Lawrence Trust Company (Lawrence, MA)

Episode Information

Episode UID
53011871584
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
5301187 routing
Routing Number
53-0118
Start Date
December 15, 1931
Location
Lawrence, Massachusetts (42.707, -71.163)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0e3dbc0b75eaa6ba

Response Measures

None

Description

State Bank Commissioner took possession after the Federal National Bank of Boston closed; reopening not documented in these articles.

Events (1)
1. December 15, 1931 Suspension
Cause
Government Action
Cause Details
State Bank Commissioner took possession of the Lawrence Trust Company after the affiliated Federal National Bank of Boston was closed.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (15)
1. December 15, 1931 Springfield Evening Union Springfield, MA

Article Text

Nine Banking Institutions in' Massachusetts Fail Open Doors for Business Federal National Bank of Boston and Eight .Affiliated Firms Are Closed Runs Start on Three Independent Greater Boston Institutions Gov. Ely Foresees Rapid ReorganizΔ…tion. BOSTON Nine banking with according the latest statements, of were closed today. The list included four national banks and state banks. Deposits $28,235,238. National Bank, whose the Comptroller Currency take charge after and its branches yes. had deposits Sept. 29 of The banks their latest other and available statements of deposit were The Middlesex National Bank. Lowell, $4,000,000: the State National Bank, Lynn, the Gloucester tional Bank. Gloucester. the Bancroft Trust Company. WorLawrence Trust Company the Inman Trust Company Cambridge, the Brockton Trust Company. Brockton. the Salem Trust $2,115,530. Gov. Joseph B. Ely in statement [Continued on Nineteenth Page.)

2. 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.

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

Article Text

the LAWRENCE TRUST COMPANY CLOSED THIS MORNING believe LAWRENCE, Trust Company, subsidiary of the the Federal National Bank Boston, closed its doors this morning. could from of the bank, but statement, signed Bank Arthur Guy, the notice he had the property and the Trust The president the bank is what nelius Corcoran, John O'Reilly is

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 15, 1931 Fort Collins Coloradoan Fort Collins, CO

Article Text

9 Banks Close Massachusetts Boston. (AP) Nine Massachusetts banking aggregate deposits, to the latest of closed today. The list included four national and five state banks. The central figure in the closings 12t-195G was the Federal bank Boston, which has five city es and with which all the other 3t-199G stitutions were affiliated. before The Federal National bank, whose directors voted to ask the comptroller of currency to take charge after runs at the bank and had posits, on 29, of 3t-199G The other banks and their available statements of deposit were: The Middlesex National bank. 3t-200G Lowell, $4,000,000; the State National bank, Lynn, $2,013,565; the GlouNational bank, $$1,600,000; See the Trust Worcester, $5,876,474 the Trust company, Lawrence, $9,555,926; the 5t-200G Cambridge, $3,808,412; the lyn Trust Brockton, $1,508,753; the Salem Trust company, Salem, $2,115,530.

6. 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.

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

Article Text

9 BAY STATE BANKS CLOSE; HAD $58,700,000 Boston, Dec. 15 (AP).-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 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.

9. 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.

10. 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.

11. 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,

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

Article Text

HEAVY WITHDRAWALS AT BANKS IN LAWRENCE Dec of the the Trust Company today heavy the other local and they tinued until the close of business this savings banks and the cial banks that affected by the withdrawals, all of the banks took customers, and officials of said tonight that take of demands that might be made The Arlington Trust Company issued statement that it had temporarily the right to require notice statement said, in part: "The Arlington Trust has ample funds and resources in its savings department. All funds so deposited are entirely Moreover, means loss of terest for six months' period Because of this the company unwise permit continual withdrawal funds large While the requiring withput 30-day period. is likely that conditions will change that it may be possible to suspend it after few Several truckloads of cash were brought during the day from other cities and of were the banks depositors their Following meeting of the stockholders of the Lawrence Trust Company, Pres Cornelius Corcoran issued the closing the Federal National Bank of Boston, the depository of the Law-

13. December 16, 1931 The San Francisco Examiner San Francisco, CA

Article Text

Nine Massachusetts Dec. Massachusetts banking institutions. aggregate deposits, according the latest of were closed The list included four National and five State banks. The central figure in the was the Federal National closings Bank of Boston. which has five city branches and with which all the other institutions were affiliated. The Federal National Bank, rectors of voted to ask the Comptroller of Currency to take charge after runs on the bank and its branches yesterday, had deposits September 29 of $28,235,238 The other banks and their latest available statements of deposit Middlesex National Bank. Lowell, $4,000,000 National Bank, Lynn, Gloucester tional Bank, $1,600,000: Bancroft 474: Lawrence Trust Company. Lawrence, Inman Trust Company, Cambridge, Brockton Trust Company. Brockand Salem Trust Company, Salem, Governor Joseph Ely, in statement from his home in Westfield. said that with proper measures plan for the speedy opening of institutions could be accomplished, and further said he had instructed Bank Commissioner Guy to proceed with that end Daniel Mulloney president of the Federal National Bank. pressed the opinion that with careful handling resources depositors in his bank would receive 100 cents on the dollar

14. 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.

15. December 17, 1931 The Boston Daily Globe Boston, MA

Article Text

LAWRENCE WITHDRAWALS DWINDLE: SITUATION EASES LAWRENCE. Dec savings accounts continued in some of the local banks today, following the closing of the Lawrence Trust Com-