Provident Security & Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 11, 1906
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 370ed714

Response Measures

None

Description

Articles report the Provident Security & Banking Company suspended (investigated) in January 1906 and by February receivers had been appointed and the institution described as defunct. There is no mention of a depositor run; sequence is suspension followed by receivership/closure. I infer a state-chartered bank (Massachusetts Savings Bank Commissioners involved).

Events (2)

1. January 11, 1906 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Investigation and alleged mismanagement/neglect of commissioners in connection with affairs of the Provident led to suspension of the company.
Newspaper Excerpt: investigation today of the suspension of the Provident Security and Banking company of this city, District Attorney Moran tonight sent a letter to Governor Guild asking that the Massachusetts Savings bank commissioners be removed from office.
Source: newspapers

2. February 2, 1906 Receivership

Newspaper Excerpt: Charles F. Weed, one of the receivers of the defunct Provident Security and Banking company...said the affairs of the institution...had not changed in the least, and that he was just as hopeless of the situation as ever.
Source: newspapers

Newspaper Articles (2)

1. January 12, 1906 Arizona Republican Phoenix, AZ

Article from Arizona Republican, January 12, 1906

Click image to open full size in new tab

Article Text

BANK COMMISSIONERS. Neglected. Duty in Case of the Boston Provident Concern. Boston, Jan. 11.-As a result of the investigation today of the suspension of the Provident Security and Banking company of this city, District Attorney Moran tonight sent a letter to Governor Guild asking that the Massachusetts Savings bank commissioners be removed from office. In his letter Mr. Moran charges that Commissioners J2S. Otis of Malden, Frederick B. Washburn of Wellesley Hills and Warren E. Lock of Norwood, were "grossly careless and wilfully negligent" in connection with affairs of the Provident company and other institutions.

2. February 3, 1906 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, February 3, 1906

Click image to open full size in new tab

Article Text

Final Faint Hope. Delegates who chose to do so left for their homes tonight Others remained for the final session of the joint conference in the morning This will be for the formal adjournment of the interstate conference, the recess of this afternoon having been taken to allow the miners' convention to ratify or reject the report of the scale committee. In this last meeting lies the only hope, If hope can exist, for a settlement of the dispute. CASE SEEMS HOPELESS Nothing in Sight for Creditors of the Provident. BOSTON, Feb 2.-Charles F. Weed, one of the receivers of the defunct Provident Security and Banking company, upon his return last night from New York, where he had been in conference with Charles D. Gurley, one of the directors of the company, stated that the proposition of Mr. Gurley to take up some of the securities of the company had been rejected. He said that the affairs of the institution, In which more than 8000 people placed deposits of over $182,000 in savings, had not changed in the least, and that he was just as hopeless of the situation as ever.