Westminster Savings Bank - Westminster, MD

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: February 24, 1933
Location: Westminster, Maryland (39.575, -76.996)

Metadata

Model: gpt-5-mini
Short Digest: 15bf9a63

Response Measures

None

Description

Article (Evening Star, 1933-07-23) reports the Westminster Savings Bank was operating on a restricted basis and a committee is working to meet reorganization terms (increase capital, issue certificates to depositors) with the hope of reopening. No explicit run is mentioned; the bank suspended normal operations/restricted payments and is planning to reopen after reorganization.

Events (2)

1. February 24, 1933 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank required reorganization and capital increase (from $50,000 to $100,000) and issued certificates to guarantee-fund depositors as part of restricted operations; indicates bank insolvency/insufficient capital prompting restriction and reorganization.
Newspaper Excerpt: The reorganization plan also provides for the issuance of certificates of beneficial interest to depositors in the guarantee fund for 25 per cent of the amount standing to the credit of such depositor on February 24, 1933
Source: newspapers

2. July 22, 1933 Other

Newspaper Excerpt: A committee of the Westminster Savings Bank, Westminster, is endeavoring to meet the terms of reorganization, which provides for an increase in the capital from $50,000 to $100,000 by the issuance of 5,000 shares of stock. ... soon will open their doors for normal business if their plans of reorganizing are approved by Washington. - MOUNT AIRY, Md., July 22, 1933
Source: newspapers

Newspaper Articles (1)

1. July 23, 1933 Evening Star Washington, DC

Article from Evening Star, July 23, 1933

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Article Text

TWO BANKS SPEED PLANS IN MARYLAND One in Receivership and Another on Restricted Basis Hope for Early U. S. Approval. Special Dispatch to The Star. MOUNT AIRY, Md., July 22.-Two Carroll County banks-one in receivership and another operating on a restricted basis-soon will open their doors for normal business if their plans of reorganizing are approved by Washington. The First National Bank of Hampstead, now in receivership, is progressing rapidly toward reorganization. Sale of stock has been completed and application for a charter to reopen has been forwarded to national bank authorities. A committee of the Westminster Savings Bank, Westminster, is endeavoring to meet the terms of reorganization, which provides for an increase in the capital from $50,000 to $100,000 by the issuance of 5,000 shares of stock. The reorganization plan also provides for the issuance of certificates of beneficial interest to depositors in the guarantee fund for 25 per cent of the amount standing to the credit of such depositor on February 24, 1933, except the monies of certain organizations and institutions allowed exemption, including the State of Maryland, church and charitable organizations.