Security Trust Company (Rockland, ME)

Episode Information

Episode UID
52007971450
Episode Type
Run Only
Bank Type
trust
Bank ID
5200797 routing
Routing Number
52-0079
Start Date
October 2, 1920
Location
Rockland, Maine (44.104, -69.109)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8f8f5382886cb71d

Response Measures

None

Events (1)
1. October 2, 1920 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors circulated that the bank was in trouble, prompting heavy withdrawals over Saturday and again Monday; State Bank Commissioner Palmer publicly reassured depositors.
Measures
State Bank Commissioner Frank L. Palmer personally reassured depositors; directors voted not to suspend interest and deposits thereafter exceeded withdrawals.
Newspaper Excerpt
Reassured Patrons Return Deposits to Rockland Bank... Security Trust Company which on Saturday experienced a run during which about $100,000 was withdrawn.
Source
newspapers

Newspaper Articles (2)
1. October 5, 1920 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 5, 1920

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Article Text

Reassured Patrons Return Deposits to Rockland Bank Rockland. Me.. Oct. 1-A decided slackening in withdrawals from the savings department of the Security Trust Company which on Saturday experienced a run during which about $100.000 was withdrawn. was apparent today. Officials were convinced that the run was nearing its close. The statement by State Bank Commissioner Frank L. Palmer as LO the soundness of the institution had such a reassuring effect that the withdrawals were said to have been nearly counteracted by deposits. "A number who withdrew their savings Saturday re-deposited them today." said Commissioner Palmer: Everything is coming out all right." Officials of the bank announced tonight that the day's deposits had exceeded the withdrawals by several thousand dollars. The directors voted today not to suspend interest on withdrawn deposits which are returned before November 15.

2. October 7, 1920 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 7, 1920

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Article Text

SEARCHING FOR PARTIES WHO SPREAD RUMORS ABOUT ROCKLAND BANK Rockland, Me.: Oct. 6.-Frank L. Palmer, State bank commissioner. has been in Rockland since Sunday endeavoring 10 locate the parties who started rumors that resulted in a run Saturday and Monday upon the Security Trust company in which several hundred thousand dollars were paid out to depositors who were rendered uneasy by these rumors. The run finally was stopped Monday through the presence of Commissioner Palmer at the banking rooms and his reassurance to those who sought his advice that the bank was perfectly solvent and that a recent audit by the State Banking department had shown an excellent financial condition with a large surplus and loans that were of & very liquid nature. The president of this bank is Maynard S. Bird of Rockland and Portland. and it is considered one of the