East Side Bank Company

Episode Information

Episode UID: 7621153091320
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 762115309 hash
Start Date: December 21, 1909
Location: Toledo, Ohio (41.664, -83.555)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 50592d949d98a0ae

Response Measures

None

Description

Directors made an assignment to a clearing house committee instead of appointing a receiver.

Events (1)

1. December 21, 1909 Suspension

Cause: Bank Specific Adverse Info
Cause Details: State superintendent notified capital impaired by carrying bad and doubtful securities; directors ordered an assignment to clearing house committee.
Newspaper Excerpt: Announcement was made tonight that the East Side Bank Company will not re-open for business, pending the settlement of its affairs by a committee of three of the Toledo clearing house association to which an assignment was ordered by the directors in lieu of the appointment of a receiver.
Source: newspapers

Newspaper Articles (1)

1. December 22, 1909 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, December 22, 1909

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Article Text

TOLEDO BANK CLOSED. President Pledges Fortune to Pay Depositors. Toledo, O., Dec. 21.-Announcement was made tonight that the East Side Bank Company will not re-open for business, pending the settlement of its affairs by a committee of three of the Toledo clearing house association to which an assignment was ordered by the directors in lieu of the appointment of a receiver. This action followed a notice to the bank from B. B. Seymour, State Banking Superittendent, that its capital is impaired by the carrying of bad and doubtful securities. The bank is capitalized at $50,000. It is thought that the bank will pay 100 per cent, as the President has pledged his personal fortune to pay depositors, if necessary.