Bancroft Trust Company (Worcester, MA)

Episode Information

Episode UID
53001171584
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
5300117 routing
Routing Number
53-0011
Start Date
December 15, 1931
Location
Worcester, Massachusetts (42.263, -71.802)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4131b7015c44283a

Response Measures

None

Description

Closed Dec 15, 1931 and taken into possession by the State Bank Commissioner due to affiliation with the Federal National Bank of Boston.

Events (3)
1. December 15, 1931 Suspension
Cause
Correspondent
Cause Details
Affiliated with the Federal National Bank of Boston which experienced runs and was taken into custody, prompting the Bank Commissioner to take possession of Bancroft Trust Co.
Newspaper Excerpt
Bancroft Trust Company of Worcester to close ... affairs taken over by William E. Day the State Bank ...
Source
newspapers
2. February 18, 1932 Other
Newspaper Excerpt
Many worthless checks of the Bancroft Trust company of this city, which closed its doors early in December, have been passed ... arrest of Chester Roberts ...
Source
newspapers
3. November 17, 1932 Other
Newspaper Excerpt
Worcester ... witnesses testified ... special investigation into the closing of the Bancroft Trust company nearly a year ago
Source
newspapers

Newspaper Articles (15)
1. December 15, 1931 Casper Star-Tribune Casper, WY

Article Text

BANKS CLOSED Four National Institutions Included BOSTON, Dec. (AP) Massachusetts banking institutions, with aggregate deposits, the latest of 000, were closed today The list cluded four national banks and five state banks. The central figure the the Federal National bank of Boston, which has five city and with which other institutions here were affiliat- The Federal National bank, whose directors voted to the comptroller of currency to take charge after runs at the bank and its branches had deposits on Sept. 29 yesterday, of The other banks and their latest available statements deposit were: The Middlesex National Bank, Lowell, the State National bank, the Gloue ter National bank. the Bancroft Trust company, Worcester, 474; the Lawrence Trust company, $9,555,926: Inman Trust Cambridge, 412: the Brockton Trust company, the Salem Trust company, Salem $2,115,530.

2. December 15, 1931 The Boston Daily Globe Boston, MA

Article Text

BANCROFT TRUST COMPANY OF WORCESTER TO CLOSE directors the Bancroft Trust Company. affiliated with the Federal Bank of Boston, voted tonight not to open bank The action the inofficials. The Clearing voted tonight the Trust Company to out its Dennis and Joseph of the Bancroft Company

3. December 15, 1931 The Boston Daily Globe Boston, MA

Article Text

BANCROFT TRUST COMPANY OF WORCESTER IS CEOSED WORCESTER, directors Trust Company Bup the Bridge Player with the Federal National affiliated Bank The THIS open the this morning taken run the and officials inbank Clamps Association of The Clearing stores. voted last to cooperate the Bancroft Trust Company to its and CHROMIUM OR BRONZE. of the Banoffice of Bank William Arthur Guy took charge of the Bancroft Company Large details police posted bank Portland sts the Franklin branch office on Shrewsbury places the policemen the

4. December 15, 1931 Fitchburg Sentinel Fitchburg, MA

Article Text

State Bank Commissioner Gives Statement BOSTON, Dec. Arthur Guy. state bank comstatement today: result of the closing of the Federal National hank of Boston. national banking stitution. have this day taken possession of the following companies: "Bancroft Trust Co., Worces- "Brockton Trust Co., Brock- ton. "Inman Trust Co., Cambridge. "Lawrence Trust Co., Lawrence. "Salem Trist Co., Salem "These trust companies are affiliated with and controlled by the Federal National bank. The parent bank having been closed. no other course remained but to take possession of these five trust companies to conserve the assets and for the protection of depositors. "No other state banks are Boston Clearing House association has stated in the press that in their best judgment the banking situation essentially sound and safe. In the judgment of the banking department the same is to be said of the banks of the eommonwealth generally and there should be no undue apprehension on the of depositors."

5. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH

Article Text

NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed today The Federal National Bank, with which the other eight were affillated. had deposits of $28,235,233. according to its most recent statement condition Three other national banks were in the group that closed today They include the Middlesex National Bank of Lowell with deposits of approximately $4,000,000 the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester National Bank Gloucester. which has deposits of approximately $1,600,000. Five state banks trust companies. had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows the Bancroft Trust Company, Worcester $6,000,000; the Lawrence Trust Company. Lawrence, $8,860,000; the Brockton Trust Company. Brockton, $1,500,000; the Inman Trust Company, Cambridge, $3,500,000 and the Salem Trust Company, Salem. $2,200,000. The Bank Commissioner estimated that 75,000 depositors were affected by the closing of the state banks Joseph B. Ely. of Massachusetts expressed the belief that If prompt action were taken by the Federal authorities. making use of the National Credit Corporation, with the aid of the state authorities, speedy plan reorganization could be accomplished for the reopening of all the institutions. He said he knew of no reason why any other banks in the state should be affected Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other remained but to take possession of the trust companies to conserve the assets and for the protection of depositors.' The closing of the Federal National Bank was the consequence of run that developed on the hank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller of Currency take charge of the bank's affairs.

