Columbia Trust Company (Salt Lake City, UT)

Episode Information

Episode UID
31006071572
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
3100607 routing
Routing Number
31-0060
Start Date
December 16, 1930
Location
Salt Lake City, Utah (40.761, -111.891)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
396c721b05fe09c9

Response Measures

None

Description

The bank was closed by the state banking department at the request of the board of directors to protect depositors; no run is mentioned prior to the suspension.

Events (1)
1. December 16, 1930 Suspension
Cause Details
Board of directors requested the closing to protect depositors despite claiming solvency and a 20 percent reserve.
Newspaper Excerpt
The Columbia Trust Company of this city was placed in the hands of the state banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing in order to protect all depositors without preference.
Source
newspapers

Newspaper Articles (13)
1. December 16, 1930 Commercial Bangor, ME
Article from Commercial, December 16, 1930

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Eight Banks Now Closed In North Carolina Heavy Withdrawals Given By Directors as Reason For Action Charlotte, N. C., Dec. 16.—(AP)—Eight North Carolina banks, four in the western part of the state and four in Gaston county either failed to open or closed their doors today. Directors of the institutions explained the action was taken as a precautionary measure for the protection of depositors. "Heavy withdrawals" was given as the reason in practically every case. The First National bank of Gastonia, the largest of the eight, had deposits of $3,006,072.11. Resources were given at $4,656,067.68. The other three Gaston banks, the Gaston Loan and Trust Company, of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin, in Macon county, left that town without a financial institution. The bank's deposits were listed at $416,800. The Citizens' bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa with deposits of $182,000 and the Bank of Clyde, with deposits of $105,000 failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after remaining open an hour and a half. Its deposits were listed at $103,500. Salt Lake City, Utah, Dec. 16.—(AP)—The Columbia Trust Company of this city was placed in the hands of the state banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preference." "The bank is not insolvent, having 20 per cent. reserve at the close of business Monday, and it is the opinion of the board that every depositor will be paid in full," Cook said. "Total deposits are $718,544.24. Total assets are $1,175,590.98."

2. December 16, 1930 The Muskegon Chronicle Muskegon, MI
Article from The Muskegon Chronicle, December 16, 1930

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Wall Street Briefs New York, Dec. of steel rails in the Chicago district has increased to 50 per cent of rated against 40 per cent previously, Dow, Jones & says. Stocks of refined lead in the United States at the end of November showed an increase over October, although November refinery production was under that of the previous month Stocks at the end of totaled tons, against 84,375 in October, the American Bureau of Metal Statisties reports. Total refinery production of lead in the United States in November was 48,988 short tons, against 55 369 in October and 53,237 in September. Approximately 20 organizations have bonus distributions to employes. The latest to announce such action include the National Metal Exchange, two weeks' salary to employes; 10 Operating Bureau, Inc. which manages the loan offices the Beneficial Industrial Loan Corp., weeks' salary employes; and National Real Estate Corp. the Christmas bonus to all employes. Chicago, Dec. (U.S.D.A.) Potatoes 64: on track 167; total U. shipments 448: trading rather slow: sacked per cwt., Wisconsin Round Whites few Round Whites 40; Idaho Russets No. No. Colorado Brown Beauties 1.60; McClures unbranded 1.60-1.65. Charlotte, N. C., Dec. 16-(P)Eleven banks North Carolina closed their doors today. Runs were blamed. Four banks in Gaston county four in the Asheville area western North Carolina, one in Cleveland county, one in Johnston county and one in Bertie county shut their doors. The First National bank of Gastonia was the largest the eleven, with deposits og $3,066,072 on Sep24. The Peoples bank of Waco in Clevecounty, with capital of and resources of $111,338.26 shut its The Clayton Banking company of Clayton, $75,000 of did not open. The Bank of Aulander, in Bertie county, with capital $80,125 and resources of $385,896.95, also did The other three Gaston banks, the Gaston Loan and Trust company of Gastonia, the Bank of Dallas, and the People's Bank of West Gastonia, comparatively small institutions. combined deposits totaled $270,Closing of the Bank of Franklin, in Macon county. that town without financial institution. The bank's deposits were listed at $416,800. The Citizens' bank, which merged with the Franklin last had deposits of $125,000. The Bank of with deof $182,000, and the Bank Clyde, with deposits of $105,000, failed to open later withstanding runs westerday. The Bank of Fletcher, in Hendercounty, closed in after an hour and half. Its deposits were listed at $103,500. S. C. Bank Is Closed York, S. Dec. Bank of Clover, York county closed it's today Lee Robinson, president of the First National bank of Gastonia, which failed to open this morning, also president of the Clover institution. The bank had resources of about $650,000. Utah Bank Closes Salt Lake Utah, Dec. The Columbia Trust company of this city was placed in the hands of the banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preferThe bank is not insolvent, having 20 per cent reserve at the close Monday, and it is the opinion of the board that every depositor be paid in full,' Cook said. "Total are $718,544.24. Total assets are $1,175,590.93.' W. Va. Bank Closed. Charleston, W. Dec. The state department of banking today the of the Bank of Hillsboro in county. The said the bank was closed Friday "to conserve assets" and that negotiations for taking over the were being by the bank of Marlinton. Bank at Fairmont, W. Va., Closes Fairmont, Dec. The Union of Fairclosed its doors benoon today. Inability to liquiassets rapidly enough to meet demands for was given as the cause for the closing. pfd

