Produce Exchange Bank (Cleveland, OH)

Episode Information

Episode UID
3696268291249
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
369626829 hash
Start Date
January 22, 1904
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a970823583520455

Response Measures

None

Description

Closure followed discovery of large cashier defalcation; receiver appointed.

Events (2)

1. January 22, 1904 Receivership
Newspaper Excerpt
The insolvency court has appointed the Cleveland Trust Company as receivers.
Source
newspapers
2. January 22, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier George A. Rose was a defaulter (reported ~$170,000โ€“$187,000), causing insolvency.
Newspaper Excerpt
The Produce Exchange Banking Company ... closed its doors today.
Source
newspapers

Newspaper Articles (14)

Article from Santa Fe New Mexican, January 22, 1904

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Article Text

CLOSED ITS DOORS. Produce Exchange Banking Company of Ohio in the Hands of a Receiver. Cleveland, Ohio, Jan. 22-The produce Exchange Banking Company closed its doors today. Receivers have been appointed. The assets an liabilities each are placed at a million and a half. The statement issued by the attorney on behalf of the bank announced that Cashier George A. Rose is a defaulter to the extent of $170,000.


Article from The Roswell Daily Record, January 22, 1904

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Article Text

BIG BANK FAILURE. Assets and Liabilities Each Placed at Million and a Half. Cleveland, O., Jan. 22.-The Pro duce Exchange Banking Company closed its doors today A receiver has been appointed. The assets and liabilities are each placed at a million and a half. A statement issued by attorneys on behalf of the bank states that Cashier George A. Rose is a defaulter to the extent of $170,000.


Article from The Minneapolis Journal, January 22, 1904

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Article Text

BANK SUSPENDS Cleveland Financial Institution Closes It Doors-Liabilities $1,500,000. Cleveland, Jan. 22.-The Produce Ex change Banking company closed its door to-day. The insolvency court has ap pointed the Cleveland Trust company a receivers. The assets and liabilities 0 the bank are each placed at $1,500,000.


Article from Evening Star, January 22, 1904

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Article Text

CLEVELAND BANK SUSPENDS. Assets and Liabilities Each Placed at $1,500,000. CLEVELAND. January 22.-The Produce Exchange Banking Company. corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and llabilities of the bank are each placed at $1,500,000.


Article from The Providence News, January 22, 1904

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Article Text

BANK CLOSES ITS DOORS. Cleveland, O., Jan. 22-The Produce Exchange bank, corner of Broadway and Central avenue, closed Its doors today. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are placed at $1,500,000 each.


Article from Deseret Evening News, January 22, 1904

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Article Text

Cleveland Bank Closes Doors. Cleveland, O., Jan. 22-The Produce Exchange Banking company, corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust company as receivers. The assets and liabilities of the bank are each placed at $1,500,000.


Article from The Daily Silver State, January 23, 1904

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Article Text

Bank Becomes Insolvent Cleveland, O., Jan. 22.-The Produce Exchange Banking company, corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust company as receivers. The assets and liabilities of the bank are each placed at $1,500,000.


Article from The Bennington Evening Banner, January 26, 1904

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Article Text

Rose Is In Prison. CLEVELAND, O., Jan. 26.-Cashier George A. Rose, who is under arrest charged with embezzling $187,000 from the Produce Exchange bank, which has closed its doors, is locked up in the county jail awaiting developments in the examination of the bank's affairs by the officials of the Cleveland Trust company, which has been appointed receiver for the failed bank. One of the principal objects in examining the books will be to learn if Rose cannot be onarged with a more serious offense than embezzlement, the maximum penalty for which in Ohio is but ten years' imprisonment.


Article from Willmar Tribune, January 27, 1904

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Article Text

Cleveland Bank Closed. Cleveland, O., Jan. 23.-The Produce Exchange Banking company, corner Broadway and Central avenue, closed its doors Friday. The insolvency court has appointed the Cleveland Trust company as receivers. The assets and liabilities of the bank are each placed at $1,500,000.


Article from Baxter Springs News, January 28, 1904

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Article Text

Bank Cashier Took $170.000, Cleveland, O., Jan. 23.-Attorney Andrew Squire, on behalf of the suspended Produce Exchange bank, made the following statement: "George A. Rose, cashier of the bank, is a defaulter to the extent of $170,000. The defalcation is more than the paid-in capital and surplus combined. The depositors will be protected fully. The stockholders will have to pay in $100,000 more on their capital stock and $200,000 in sockholders liability."


Article from Barton County Democrat, January 29, 1904

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Article Text

Bank Cashier Took $170,000, Cleveland, 0., Jan. 23.-Attorney Andrew Squire, on behalf of the suspended Produce Exchange bank, made the following statement: "George A. Rose, cashier of the bank, is a defaulter to the extent of $170,000. The defalcation is more than the paid-in capital and surplus combined. The depositors will be protected fully. The stockholders will have to pay in $100,000 more on their capital stock and $200,000 in sockholders liability."


Article from The Kinsley Graphic, January 29, 1904

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Article Text

Bank Cashier Took $170,000, Cleveland, O., Jan. 23.-Attorney Andrew Squire, on behalf of the suspended Produce Exchange bank, made the fellowing statement: "George A. Rose, cashier of the bank, is a defaulter to the extent of $170,000. The defalcation is more than the paid-in capital and surplus combined. The depositors will be protected fully. The stockholders will have to pay in $100,000 more on their capital stock and $200,000 in sockholders liability."


Article from The Penn's Grove Record, January 29, 1904

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Article Text

Cleveland Bank Fails. The Produce Exchange Banking Company, of Cleveland, Ohio, has closed its doors. The insolvency Court has appointed the Cleveland Trust Company receiver. The assets and liabilities of the bank are each placed at $1,500,000.


Article from The Rice Belt Journal, January 29, 1904

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Article Text

Ohio Bank Closed. Cleveland, Ohio.-The Produce Exchange Banking Company, corner of Broadway and Central avenue, has closed its doors. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and liabilities are placed at $1,500,000 each.