Dansard State Bank - Monroe, MI

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: August 28, 1931
Location: Monroe, Michigan (41.916, -83.398)

Metadata

Model: gpt-5-mini
Short Digest: 1da3b675

Response Measures

Full suspension

Other: Officials declared depositors would suffer no loss; banks failed to open their doors.

Description

Article (The Washington Times, 1931-08-28) reports wholesale withdrawals (a run) that began after closures of four Toledo banks and states the Dansard State Bank failed to open its doors on Aug 28. The piece does not say whether the bank later reopened or was closed permanently, so outcome is uncertain.

Events (2)

1. August 28, 1931 Run

Cause: Local Banks
Cause Details: Runs were triggered by closures of four Toledo, Ohio banks, prompting wholesale withdrawals in Monroe.
Measures: Bank officials declared that depositors would suffer no loss; public reassurance reported.
Newspaper Excerpt: Two of this city's three banks failed to open their doors today as the result of wholesale withdrawals by depositors. The runs were started last week when four Toledo (Ohio) banks were closed.
Source: newspapers

2. August 28, 1931 Suspension

Cause: Local Banks
Cause Details: Bank failed to open (suspended payments) due to deposit withdrawals triggered by failures of nearby Toledo banks.
Newspaper Excerpt: Two of this city's three banks failed to open their doors today ... The banks shut down are the Dansard State Bank and the Monroe Savings Bank.
Source: newspapers

Newspaper Articles (1)

1. August 28, 1931 The Washington Times Washington, DC

Article from The Washington Times, August 28, 1931

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Article Text

N. Y. BANK OWES $9,500, 000; CLOSES Shrinkage of Securities Hits Trust Co.; Toledo Run Ends Two Michigan Institutions NEW YORK, Aug. 28 (I.N.S.). The Bank of Europe Trust Company and its subsidiary, the Bank of Europe Safe Deposit Company, were taken over today by the State Banking Department. The bank has deposit liabilities of approximately $9,500,000. In announcing that the bank had been taken over, State Superintendent of Banking Joseph A. Broderick said the action was due to "depreciation in the value of its investment securities which so impaired the capital structure that it is deemed unsafe and inexpedient to permit this institution to continue in business." The bank and its subsidiary are to be liquidated at once, Broderick added. He said he hopes to be able to pay the first dividend to depositors and other creditors within 90 days. MONROE, Mich., Aug. 28 (I.N.S.).-Two of this city's three banks failed to open their doors today as the result of wholesale withdrawals by depositors. The runs were started last week when four Toledo (Ohio) banks were closed. The banks shut down are the Dansard State Bank and the Monroe Savings Bank. The third bank here, the First National of Monroe, opened its doors as usual. Officials of the two closed banks declared that the depositors would suffer no loss.