3. December 16, 1930 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 16, 1930

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Four North Carolina Banks Fail to Open GASTONIA, N. C. Gaston County banks failed to open their doors today, leaving only one financial situation in this textile city of 20,000. The First National Bank and the Gaston Loan and Company Gastonia, Bank of Dallas and the People's Bank West blamed in nowould not open. The First largest of the four, posit 24, date of its last published statement listed Bank officials said has been paid to depositors since when the AmeriNational Bank of Asheville closed its doors L. Jenkins, president of the Asheville bank. was president the First National Bank and its largest single stockholder YORK (AP) The Bank of York County, closed its doors today Robinson, of the First National Gastonia which failed also president of the Clover instituThe bank had resources of about SALT LAKE CITY Utah (AP) The Columbia Trust Company of this placed the hands of the State Banking Frank Cook the stitution, said the board of directors requested closing order to protect all depositors preferbank is not having 20% reserve the close business Monday. and is the opinion of the board depositor will paid in Total deposits are Total assets are

4. December 16, 1930 The Evening Sun Baltimore, MD
Article from The Evening Sun, December 16, 1930

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WEST FAILURES North Carolina Hardest Hit, With Eleven Institutions Closing Doors Charlotte, banks in North Carolina closed their doors today. Four banks in Gaston county, four the Asheville area of western North Carolina, one in Cleveland Johnston county and one in Bertie county shut their doors. The First National Bank Gastonia the largest of the eleven with posits of $3,066,072.11 September 24. Waco Bank Shuts Doors The Peoples Bank Waco, Cleveland county, with capital and resources of shut its doors. The Clayton Banking Company, Clayton, capitalized $75,000 and with resources did The Bank of Aulander, in Bertie county, with capital of and sources of also did open. The other three Gaston banks, the Gaston Loan and Trust Company, the Bank of Dallas the Peoples Bank of West Gastonia, small The deposits totaled $270,052.84 Closing of the bank of Franklin, Macon county, left that town without financial institution. The bank's its were listed $416,800. The CitiBank, which merged with the Franklin last month, had deposits $125,000. The bank of Swannanoa, with posits of $182,000 and the bank with deposits failed open runs yesterThe bank of Fletcher, in Henderson county, closed the face of heavy after open hour and half. Its deposits listed South Carolina Bank Closed York, Dec. Bank Clover, York county, closed Lee Robinson, president of the First National Bank Gastonia, which failed open this morning, also president of the Clover instituThe bank had resources of about $650,000. Closure In Salt Lake City Salt Lake City, Dec. The Columbia Trust Company of this city placed the hands of the State Banking Department today. Frank B. Cook, president of the institution. said the board of quested the closing order to protect bank not insolvent, twenty the business Monday, and the opinion the board that every depositor will paid Cook said. posits assets West Virginia Bank Closed The State Department of announced closing of the Bank Hillsboro, Pocahontas county. The said the bank Friday and that for taking institution were being made Bank of Marlinton. The Bank of Hillsboro 24 had capital stock resources and deposits totaled $127,746.

