Westminster Bank (Providence, RI)

Episode Information

Episode UID
57002971487
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
5700297 routing
Routing Number
57-0029
Start Date
November 26, 1923
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7d998ffab2e1989f

Response Measures

None

Events (1)
1. November 26, 1923 Receivership
Newspaper Excerpt
the taking over on Monday last by the Rhode Island Hospital Trust Co. of the business of the Westminster bank to save it from liquidation.
Source
newspapers

Newspaper Articles (3)
1. November 28, 1923 New Britain Herald New Britain, CT
Article from New Britain Herald, November 28, 1923

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Article Text

PROVIDENCE BANK CLOSED Cosmopolitan Trust Company Ordered To Suspend Business In Order To Protect Depositors. Providence, Nov. 28.-The Cosmopolitan Trust Co. was ordered closed at noon today by Bank Commissioner George H. Newhall. This action followed the taking over on Monday last by the Rhode Island Hospital Trust Co. of the business of the Westminster bank to save it from liquidation. The Cosmopolitan Trust Co. cleared largely through the Westminster bank. If had nearly a million in small deposits and a large Christmas einh fund mostly from Italians of small means. The Cosmopolitan was closed Commissioner Newhall said to protect depositors since they had a run on the bank this morning He conferred wth Atternet Gen. Herbert L. Ca may this afternoon preliminary is - ng a petition for receivership.

2. November 29, 1923 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, November 29, 1923

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Article Text

PROVIDENCE BANK IS ORDERED CLOSED Providence, R. I., Nov. 28—The Cosmopolitan Trust company was ordered closed at noon today by Bank Commissioner George H. Newhall. This action followed the taking over on Monday by the Rhode Island Hospital Trust company of the business of the Westminster bank to save it from forced liquidation. The Cosmopolitan Trust company cleared largely through the Westminster bank. It had nearly $1,000,000 in small deposits and a large Christmas club fund, mostly from Italians of small means. The Cosmopolitan was closed, Commissioner Newhall said, "to protect depositors, since they had a run on the bank this morning." He conferred with Atty-Gen Herbert L. Carpenter this afternoon preliminary to filing a petition for receivership.

3. November 30, 1923 Mount Vernon Argus White Plains, NY
Article from Mount Vernon Argus, November 30, 1923

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Article Text

START RUN ON BANK IN PROVIDENCE, R. I. Providence, R. I., — (By I.N.S) — Alarmed by the closing of the Westminster bank and the Cosmopolitan Trust company, depositors started a run on the Atwells Avenue branch of the Columbus Exchange bank today. More than $75,000 was withdrawn in the morning hours. Bank Commissioner G. H. Newhall agrees with Mariano Vervena, Italian consular agent, and president of the bank, that the institution is solvent.