Multiple articles (dated Aug 17, 1931) report the State Banking Department ordered four Toledo banks, including the American Bank (described as a state bank), to close and that state and federal examiners were liquidating the institutions. The action was an official suspension by state authorities leading to closure/receivership rather than a pure depositor-driven run. Some articles mention heavy withdrawals and threatened runs and that the Cleveland Federal Reserve advanced funds to stabilize Toledo's other banks, but the primary event for the American Bank is an official suspension and liquidation by authorities.
Events (2)
1.August 17, 1931Suspension
Cause
Government Action
Cause Details
State Banking Department ordered the American Bank closed to conserve assets after reserves were tied up in other suspending institutions.
Newspaper Excerpt
Four major Toledo banks and their 34 branches ... were closed today by orders of the State Banking Department. ... the American Bank.
Source
newspapers
2.August 18, 1931Receivership
Newspaper Excerpt
state and federal examiners continued their task of liquidating the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings Company, the Commercial Savings Bank and Trust Company, and the American Bank ... staff of 60 state and federal examiners continued their mammoth task of liquidating ... and the American Bank, which with combined resources of approximately $100,000,000. (reports dated Aug. 18 indicate liquidation work.)
Source
newspapers
Newspaper Articles (13)
1.August 17, 1931The Salisbury PostSalisbury, NC
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Article Text
Deposits
Ohio, Aug. 17. Four Toledo banks with combined more than failed open for business morning. while 11 savings associations payments deposits during the present financial situaaccordance with the request of the four institutions, the state banking department take over their affairs assets steady police and detectives, acting under orders of Police Chief Louis Haas, patroled preparation for any public emerLate Saturday, directors announced closing of the Guardian Trust bank. Ohio Savings Bank and Trust Commercial Bank and Trust company Yesterday, in the wake these came word of fourth institution, American bank. state that be forced to close also because reserves tied the banks usupending operations. indicated that conferences started within week or The action of directors ties up an period more than of deposits The SecurTrust company, which closed two months had about $20,000,000 deposits: the Ohio Savings bank and Trust company almost $48,000,000; the Commercial Savings Bank Trust and the Trust and Savings bank The First National bank, the Toledo Trust company. Spitzerboric Trust banks West Toledo National were usual today. The Morris bank bank. special plan banks, also were There disorders when were no affected by closings banks here today. were opened crowds at the banks. large
2.August 17, 1931The Washington Daily NewsWashington, DC
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Article Text
4 Banks in Toledo, 6 in NebraskaSuspend
Ohio Banking Department Takes Action Against Institutions With $100,000,000 Resource
By United Press
TOLEDO, O.-Four major Toledo banks and their 34 branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the State Banking Department. The institutions were the Ohio Savings Bank & Trust Co., the Commerce Guardian Trust & Savings Bank, the Commercial Savings Bank & Trust Co., and the American Bank. Other banks remained ópen and announced they were prepared to withstand heavy withdrawals. The four closures were precipated
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3.August 17, 1931Springfield Evening UnionSpringfield, MA
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Article Text
State to Take Control of Four Banks in Toledo
[Continued from First attorney for the State Departtheir assurance cooperation ment, state authorities meeting directors announced Late closing the Ohio Trust Trust Bank Trust Yesterday. in the wake of these an from of fourth institution. the American bank. state bank, tied up of the suspending operations. indicated that conferences reorganizati may started week or directors for an indefinite period more Home deposits Bank Company almost Commercial Bank and Trust Company and Trust Bank First National Bank. the To tedo the West Trust Toledo usual Bank the Bank special plan banks, open.
Dozen Associations Stop Payments.
Aug. building loan Akron Cuyahoga depositors of panies carry of the largest, today said the step tak the protecting the purpose There no question the suspension of payments merely temporary
Six Nebraska Banks to Open.
Nebraska for Gov. and State of Trade said closings were the result of recent bank suspensions Omaha. had total deposits of
4.August 17, 1931The Saginaw NewsSaginaw, MI
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4 TOLEDO BANKS CLOSE
Associated Press. Toledo banks with combined sources of more than failed to open for business this while 11 associaof deposits during the situaIn with the request of directors the institutions, the banking departprepared to their four banks are the ComSavings bank, the Ohio Savings Bank Trust Savings Band Trust company and the American bank, a state bank
5.August 17, 1931Des Moines TribuneDes Moines, IA
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TOLEDO BANKS FAIL TO OPEN
Had Resources of More Than 100 Million Dollars
TOLEDO banks combined of more than 100 million dollars to open for business day while 11 saving sociations ceased payments of posits during the present cial The state banking department prepared the banks affairs to conserve in face of previous steady withdraw.
