8271. Bancroft Trust Company (Worcester, MA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust company
Start Date
December 15, 1931
Location
Worcester, Massachusetts (42.263, -71.802)

Metadata

Model
gpt-5-mini
Short Digest
68de1a6c

Response Measures

None

Description

Bancroft Trust Co. (Worcester) was one of five trust companies taken into possession by the Massachusetts Bank Commissioner after the run and closing of the affiliated Federal National Bank of Boston on Dec 15, 1931. Articles refer to state taking possession to conserve assets and statements about plans to reopen the institutions; there is no clear contemporaneous evidence that Bancroft experienced its own depositor run. Classified as a suspension with expectation/plan for reopening.

Events (1)
1. December 15, 1931 Suspension
Cause
Correspondent
Cause Details
Affiliated with and controlled by the Federal National Bank of Boston, which closed after runs; state bank commissioner took possession of Bancroft to conserve assets and protect depositors.
Newspaper Excerpt
the affairs of the bank taken over by William E. Day the State Bank ... the affairs of the bank taken over by the State Bank Commissioner
Source
newspapers

Newspaper Articles (15)
1. December 15, 1931 Lansing State Journal Lansing, MI
Article from Lansing State Journal, December 15, 1931

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BANKS CLOSED BOSTON Institutions with Aggregate Deposits of 58 Million Fail to Open ONE HAD FIVE BRANCHES Four Were National and Five Were State Banks; Runs Start on Three BOSTON, Dec. 15 (P)-Nine Massachusetts banking institutions with aggregate deposits, according to latest statements, of $58,700,000 were closed Tuesday. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated The Federal National bank, whose directors voted to ask the comptroller of currency take charge after runs at the bank and its branches Monday, had deposits, on September 29, of $28,The other banks and their latest statements of deposit were: the National bank, Lowell, $4,000,000; the State National bank, Lynn, the Gloucester National bank, the Bancroft Trust company, Worcester, the Lawrence Trust company, Lawrence, $9,555,926: the Inman Trust company, Cambridge, the Brockton Trust company, Brockton, the Salem Trust company, Salem, Three savings banks in East Boston and South Boston were experiencing small runs Tuesday They were independent of the group affected in Tuesday's

2. December 15, 1931 Salt Lake Telegram Salt Lake City, UT
Article from Salt Lake Telegram, December 15, 1931

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Nine Massachusetts CAPPER ASKS PROBE Banks Are Closed BOSTON, Dec. 15 Massachuseits banking Institutions, with OF SHORT SELLING aggregate deposits, according to the latest $58,700,000, were closed today. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of Boswhich has five city with which all the other institutions affiliated. The Federal National bank, whose directors voted to the take after at the bank and its branches yeshad deposits, on September of The other banks and their latest statements deposit were: The Middlesex National Lowcll, $4,000,000; the State National bank, Lynn, 013 the Gloucester National bank, the Bancroft Trust company, Worcester, the Lawrence Trust company, Lawrence, $9,555,926; the Inman Trust company, Cambridge, $3,808,412: the Brockton Trust company, Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530. Governor Joseph B. Ely said that with proper plan for the speedy reopening of the institutions could be accomplished and further said he had Bank Commissioner Arthur Guy to proceed with end in President Daniel C. Mulloney of the Federal National bank the opinion that with careful handling of resources, depositors in his bank would receive 100 cents on the dollar.

