Southern Maryland Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: March 1, 1933*
Location: Seat Pleasant, Maryland (38.896, -76.907)

Metadata

Model: gpt-5-mini
Short Digest: 37868e9f

Response Measures

None

Description

The Southern Maryland Trust Company closed in March 1933 and was managed by a conservator. A successor, the Seat Pleasant Bank, was organized under a reorganization plan (dividend paid April 16, 1934), but the original Trust Company remained closed and a receiver was appointed in January 1935 to wind up its affairs. No newspaper text describes a depositor run; the closure was handled by conservator/commissioner action and later receivership.

Events (3)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed in March 1933 and placed under a conservator (bank commissioner oversight).
Newspaper Excerpt: the trust company ... has been managed by a conservator since it closed in March, 1933.
Source: newspapers

2. April 16, 1934 Other

Newspaper Excerpt: a dividend of ten per cent (10%) of the funds on deposit in the Southern Maryland Trust Company ... has been paid as of April 16, 1934. ... in accordance with provisions of the Plan for the Reorganization of the Southern Maryland Trust Company and the Organization of the Seat Pleasant Bank, as approved by the Bank Commissioner of Maryland, on May 4, 1933.
Source: newspapers

3. January 4, 1935 Receivership

Newspaper Excerpt: a receiver be named for the Southern Maryland Trust Company of Seat Pleasant. ... John J. Ghinger, Maryland bank commissioner, was named receiver ... The trust company, now succeeded by the Seat Pleasant Bank, has been managed by a conservator since it closed in March, 1933. Placing the former structure in the hands of a receiver paves the way to formally wind up the affairs of the bank, liquidating all its assets.
Source: newspapers

Newspaper Articles (2)

1. April 17, 1934 Evening Star Washington, DC

Article from Evening Star, April 17, 1934

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Article Text

FOR YOUR TABLETS HEALTH'S SAKE AT ALL DRUG STORES SPECIAL NOTICES. NOTICE OF ADDITIONAL DIVIDEND. NOTICE is hereby given that a dividend of ten per cent (10%) of the funds on deposit in the Southern Maryland Trust Company of Seat Pleasant, Maryland, and ten per cent (10%) of all recognized claims against the said Southern Maryland Trust Company has been paid as of April 16, 1934. This amount has been credited to depositors and claimants' accounts in the Seat Pleasant Bank, in accordance with provisions of the Plan for the Reorganization of the Southern Maryland Trust Company and the Organization of the Seat Pleasant Bank. as approved by the Bank Commissioner of Maryland, on May 4. 1933. Further information may be obtained from the undersigned. LEO J NAUGHTON. Conservator, Southern Maryland Trust Company, Seat Pleasant. Maryland. I WILL NOT BE RESPONSIBLE FOR debts contracted by any one other than myself. GUY HENDERSON HOPEWELL. 18* 1016 N. J. ave. s.e. WILL SACRIFICE FOR CASH, CHOICE lot in beautiful Cedar Hill Cemetery; most desirable. Address Box 456-D, Star office. 18* NATION-WIDE LONG DISTANCE FURNIture moving. UNITED VAN SERVICE. 410 Bond B ag., Washington. NAtional 3934. LONG DISTANCE MOVING-OUR COMplete transportation system covers entire eastern part of country Dependable service since 1896." The Davidson Transfer : Storage Co. 2215 5th st. n.e DE 2500. LAWN MOWERS SHARPENED AND REpaired. New and used moweis for sale. 917 11th st. n.w. DI. 9322. WANT TO HAUL FULL OR PART LOAD to or from New York. Richmond. Boston. Pittsburgh and all way points. Special rates. NATIONAL DELIVERY ASSN INC. 1317 N. Y. ave. NA. 1460. Local moving also. TREASURY DEPARTMENT Office of the Comptroller of the Currency. Washington. D. C. February 3. 1934 Notice is hereby given to all persons who may have claims against the "FedAmerican National Bank and Trust Company of Washington. District of Columbia. that the same must be presented to Cary A. Hardee. Receiver, with the legal proof thereof within three months from this date or they may be disallowed. J F T, O'CONNOR Comptroller of the Currency. BLOWERS BUCKWHEAT BURNING COALCan be installed with fire burning. Complete with two controls $65. Terms. W. H HESSICK & SON INC Dist 0744. ROOF WORK -of any nature capably performed by practical roofers Call us for estimate ROOFING 933 V St N.W 4423 KOONS COMPANY North IF YOU DESIRE YOUR BLANKETS SOFT and fluffy-which our new special process guarantees-send them to FRANKLIN LAUNDRY, Phone NAtional 1342-3-4. BlanketsComforts-Curtains a Specialty. TILE WORK REPAIRING-ESTIMATING 1106 9th N.W. ELLETT NA. 8731 is one of the largCHAMBERS est undertakers in the world. Complete funerals as low as $75 up. 6 chapels, 12 parlors. 17 cars. hearses and ambulances. 25 undertakers and assistants.

2. January 4, 1935 The Washington Times Washington, DC

Article from The Washington Times, January 4, 1935

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Article Text

SEAT PLEASANT BANK RECEIVER SELECTED As his last official act as deputy attorney general of Maryland, Willis R. Jones petitioned the Prince Georges County Circuit Court at Upper Marlboro yesterday that a receiver be named for the Southern Maryland Trust Company of Seat Pleasant. The move was not contested by the bank. John J. Ghinger, Maryland bank commissioner, was named receiver and posted $15,000 bond. L. G. Sasscer and Walter Green, counsel of the bank, were named his counsel. The trust company, now succeeded by the Seat Pleasant Bank, has been managed by a conservator since it closed in March, 1933. Placing the former structure in the hands of a receiver paves the way to formally wind up the affairs of the bank, liquidating all its assets. Mr. Jones retired today as deputy attorney general, returning to his private law practice.