Security Savings Bank (Chaffee, MO)

Episode Information

Episode UID
80032371491
Episode Type
Run → Suspension → Unsure
Bank Type
savings
Bank ID
8003237 routing
Routing Number
80-0323
Start Date
March 22, 1924
Location
Chaffee, Missouri (37.180, -89.655)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
346ee31a1aed0efd

Response Measures

None

Description

Rumors triggered the run though frozen loans are cited as underlying weakness; reopening was discussed but not confirmed.

Events (2)
1. March 22, 1924 Run
Cause
Rumor Or Misinformation
Cause Details
A report/rumor about the bank's condition prompted depositors to withdraw several thousand dollars on Saturday.
Measures
Directors paid depositors who came in Saturday; board raised money to pay off loans; closed pending state examination.
Newspaper Excerpt
there was a run on the bank Saturday and officers of the institution decided it was best to close the doors
Source
newspapers
2. March 24, 1924 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank was turned over to state examiners after the Saturday run driven by rumors; state examiner assumed charge.
Newspaper Excerpt
Security Savings Bank of Chaffee failed to open its doors this morning. State Bank Examiner H. G. Harrison ... is in charge of the institution.
Source
newspapers

Newspaper Articles (7)
1. March 24, 1924 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, March 24, 1924

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Article Text

THIRD STATE BANK FAILS WITHIN THE LAST WEEK JEFFERSON CITY, March 24—(Special.)—State Finance Commissioner Millspaugh was advised today that Bank Examiner H. G. Harrison had closed the Security Savings Bank of Chaffee, Scott County. The bank, December 31, 1923, had $25,000 capital stock; $3,000 surplus; $180,000 total resources; $27,000 in loans, and $100,000 deposits; $36,000 bills payable and rediscounts. S. A. Ruch is president and Alvin Papin, cashier, of the bank. This is the third state bank to close doors within the last week.

2. March 24, 1924 The Daily Republican Poplar Bluff, MO
Article from The Daily Republican, March 24, 1924

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Article Text

BANK CLOSED AT CHAFFEE TODAY Security and Savings Bank at Chaffee Turned Over to the State Bank Examiners Following a Run on Saturday. OFFICERS MAY INVESTIGATE SOURCE OF RUMORS CURRENT Bank Was Organized in 1917 and Had a Capital Stock of $25,000 With Deposits Totaling $125,000—S. A. Ruch Is President. The Security Savings Bank at Chaffee was taken over by the State Department this morning, it was learned here today. H. G. Harrison, state bank examiner, was called to Chaffee and assumed charge of the bank following notice received by the State Banking Department from officers of the institution. According to advices reaching here today, there was a run on the bank Saturday and officers of the institution decided it was best to close the doors until the State Department had an opportunity to determine the condition of the bank. Officers may be asked to determine the source of the rumor which caused the run on the Chaffee bank, it was learned. S. A. Ruch is president, E. W. Finley, vice president, Alvin Papin, cashier and F. G. Packwood, assistant cashier of the bank. The Security Savings Bank has a capital of $25,000 and surplus of $3,000. The deposits as listed in the last record available here were $125,000. The bank was organized in 1917.

3. March 25, 1924 The Daily Republican Poplar Bluff, MO
Article from The Daily Republican, March 25, 1924

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Article Text

'RUN' CAUSED BANK TO CLOSE PRESIDENT SAYS President Ruch of the Chaffee Bank Says Had It Not Been for the Run on the Bank, It Would Have Remained Open. Frozen assets are believed to have been one of the principle causes of the closing of the Security Savings Bank at Chaffee yesterday morning. Frozen loans to the extent of $20,000 to $25,000 played an important part in closing the bank, it was learned. The deposits at the close of business on Friday totaled $80,000 and although the exact amount is not known, several thousand dollars were withdrawn from the bank on Saturday. S. A. Ruch, head of the bank, declared that had there not been a "run" Saturday on the bank, it would have met its obligations. State Examiner Harrison has charge of the bank and is making a complete survey of the institution's condition.

4. March 27, 1924 Poplar Bluff Republican Poplar Bluff, MO
Article from Poplar Bluff Republican, March 27, 1924

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Article Text

CHAFFEE BANK CLOSED MONDAY Security and Savings Bank at Chaffee Turned Over to the State Bank Examiners Following a Run on Saturday. OFFICERS MAY INVESTIGATE SOURCE OF RUMORS CURRENT Bank Was Organized in 1917 and Had a Capital Stock of $25,000 With Deposits Totaling $125,000—S. A. Ruch Is President. The Security Savings Bank at Chaffee was taken over by the State Department this morning, it was learned here today. H. G. Harrison, state bank examiner, was called to Chaffee and assumed charge of the bank following notice received by the State Banking Department from officers of the institution. According to advices reaching here today, there was a run on the bank Saturday and officers of the institution decided it was best to close the doors until the State Department had an opportunity to determine the condition of the bank. Officers may be asked to determine the source of the rumor which caused the run on the Chaffee bank, it was learned. S. A. Ruch is president, E. W. Finley, vice president, Alvin Papin, cashier and F. G. Packwood, assistant cashier of the bank. The Security Savings Bank has a capital of $25,000 and surplus of $3,000. The deposits as listed in the last record available here were $125,000. The bank was organized in 1917.

