7473. Mechanics Loan & Savings Institute (Hagerstown, MD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 12, 1936
Location
Hagerstown, Maryland (39.642, -77.720)

Metadata

Model
gpt-5-mini
Short Digest
01a9cd0d10a290ef

Response Measures

None

Description

Articles (Mar–Apr 1936) state the bank was in receivership (Warren F. Sterling, receiver) and describe dividend payments to depositors. No articles mention a depositor run prior to suspension. The bank is in receivership and making pro rata payments, indicating permanent closure rather than a temporary suspension/reopening.

Events (2)
1. March 12, 1936 Receivership
Newspaper Excerpt
It was reliably reported to day that Warren F. Sterling, receiver, will announce shortly that he will make a 5 per cent payment to depositors of the Mechanics Loan and Savings Bank in April.
Source
newspapers
2. April 8, 1936 Other
Newspaper Excerpt
Checks for sums aggregating $86,669 and representing a 5 per cent payment have been mailed to depositors of the Mechanics Loan Bank by the receiver today.
Source
newspapers

Newspaper Articles (2)
1. March 12, 1936 The Washington Times Washington, DC
Article from The Washington Times, March 12, 1936

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Article Text

Bank at Hagerstown Will Pay Depositors HAGERSTOWN, Md., March 12.-It was reliably reported to day that Warren F. Sterling, receiver. will announce shortly that he will make a 5 per cent payment to depositors of the Mechanics Loan and Savings Bank in April. The payment will amount to approximately $86,000 and will bring the total payments to 50 per cent.

2. April 8, 1936 The Washington Times Washington, DC
Article from The Washington Times, April 8, 1936

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Article Text

Hagerstown Bank Payoff HAGERSTOWN, Md., April 8. Checks for sums aggregating $86,669 and representing a 5 per cent payment have been mailed to depositors of the Mechanics Loan Bank by the receiver today. The payments bring the total refund to depositors to date to 50 per cent, amounting to approximately $870,000.