Gary Trust & Savings Bank (Gary, IN)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
June 29, 1931
Location
Gary, Indiana (41.593, -87.346)
Bank Type
trust

Metadata

Episode ID
Bank ID
City ID
180434979
Model
gpt-5-mini
Short Digest

Notes

Liquidation proceedings described in 1932 indicate the bank did not resume normal operations after the 1931 closing.

Events (3)
1. June 29, 1931 Run
Cause Details
Large withdrawals (~$500,000) precipitated heavy cash outflow and a run-like situation.
Measures
Closed doors to protect depositors; began reorganization plans.
Newspaper Excerpt
depositors would be paid in full, and that the doors were shut to protect them after withdrawals mounted to almost $500,000.
Source
newspapers
2. June 29, 1931 Suspension
Cause Details
Bank closed voluntarily to protect depositors and to start reorganization after heavy withdrawals.
Newspaper Excerpt
BUSINESS OF GARY BANK SUSPENDED ... The Gary Trust & Savings bank closed yesterday and started reorganization plans.
Source
newspapers
3. March 7, 1932 Receivership
Newspaper Excerpt
Mr. Arnold was formerly president of the closed Gary Trust and Savings bank ... Bank Commissioner Symons filed a petition in Gary Superior court asking for the appointment of a new liquidator to replace Louis Gleuck ... for the best interests of the stockholders and creditors.
Source
newspapers

Newspaper Articles (2)
1. June 30, 1931 The Herald-Palladium Benton Harbor, MI

Article Text

BUSINESS OF GARY BANK SUSPENDED (By Associated Press) GARY, Ind., June 30-The Gary Trust & Savings bank closed yesterday and started reorganization plans. Harry Arnold, president. said that depositors would be paid in full, and that the doors were shut to protect them after withdrawals mounted to almost $500,000.

2. March 7, 1932 The Times Hammond, IN

Article Text

Mr. Arnold was formerly president of the closed Gary Trust and Savings bank and well known in banking circles of the county. Mr. Dunn tendered his resignation as liquidating agent late last week. Last week Bank Commissioner Symons filed a petition in Gary Superior court asking for the appointment of a new liquidator to replace Louis Gleuck for the best interests of the stockholders and creditors.