Commercial Savings Bank & Trust Company (Toledo, OH)

Episode Information

Episode UID
56001471580
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
5600147 routing
Routing Number
56-0014
Start Date
August 15, 1931
Location
Toledo, Ohio (41.664, -83.555)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
663e41f74b095f65

Response Measures

None

Description

The bank closed due to heavy withdrawals following the failure of the Security Home Trust Co. in June 1931. While a successor bank (Citizens Trust Co.) was later organized by depositors, the original institution remained in liquidation.

Events (4)
1. August 15, 1931 Run
Cause
Local Banks
Cause Details
Hysteria and steady withdrawals following the failure of the Security Home Trust Company on June 17.
Measures
Invoked 60-day notice on withdrawals prior to closing.
Newspaper Excerpt
The wave hysteria which followed the of Home Trust Company June 17, how. ever, has the banks and has unabated.
Source
newspapers
2. August 17, 1931 Receivership
Newspaper Excerpt
the task of liquidating the four suspended banks was immediately begun.
Source
newspapers
3. August 17, 1931 Suspension
Cause
Local Banks
Cause Details
Anticipated heavy withdrawals following the expiration of the 60-day notice period triggered by a previous local bank failure.
Newspaper Excerpt
decided to close the three banks and turn their assets the State Superintendent of Banks. This action means that the three banks... not be opened Monday morning
Source
newspapers
4. March 28, 1932 Other
Newspaper Excerpt
the Citizens Trust Co. opened First task the new bank. ganized by 925 depositors the forCommercial Savings Bank Trust Co.
Source
newspapers

Newspaper Articles (17)
1. August 16, 1931 The Cincinnati Enquirer Cincinnati, OH

Article Text

Silver Bar silver continued un changed at the close of the week holding at 27% an ounce New York and 12% pence in London Washington, August 15the Farm Board finally will adopt to the Southern cot farmer his low dilemma tonight the close interest of toel-Operations of steel mills in Washington the Youngstown district next week Hope been virtually abandoned will average per cent of rated for its proposal that third of the an increase of one per cent current crop be destroyed and over the past week, Dow, Jones & ization supplies held off the market Co. estimates. for year At least five actual rejections been received the Governors TOLEDO BANKS CLOSED. who were asked to join in the program. Three Savings Institutions Turned There apparently is no immediate Over To State Department. prospect of action although many to that Toledo, Ohio, August end have out. The disposit Directors of the Ohio Savings Bank seems be to leave the actual for & Trust Co., the Guard plan squarely up to the board to be Trust & Savings Bank and the worked out the counter Commercial Savings Bank & Trust proposals put forward by Governors. Co., at special meetings tonight. de- Senators and cided to close the three board members continued banks and turn their assets their efforts to reach an agreement the State Superintendent of Banks with the directors the American This action means that the three Cotton Cooperative Association on down-town banks and their 34 the amount advances to be branches throughout the ed in handling this city not be opened Monday year's The bumper morning pective crop 15,584,000 In the of said the this action for protection of all de- tions have been in process for during an unparalleled several days. TRY OUT GROUP MARKETING Salem, Ohio, August Orchardists Mahoning and Columbiana Counties today began their first in group marketing. They completed deal whereby large of the apple and peach will be sold an agency 700 and 800 cars of fruit will be shipped with East Palestine New Coford and Canfield

2. August 16, 1931 The Cincinnati Enquirer Cincinnati, OH

Article Text

TOLEDO BANKS CLOSED. Three Savings Institutions Turned Toledo, Ohio, August 15-(AP)Directors the Ohio Savings Bank Co., the Guard& Trust lan Trust Savings Bank and the Commercial Savings Bank & Trust Co., special meetings tonight. decided to close the three banks and turn their assets the State Superintendent of Banks. that the three This action means banks their down-town branches scattered throughout the not be opened Monday In making the announcement of this action for "protection of all de positors during an pehysteria,' clearly was dicated that the are considered solvent and would be able to take all normal demands in The wave hysteria which followed the of Home Trust Company June 17, how. ever, has the banks and has unabated. The three banks total resources more $100,000,000 and deposits of $80,000,000. to the published stateaccording ments of June 30.

