Foxboro Savings Bank - Foxboro, MA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: May 1, 1878
Location: Foxboro, Massachusetts (42.065, -71.248)

Metadata

Model: gpt-5-mini
Short Digest: ee1b930b

Response Measures

None

Description

Newspaper (May 1/2 1878) reports the Foxboro Savings Bank was restricted to paying only 10% to any depositor for six months and 10% additional the succeeding six months — a partial suspension of payments (30/60/90-style). The article does not report a permanent failure or receivership; the restriction is a temporary measure and likely intended to allow continuation of business, so I classify as suspension with likely reopening. The broader context mentions runs on savings banks in the area, which appears to be the reason for the restriction.

Events (1)

1. May 1, 1878 Suspension

Cause: Local Banks
Cause Details: Part of a broader run on savings banks in the area; restrictions imposed to stem heavy withdrawals and preserve funds.
Newspaper Excerpt: The Foxboro, Mass., Savings Bank was yesterday restricted from paying more than 10 per cent to any depositor during the next six months, and 10 per cent additional during the succeeding six months.
Source: newspapers

Newspaper Articles (1)

1. May 2, 1878 New-York Tribune New York, NY

Article from New-York Tribune, May 2, 1878

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Article Text

SAVINGS BANK TROUBLES. PROVIDENCE, R. I., May 1.-The officers of the Citizens' Savings Institution, at Woonsocket, applied to the Governor to-day for a commission to examine its contents. It is a small bank, having less than $300,000 deposits. It will probably be enjoined. The run on the savings banks in this city has subsided in a good degree. BOSTON, May 1.-The Foxboro, Mass., Savings Bank was yesterday restricted from paying more than 10 per cent to any depositor during the next six months, and 10 per cent additional during the succeeding six months. The deposits now in the bank amount to $198,000.