7620. International Trust & Banking Company (Calais, ME)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
December 16, 1931
Location
Calais, Maine (45.189, -67.279)

Metadata

Model
gpt-5-mini
Short Digest
2a91720cd64d9f0d

Response Measures

None

Description

Newspaper reports (Dec 16–17, 1931) state heavy withdrawals by Canadian depositors converted funds into Canadian dollars after a decline in the Canadian dollar, prompting the Calais bank to close. The run (cross-border withdrawals) caused the suspension/closure; no reopening is reported in these items.

Events (2)
1. December 16, 1931 Run
Cause
Local Shock
Cause Details
Decline in the Canadian dollar prompted Canadian depositors to withdraw U.S. deposits, convert to Canadian funds and redeposit in Canadian banks.
Measures
Bank closed (suspended operations) after heavy withdrawals.
Newspaper Excerpt
The Calais bank, which closed today, said the action became necessary because withdrawals by Canadian [depositors].
Source
newspapers
2. December 16, 1931 Suspension
Cause
Local Shock
Cause Details
Bank suspended/closed due to heavy withdrawals driven by cross-border conversion following fall in Canadian dollar.
Newspaper Excerpt
International Trust and Banking company here closed Wednesday. It was announced the action necessary because of heavy drawals by Canadian depositors.
Source
newspapers

Newspaper Articles (2)
1. December 17, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 17, 1931

Click image to open full size in new tab

Article Text

BANK CLOSING LAID TO CANADIAN DOLLAR'S FALL CALAIS Me, Dec 16 (A. The chance of speculation offered by the decline in the Canadian dollar was considered the today of the closing of the International Trust & Banking Company here. The Dominion dollar was discounted in Maine towns and cities along the border 20 and 25 Banks for the past week have ported by American and Canadian depositors who hoped to cash in on prospective rise in the Canadian dollar through redeposit of their United States funds Canadian banking institutions. The Calais bank, which closed today. said the action became necessary because withdrawals by Canadian Many residents in Calais, Eastport, Lubec, Houlton and other towns were reported to have withdrawn their American deposits. turned them into Canadian funds at approximately 20 percent profit, and then redeposited the money in Canadian banks to await

2. December 18, 1931 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 18, 1931

Click image to open full size in new tab

Article Text

Bank Suspensions. Boston. "he Bos-Continental National bank with main offices on Devonshire street, downtown Boston, and four branches, remained closed at today. the time was posted comptroller of currency had asked to take it over to conserve assets, owing to heavy demands by depositors. the time of the consolidation the Boston National bank with Continental National bank about year ago the combined posits the merged institutions given as approximately $9. 500,000 and the combined resources were set at $11,000,000. Hamden, Conn. Hamden, Conn. Dec. 17 The Hamden Bank and Trust pany closed today Assets in last published statement were 097 Lowell, Mass. Business was suspended Lowell Trust company which cently reported savings and mercial deposits of $3,384,428 was the second Lowell bank to close within two days. the Middlesex National bank with deposits of $4,000,000 having tions yesterday. Burlington, N. Burlington, 17 The First National Bank of Burlington, with assets at the time last statement of approximate 150,000. closed order Barnett national bank examiner. R. W. Malone, was in active charge ed the tion action was due shrinkage in the value of bonds held. Calais, Calais, Me International Trust and Banking company here closed Wednesday It was announced the action necessar because of heavy drawals by Canadian depositors. Raleigh, N. rectors the Commercial tional bank, largest bank in the capital city, night voted close the bank holders. pending meeting the The September 29 ment of the bank listed deposits had a capital stock of $600,000. 000. Board of Trade Stocks Chicago, Minneapolis Bank Stocks Minneapolis, Dec. 17 East