5. March 28, 1924 The Dexter Statesman Dexter, MO
Article from The Dexter Statesman, March 28, 1924

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Article Text

S. A. Ruch, President, Formerly a Resident of This City. Chaffee, March 24. The Security Savings Bank of Chaffee failed to open its doors this morning, and State Bank Examiner, H. G. Harrison, who was here several days last week in consultation with the Board of Directors, was called back here to-day and has the institution in charge. A run on the bank shortly before closing time Saturday, in which several thousands of dollars deposits were withdrawn, caused the board to announce that the bank would be closed pending consultation with the state banking department. The bank is capitalized at $25,000. Frozen loans aggregating about $20,000, caused the solvency of the bank to be questioned, its officials say, but they also state there has been a gradual withdrawal of deposits for the past several weeks. Early last Saturday, money to pay off $20,000 in loans was raised by the board of directors, but a report became current the bank would be closed which sent dozens of depositors late in the afternoon to withdraw their deposits and each one was paid. But had the bank opened to-day, there was not enough to pay all deposits had such been demanded. At close of business on Friday these deposits totaled $80,000, and the State Banking Department will not allow the bank re-opened until there is sufficient money to pay every depositor, it is stated. S. A. Ruch, head of the Ruch Lumber Co., and president of the bank, stated that had the run not been made Saturday, the bank would have been able to meet all its obligations, and that money had been put up to guarantee the bank's solvency. A meeting of the board was held Monday afternoon and it is believed the bank will re-open in a short while. The friends of Mr. Ruch in Dexter regret to hear of this, and hope that the present stringency of his institution will be overcome. Later: The Bank Examiner states the Bank may re-open in the next two weeks.

6. March 28, 1924 The Daily Standard Sikeston, MO
Article from The Daily Standard, March 28, 1924

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Article Text

SECURITY BANK AT CHAFFEE IS CLOSED TODAY Chaffee, March 24.—The Security Savings Bank of Chaffee failed to open its doors this morning. State Bank Examiner H. G. Harrison, who was here several days last week in consultation with the Board of Directors, was called back here today and is in charge of the institution. A run on the bank shortly before closing time Saturday afternoon, during which several thousands of dollars of deposits were withdrawn, caused the board to announce that the bank would remain closed pending a consultation with the state banking department. "Frozen loans" aggregating about $20,000, caused the solvency of the institution to be questioned, according to bank officials, however, there is reported to have been a gradual withdrawal of deposits for the past few weeks. The bank is capitalized at $25,000. Money to pay off the $20,000 in loans and to guarantee the institution to be solvent was raised by the board of directors early Saturday, but a report that the institution would be closed sent dozens of depositors to the bank late that afternoon and although every depositor was paid, until closing time, it was stated that there was not sufficient money in the bank today to stand the withdrawal of more deposits. The deposits at the close of business on Friday totaled $80,000, and although the exact amount is not known, several thousands dollars was withdrawn on Saturday. The state banking department will not permit the bank to reopen unless there is enough money put up to guarantee payment for every depositor, it is said. On Friday of last week the treasurer of the Board of Education is reported to have called on the bank for money to pay the teachers in the school, but bank officials admitted they did not have the cash. The money was then obtained from Cape Girardeau. S. A. Ruch, head of the Ruch Lumber Co., is president of the bank. He declared today that, but for the "run" on the bank on Saturday, they would have been able to meet their demands and that money had been put up to guarantee the bank's solvency. Ruch said that a meeting of the examiner with the board of directors would be held this afternoon to determine a course of action. He indicated that he believed the bank would reopen within a short time. Other officers of the institution are: Vice-president, M. E. Gisi; cashier, Alvin Papin; assistant cashier, F. G. Packwood. Members of the board of directors are: Ruch, Papin, Gisi, Packwood, W. B. Thompson, Peter Gosche, and L. L. Collier.

7. April 3, 1924 The Southern Standard Arkadelphia, AR
Article from The Southern Standard, April 3, 1924

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Article Text

Run Causes Bank To Close. Poplar Bluff.—State Bank Examiner Duncan has been advised that the Security Savings bank at Chaffee was closed by the directors and turned over to the State Banking Department. Examiner H. G. Harrison took charge of the institution. There was a run on the bank following rumors about its condition. No statement of the condition of the bank was given out, although it is said it is believed to be in good condition.