Cosmopolitan Trust Company (Providence, RI)

Episode Information

Episode UID
57003971487
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
5700397 routing
Routing Number
57-0039
Start Date
November 28, 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
656dbdca1ead840b

Response Measures

None

Events (3)
1. November 28, 1923 Run
Cause
Local Banks
Cause Details
Depositors alarmed by the closing/taking over of the Westminster Bank, and Cosmopolitan's heavy clearing through Westminster, triggered withdrawals.
Newspaper Excerpt
The Cosmopolitan was closed, Commissioner Newhall said, to protect depositors, since they had a run on the bank this morning.
Source
newspapers
2. November 28, 1923 Suspension
Cause
Government Action
Cause Details
Ordered closed by the State Bank Commissioner to protect depositors after the run and connection with the Westminster Bank.
Newspaper Excerpt
The Cosmopolitan Trust Company was ordered closed at noon today by Bank Commissioner George H. Newhall.
Source
newspapers
3. November 30, 1923 Receivership
Newspaper Excerpt
State Asking Receivership for Bank to Protect Small Depositors of $1,000,000
Source
newspapers

Newspaper Articles (4)
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 Transcript-Telegram Holyoke, MA
Article from Transcript-Telegram, November 30, 1923

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Article Text

COSMOPOLITAN TRUST OF PROVIDENCE CLOSED State Asking Receivership for Bank to Protect Small Depositors of $1,000,000 PROVIDENCE, R. I., Nov. 30.—The Cosmopolitan Trust Company has been ordered closed by Bank Commissioner George H. Newhall. This action followed the taking over on Monday last 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 a million in small deposits and a large Christmas

4. 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.