5. December 16, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1930

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COLUMBIA TRUST CO IN SALT LAKE CITY CLOSES SALT LAKE CITY, Utah, Dec 16 P -The Columbia Trust Company this city was placed in the hands of the State Banking Department today. Frank B. Cook, president of the institution, said the board of requested the closing "in order to protect all depositors without preference. "The bank is not insolvent, having 20 percent reserve at the close of business Monday. and it is the opinion of the board that every depositor will be paid in full." Cook said. "Total deposits are $718,544. Total assets are

6. December 16, 1930 The Capital Times Madison, WI
Article from The Capital Times, December 16, 1930

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Salt Lake City and Charleston Banks Shut SALT LAKE CITY The Columbia Trust Co. of this city was placed in the hands of the state bank ing department today. Frank B. Cook. president. said the board of directors requested the closing in order to pro"Total deposite are and total assets are $1,175,590.98. he said. adding that "every depositor will be paid in full." W. Virginia Bank Shut state department of banking today announced the closing of the Bank of Hillsboro "to conserve ussets The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits $127,746. 4 Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today. leaving only one financial institution in this textile city of 20.000 The First National bank and the Carton Loan First National bank. largest of the lour. had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,007.68.

7. December 16, 1930 The Capital Times Madison, WI
Article from The Capital Times, December 16, 1930

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Salt Lake City and Charleston Banks Shut SALT LAKE CITY (AP) The Columbia Trust Co. of this city was placed in the hands of the state banking department today Frank B. Cook president. said the board of directors requested the closing in order to protect all depositors "without preference "Total deposits are $718,544.24. and total assets are $1,175 he said adding that "every depositor will be paid in full." W. Virginia Bank Shut CHARLESTON, W. Va. The state department of banking today announced the closing of the Bank of Hillsboro "to assets The bank on Sept. 24 had capital stock of $25,000 Its were $205 and its deposits $127,746. Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today leaving only one in this textile city 20,000 The First National bank and the Claston Loan and Trust Co., the Bank of Dallas and the Peoples Bank of West Gastonia blames withdrawals The First National bank, largest of the four, had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,067.68.

8. December 16, 1930 The Sedalia Democrat Sedalia, MO
Article from The Sedalia Democrat, December 16, 1930

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CLOSED BANK AS PROTECTIVE MOVE By The Associated Press. SALT LAKE CITY, Utah, Dec. 16 The Columbia Trust Company of this city was placed in the hands of the state banking department to day. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preference." "The bank is not insolvent, hav. ing 20 per cent reserve at the close of business Monday, and It is the opinion of the board that every depositor will be paid in full," Mr. Cook said. "Total deposits are $718,544.24. Total assets are $1,175,590.98."