3. August 17, 1931 The Washington Daily News Washington, DC

Article Text

4 Banks in Toledo, 6 in NebraskaSuspend Ohio Banking Department Takes Action Against Institutions With $100,000,000 Resource By United Press TOLEDO, O.-Four major Toledo banks and their 34 branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the State Banking Department. The institutions were the Ohio Savings Bank & Trust Co., the Commerce Guardian Trust & Savings Bank, the Commercial Savings Bank & Trust Co., and the American Bank. Other banks remained ópen and announced they were prepared to withstand heavy withdrawals. The four closures were precipated (Turn to Page 4)

4. August 17, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 17, 1931

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Article Text

FOUR BANKS IN TOLEDO CLOSED 34 Branches Are Affected; $100,000,000 Resources. By United Press TOLEDO, O., Aug. 17.-Four major Toledo banks and their fourteen branches, with combined resources of more than $100,000,000 and 150,000 acounts, were closed today by orders of the state banking department and directors. The institutions were the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings bank, the Commercial Savings Bank and Trust Company and the American bank. Other banks remained open and announced they were prepared to withstand heavy withdrawals. The four closures were precipitated by the closing several weeks ago of the Security Home Trust Company, it was said. As notices were posted on the windows of the institutions, every available policeman in the city was ordered on duty, but there was only one instance of disorder. An irate citizen tossed a bottle through the window. of a branch bank. Under a force of sixty men of the state banking department, augmented by six examiners of the federal reserve bank system from Cleveland, the task of liquidating the four suspended banks was immediately begun. As work of liquidation was started, crowds of anxious depositors thronged about the institutions, but there was no disorder. Traffic presented the greatest problem. Other local banks drew a steady stream of depositors, who withdrew their funds and dispersed. Withdrawals were being met promptly.

5. August 17, 1931 Des Moines Tribune Des Moines, IA

Article Text

TOLEDO BANKS FAIL TO OPEN Had Resources of More Than 100 Million Dollars TOLEDO banks combined of more than 100 million dollars to open for business day while 11 saving sociations ceased payments of posits during the present cial The state banking department prepared the banks affairs to conserve in face of previous steady withdraw. Police and detectives patrolled the banking districts in preparation for any public emergency Late Saturday, directors announced closing of the Guardian Trust and Savings bank the Ohio Savings Bank and Trust CO. and the Commercial Savings Bank and Trust co. Directors of the fourth institution, the American bank state bank Sunday it would be forced to close its doors also because its reserves were tied up in two of the banks suspending

6. August 17, 1931 Tucson Citizen Tucson, AZ

Article Text

FOUR OHIO BANKS CLOSE THEIR DOORS TOLEDO, Ohio, Aug. 17. (AP). Four Toledo bank with combined resources of more than $100,000,000 failed open for business this mornwhile 11 saving associations payments of deposits during the present financial In accordance with the request of directors of the four institutions, the state department prepared to take over affairs to conserve assets in the face of previous steady withdrawals by depositors. City police and detectives, acting under orders of Police Chief Louis Haas, patroled the banking districts in preparation for any public emergency. More than 100 rural bankers of who met yesterday with Superintendent of Banks Ira Fulton and Charles Saf fin. attorney for the state department, had their assurance of co-operation by state authorities in meeting local The closing ties up for an indefinite period more than of deposits. The Trust company when it closed had about of the Ohio Savings Bank and Trust company almost Commercial Savings Bank and Trust company Guardian Trust and Savings Bank

