Glassboro Title & Trust Company (Glassboro, NJ)

Episode Information

Episode UID
55062571581
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
5506257 routing
Routing Number
55-0625
Start Date
September 26, 1931
Location
Glassboro, New Jersey (39.703, -75.112)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b938c485eeb17b3f

Response Measures

None

Description

Treasurer later indicted for borrowing bank funds, indicating bank-specific malfeasance.

Events (3)
1. September 26, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to insolvency/financial failure (assets listed; later evidence of officer misappropriation).
Newspaper Excerpt
The bank closed its doors September 26, 1931.
Source
newspapers
2. March 31, 1932 Other
Newspaper Excerpt
Morgan Von Lohr, Treasurer and Director of the closed Glassboro Title and Trust Company, today denied on the witness stand that he had borrowed bank funds without the approval of other directors.
Source
newspapers
3. August 26, 1932 Receivership
Newspaper Excerpt
the defunct Glassboro Title and Trust Company...legal advisor for the bank receiver. An attempt reorganize the bank reopen has not been Harold receiver, said
Source
newspapers

Newspaper Articles (6)
1. September 28, 1931 The St. Louis Star and Times St. Louis, MO

Article Text

MISSOURI BANKS LOSE, CANTLEY REPORTS FERSON CITY, Sept. Bank of Portage in St. Charles County, today, State Finance ComCantley announced. The Bank of Atchison County Rockport and the Farmers Bank fillhowee of Johnson County did The Bank of Portage des had resources of $98,000. de$67 loans of $69,000 bills payable of $15,000. Huge Texas Bank Closes. ANTONIO TEX., Sept. City Central Bank Trust Company. with deposits $1,000,000. failed to open here toOfficers anounced the instituhad been closed for readjust- Closing Will Pay 100 Pet. Mayfair State Savings Bank sent notices its depositors will close September 30. but has enough cash on hand to every cent the $300,000 in The bank is closing becannot make money under financial conditions. hiladelphia Bank Suspends. Northern Central Company Bank here failed today. on orders of the State the largest in Philadelphia. last statement deposits 3,205,472; capital $966,750 sur$292 undivided profits 211, and total assets of $5,600,- Run Closes Ohio Bank. toforced the Niles Trust Company Deposits at the end of the year were $2,704,165. Bank Closed in New Jersey. LASSBORO Sept. N. Glassboro Title Trust Company Bank closed to- Hammond Banker Gets 2 Years ROWN POINT IND. Sept. 23. S. Pipinsky, forHammond bank president. was two imprisonand fined $30,000 today when pleaded guilty to charges of unauthorized and personal

2. September 30, 1931 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, September 30, 1931

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Article Text

# BANK FAILURES IN U. S. MOUNT DAILY AS CRISIS GROWS Depositors Stand to Lose Savings of a Lifetime Bank failures continue at an un- precedented pace thruout the coun- try. Small depositors especially are hard hit, with their life savings wiped out in many instances, despite the promises of bankers and state banking departments that percent- ages will be paid. Below are some of the banks that were listed as insolvent the last few days. Philadelphia Bank Fails PHILADELPHIA, Pa. -The North- ern Central Trust Co., with five branches with deposits $2,309,959.95, closed its doors after a meeting of the board of directors. A steady run on deposits was declared the cause of the ban's insolvency. The banks covered the northern residential and business section of the city. Frederick, Md., Banks Crash HAGERSTOWN, Md. - The Daily Mail here reports the closing of the Commercial Bank of Maryland and three branches in the county, at Frederick, Md. Demand deposits of $315,869.92 and savings and special deposits of $2,- 340,475.84 were listed in the bank statement of June 30, 1931. The Central Trust Co. of Maryland and eleven branches in four counties closed last week. $11,000,000 Lost in San Antonio SAN ANTONIO, Tex. -The state commissioner of banking took over the affairs of the City Central Bank and Trust Co. with deposits of $11,- 000,000 as of July 1. Glass Town Bank Fails GLASSBORO, N. J.-The Glass- boro Title and Trust Co. in the cen- ter of the glass industry in south New Jersey closed its doors Monday. Total assets as of June 30 are listed at $516,610.32. South Carolina Bank Goes FORT MILL, S. C.- The First National Bank here did not open its doors due to the condition of its bus- iness. Steel Town Bank Closes NILES, Ohio.--The Niles Trust Co. with deposits of $2,400,000 closed its doors here. Niles is in the center of the steel making and finishing in- dustry.

3. April 1, 1932 Press of Atlantic City Atlantic City, NJ

Article Text

Accused Banker Denies Juggling Bank's Funds WOODBURY, March 31 (AP). Morgan Von Lohr, Treasurer and the closed Glassboro Title and Trust Company, day denied the witness stand that he had borrowed bank funds without the approval of other rectors. He is on trial on an indictment him himself in 1930. bank suspended busines last September Charles Treasurer testified Lohr owes the bank an additional $8,500 Five members the bank's board directors testified they knew no record Von Lohr's application for the $900 loan.

4. April 1, 1932 Press of Atlantic City Atlantic City, NJ

Article Text

Accused Banker Denies Juggling Bank's Funds WOODBURY, March 31 (AP). Morgan Von Lohr Treasurer and Director of the closed Glassboro Title and Trust Company, today denied on the witness stand that borrowed bank funds without the approval of other directors. He on trial on an indictment accusing him lending himself $900 December, 1930 The bank suspended busines last September Charles Mease, Assistant Treasurer testified Lohr owes the additional Five members the bank's board directors testified they knew of record Von Lohr's application for the $900 loan.

5. August 27, 1932 Gloucester County Times Woodbury, NJ

Article Text

URGED BANK AT GLASSBORO Mayor Says Purchase of Building for Postoffice Would Aid Depositors Glassboro. August 26.-Purchase the building defunct Glassboro Title and Trust Company the govfor postoffice being urged by Mayor Downer, and borough officials Mayor Downer said tonight that the building essessed $40,000 and amount of money released to the depositors would de much relieve depression here. The its doors September more than 900 positors and deposits excess at building represents substantial part of bank's assets. modern. attractive brick off by itself on High street, the business and well adapted for postoffice purposes, officials say. among towns which designated for new postoffice but Pitman been voted an appropriation of $80,000 building. that here could now bought for about third of that amount Action by congress would be required authorize but busipoint out that in this ness men cular case the government would the community more materially than erecting new Otherthe banking house will remain idle further settlement the affairs and of the bank's paying depositors Congressman Charles legal advisor for the bank receiver. An attempt reorganize the bank reopen has not been Harold receiver, said

6. August 27, 1932 Evening Courier Camden, NJ

Article Text

U. S. URGED TO BUY BANK AT GLASSBORO Mayor Says Purchase of Building for Postoffice Would Aid Depositors Glassboro, Aug. 27.—Purchase of the building of the defunct Glassboro Title and Trust Company by the government for a post office is being urged by Mayor William A. Downer, Jr., and other borough officials. Mayor Downer said today that the building is assessed for $40,000 and that amount of money released to the depositors at this time would do much to relieve depression here. The bank closed its doors September 26, 1931. It had more than 900 depositors and deposits in excess of $200,000 at that time. The building represents a substantial part of the