Police and detectives patrolled the banking districts in preparation for any public emergency Late Saturday, directors announced closing of the Guardian Trust and Savings bank the Ohio Savings Bank and Trust CO. and the Commercial Savings Bank and Trust co. Directors of the fourth institution, the American bank state bank Sunday it would be forced to close its doors also because its reserves were tied up in two of the banks suspending
6.August 17, 1931The Journal TimesRacine, WI
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FOUR TOLEDO BANKS CLOSE DOORS TODAY
TOLEDO, O., Aug. Toledo banks, with combined sources of than for this failed open morning. while 11 saving associations deposits during the present financial situation. In accordance with the request of directors of the four institutions, the state department to take their affairs assets, the face of previous steady withdrawdirectors anLate nounced closing of Commerce Guardian Trust Savings bank. The Ohio Savings Bank and Trust company, The Commercial Bank Trust company. Festerday. in the of these came from directors of the fourth institution, The American bank. state bank. that would be to close Its doors its tied two of the banks, suspending operations.
Chicago Livestock
Dept. bulk weights and choice light 160-200 weight 250-350 lbs medium good and choice 100 good fed vearlings fully steady stances finished weighty steers classes active: long yearling steers for for bullocks: helfer cattle and steers good choice 1100. medium and medium cows choice common and medlum bulls (yearlings and choice (milk and and choice and 50 lower: lambs off in better grade natives 7.50 paid best sheep lambs choice weights and lbs good 5.25@5.75.
Chicago Produce
Butter tone and averaged steady higher. Eggs one cent lower. total shipments Saturday 490 Suntrading only Idaho russets and Wisconsin Colorado creamery spe. score) extras estra firsts firsts (90 score graded firsts receipts steady broilers springs roosters turkeys white colored
Chicago Grain
Milwaukee Produce
Aug. standards steady; fresh firsts light springers turkeys ducks springs 20.00 steady: Missouri cobblers steady: Texas 50-1b
Milwaukee Grain
Aug. yellow Mixed white No. Feed
CHEESE MARKET
Cheese daisles young Americas Swiss hard hard spring mixed mixed mixed % white Sample grade Timothy Cloverseed
7.August 17, 1931The Evening SunBaltimore, MD
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6 SMALL NEBRASKA First Family Of China BANKS FAIL TO OPEN Meets At Mother's Bier
Closings Are Called Result Of Suspensions In Omaha
Nebraska State banks failed to open for business today. Gov. Charles W. Bryan and E. H. Luikart, Secretary of the State Department of Trade and Commerce. said the closings were the result of recent bank suspensions in Omaha. The six banks had total deposits of approximately $1,180,000. They were the First State Bank, of Pleasant Dale: the Dwight State Bank of Dwight; the Brainard State Bank, of Brainard: the Bruno State Bank. of Bruno: the Butler County Bank. of Davis City, and the Leigh State Bank. of Leigh.
Four Ohio Banks Remain Closed Toledo banks with combined resources of more than failed to open for business this morning. while eleven saving associations ceased payments of deposits during the present financial In accordance with the request of directors of the four institutions, the State Banking Department prepared to take over their affairs to conserve assets in the face of previous steady by depositors. City police and detectives, acting under orders of Police Chief Haas, patroled the banking districts in preparation for any public emergency. Meanwhile there was pending meeting between Mayor W. T. Jackson and Adj-Gen. Frank D. Henderson. Columbus, commanding the Ohio National Guard. Late Saturday, directors announced closing of the Commerce Guardian Trust and Savings Bank. the Ohio Savings Bank and Trust Company and the Commercial Savings Bank and Trust Company Yesterday, in the wake of these announcements, came word from directors of the fourth institution. the American Bank, State bank. that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operaIt was indicated that conferences relative to reorganization may be started within week or ten days.
Three Famous Daughters, Two Distinguished SonsIn-Law And Three Sons Gather To Mourn Death Of Mother-In-Law Of Revolution
Family' one of their rare reunions in Shanghai tonight This time they gathered around the bier of their mother. Mme. K. T Soong. sometimes referred to as the mother-in-law of the Chinese revoluMme. Soong died in Tsingtao July 23 shortly after receiving word of the attempted here of her son, T. V. Soong. vice-chairman Finance Minister of the Chinese Nationalist Government. The gathering was completed late today with the arrival of Chiang Kaishek, head of the Nationalist Government, from Nanchang to attend the two-day funeral. Chiang Kai-shek is son-in-law of Mme. Soong. Mme. Soong numbered in her family three famous daughters, two distinguished sons and three sons all of whom. gathered at the bier. emphasized how the object of their mourning had wielded an influence on modern China such as few women have exercised in any nation in his-
Besides President Chiang Kai-shek ter of Mme. Soong and widow of the founder of the Chinese Republic: Mme H. H. Kung. another daughter and wife of the Nationalist Minister of third daughter: T. V. Soong. Minister of Finance and vice-chairman of the Nationalist and younger sons, T. L. Soong and T. N. Soong. who hold minor Government positions. Daughter Returns From Exile Mme. Sun Yat-sen returned from voluntary exile in Europe to attend the funeral and thus temporarily rejoined the kinsmen from whom she had been politically and spiritually estranged since Today's rites at the Soong home included Christian service. Mme. Soong was a Christian. and reared six children in that faith. It was in her home and largely under her influence that Chiang Kai-shek last year was baptized in the Methodist Episcopal Church South. Mine Soong had been widow since 1928. She will be buried tomorrow.
