Park Savings Trust Company - Richmond Heights, MO

Episode Information

Episode UID: 80173071597
Episode Type: Run → Suspension → Unsure
Bank Type: trust
Bank ID: 8017307 routing
Routing Number: 80-1730
Start Date: January 12, 1933
Location: Richmond Heights, Missouri (38.629, -90.320)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: e6b38cf84fa93d0b

Response Measures

None

Description

Closed by directors and placed in hands of state examiners; no article indicates eventual reopening or final disposition.

Events (2)

1. January 12, 1933 Run

Cause: Local Banks
Cause Details: Run triggered by closing of several adjacent banks, producing loss of confidence and heavy withdrawals.
Measures: Closed its doors to stop heavy withdrawals; directors suspended operations.
Newspaper Excerpt: The Park Savings Trust Co., 6386 Clayton road, in Richmond Heights... shut its doors at 1 o'clock this afternoon to stop heavy withdrawals by depositors.
Source: newspapers

2. January 12, 1933 Suspension

Cause: Local Banks
Cause Details: Directors suspended operations following heavy withdrawals precipitated by closures of nearby banks; state examiners placed institution in their charge.
Newspaper Excerpt: The Richmond Heights banks were closed today by their directors... Notices posted on their doors stated that they were in the hands of the State Finance Commissioner.
Source: newspapers

Newspaper Articles (1)

1. January 12, 1933 St. Louis Post-Dispatch St. Louis, MO

Article Text

SAVINGS TRUST CO. AND TWO BANKS IN ST. LOUIS COUNTY SHUT THEIR DOORS Depositories at 4915 Delmar Blvd., 6633 Delmar and 6386 Clayton Road Put in Hands of State Examiners. SIX IN 8 DAYS; ALL HAD R. F. C. LOANS These Total $1,098,726—Savings Trust Directors Say Run Forced Suspension but Effort to Reorganize Will Be Made. The Savings Trust Co., 4915 Delmar boulevard, shut its doors at 1 o'clock this afternoon to stop heavy withdrawals by depositors. This action followed closely upon the closing of the University City Bank & Trust Co., 6633 Delmar boulevard, and the Park Savings Trust Co., 6386 Clayton road, in Richmond Heights. The directors of the Savings Trust Co., of which John J. Dowling is president, issued this statement at 2:30 p. m.: "The board of directors has deemed it advisable to temporarily suspend operation of the Savings Trust Co., in order to protect its depositors. A run on the bank, caused by closing of several adjacent banks, caused heavy withdrawals. Plans for reorganization are under consideration, and at this time the affairs of the bank are in charge of Deputy State Finance Commissioner Roy D. Miller." The bank's officers said the bank would not be open tomorrow, and that its future would depend on the success of the efforts at reorganization. The University City and the Richmond Heights banks were closed today by their directors, following heavy withdrawals. Notices posted on their doors stated that they were in the hands of the State Finance Commissioner. All three banks are members of the Federal system, but do not belong to the St. Louis Clearing House. The University City bank opened at its usual time, 8 a. m., but closed its doors shortly afterward, and at 9:05 its notice of closing was posted. The Park Savings Trust closing was announced last evening to the State Finance Department and the St. Louis Clearing House. Including these three, six of the smaller banks in the St. Louis district have closed within eight days. The Hodiamont Bank, 6145 Bartmer avenue, failed to open last Thursday; the Hamilton State Bank, 5852 Delmar boulevard, was closed Saturday; and the Overland State Bank, 2555 Woodson road, was closed yesterday. The Hodiamont, Hamilton and Overland banks were not affiliated with the Federal Reserve or the Clearing House Association. All Borrowers From R. F. C. All of the six banks were borrowers from the Reconstruction Finance Corporation, which had advanced them a total of $1,098,726. Except in the case of the Park Savings Trust Co., the R. F. C. loans constituted the greater part of the total bills payable listed in the banks' statements of Dec. 10. The statements showed: Hodiamont Bank, $162,213.26 bills payable, of which $153,213.26 represents a loan from the R. F. C.; Hamilton State Bank, $125,555.30 bills payable, of which $120,930.30 payable to the R. F. C.; Overland State Bank, $51,314.42 bills payable, all to the R. F. C.; Park Savings Trust Co., $158,316.51 bills payable, of which $53,082.22 is payable to the R. F. C.; University City Bank & Trust Co., $120,184.19 bills payable, of which $79,184.19 is payable to the R. F. C.; Savings Trust Co., $936,802 bills payable, of which $641,002 is payable to the R. F. C. Three State bank examiners, Roy D. Miller, F. S. Hummell and C. M. Duncan, are in charge of five closed institutions, Miller being the direct representative of Finance Commissioner Harrison. W. G. Morgan, president of the University City Bank, and A. A. Nall, cashier, signed its closing notice. Other members of its board of directors are J. P. Reis, J. W. Hay, H. M. Fisher, G. T. Lehmberg and G. L. Zollmann. "Loss of confidence, precipitated by the closing of other outlying banks resulted in heavy withdraw- Continued on Page 3, Column 3."