6. December 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS FAIL WITH $58,700,000 DEPOSITS Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. Move for Reopenings. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Gov. Joseph B. Ely, in a statement from his home in Westfield, said that with proper measures a program for the speedy re-opening of the institutions could be worked out and that he had instructed Bank Commissioner Arthur Guy to proceed with that end in view. Run on Savings Banks, Three savings banks in East Boston and South Boston were experiencing small runs today. President Daniel C. Mulloney of the Federal National Bank expressed the opinion that, with careful handling of resources, depositors in his bank would receive 100 cents on the dollar. The city of Boston had $900,000 on deposit in the Federal National Bank while the State had $773,889. besides $287,000 in other banks closed today. The bank commissioner's office estimated there were 75,000 depositors in the five State banks affected.

7. December 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (A).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

8. December 16, 1931 Daily News New York, NY

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (P).-Nine Massachusetts banking Institutions, with aggregate deposits of $58,700,000, were closed today in the midst of the Christmas shopping season. The list included four National banks and five State banks. The central figure in the closings was the Federal National Bank of Boston, which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, whose directors asked the Controller of Currency to take charge after runs at the bank and its branches yesterday, had deposits Sept. 29 of $28,235,238. The other banks and their latest available statements of deposit were: Middlesex National Bank, Lowell, $4,000,000; State National Bank, Lynn, $2,013,565; Gloucester National Bank, $1,600,000; Bancroft Trust Company, Worcester, $5,876,474; Lawrence Trust Company, Lawrence, $9,555,926; Inman Trust Company, Cambridge, $3,808,412; Brockton Trust Company, Brockton, $1,508,753; Salem Trust Company, Salem, $2,115,530. Three savings banks in East Boston and South Boston were experiencing small runs today.

9. December 16, 1931 The Mercury Manhattan, KS

Article Text

NINE MASSACHUSETTS ARE SHUT DOWN BANKS Includes Four National and List Five State Banks With Deposits Boston. Dec. 15 Massachusetts banking institutions, with aggregate deposits, according to the latest were closed today. The list included four national banks and five state banks. central figure in the closings The Federal National bank the which has five city branchwith which all the other inand stitutions were affiliated. Federal National whose The directors voted to ask the comptrolto take charge after ler currency the bank and its branches runs had deposits, Septemof other banks and their latest The available statements of deposit The Middlesex National bank. Lothe State National well. the Gloucesbank. Lynn. National bank. the Bancroft ter Worcester, $5,876,Trust 474: the Lawrence Trust company, Lawrence, the Inman Trust company, Cambridge,

10. December 16, 1931 The Boston Daily Globe Boston, MA

Article Text

STATE'S FUNDS IN CLOSED BANKS TOTAL $1,060,889 The State of Massachusetts has slightly more than $1,000,000 tied up in six of the banks that closed their doors given out yesterday by State Treas Charles Hurley Treas Hurley said that the State had no funds in the Brockton Trust pany, the Lawrenche Trust Company the Trust closed banks, all affiliated with the Federal National Bank of Boston, in which the State has funds, and the amount in each follows: Bancroft Trust Company Worcester. $45,000 Inman Trust Company, $72,000; National Bank, Low $76,000 State National Bank, Lynn, Federal National Bank, $773,889 Gloucester National in the closed banks totaled $1,060,889.

11. December 16, 1931 The Boston Daily Globe Boston, MA

Article Text

CLOSING OF BANK TAKEN CALMLY IN WORCESTER Dec closing of the Bancroft Trust Company Bank today did not cause much of disturbance financial of this judging special detail was the in Frank at the branch office Shrewsbury st, but the biuecoats had little On the whole, the were unusually to one of the bank officials The affairs of the bank taken over by William E. Day the State Bank he and of are going the of bank, which has 2200 checking accounts and 400 accounts.

12. December 16, 1931 The Cincinnati Enquirer Cincinnati, OH

Article Text

NINE BANKS CLOSED. Institutions Affected By Heavy Run At Boston. Boston. December 15 group of nine Massachusetts banks, having aggregate deposits of approximately $58,700,000. and of which the Federal National Bank of Boston was the central figure, was closed The Federal National Bank, with which the other eight ated. had deposits of $28,235,238. ac: cording to its most recent statement Three other national banks were in the that closed today. They include the Middlesex National Bank of with deposits of approxis mately $4,000,000; the State National Bank of Lynn, with about $2,013,565 in deposits and the Gloucester Name tional Bank, Gloucester, which has deposits of approximately $1,600,000 Five state banks, trust companies had their affairs taken over by the Bank Commissioner, who announced their deposits to be approximately as follows: the Bancroft Trust Come pany, Worcester. $6,000,000; the Laws rence Trust Company, Lawrence $8,860,000; the Brockton Trust Come pany, Brockton, $1,500,000; the Inman Trust Cambridge, $3,500,000, and the Salem Trust pany, Salem, $2,200,000. The Bank estimated that 75,009 depositors were affected by the closing of the state banks. Governor Joseph B. Ely of Massa chusetts, expressed the belief that prompt action were taken by the Federal authorities. making use the National Credit Corporation, with the aid of the state authorities, a speedy plan reorganization cculd be for the reopening of all the institutions. said he knew of no reason why any other banks in the state should be affected. Bank Commissioner Arthur Guy, pointing out that the trust companies were "affiliated with and controlled by the Federal National Bank, no other course remained but to take possession of the trust companies conserve the assets and for the protection of The closing of the Federal National Bank was the run that developed on the bank and its five branches in Boston yesterday, after which the Directors voted to have the Comptroller Currency take charge of the bank's affairs.