Banking and Insurance. Mr. Bristow said the closing was ordered to protect the depositors of the bank. which capitalized at $250,000. In separate announcement today it was stated that the Richmond Trust Company here had been acquired by the American Bank and Trust Company of Richmond. Officers of the Richmond Trust Company were interented in the Hopewell bank. but the ansaction did not involve the latter institution. it was stated.
8.August 17, 1931St. Joseph News-PressSt. Joseph, MO
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TOLEDO BANKS QUIT
Four Institutions With $100,Resources Closed.
City Police Patrol Banking Districts in Preparation for Any Public Emergency.
TOLEDO, Ohio, Four Toledo banks combined more than $100,000,000 open for business morning, while savings assoceased payments posits during the present financial Police Patrol Districts. City police and acting orders Police Chief Louis Haas, patroled banking districts preparation for any pubemergency Meanwhile, Mayor W. Jackson Adj. Gen. Frank the Ohio national guard. night with Safety rector Black Col. Golson Light, commanding the 148th national guard. More than 100 rural of northeastern Ohio, met terday Banks Ira and Charles Saffin, state partment, had their by state meeting
To Confer on Reorganization. Late Saturday, directors announced closing of the Commerce Guardian Trust Savings Bank, Ohio Bank Trust Company and Commercial SavBank Trust Company. Yesterday, the these came word from directors of fourth institution, the American Bank, state bank, that would close its doors its tied up two of the banks pending operations. indicated that relative may within week ten days.
9.August 17, 1931The Lima NewsLima, OH
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TOLEDO BANKS CLOSE DOORS TO PROTECT ASSETS
O., Aug. Toledo banks with bined resources of more than decided to open this morning, while 11 savings associations ceased payments temporarily. In accordance with the request directors the Institutions, state banking department prepared to talk their affairs conserve assets. Late Saturday directors closing the Commerce Trust and Savings bank, the Ohio Savings bank and Trust Co. and the CommerSavings Bank and Trust Co. directors the fourth institution, the American bank, said would forced to close its doors also because reserves were tied up two of the banks suspending While no direct could be had definitely from affected local or banking authorities, was indicated that relative reorganibe started within week or ten days.
10.August 17, 1931The Stockman's JournalOmaha, NE
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Toledo Banks With Hundred Million Resources Close
Toledo. O., Aug. 17 Toledo their combined resources more than $100,000,000 and 150,000 accounts, closed today order the state banking department and institutions were the Ohio Savings Trust Commerce Guardian Trust Savings Bank, the Commercial Savings Bank Trust company and the American Bank. Other banks remained open and withstand heavy The four were precipitatby the closing several of the Security Home Trust comBuilding and companies coinnotified depositors that cidentally further withdrawals would be denied until the situation had been adjusted.
11.August 18, 1931Muncie Evening PressMuncie, IN
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FEDERAL MONEY SAVES BANKS
Confidence at Toledo Restored to Depositors.
TOLEDO, Aug. from the Cleveland Reserve Bank was credited day with restoring in the stability of Toledo's four remaining banks which threatened with runs yesterday by closing four Officials of the four solvent banks advised that anyone who wanted his money could come and resulted in return of many withdrawn counts.
Liquidate Banks. an of confidence, Reserve Bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal their task liquidating the Ohio Bank and Trust the Trust and Savings Company, the Bank and Trust Company, and the American Bank, which with sources approximately Banks Toledo's trade area were reported good condition today.
12.August 18, 1931The TimesHammond, IN
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$11,000,000 QUIETENS THE DEPOSITORS of from the Cleveland was credited today with confidence in stability of Toledo's four banks which were yesterby the closing of four brother Officials the four solvent banks advised depositors that anyone wanted his money could come and get The statement resulted in the of many withdrawn acexpression of the Federal bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank Trust company, the Commerce Guardian Trust and Savings company, the Commercial Savings Bank and Trust company and the American bank, which of approximately $100,000,000.
13.August 18, 1931The News-HeraldFranklin, PA
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RESTORED BANKS OF
Arrival of $11,000,000 From Cleveland Federal Reserve Eases Situation After 4 Close.
$11,000,000 from the Cleveland eral Reserve Bank was credited today with restoring confidence in the stability Toledo's four banks which were with heavy runs yesterday by the closing of four brother Officials of the four solvent banks advised they were in cure position meet any demands and that every depositor who wanted his money could come and get it. The statement resulted the return many withdrawn accounts. Horton Rorick president of the Rorick Trust and Savings Bank, reported ceipt many new accounts with withdrawals exceeding deposits by only slight margin. Meanwhile staff of 60 state and six Federal examiners continued their mammoth task of liquidating the Savings Band and Trust Company, the Commerce Guardian Trust and ings the Commercial Savings Bank and Trust Company, and the American Bank. which with combined of approximately $100,000,000. Banks in Toledo's trade area were reported in good condition today.
