Merchants Savings & Trust Company (Pittsburg, PA)

Episode Information

Episode UID
4919693691581
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
491969369 hash
Start Date
September 24, 1931
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fe8cf03bca3eee90

Response Measures

None

Events (3)
1. September 24, 1931 Receivership
Newspaper Excerpt
The Merchants Savings & Trust Company of Pittsburgh's Hill district will repay $32,725.33 to 2,908 depositors July 12 ... bring the total repayment since the bank closed Sept. 24, 1931, to 33 per cent.
Source
newspapers
2. September 24, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Recent heavy withdrawals/ depositor panic prompted by unspecified causes (nervousness/rumors).
Measures
Bank closed by state examiner; notice posted on door attributing closing to heavy withdrawals.
Newspaper Excerpt
A notice posted on the door of the bank ... assigned the closing to recent heavy withdrawals.
Source
newspapers
3. September 24, 1931 Suspension
Cause
Government Action
Cause Details
Closed by the chief examiner of the State Department of Banking to protect depositors and conserve assets.
Newspaper Excerpt
The Merchants Savings & Trust company here, failed to open for business today ... The bank was closed by J. D. Swigart, chief examiner of the State Department of Banking.
Source
newspapers

Newspaper Articles (2)
1. September 24, 1931 The Record-Argus Greenville, PA

Article Text

FOURTH BANK IS SUSPENDED Small Pittsburgh Bank, Merchants Savings and Trust, Fails to Open. Pittsburgh, Sept. 24 (/P) The Merchants Savings & Trust company here, failed to open for business today. It was the fourth bank to AUSpend business here this week. A notice posted on the door of the bank, n. small institution. assigned the closing to recent heavy withdrawals. The bank was closed by J. D. Swigart, chief examiner of the State Départment of Banking. The bank of Pittsburgh. N. A., the Highland National hank and the Franklin Savings & Trust company closed Monday. William D. Gordon, secretary of banking. said the action was taken to protect depositors, and stockholders and to conserve the assets so that withdrawing depositors might not obtain preference. The bank's report last June 30 showed total assets of $1,356,706; and deposits, $1,003,290. The capital was $125,000: the surplus, $75,000: and undivided profits, $13,505. Secretary Gordon said the Institution had no affiliation with any other bank or trust company. There were about 2.000 depositors and officers of the institution were quoted as saying they would be paid in full.

2. July 5, 1933 The Pittsburgh Press Pittsburgh, PA

Article Text

4 DISTRICT BANKS TO PAY DIVIDENDS $1,042,390 'Frozen Assets' To Be Released Depositors in closed Pennsylvania banks, four of them in the Pittsburgh district, will receive $1,042,390 as further payments on their accounts within three weeks. The Merchants Savings & Trust Company of Pittsburgh's Hill district will repay $32,725.33 to 2,908 depositors July 12. It is a 5 per cent return and bring the total repayment since the bank closed Sept. 24, 1931, to 33 per cent. The Washington Trust Company of Washington will makes its fourth 10 per cent payment July 20. The bank closed Oct. 5, 1931, and its 19,611 depositors have received repayments of 30 per cent. The July 20 return will be an additional $438,424.44. The Federal Title and Trust Company, of Beaver Falls, will pay its 1,548 depositors their first dividend, 10 per cent or $45,887.26, July 15. It closed July 19, 1932. The Monongahela Trust Company, of Monongahela, will make a third payment July 24, when 7 per cent or $80,203.77 will be distributed among 3,318 depositors. Previous payments have returned 33 per cent of the deposits since the bank closed Oct. 5, 1931.