13. February 18, 1932 The Republican Springfield, MA

Article Text

SAY BOGUS CHECKS PASSED BY TWO MEN Worcester, Feb. 18-Many thless checks of the Bancroft Trust company of this city, which closed its doors early in December, have been passed on residents in rural sections of New Hampshire who were not aware that the bank had suspended business, police here declare. The investigation led to the arrest yesterday of Chester Roberts, 31, of 13 Kilby street, and the police are looking for who they say "teamed up" with Roberts. The arrest was made by Sergt Thomas McGuinness Trooper Noone of the Holden barracks of the state police and Roberts was held in $1000 for the grand jury on charge of larceny, while the officers continue their investigation of the check operations.

14. November 17, 1932 The Republican Springfield, MA

Article Text

BANCROFT TRUST INQUIRY STARTED Worcester, Nov. witnesses testified before the Worcester county grand jury yesterday as that group began its special investigation into the closing of the Bancroft Trust company nearly year ago,

15. November 23, 1933 The Berkshire Eagle Pittsfield, MA

Article Text

INDUSTRY AND FINANCE Opening Gun Battle NEW Krock, Washington special to Times, says obvious that administration fully realizes the resignation of Prof. Sprague the opengun public battle over the President's fiscal policy. Efforts had been made postpone the resignation and that failing, to induce Mr Sprague to refrain from giving the forceful expression his views which he did realizes the resignation will fuse the opposition and perhaps force its own policy more into the open. Index Trade NEW special says items report of the British Exchequer high office receipts, normally regarded an Index of trade activity Last week total compared with in corresponding week Receipts to date year are £2,800,000 period last year and above the budget estimate. Had No Comment NEW Springs Associated Press dispatch says apparently not surprised outwardly President Roosevelt of Prof. as financial advised to the Treasury. out In response quiries Stephen Early. his secrethe would no administration's monetary policy. Sun Will Rise Usual resignation Prof. Sprague, Acting Secretary Treasury Morgenthau stated: free country. the will rise and the that the birds sing. May Sell Ships that negotiations are under way New York for to the Russian of four Dimon Line freighters valued of Commerce at $100,000 each. Corn Belt's farmers have received government aid that will be afforded them for the present, cated in Washington. belt's turn. the South being told. Against Bank Nationalization NEW pointed by German Government investigate German banking system unanimously declared complete banks, especially big ones, latter urged restitution free initiative and private bankers their demand Payrolls Increase CONCORD, H.-Increase in of for Octobe: as with by New Hampshire plants. Silk Stocking Strike May End strike affecting and union officials agree for chief which the workers' mand $25 weekly wage Five To Lose Blue Eagle Louis NRA compliance board received approval from Washington recomthat Blue Eagles taken from food markets one restaurant. Failure to comply terms of the reemwere cited cases food markets owned by Frank and operated Steve Georges. daughter born yesterday House of Mercy was born this morning the Mercy Hospital Mrs. Francis Fravel Dalton. daughter was born last Luke's Hospital and Joseph Meyette of High Street. Palace Barber Shop has moved Street from 140 North Third Dividend third dividend paid soon depositors closed Federal National Bank Boston. The nance Corporation approved appliof loan make payment dend before Within short they senting per would to 35,000 depositors. To Get Dividends Soon WORCESTER deposBancroft Trust Company were the recipients Christgreetings from Bank Commissioner Arthur Guy when that cial out saying cent dividend depositors the closed will be about total of will to depositors. Car Loading Reports New Lines 93,368 against 483 the previous week and period The over 2.9 per cent, against an increase per cent the previous compared with the last year. 44 Dwelling Houses Sold dwelling price chocolate houses owned by the Beaver Brook later counteract the greater inmills the American Woolen Com- gredient costs. pany at were knocked Financial position satisfactory. On September total 100. The highest amounted brought house current liabilities was while which working capital flats only $1000 Of the assets, and several single dwellings went cash amounted under the hammer for as little as valued The property was bought 000. The single largely by tenants rent liabilities accrued of whom had been born the payable the amount premises. aggregate sale was less than the presThere assessed The sale bonds. Stock line with the policy of the Amershares Woolen Company to of dispose preferred. no-par value: and all residential property. 549 shares of