.263, -71.802)

Metadata

Model
gpt-5-mini
Short Digest
f1240a4bde2cc4f0

Response Measures

None

Description

Articles (Dec 15–16, 1931) report the Bancroft Trust Co. (Worcester) was taken into possession by the Massachusetts Bank Commissioner after the parent/affiliate Federal National Bank of Boston experienced runs and was closed/taken by the Comptroller. The reports describe the trust company's affairs being taken over to conserve assets and protect depositors; there is no clear description of an independent run at Bancroft, and the action appears to be a suspension/assumption by authorities tied to the failure of its correspondent/parent.

Events (1)
1. December 15, 1931 Suspension
Cause
Correspondent
Cause Details
Taken possession by State Bank Commissioner because Bancroft Trust Co. was affiliated with and controlled by the Federal National Bank of Boston, which closed after runs; commissioner took charge to conserve assets and protect depositors.
Newspaper Excerpt
the affairs of the bank taken over by William E. Day the State Bank ... The affairs of the bank taken over by the Bank Commissioner
Source
newspapers

Newspaper Articles (15)
1. December 15, 1931 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 15, 1931

Click image to open full size in new tab

Article Text

NATIONAL BOSTON AND AFFILIATES Aggregate Deposits of ConAffected cerns 000, According to Their Latest Statements. By the Associated Press.. BOSTON, Dec. Massachusetts banking houses with aggregate deposits of cording to their latest statements, were closed today. The list includes four National banks and five State banks. The central figure the Federal National Bank of which has five city branches and with which all the the other banks closed were affiliated. The Federal National Bank, whose directors voted to ask thhe Comptroller of Currency to take charge after runs at the bank and its branches yesterday, had deposits, Sept. 29, of $28,235,238. The other banks and their latest available statements of deposits follow: Middlesex National Bank, Lowell, State National Bank, Lynn, $2,013,565; Gloucester National Bank, Bancroft Trust Co., Worcester, $5,876,474; Lawrence Trust Co., Lawrence, Inman Trust Co., Cambridge, $3,Brockton Trust Co., Brockton, Salem Trust Co., Salem. $2,115,530. Gov. Ely, in statement, said that with proper measures, plan for the speedy reopening of the institutions could be arranged and further said had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Three savings banks in East Boston and South Boston experienced small runs today. They are independent of the group affected by today's closings and officers sought to assure depositors that their funds were President Daniel Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources. depositors in his bank would receive 100 cents the dollar. The Federal National member of the Boston Clearing House. It held State deposits of $729,889. National Bank at Marion, O., Closed: Ex-Cashier Missing. By the Associated Dec. B. Hane, president of the Marion National Bank, said apparent irregularities in the accounts of his son, H. W. Hane, former cashier, caused the closing of the bank today. The elder Hane issued statement that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. nature and the amount of the apparent defalcations have not been determined.' the stateHane, cashier, in whose accounts the confusion in records has been found, resigned an officer of the bank last week. He left the city at that time and his not now known. The bank's deposits are listed

2. December 15, 1931 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 15, 1931

Click image to open full size in new tab

Article Text

BANKS CLOSED BOSTON Institutions with Aggregate Deposits of 58 Million Fail to Open ONE HAD FIVE BRANCHES Four Were National and Five Were State Banks; Runs Start on Three BOSTON, Dec. 15 (P)-Nine Massachusetts banking institutions with aggregate deposits, according to latest statements, of $58,700,000 were closed Tuesday. 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 take charge after runs at the bank and its branches Monday, had deposits, on September 29, of $28,The other banks and their latest statements of deposit were: the National bank, Lowell, $4,000,000; the State National bank, Lynn, the Gloucester National bank, the Bancroft Trust company, Worcester, the Lawrence Trust company, Lawrence, $9,555,926: the Inman Trust company, Cambridge, the Brockton Trust company, Brockton, the Salem Trust company, Salem, Three savings banks in East Boston and South Boston were experiencing small runs Tuesday They were independent of the group affected in Tuesday's

3. December 15, 1931 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, December 15, 1931

Click image to open full size in new tab

Article Text

State Bank Commissioner Gives Statement BOSTON, Dec. Arthur Guy. state bank comstatement today: result of the closing of the Federal National hank of Boston. national banking stitution. have this day taken possession of the following companies: "Bancroft Trust Co., Worces- "Brockton Trust Co., Brock- ton. "Inman Trust Co., Cambridge. "Lawrence Trust Co., Lawrence. "Salem Trist Co., Salem "These trust companies are affiliated with and controlled by the Federal National bank. The parent bank having been closed. no other course remained but to take possession of these five trust companies to conserve the assets and for the protection of depositors. "No other state banks are Boston Clearing House association has stated in the press that in their best judgment the banking situation essentially sound and safe. In the judgment of the banking department the same is to be said of the banks of the eommonwealth generally and there should be no undue apprehension on the of depositors."