7. August 17, 1931 The Evening Review East Liverpool, OH

Article Text

FOUR TOLEDO BANKS CLOSED State Takes Over Institutions in Move to Protect Assets For Depositors. TOLEDO, O., Aug. con assets for the protection of and expedite negotiations merger four major Toledo banks and their 34 banches were today the hands of state banking department for operation. Directors of Ohio Savings Bank Trust company, the Commerce Guardian & Savings bank, the Commericial Savings Bank Trust Co. and American Bank voted Saturday night to turn the institutions over Ira Fulton, state superintendent of banks. Re sources of the four total more than 60-day notice on withdrawals invoked by the Toledo banks after closing of the Security Home Trust Co. June 17. With the ex piration of that period heavy with drawals anticipated and the action today was taken avoid serious obstacles to orderly liquida tion. Negotiations for a merger among the four will be pressed with vigor is understood. and with the full co-operation of the state banking the department to restore Toledo's fin ancial structure to normal condi

8. August 17, 1931 The Iola Register Iola, KS

Article Text

Hundred Million in posits Tied Up In City Toledo, Ohio, Aug. 17. Four Toledo banks with combined resources of more than failed open for business this morning, while eleven savings associations ceased payments of deposduring present financial situation. accordance with the request directors the four institutions, state banking department their affairs conserve assets in the face of vious steady withdrawals by depositors. City police and detectives. acting under orders Police Chief Louis Haas. patroled the districts any public The action of directors ties for an indefinite period more than of deposits. The Security Home Trust company when closed had about deposits; Ohio Savings Bank Trust company almost Commercial Savings Bank Trust company and Commerce Guardian Trust Savings Bank There disorders when banks affected by the closings opened here There crowds. the banks. Neb., Aug. banks today failed open their business and both Bryan secretary the state trade and merce, said the closings were the result recent bank suspensions Omaha. The six banks with total deposits the State Bank Dale: Dwight State Bank of Dwight; Brinard State Bank Brinard: Bruno State Bank the Butler County Bank of Davis and the Leigh State Bank Leigh.

9. August 17, 1931 St. Albans Daily Messenger St. Albans, VT

Article Text

FOUR BANKS IN TOLEDO CLOSED Eleven Savings Asscciations Cease Payments of Deposits During Financial Crisis TOLEDO, O. Aug. 17-(P)-Four Toledo banks with combined resources of more than $100,000,000 failed to open for business this morning and eleven saving associations ceased payments of deposits during the present financial situation. In accordance with the request of directors of the four institutions, the state banking department prepared to take over their affairs to conserve assets in the face of previous steady withdrawals of depositors City police and detectives, acting under orders of Police Chief Louis Haas, patrolled the banking districts in preparation for any public emergency. Late Saturday, directors announced closing of the Commerce Guardian Trust and Savings Bank, the Ohio Savings Bank and Trust Company and the Commercial Savings Bank and Trust company. Yesterday in the wake of these announcements came word from directors of the fourth institution, the American Bank, a state bank, that it would be forced to close its doors also because its reserves were tied up in two of the banks suspending operations.

10. August 17, 1931 The Evansville Journal Evansville, IN

Article Text

4 TOLEDO BANKS AIL TO OPEN TOLEDO, O., Aug. Toledo banks combined of more than $100,000,000 failed to open for business this morning, while eleven saving associations ceased payments of deposits during the present financial situation In the request of four the state department prepared to take over their affairs to conserve assets the face of previous steady withdrawals by depositors. City police and detectives. acting under orders of Police Chief Louis Haas, patroled the in preparation for any public emer Meanwhile there was pending meeting between Mayor W. son and Adjutant General Frank D Henderson, Columbus, commanding the Ohio national guard. Last night, Mayor conferred with Safety Director A. Black and Col. Golson D. Light commanding 148th infantry. Ohio national More than 100 rural bankers of Ohio who yesterday with State Superintendent of Banks Ira J. Fulton and Charles Saffin, torney for the department, had their assurance of cooperation by state authorities in meeting local Late Saturday, directors announced closing of the Commerce Guardian Trust and Savings Bank, The Ohio Savings Bank Trust company and the Commercial Savings Bank and Trust company. Yesterday, in the wake of these ancame from directors of the fourth institution, the Bank bank, that it would be forced to close also because its tied in two of the banks suspending operations.

