8689. International Trust & Banking Company (Calais, ME)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 16, 1931
Location
Calais, Maine (45.189, -67.279)

Metadata

Model
gpt-5-mini
Short Digest
09ee0f33

Response Measures

Full suspension

Description

Articles (Dec 16–18, 1931) report heavy withdrawals by Canadian depositors who converted U.S. funds to Canadian dollars, producing heavy demands that forced the International Trust & Banking Company in Calais to close. This is a depositor run prompted by cross-border currency movements (local economic/shock), leading to suspension/closure. No reopening is mentioned.

Events (3)
1. December 16, 1931 Run
Cause
Local Shock
Cause Details
Mass withdrawals by Canadian depositors converting US deposits into Canadian dollars to profit from exchange rate movements after decline in the Canadian dollar.
Newspaper Excerpt
The Calais bank, which closed today, said the action became necessary because withdrawals by Canadian [depositors]... Many residents in Calais... were reported to have withdrawn their American deposits, turned them into Canadian funds at approximately 20 percent profit, and then redeposited the money in Canadian banks
Source
newspapers
2. December 16, 1931 Suspension
Cause
Local Shock
Cause Details
Bank closed (suspended payments) owing to heavy withdrawals by Canadian depositors driven by exchange-rate speculation/arbitrage; closure announced Dec. 16/17, 1931.
Newspaper Excerpt
Calais, Me. International Trust and Banking company here closed Wednesday. It was announced the action [was] necessary because of heavy withdrawals by Canadian depositors.
Source
newspapers
3. * Other
Newspaper Excerpt
Boston Daily Globe: 'The chance of speculation offered by the decline in the Canadian dollar was considered the [cause] of the closing of the International Trust & Banking Company here.'
Source
newspapers

Newspaper Articles (2)
1. December 17, 1931 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 17, 1931

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Article Text

BANK CLOSING LAID TO CANADIAN DOLLAR'S FALL CALAIS Me, Dec 16 (A. The chance of speculation offered by the decline in the Canadian dollar was considered the today of the closing of the International Trust & Banking Company here. The Dominion dollar was discounted in Maine towns and cities along the border 20 and 25 Banks for the past week have ported by American and Canadian depositors who hoped to cash in on prospective rise in the Canadian dollar through redeposit of their United States funds Canadian banking institutions. The Calais bank, which closed today. said the action became necessary because withdrawals by Canadian Many residents in Calais, Eastport, Lubec, Houlton and other towns were reported to have withdrawn their American deposits. turned them into Canadian funds at approximately 20 percent profit, and then redeposited the money in Canadian banks to await

2. December 18, 1931 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 18, 1931

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Article Text

Bank Suspensions. Boston. "he Bos-Continental National bank with main offices on Devonshire street, downtown Boston, and four branches, remained closed at today. the time was posted comptroller of currency had asked to take it over to conserve assets, owing to heavy demands by depositors. the time of the consolidation the Boston National bank with Continental National bank about year ago the combined posits the merged institutions given as approximately $9. 500,000 and the combined resources were set at $11,000,000. Hamden, Conn. Hamden, Conn. Dec. 17 The Hamden Bank and Trust pany closed today Assets in last published statement were 097 Lowell, Mass. Business was suspended Lowell Trust company which cently reported savings and mercial deposits of $3,384,428 was the second Lowell bank to close within two days. the Middlesex National bank with deposits of $4,000,000 having tions yesterday. Burlington, N. Burlington, 17 The First National Bank of Burlington, with assets at the time last statement of approximate 150,000. closed order Barnett national bank examiner. R. W. Malone, was in active charge ed the tion action was due shrinkage in the value of bonds held. Calais, Calais, Me International Trust and Banking company here closed Wednesday It was announced the action necessar because of heavy drawals by Canadian depositors. Raleigh, N. rectors the Commercial tional bank, largest bank in the capital city, night voted close the bank holders. pending meeting the The September 29 ment of the bank listed deposits had a capital stock of $600,000. 000. Board of Trade Stocks Chicago, Minneapolis Bank Stocks Minneapolis, Dec. 17 East