3. December 15, 1931 The Evening Sun Baltimore, MD
Article from The Evening Sun, December 15, 1931

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NEW YORK BOND MARKET [By the Associated Press] Boston. Dec. 15 (AP)-Nine Massachusetts banking institutions, with aggregate deposits, according to the latest statements, of $58,700,000. were closed today. The list included four national banks and five State banks. The central figure in the closings was the Federal vational Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors voted to ask the Comptroller of Currency to take charge after runs at the bank and its branches resterday, had deposits on September 29 of $28,235,238. The other banks and their latest available statements of deposit were: The Middlesex National Bank, Lowell, $4,000,000; the State National Bank, Lynn. $2,013,565; the Gloucester National Bank: the Bancroft Trust Company, Worcester, $5,876,474 the Lawrence Trust Company. Lawrence, $9.555,926: the Inman Trust Company, Cambridge, $3,808,412; the Brockton Trust Company, Brockton, $1,508,753; the Salem Trust Company, Salem, $2,115,530. Sales Gas Runs On Three Banks Three savings banks in East Boston and South Boston were experiencing small runs today. They were independent of the group affected in today's closings and officers sought to reassure depositors that their funds were safe. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that with careful handling of resources depositors in his bank would receive 100 cents on the dollar. Clearing House Head Confident President Alfred L. Ripley, of the Boston Clearing House Association, announced that the association wished to assure the public that the banking situation in Boston was "in their best (Continued from Page 32) judgment" essentially sound and safe Sales in High Low Close Sales and that there was no just reason for apprehension or alarm on the part of depositors. The Federal National Bank had not been member of the Clearing House Association, he said, since May, 1930. The Boston Fish Exchange, which serves as clearing house between fishing boat captains and dealers, was closed today as result of the closing of the fish pier branch of the Federal National Bank. stp Gloucester National Shuts Gloucester National Bank. founded in 1796 and one of the oldest financial institutions in the United States. voluntarily closed its doors today after heavy demands for withdrawals had been made by depositors is associated with the Federal National Bank of Boston. Ohio Banker Blames Son For Closing Marion. Ohio, Dec. 15 /P)-Henry B. Hane, president of the Marion Na. tional Bank, said that apparent irregularities in the accounts of his son, H. W. Hane. former cashier, caused the closing of the bank today The elder Hane issued statement announcing that the directors had placed the bank in the hands of the Federal Comptroller of Currency and that national bank examiners were checking the records. "The nature and the amount of the apparent defalcations have not yet been determined, the statement said, Hane, cashier, in whose accounts the confusion in records has been found, resigned as an officer of the bank last week. He left the city at that time and his whereabouts are not now known. He was under surety bond. Until the examiners make a complete check of the records, it not possible to announce any details of the possible shortage Investment Trusts NEW YORK DE Insurance Companies New York Bank Stocks

4. December 15, 1931 Fitchburg Sentinel Fitchburg, MA
Article from Fitchburg Sentinel, December 15, 1931

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State Bank Commissioner Gives Statement BOSTON, Dec. Arthur Guy. state bank comstatement today: result of the closing of the Federal National hank of Boston. national banking stitution. have this day taken possession of the following companies: "Bancroft Trust Co., Worces- "Brockton Trust Co., Brock- ton. "Inman Trust Co., Cambridge. "Lawrence Trust Co., Lawrence. "Salem Trist Co., Salem "These trust companies are affiliated with and controlled by the Federal National bank. The parent bank having been closed. no other course remained but to take possession of these five trust companies to conserve the assets and for the protection of depositors. "No other state banks are Boston Clearing House association has stated in the press that in their best judgment the banking situation essentially sound and safe. In the judgment of the banking department the same is to be said of the banks of the eommonwealth generally and there should be no undue apprehension on the of depositors."

5. December 15, 1931 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, December 15, 1931

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Nine Massachusetts Banks Close Doors Dec. Massachusetts banking institutions, with deposits, according to the latest statements, of $58 700,000, were closed Tuesday. The list included four national banks and five state banks. The central figure in the closings was the Federal National Bank of which has five city branches and with which all the other institutions affiliated The Federal National Bank, whose directors voted to ask the the comptroller of currency to take charge after runs at the bank and its branches Monday had deposits, September 29, of $28,235 238, The banks and their latest available statements of deposit were: Middlesex National Bank Lowell, the State National Bank, Lynn, $2,013,565; the Gloucester National Bank, Gloucester, the Bancroft Trust Company, Worcester. $5,876,474; the Trust Company, Lawrence, $9,555,926 the Inman Trust Company. Cambridge, the Brockton Trust Company, Brockton, the Salem Trust Company, Salem, $2,115,530 Naval Stores Trade SAVANNAH, Dec. The naval stores section of the Board of Trade Tuesday announced that on the day before Christmas and day before New Year's trading would start at instead of 12:45 No trading will be on Christmas or New Year's Day or the day immediately following. Naval Stores receipts, ments, and $2.50 N. WG, $6.00; and

6. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed today The Federal National Bank, with which the other eight were affillated. had deposits of $28,235,233. according to its most recent statement condition Three other national banks were in the group that closed today They include the Middlesex National Bank of Lowell with deposits of approximately $4,000,000 the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester National Bank Gloucester. which has deposits of approximately $1,600,000. Five state banks trust companies. had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows the Bancroft Trust Company, Worcester $6,000,000; the Lawrence Trust Company. Lawrence, $8,860,000; the Brockton Trust Company. Brockton, $1,500,000; the Inman Trust Company, Cambridge, $3,500,000 and the Salem Trust Company, Salem. $2,200,000. The Bank Commissioner estimated that 75,000 depositors were affected by the closing of the state banks Joseph B. Ely. of Massachusetts expressed the belief that If prompt action were taken by the Federal authorities. making use of the National Credit Corporation, with the aid of the state authorities, speedy plan reorganization could be accomplished for the reopening of all the institutions. He said he knew of no reason why any other banks in the state should be affected Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other remained but to take possession of the trust companies to conserve the assets and for the protection of depositors.' The closing of the Federal National Bank was the consequence of run that developed on the hank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.

7. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (AP)Nine Massachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the migst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank Lynn, $2,013,565; Gloucester Na tional Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474: Lawrence Trust Company Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412 Brockton Trust Company, Brockton. $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield. said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, 0., Dec. 15 (P).-The Marion National National Bank with resources of $1,911,422 failed to open today.

8. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS sachusetts banking institutions, with aggregate deposits of $58,700,00, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks. Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected. Marion, O., Dec. 15 (/P).-The Marion National National Bank with resources of $1,911,422 failed to open today.

9. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

10. December 16, 1931 Daily News New York, NY
Article from Daily News, December 16, 1931

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9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

11. December 16, 1931 The Mercury Manhattan, KS
Article from The Mercury, December 16, 1931

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NINE MASSACHUSETTS ARE SHUT DOWN BANKS Includes Four National and List Five State Banks With Deposits Boston. Dec. 15 Massachusetts banking institutions, with aggregate deposits, according to the latest were closed today. The list included four national banks and five state banks. central figure in the closings The Federal National bank the which has five city branchwith which all the other inand stitutions were affiliated. Federal National whose The directors voted to ask the comptrolto take charge after ler currency the bank and its branches runs had deposits, Septemof other banks and their latest The available statements of deposit The Middlesex National bank. Lothe State National well. the Gloucesbank. Lynn. National bank. the Bancroft ter Worcester, $5,876,Trust 474: the Lawrence Trust company, Lawrence, the Inman Trust company, Cambridge,

12. December 16, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1931

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STATE'S FUNDS IN CLOSED BANKS TOTAL $1,060,889 The State of Massachusetts has slightly more than $1,000,000 tied up in six of the banks that closed their doors given out yesterday by State Treas Charles Hurley Treas Hurley said that the State had no funds in the Brockton Trust pany, the Lawrenche Trust Company the Trust closed banks, all affiliated with the Federal National Bank of Boston, in which the State has funds, and the amount in each follows: Bancroft Trust Company Worcester. $45,000 Inman Trust Company, $72,000; National Bank, Low $76,000 State National Bank, Lynn, Federal National Bank, $773,889 Gloucester National in the closed banks totaled $1,060,889.