11. August 18, 1931 The Times Hammond, IN

Article Text

$11,000,000 QUIETENS THE DEPOSITORS of from the Cleveland was credited today with confidence in stability of Toledo's four banks which were yesterby the closing of four brother Officials the four solvent banks advised depositors that anyone wanted his money could come and get The statement resulted in the of many withdrawn acexpression of the Federal bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank Trust company, the Commerce Guardian Trust and Savings company, the Commercial Savings Bank and Trust company and the American bank, which of approximately $100,000,000.

12. August 18, 1931 The News-Herald Franklin, PA

Article Text

RESTORED BANKS OF Arrival of $11,000,000 From Cleveland Federal Reserve Eases Situation After 4 Close. $11,000,000 from the Cleveland eral Reserve Bank was credited today with restoring confidence in the stability Toledo's four banks which were with heavy runs yesterday by the closing of four brother Officials of the four solvent banks advised they were in cure position meet any demands and that every depositor who wanted his money could come and get it. The statement resulted the return many withdrawn accounts. Horton Rorick president of the Rorick Trust and Savings Bank, reported ceipt many new accounts with withdrawals exceeding deposits by only slight margin. Meanwhile staff of 60 state and six Federal examiners continued their mammoth task of liquidating the Savings Band and Trust Company, the Commerce Guardian Trust and ings the Commercial Savings Bank and Trust Company, and the American Bank. which with combined of approximately $100,000,000. Banks in Toledo's trade area were reported in good condition today.

13. August 18, 1931 The Brooklyn Daily Times Brooklyn, NY

Article Text

Federal Reserve Restores fidence in Institutions After Four Others Close. from the Cleveland Federal Reserve Bank credited today with restoring confidence the stability of Toledo's banks, which were threatened with heavy runs yesterday by the closing of our InstituOfficials of the four solvent advised depositors they were secure position to meet any demands that every depositor wanted his money could come and get The statement resulted the return of many withdrawn Horton Rorick, president of the Trust and Savings Bank, reported receipt of many withdrawals exceeding deposits by only slight of confidence Federal Reserve Bank sent the four banks late yesterday slight mishap occurthe with The money transferred another truck the fast trip staff of 60 State six federal continued attempt liquidating the Bank and Trust the Trust and Compnany, the Commercial Savings Bank and Trust Company the American Bank, pended with combined resourcts of Banks Toledo's trade area in good condition day.

14. November 23, 1931 Evening Star Washington, DC
Article from Evening Star, November 23, 1931

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Article Text

PROSPERITY PLAN WORKS IN TOLEDO Set-up Devised to Make Good All Deposits in Four Big Banks Which Closed. By the Associated Press. TOLEDO, Ohio, November 23.-Without waiting for a return of Nation-wide prosperity to give it a helping boost, this city, hard hit by a series of large bank failures, is pulling itself out of the mire "by its boot-straps." Although approximately $100,000,000 was tied up in the four big banks which closed several months ago, Toledo has kept the wheels of commerce running steadily, and 'now at last things are getting better. Factories are working faster and longer, retail trade is picking up, people on the streets are smiling again, and best of all-the closed banks are expecting to pay a hundred cents on the dollar. The initial dividends of 15 to 30 per cent are scheduled to be paid December 15. Ingenious Scheme Devised. The four large banks which closed, and their approximate deposits, were: Ohio Savings & Trust Co., $36,000,000; Commercial Savings Bank & Trust Co., $17,000,000; Security-Home Trust Co., $20,000,000, and the Commerce-Guardian Trust & Savings Bank, $18,000,000. An ingenious scheme was devised to cope with the problems of these closed institutions. Instead of selling their assets at "distress-sale" prices, special financial machinery is being set up to give the depositors all the ready cash possible, yet save them from the losses of a hasty liquidation. Under the salvaging plan, approved by the State banking department, a new bank and three holding companies are being organized to take over the Ohio, the Commercial and the Security-Home, December 15. Fourth to Be Reorganized. All available cash and prime securities are to be transferred that day to the new bank and credited pro-rata to the old despositors. The initial credit from the old banks will average 20 per cent. The rest of the assets will be deposited separately with the holding companies. The new bank is to be capitalized at not less than $2,500,000, of which half is to come voluntarily from the depositors themselves. The fourth bank, the Commerce-Guardian, will be reorganized under a new name, independently of the others. Its successor also will open December 15, and will put 30 per cent of each old deposit in new accounts.