4. December 15, 1931 The World-News Roanoke, VA
Article from The World-News, December 15, 1931

Click image to open full size in new tab

Article Text

FEDERAL NATIONAL OF BOSTON VOTES CLOSE DOORS Seven of Eight Subsidiary Banks Also Fail to Open. Boston Dec 15 Nine chusetts banking with the latest statements of closed today The four five The central the which five the other affiliated The Federal National Bank whose the comptroller currency take charge after runs the its branches yesterday on September 29, of banks and their latest The Middlesex Bank Lowell State National Bank. Lynn. The Gloucester tional Bank The Bancroft Trust Company Worcester. The Lawrence Trust ComLawrence The Inman The Trust ton. The Salem Trust ComSpeedy Plan Governor Joseph In from his home in Westfield said plan for speedy the and furhad Bank Commissioner Arthur Guy to proceed with that Three savings banks in East ton and South Boston experiencsmall today They were independent the group affected in toand assure depositors that their funds were President Daniel Mulloney of the Federal National Bank expressed the opinion handling of resources depositors in his would receive 100 dollar. Daniel Milloney. president of the Federal said the directors of the Federal National Bank of in order conserve the interests of voted currency to take charge of the bank". (Continued on Page Eighteen Column Five

5. December 15, 1931 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, December 15, 1931

Click image to open full size in new tab

Article Text

Nine Massachusetts Banks Close Doors Dec. Massachusetts banking institutions, with deposits, according to the latest statements, of $58 700,000, were closed Tuesday. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of which has five city branches and with which all the other institutions affiliated The Federal National Bank, whose directors voted to ask the the comptroller of currency to take charge after runs at the bank and its branches Monday had deposits, September 29, of $28,235 238, The banks and their latest available statements of deposit were: Middlesex National Bank Lowell, the State National Bank, Lynn, $2,013,565; the Gloucester National Bank, Gloucester, the Bancroft Trust Company, Worcester. $5,876,474; the Trust Company, Lawrence, $9,555,926 the Inman Trust Company. Cambridge, the Brockton Trust Company, Brockton, the Salem Trust Company, Salem, $2,115,530 Naval Stores Trade SAVANNAH, Dec. The naval stores section of the Board of Trade Tuesday announced that on the day before Christmas and day before New Year's trading would start at instead of 12:45 No trading will be on Christmas or New Year's Day or the day immediately following. Naval Stores receipts, ments, and $2.50 N. WG, $6.00; and

6. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

Click image to open full size in new tab

Article Text

NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed today The Federal National Bank, with which the other eight were affillated. had deposits of $28,235,233. according to its most recent statement condition Three other national banks were in the group that closed today They include the Middlesex National Bank of Lowell with deposits of approximately $4,000,000 the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester National Bank Gloucester. which has deposits of approximately $1,600,000. Five state banks trust companies. had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows the Bancroft Trust Company, Worcester $6,000,000; the Lawrence Trust Company. Lawrence, $8,860,000; the Brockton Trust Company. Brockton, $1,500,000; the Inman Trust Company, Cambridge, $3,500,000 and the Salem Trust Company, Salem. $2,200,000. The Bank Commissioner estimated that 75,000 depositors were affected by the closing of the state banks Joseph B. Ely. of Massachusetts expressed the belief that If prompt action were taken by the Federal authorities. making use of the National Credit Corporation, with the aid of the state authorities, speedy plan reorganization could be accomplished for the reopening of all the institutions. He said he knew of no reason why any other banks in the state should be affected Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other remained but to take possession of the trust companies to conserve the assets and for the protection of depositors.' The closing of the Federal National Bank was the consequence of run that developed on the hank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.

7. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

Click image to open full size in new tab

Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (AP)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the migst of the Christmas shopping season. 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 asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank Lynn, $2,013,565; Gloucester Na tional Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474: Lawrence Trust Company Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412 Brockton Trust Company, Brockton. $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield. said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (P).-The Marion National National Bank with resources of $1,911,422 failed to open today.

8. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

Click image to open full size in new tab

Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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 asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000: State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton. $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and Squth Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

9. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

Click image to open full size in new tab

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (AP).-Nine Massachusetts banking institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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 asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

10. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

Click image to open full size in new tab

Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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 asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

11. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

Click image to open full size in new tab

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. 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 asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

12. December 16, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1931

Click image to open full size in new tab

Article Text

CLOSING OF BANK TAKEN CALMLY IN WORCESTER Dec closing of the Bancroft Trust Company Bank today did not cause much of disturbance financial of this judging special detail was the in Frank at the branch office Shrewsbury st, but the biuecoats had little On the whole, the were unusually to one of the bank officials The affairs of the bank taken over by William E. Day the State Bank he and of are going the of bank, which has 2200 checking accounts and 400 accounts.

13. December 16, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, December 16, 1931

Click image to open full size in new tab

Article Text

STUDENT WHOSE AUTO FEDERAL NATIONAL KILLED MAN INDICTED OF BOSTON CLOSES The grand jury yesterday voted an indictment charging leaving the scene an injury to person against Robert C. Behn, 25-year-old the death of Wilfred Fone, 37. flower salesman, 1407A Ange street, who was injured fatally by an automobile driven by Behn at Lindell and Euclid avenue on November In confession to the police. Behn said he unavoidably struck Fone when the flower seller stepped out from behind traffic going the opposite direction, and that he drove on to Taylor avenue and stopped and walked back. There, his confession said. he heard woman say he had been careless and speeding and became frightened and drove home without Identifying himself as the driver. He told his mother what had OCcurred. and. on advice, surrendered to the police. Governor Expects Speedy Reopening of Bank and Eight Affiliates. By Associated Press MASS., December 15.Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements. of $58 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. Gov 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. The Federal National Bank, whose directors voted to ask the comptroller of currency to take charge after runs the bank and its branches yesterday. had deposits, on September 29, of $28,285,238. The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000: The State National Bank, Lynn, $2,013,565; The Gloucester National Bank, The Bancroft Trust Company. Worcester. $5,876,474 The Lawrence Trust Comman Trust Company. Cambridge. $3,808,412 The Brockton Trust ComTrust $2,-

14. December 16, 1931 The Miami Herald Miami, FL
Article from The Miami Herald, December 16, 1931

Click image to open full size in new tab

Article Text

IN MASSACHUSETTS Four National and Five State Institutions Fail To Open Doors [BY THE ASSOCIATED PRESS.] BOSTON, Dec. 15.-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, closed The list included four national banks and five state banks. The central figure the closings the Federal National Bank of Boston, which has five city branches with which the other institutions were affilThe Federal National Bank, whose rectors voted to the comptroller of currency take charge after runs at the bank and its branches had deposits. on September 29, of $28,The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565 Gloucester National Bank, Gloucester. $6,600,000; the Bancroft Trust Company, WorcesLawrence Trust Company, Lawrence, $9,555,926; the Inman Company, Cambridge, the Brockton Trust Company, Brockton, $1,508,753 the Salem Trust Company, Salem, 115,530 Three savings banks in East Boston and experiencing small independent of the affected in today's closings and sought to reassure depositors that their funds were PROJECT ASSURED WASHINGTON, Dec. (/P)-An allotment of $22,750 rivers and harbors surveys in vicinity Jacksonville, made today by the war

15. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

Click image to open full size in new tab

Article Text

NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed The Federal National Bank, with which the other eight ated. had deposits of $28,235,238. ac: cording to its most recent statement Three other national banks were in the that closed today. They include the Middlesex National Bank of with deposits of approxis mately $4,000,000; the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester Name tional Bank, Gloucester, which has deposits of approximately $1,600,000 Five state banks, trust companies had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows: the Bancroft Trust Come pany, Worcester. $6,000,000; the Laws rence Trust Company, Lawrence $8,860,000; the Brockton Trust Come pany, Brockton, $1,500,000; the Inman Trust Cambridge, $3,500,000, and the Salem Trust pany, Salem, $2,200,000. The Bank estimated that 75,009 depositors were affected by the closing of the state banks. Governor Joseph B. Ely of Massa chusetts, expressed the belief that prompt action were taken by the Federal authorities. making use the National Credit Corporation, with the aid of the state authorities, a speedy plan reorganization cculd be for the reopening of all the institutions. said he knew of no reason why any other banks in the state should be affected. Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other course remained but to take possession of the trust companies conserve the assets and for the protection of The closing of the Federal National Bank was the run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller Currency take charge of the bank's affairs.