gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ec8126d9186133d5
Response Measures
None
Description
State banking department closed and turned the bank over for liquidation; examiners began liquidating assets.
Events (2)
1.August 17, 1931Suspension
Cause
Government Action
Cause Details
State Banking Department ordered the four Toledo banks closed and took them into its control to conserve assets and negotiate reorganization/merger.
Newspaper Excerpt
Four major Toledo banks and their 34 branches...were closed today by orders of the State Banking Department...and the American Bank.
Source
newspapers
2.August 18, 1931Receivership
Newspaper Excerpt
staff of 60 state and federal examiners continued their task of liquidating the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings Company, the Commercial Savings Bank and Trust Company, and the American Bank, which suspended with combined resources of approximately $100,000,000.
Source
newspapers
Newspaper Articles (13)
1.August 17, 1931The Washington Daily NewsWashington, 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
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2.August 17, 1931Springfield Evening UnionSpringfield, MA
Article Text
State to Take Control of Four Banks in Toledo
[Continued from First attorney for the State Departtheir assurance cooperation ment, state authorities meeting directors announced Late closing the Ohio Trust Trust Bank Trust Yesterday. in the wake of these an from of fourth institution. the American bank. state bank, tied up of the suspending operations. indicated that conferences reorganizati may started week or directors for an indefinite period more Home deposits Bank Company almost Commercial Bank and Trust Company and Trust Bank First National Bank. the To tedo the West Trust Toledo usual Bank the Bank special plan banks, open.
Dozen Associations Stop Payments.
Aug. building loan Akron Cuyahoga depositors of panies carry of the largest, today said the step tak the protecting the purpose There no question the suspension of payments merely temporary
Six Nebraska Banks to Open.
Nebraska for Gov. and State of Trade said closings were the result of recent bank suspensions Omaha. had total deposits of
3.August 17, 1931The Saginaw NewsSaginaw, MI
Article Text
4 TOLEDO BANKS CLOSE
Associated Press. Toledo banks with combined sources of more than failed to open for business this while 11 associaof deposits during the situaIn with the request of directors the institutions, the banking departprepared to their four banks are the ComSavings bank, the Ohio Savings Bank Trust Savings Band Trust company and the American bank, a state bank
4.August 17, 1931Des Moines TribuneDes 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
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
6.August 17, 1931The Lima NewsLima, OH
Article Text
TOLEDO BANKS CLOSE DOORS TO PROTECT ASSETS
O., Aug. Toledo banks with bined resources of more than decided to open this morning, while 11 savings associations ceased payments temporarily. In accordance with the request directors the Institutions, state banking department prepared to talk their affairs conserve assets. Late Saturday directors closing the Commerce Trust and Savings bank, the Ohio Savings bank and Trust Co. and the CommerSavings Bank and Trust Co. directors the fourth institution, the American bank, said would forced to close its doors also because reserves were tied up two of the banks suspending While no direct could be had definitely from affected local or banking authorities, was indicated that relative reorganibe started within week or ten days.
7.August 17, 1931The Stockman's JournalOmaha, NE
Article Text
Toledo Banks With Hundred Million Resources Close
Toledo. O., Aug. 17 Toledo their combined resources more than $100,000,000 and 150,000 accounts, closed today order the state banking department and institutions were the Ohio Savings Trust Commerce Guardian Trust Savings Bank, the Commercial Savings Bank Trust company and the American Bank. Other banks remained open and withstand heavy The four were precipitatby the closing several of the Security Home Trust comBuilding and companies coinnotified depositors that cidentally further withdrawals would be denied until the situation had been adjusted.
8.August 18, 1931Muncie Evening PressMuncie, IN
Article Text
FEDERAL MONEY SAVES BANKS
Confidence at Toledo Restored to Depositors.
TOLEDO, Aug. from the Cleveland Reserve Bank was credited day with restoring in the stability of Toledo's four remaining banks which threatened with runs yesterday by closing four Officials of the four solvent banks advised that anyone who wanted his money could come and resulted in return of many withdrawn counts.
Liquidate Banks. an of confidence, Reserve Bank sent 000,000 to the four banks late yesterday. Meanwhile staff of 60 state and federal their task liquidating the Ohio Bank and Trust the Trust and Savings Company, the Bank and Trust Company, and the American Bank, which with sources approximately Banks Toledo's trade area were reported good condition today.
9.August 18, 1931The TimesHammond, 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.
10.August 18, 1931The News-HeraldFranklin, 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.
11.August 18, 1931The Brooklyn Daily TimesBrooklyn, 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.
12.August 18, 1931Evansville PressEvansville, IN
Article Text
TOLEDO BANKS GET AID TO STOP RUNS
Cleveland Federal Reserve Sends $11,000,000
By United Press TOLEDO. O., Aug. 18.-Arrival of $11,000,000 from the Cleveland Federal Reserve Bank was credited today restoring confidence in the stability Toledo's four remaining banks which were threatened with heavy runs yesterday the closing of four brother institutions. Officials of the four solvent banks advised depositors that anyone who wanted his could come and get The statement resulted in the return of many withdrawn accounts. As expression of confidence. the Federal Reserve Bank sent to the four banks late yesterday. Meanwhile staff of 60 state six federal examiners continued mammoth task of liquidating the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings Company, the Commercial Savings Bank Trust Company, and the American Bank, which suspended with combined resources of approximately $100,000,000. Banks Toledo's trade area were reported in good condition today.
FINANCIAL STRUCTURE OF THE NATION IS TOTTERING Toledo, Aug. 17.- The state banking department and directors today (Monday) closed four large Toledo banks with 34 branches, 150,000 accounts and combined resources of more than $100,000,000 as the second cycle of bank failures moves westward. They are the Ohio Savings Bank and Trust Company, the Commerce Guardian Trust and Savings bank, the Commercial Savings and Trust company and the American bank. The closing several weeks ago of the Security Home Trust company caused today's action, it was said. Sixty men from the state banking department and six federal reserve examiners from Cleveland immediately began the task of liquidating the assets of the suspended institution. Eleven large savings banks suspended payments upon demand and took advantage of the 30 day notice clause for withdrawals. Other Toledo banks met heavy withdrawals, and announced they were prepared for still more. The building and loan companies notified depositors that no withdrawals would be permitted until the situation was adjusted.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