15. December 18, 1931 The News-Messenger Fremont, OH

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PAY DIVIDENDS FOR CHRISTMAS TOLEDO, Dec. the way for the distribution of $6,500,000 depositors of three closed Toledo banks before Christmas, Common Pleas Judge Martin today approved the plans for dividend payments arranged by banking officials, per cent dividend payment be made the Commercial Savings Bank Trust Company, and cent dividends paid by the Ohio Savings Bank Trust Company, the Home Trust Company, it anPayment of the dividends by the three closed banks, which recently abandoned plans for consolidating single institution because support from begin next

16. March 27, 1932 The Plain Dealer Cleveland, OH

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Profit or Loss UNION CARBIDE & CARBON CORP. reports for 1931 net income after all charges of $18,029,522 equivalent to $2 share on 9,000,743 shares stock against $28 041 of capital year before or 3.12 During the company wrote assets drastically restating their value in terms of lower 1931 prices. Surplus account was lowered to $43. 659 275 against previous year's figure of $98 Current were $81,784,972 at end of which $14 was in cash and $11 341.267 in marketable This compared with rent liabilities of MAY DEPARTMENT STORES ports for year 31 profit of $2.197 290 after compared with 953 preceding fiscal PATINO MINES & ENTERPRIS ES. CONS INC. reports 1931 loss of £87,305 with 1930 net loss of £158,004 No attempt been made to translate earnings last year into dollars because fluctuating value of sterling PORTO RICA TOBACCO reports 1931 loss of $238,200 after charges but before with 1930 net 85 cents share Class stock CONSOLIDATED TEXTILE CORP. reported for year Jan. 1932. net loss of compared with net loss 199 period from Dec 28, 1929. to Jan. 1931. Open Another Toledo Bank. TOLEDO. O., March bank grow from the which closed here last June and the Citizens Trust Co. opened First task the new bank. ganized by 925 depositors the forCommercial Savings Bank Trust Co. and some the Ohio Savings Bank Trust Co. be distribution of an 000 dividend depositors of former Commercial Bank, payment of which has been dered for Monday by state superintendent of banks and Common Pleas Court.

17. August 11, 1933 Woodville News Woodville, OH

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Plant Proceeds Are Distributed The $35,000 proceeds of the sale recently of the W. H. Bruns Hydrated Lime Co. of Woodville to a firm of Toledo attorneys, following receivership proceedings begun in common pleas court in July, 1929, by the F. Bissell Co. of Toledo, a creditor concern, were ordered to be placed in escrow with Clerk of Courts Miss Lois G. Felsted as agent last Saturday by Judge Overmyer. At the same time Prosecutor Frazier B. Reams of Toledo, receiver, was allowed additional fees of $4,750 for his services and his counsel, Attorneys Cotter and McFellin were given additional fees of $3,750 and expenses of $38.50 for their services. Attorneys for the bondholders also were allowed fees of $500. Court costs, together with taxes, both real and personal, and penalties also are to be paid immediately out of the funds in Miss Felsted's hands. Likewise are $5,000 worth of receiver's certflicates, plus $600 interest, which the receiver said Saturday that he could settle by paying to I. J. Fulton, state superintendent of banks in charge of liquidating the closed Commercial Savings Bank & Trust Co., Toledo, both cash claims covering deposits in the bank. The receiver also said he believed he could negotiate with Treasurer Herman A. Kowalk for a reduction in the total due for delinquent taxes by paying them and the penalties at once. Holders of the $150,000 worth of bonds issued by the company in 1926 are to receive the remainder on a prorata basis when they surrender their bonds to the clerk. Labor claims for the period of one year prior to the receivership were found to be subsequent to the mortgage of bondholders and disallowed. Reams and his attorneys each hitherto received $750 for their services. These orders Saturday followed hearings on Reams' application for instructions. He reported the deal with the Toledo buyers as entirely closed, the deed delivered and the money paid in.