Inman Trust Company - Cambridge, MA

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: December 9, 1934
Location: Cambridge, Massachusetts (42.376, -71.118)

Metadata

Model: gpt-5-mini
Short Digest: ceb6f438

Response Measures

None

Description

Article (Dec 9, 1934) refers to Inman Trust of Cambridge as one of four 'closed banks' now in the possession of the state commissioner and involved in litigation. OCR errors in the text; inferred that the state commissioner has taken possession, implying a government action suspension and permanent closure (litigation to recover assets). No mention of a depositor run or reopening.

Events (1)

1. December 9, 1934 Suspension

Cause: Government Action
Cause Details: State commissioner in possession of the bank and litigation over closed banks; regulator action led to closure and legal proceedings over assets and alleged improper transfers involving Federal National Bank; closure appears administrative/legal rather than a depositor run or voluntary liquidation.
Newspaper Excerpt: Inman Trust of Cambridge ... now in possession of the state commissioner ... four closed banks
Source: newspapers

Newspaper Articles (1)

1. December 9, 1934 The Springfield Daily Republican Springfield, MA

Article from The Springfield Daily Republican, December 9, 1934

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Article Text

STATE WINS FIRST STEP IN FEDERAL BANK LITIGATION Judge Brewster Overrules Motion to Dismuss Case and Orders Heard on Its Merits in Federal Court Boston, Dec. State Bank Arthur Guy tonight won the first step in his efforts compel repayment $3,100,000 to 60,000 depositors of four closed banks which alleged illegally taken the closed Federal National bank Judge Elisha H. Brewster in United States district court tion counsel for the Federal Nathe and ordered be heard merits. four banks involved. now in possession of the state commissioner, Inman Trust of Cambridge, Bankcroft Trust company the Trust of Brockton the Lawrence Trust company Neil Leonard, counsel the companies, alleged the National bank of trust companies through the medium the Federal National ment trust. He contended legal national to and alleged the officers the cash and other good assets the trust companies and gave in return straw loans. By these are added, the four banks lost thousands of dolfurther alleged that the Federal the these from trust for the worthless loans corporations and over these loans to the trust compahis decision, Judge Brewster would bank party fraudulent, would least breach trust the part those charged with administering the affairs the trust allegations also would comthe conclusions the bank, indirect means tained control trust outright capital stock of the trust Poli's) Counsel Federal National called bank contended that could not account for the alleged in much did not directly own stock in trust companies.