9. December 16, 1930 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, December 16, 1930

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DECLINE Deliveries Of Wheat Cover Narrow Range And Other Grain Types Follow. By HAROLD RAINVILLE United Staff Dec. foreign markets and liquidagrains on Board Trade today with July wheat pronounced weakness and falling than cents lower. support sustainthe old crop months except December which eased major fraction July wheat fell low levels during the day. Stop orders corn and rallies were feeble. dropped cents with corn. At the close wheat was unchanged cents lower for the old months and off for July, corn was 2½ cents lower and were 1½ lower. Provisions steady Liverpool sharply during the afternoon but support closed to 1½ Buenos Aires was to cents lower midCanadian government and officials are said be near agreement financing the wheat crop. prices to lower. Receipts were cars. Persistent selling by locals and commission houses kept corn on downward path during the early trading with support from bulls failing stem the Prices cent lower midThere was reinstating short lines. but the fell off. Cash prices cents to cent were Oats fell fraction sympathy with corn and wheat. sion houses were selling side with locals prices were cents lower. Receipts were cars. CHRISTMAS SUGGESTIONS CHICAGO, -Christmas suggestions by the National Safety Council everybody: Eat much you want Christmas but take proportion to the extent of your feast- adults: Beware lighted candles and trees that are not firmly flimsy clothes Santa lighted candles in the windows. play the streets with toys and hitch your automobiles At-Homes To Entertain. LIBERTY BONDS NEW YORK, 16 bonds Christmas 101.31 house day the year the making movies Treas comes dead Treas 3% 106.11 Sundays and holidays often belated being PARIS BANK CLOSES always First 16-(P)-8he of Bank Kansas tivities ed its There For reason picture on Friday home Pinnell, did Christmas and most of them statement bank had capital be known droppers stock of Groups to bursting presents MONEY RATES NE WYORK Dec be firm cent day months per cent. nearly locality Prime commercial Bankers acceptances unchanced For never white Christ- of starwill Christmas Lupe Davies Colleen Moore Bebe Daniels and Ben Lyon Buster Keatons Harold Lloyds are huge entertain during the day. Lloyd can heat his wimming pool and will his take even chilly Pickford Douglas Fairspend the their with group of relatives and friends including Maurice Christmas Fairwill Christmas party aboard his family and few friends. tree will be erected on the This in the Wallace Beery will host to children in of them. Afterward the heavy will play Santa for his guests. William Ronald Colman and Richard Bartholmess, Hollywood's three will to some California resort where snow sports may be enjoyed COTTON NEW Dec. opened points higher Jan. conDec. 9.39 Jan. May July Oct. CLEARING HOUSE CHICAGO, ing house statement today: Clearings Balances $8,200,000 TRUST COMPANY CLOSED SALT LAKE Dec. The Columbia Trust company city placed the hands of the state banking department today. LIVESTOCK ESTIMATES estimated tomorrow Cattle hogs sheep 16,000. CORN Dec Corn No. mixed. mixed. Oats, lower; white, 32c. fee easy; Rio, futures quiet: March $5.87; Santos barely March,

10. December 16, 1930 The Record Stockton, CA
Article from The Record, December 16, 1930

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SALT LAKE CITY. Dec. (Associated Hadlock. state today that the lumbia Trust this city the hands of the State BankNotices that effect will be posted the doors of the Total deposits $718,544.24 Total assets are The trust company was organized in 1915. FIVE NORTH CAROLINA CLOSED RALEIGH four N. fifth York county, failed to open for business Total of approximately were involved. MADE FOR BANK PRESIDENT BINGHAMTON Dec. affairs Andrew of the State Bank of missing since the doors the institution closed yesterday, the object inquiry today. The State department, searching exact amount of unofficially reported about investigator. Federal officers became interested upon learning Horvatt the supreme treasurer of fraternal insurance organization, end the officers that organization, the Greek Catholic Union, arrived here today to check their which had been in the keeping of the man.

11. December 16, 1930 Biddeford-Saco Journal Biddeford, ME
Article from Biddeford-Saco Journal, December 16, 1930

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8 SOUTHERN BANKS CLOSE THEIR DOORS Heavy Withdrawals Given as Cause by Directors. Charlotte, N. C., Dec. 16.—(AP)—Eight North Carolina banks, four in the western part of the state and four in Gaston county either failed to open or closed their doors today. Directors of the institutions explained the action was taken as a precautionary measure for the protection of depositors. "Heavy withdrawals" was given as the reason in practically every case. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072.11. Resources were given at $4,656,067.68. The other three Gaston banks, the Gaston Loan and Trust company, of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin, in Macon county, left that town without a financial institution. The bank's deposits were listed at $416,800. The Citizens bank, which merged with the Franklin, last month, had deposits of $125,000. The Bank of Swannanoa, with deposits of $182,000 and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after remaining open an hour and one-half. Its deposits were listed at $103,500. York, S. C., Dec. 16.—(AP)—The Bank of Clover, York county, closed its doors today. J. Lee Robinson, president of the First National bank of Gastonia, which failed to open this morning, is also president of the Clover institution. Charleston, W. Va., Dec. 16.—(AP)—The state department of banking today announced the bank of Hillsboro, in Pocahontas county, was closed on Friday "to conserve assets." The bank on September 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746. Salt Lake City, Utah, Dec. 16.—(AP)—The Columbia Trust company of this city was placed in the hands of the state banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preference." "The bank is not insolvent, having 20 per cent reserve at the close of business Monday, and it is the opinion of the board that every depositor will be paid in full," Cook said. "Total deposits are $718,544.24. Total assets are $1,175,590.98."

