Hagerstown Bank - Hagerstown, MD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1933*
Location: Hagerstown, Maryland (39.642, -77.720)

Metadata

Model: gpt-5-mini
Short Digest: dde9cb67

Response Measures

None

Description

Article (1933-06-10) reports organization of a new Hagerstown Bank and Trust Company after the closing of the old bank. The piece does not describe a depositor run causing the closing nor mention receivership; it simply states the old bank closed and a new institution is being capitalized to protect depositors. Because the original bank is described as closed and replaced, I classify this as a suspension leading to permanent closure. Cause of suspension/closure is not specified in the article, so coded as 'other'.

Events (2)

1. June 1, 1933* Suspension

Cause Details: Article states only that the 'old bank' closed; no cause (receivership, run, or government action) is provided.
Newspaper Excerpt: closing of the old bank by the banking
Source: newspapers

2. June 10, 1933 Other

Newspaper Excerpt: Plans for the organization of new Hagerstown Bank and Trust Company ... already over $100,000 ... to form bank with all its assets in cash has been decided upon first for the benefit of the depositors of the old Hagerstown Bank and Trust company ... deposited since the closing of the old bank ... 1,323 new deposits
Source: newspapers

Newspaper Articles (1)

1. June 10, 1933 The Herald-Mail Hagerstown, MD

Article from The Herald-Mail, June 10, 1933

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Article Text

Over $100,000 Subscribed for New Hagerstown Bank Plans for the organization of new Hagerstown Bank and Trust Company have been set in motion and already over $100,000 the $180,000 necessary has been scribed, was learned authorita. lively yesterday. Upon completion of the plans, immediately applicalion will be made for membership in the Federal Reserve System. To form bank with all its assets in cash has been decided upon first for the benefit of the depositors of the old Hagerstown Bank and Trust company, and then others as their interests may and duty and community necessity. The fact that large number of Industrial and business leaders well hundreds of others feel that this bank needed here, evident by the fact that there has been deposited since the closing of the old bank by the banking iday new deposits 100 per cent withdrawal basis to the suin of in 1,323 new The committee which has been empowered to organize the new bank and trust company feels that this prima facie evidence that there is an important need in the community for this institution.