13. December 16, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1931

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CLOSING OF BANK TAKEN CALMLY IN WORCESTER Dec closing of the Bancroft Trust Company Bank today did not cause much of disturbance financial of this judging special detail was the in Frank at the branch office Shrewsbury st, but the biuecoats had little On the whole, the were unusually to one of the bank officials The affairs of the bank taken over by William E. Day the State Bank he and of are going the of bank, which has 2200 checking accounts and 400 accounts.

14. December 16, 1931 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 16, 1931

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Call Money Complete Range of Prices on the New York Stock Exchange 21/2 Per Cent official on Eastmn 8.00 or when STOCK MARKET AVERAGES day to restrict and Dividends Boston Bank tors Crash Carries Others Down for fine trading limited to nearby said statement issued by the Nine banking insti- New York, Money and Exchange. tutions, with aggregate deposits of 000, were closed today. Omaha bank clearings Tuesday regular The list included four national the both corresp day last banks and five state banks. The 30 holders central figure in the closing was New York Money stock New money the Federal tional bank Bos- that year. per cent which has five city branches with which all the other insti- to cent. tutions were affiliated. Bankers The Federal National bank, whose directors voted to ask the New York Bar Silver comptroller of currency to take higher charge after runs at the bank and Foreign Exchange its branches yesterday, had deposits, on September 29, of $28, Great Britain in others The other banks and their latest available statements of deposits were: cables, The Middlesex National bank, Demands. Any good fixed trust provides Lowell, $4,000,000; the State National bank Lynn, $2,013,565; the for the investor the essential Gloucester National bank, $1,600, element of diversification for 000: the Bancroft Trust company Worcester, $5,876,474; the Law- his funds, plus the convenrence Trust company, Lawrence, ience and protection of the $9,555,926; the Inman Trust comtrust form of holding. pany, Cambridge, $3,808, 412; the Trust company, BrockIn addition to the above, the ton. 508 the Salem Trust company Salem, $2, 115,530. important factor of recogGovernor Joseph B. Ely, in nized and experienced sponstatement from his home in Westfield, said that with proper meas- sorship is provided in ures, a plan for the speedy reCity opening of the institutions could be accomplished and further said he had instructed Bank Commissioner Arthur Guy to proceed with CORPORATE that end in view. Three savings banks in East Boston and South Boston were ex- TRUST SHARES periencing small runs today. They were independent of the group Are Sold by fected in today's closing and officers sought to reassure deposiT. H. Crane & Co. tors that their funds were safe. Sugar. Investment Trust Specialists York, Dec P.)-Raw sugar Local Handling All Types of Investment Trusts Chicago Detroit 717-718 City Nat'l Bank Bldg. there AT 0658 Reports that was further

15. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 16, 1931

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NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed The Federal National Bank, with which the other eight ated. had deposits of $28,235,238. ac: cording to its most recent statement Three other national banks were in the that closed today. They include the Middlesex National Bank of with deposits of approxis mately $4,000,000; the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester Name tional Bank, Gloucester, which has deposits of approximately $1,600,000 Five state banks, trust companies had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows: the Bancroft Trust Come pany, Worcester. $6,000,000; the Laws rence Trust Company, Lawrence $8,860,000; the Brockton Trust Come pany, Brockton, $1,500,000; the Inman Trust Cambridge, $3,500,000, and the Salem Trust pany, Salem, $2,200,000. The Bank estimated that 75,009 depositors were affected by the closing of the state banks. Governor Joseph B. Ely of Massa chusetts, expressed the belief that prompt action were taken by the Federal authorities. making use the National Credit Corporation, with the aid of the state authorities, a speedy plan reorganization cculd be for the reopening of all the institutions. said he knew of no reason why any other banks in the state should be affected. Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other course remained but to take possession of the trust companies conserve the assets and for the protection of The closing of the Federal National Bank was the run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller Currency take charge of the bank's affairs.