12. December 17, 1930 Chicago Tribune Chicago, IL
Article from Chicago Tribune, December 17, 1930

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11 MORE BANKS CLOSE DOORS IN NORTH CAROLINA Two More Shutdowns in Rural Illinois. Charlotte, C., Dec. in Eleven banks in North Carolina closed their doors today. Four banks in Gaston four the Asheville area of western North Carolina, one in one in and one in Bertie shut doors county First National bank of The was the largest of the with of $3,066,072 on Sept. 24. The Peoples bank of in with capital of $5,000 and resources of $111,338, shut its doors. The Clayton Banking company of capitalized $75,000 and with resources of did not The Bank of Aulander capital of $80,125 and of also did not resources open. Three Small Banks Close. The other three banks, the Gaston Loan and Trust of the Bank of Dallas, and the Peoples bank of West Gastonia comparatively small totaled Closing of the Bank of Franklin, Macon left that town in out financial The a were listed at The deposits Citizens' bank, which merged with the Franklin last month, had deposits of Bank of Swannanoa, with of and the Bank of posits with deposits of failed to after withstanding runs The Bank of Henderson closed in the of heavy remaining open an hour and half. Its deposits were listed at $103,500. Two in South Carolina. S. Bank of York county, closed its doors Lee president the First National bank of Gastonia, failed to this is open president of the Clover tion. The bank had resources of about Golconda Bank Closes. of the Pope County State bank at Golconda for examination and adjustment announced today by State Auditor The bank capitalized at The first of this the had total deposits of $314,216.41. Loans totaled $244,286.79. Another Illinois Bank. a heavy run last week the First National bank of Kansas, this morning failed to open its doors for business. The bank was capitalized at $50,000. Kentucky Bank Reopens. Ky., Dec. (AP) The Farmers bank, which closed here Nov. 26 because of heavy withdrawals, opened today with approval of the state banking department. Depositors have agreed to a deferred payment plan to conserve assets but Christmas savings will be distributed immediate ly. The bank has deposits of W. Virginia Bank Closes. Charleston, W. Va., Dec. The state department of banking today the closing of the Bank of Hillsboro, in Pocahontas county. The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746. And Another. Fairmount, W. Va., Dec. The Union National Bank of Fairmount closed its doors today. Inability liquidate assets rapidly enough to meet demands for withdrawals was given as the cause for the closing. One in Nebraska. Lincoln, Neb., Dec. closing of the State Bank of Niobrara, at Niobrara, Neb., today was nounced here by the state department of trade and commerce. The bank had deposits of approximately $275,000. One in Salt Lake. Salt Lake City, Utah, The Columbia Trust company of this city was placed in the hands of the state today. Frank said: bank is not insolvent, having 20 per cent reserve at the close of business and it is the opinion of the board that every depositor will be paid Total deposits Total assets are $1,175,590.98." SAVED FROM DEATH BY James from at kidnaped by about shoot when other

13. December 17, 1930 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, December 17, 1930

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Columbia Trust of Lake Is Closed SALT LAKE CITY. Dec. State bank commissioner announced early day that the Columbia Trust Comthis city is in the hands of pany State banking department. Frank Cook, president the trust company, said: bank not insolvent, reserve the close of business Monday. CHARLOTTE Dec banks North Carolina closed their doors today Four banks county four Asheville area WestNorth one Cleveland county Johnston coun and one in Bertie county shut their