Citizens Savings Bank (Lorain, OH)

Episode Information

Episode UID
8379067191263
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
837906719 hash
Start Date
March 31, 1905
Location
Lorain, Ohio (41.453, -82.182)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b0b10f0e7a63508

Response Measures

None

Description

Newspapers spell Lorain variously (Loraine/Lorraine) in OCR; bank closed and assignee/receiver named.

Events (2)
1. March 31, 1905 Receivership
Newspaper Excerpt
President Honecker, of the Citizens' Savings bank, which was placed in the hands of a receiver by the direction of the court last night, announced today that the defaulting employes had agreed to turn everything of value in their possession over to the bank.
Source
newspapers
2. March 31, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large defalcations/embezzlement by three employees totaling roughly $90,000–$100,000 led directors to close the bank.
Newspaper Excerpt
This bank is closed for business. The affairs of the bank have been placed in the hands of T. F. Fancher as assignee.
Source
newspapers

Newspaper Articles (14)
1. March 31, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 31, 1905

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Article Text

FUNDS STOLEN BANK IS CLOSED Citizens' Savings Bank at Lorain, Ohio, Looted by Three Trusted Employes TO AMOUNT $90,000 THEFTS The Institution Placed in the Hands of an Assignee Today and Depositors Notified of the Suspension-Defaulting Employes to Make Some Restitution. Lorain, O., March 31.-The follow. ing notice was posted on the door of the Citizens' Savings bank today: "This bank is closed for business. The affairs of the bank have been placed in the hands of T. F. Fancher as assignee." The capital of the bank was $50,000; resources, $379,849; individual deposits. $313,949. The decision to close the bank was reached by the directors after a long session last night. While the directors were extremely reticent it is known the closing resulted from defalcations by three of its employes, and that the sum taken aggregates $90,000. President Honecker stated today the defaulting employes agreed to turn everything of value they possed to the bank.

2. March 31, 1905 The Seattle Star Seattle, WA
Article from The Seattle Star, March 31, 1905

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Article Text

LORAINE, O., March 31.-President Honecker, of the Citizens' Savings bank, which was placed in the hands of a receiver by the direction of the court last night, announced today that the defaulting employes had agreed to turn everything of value in their possession over to the bank. It is stated the sum taken aggregates $90,000. Several hunded depositors, mostly foreigners, assembled in front of the bank today. The deposits amounted to $213,000. The directors say that the depositors will receive exery cent.

3. March 31, 1905 The Spokane Press Spokane, WA
Article from The Spokane Press, March 31, 1905

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Article Text

(Scripps News Association.) LORAINE, O., March 31.-President Honecker of the Citizens' Savings bank, which was placed in the hands of a receiver by the decision of the directors last night, announced today that defaulting employes had agreed to turn everything of value

4. March 31, 1905 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, March 31, 1905

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Article Text

DEPOSITORS WILL BE PAID. President of Loraine Savings Bank Says $90,000 is Missing. Loraine, O., March 31.-President Honecker, of the Citizens' Savings bank, which was placed in the hands of a receiver by a decision of directors last night, announced today that the defaulting employes had agreed to turn over everything of value in their possession to the bank. He stated that some one had taken an aggregate of $90,000. Several hundred depositors assembled in front of the bank today, mostly foreigners. The deposits amounted to $313,000. The directors say that the depositors will receive every cent.

5. March 31, 1905 Daily Press Newport News, VA
Article from Daily Press, March 31, 1905

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Article Text

OFFICIALS SPECULATED. Wherefore the Citizens' Savings Bank of Lorraine Must Suspend. (By Associated Press.) LORRAINE, O., March 30.-At a meeting of the directors and counsel of the Citizens' Savings Bank it was decided that the bank should not open for business in the morning. Ex-Mayor W. B. Thompson, counsel for the bank, is authority for the statement that the bank's liabilities will probably exceel its capital stock and surplus. The capital is $50,000 and the surplus' $13,000. Three officials of the bank are named as being responsible for the shortage and speculation in stocks is given PS the cause for their using the bank's money.

6. April 1, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, April 1, 1905

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BANK LOSES THOUSANDS DEFALCATIONS BY EMPLOYES OF INSTITUTION AT LORAINE, O., CAUSE SUSPENSION. Lorain, Ohio, March 31. - The following notice was posted on the door of the Citizen's Savings bank today: "This bank is closed for business. The affairs of the bank have been placed in the hands of T. F. Ancher as assignee." The capital of the bank is $50,000, resources $379,849 and individual deposits, $313,949. The decision to close the bank was reached by the directors after a long session last night. While the directors are extremely reticent it is known that the closing resulted from defalcations by three of its employes and that the sum taken aggregates $90,000. President Honecker stated today that the defaulting employes had agreed to turn over everything of value that they possessed to the bank.

7. April 1, 1905 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, April 1, 1905

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BANK EMBEZZLERS ARRESTED. Charged With Causing Suspension of An Ohio Savings Bank. EIRia, O., April 1.-Cashier W. F. Kaneen, Assistant Cashier E. F. Walker and bookkeeper Dent Walker, charge1 with embezzling funds of the Citizens Sevings bank of Lorain, were placed m the county fail today. Later they were arraigned and held in beavy bonds.

8. April 4, 1905 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, April 4, 1905

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Article Text

Bank Shortage Created No Run. Lorain, O., March 31.-Contrary to the expectation of the bankers of this city, the announcement of a shortage of $90,000 of the Citizens Savings Bank, at midnight last night and the closing up of the bank today did not create a run on any of the other banks of the city.

9. April 4, 1905 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, April 4, 1905

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HEAVY SHORTAGE CLOSES A BANK BUSPENSION OF FINANCIAL INSTITUTION IN LORAIN, O. IS DUE TO DEFALCATIONS Three Employes Charged with Stealing Nearly $100,000-Partial Restitution Made by the Accused. Lorain, O., April 1.-As the result of an aggregate defalcation of almost $100,000 by three employes, the Citizens' savings bank, the oldest concern in the city, has closed its doors. The decision was reached by the directors after a long session Thursday night. At the usual time for opening the doors of the bank Friday there were several hundred depositors on hand ready to draw out their money should the opportunity present itself. The crowd was made up for the most part of foreigners. Posted upon the door was a notice, which read: "This bank closed for business. The affairs of the bank have been placed in the hands of T. F. Fancher as assignee. (Signed) "THE DIRECTORS OF THE CITIZENS' SAVINGS BANK." The capital of the bank was $50,000; resources, $379,849; individual deposits, $313,949. The late C. T. Beckwith, of the defunct Citizens' national bank, of Oberlin, was president of the Citizens' savings bank here until five years ago. President Honecker, of the bank, stated Friday that the defaulting employes had agreed to turn everything of value they possessed to the bank. Mr. Honecker declared that he believed the depositors would receive every cent due them. One of the defaulting employes was under a bond of $20,000. It is understood that property of the value of probably $10,000 will be turned over by the men responsible for the wrecking of the bank. Not Caught by Mrs. Chadwick. Asked if the Chadwick operations were in any way responsible for the failure, President Honecker said: "You may state that the bank escaped Mrs. Chadwick completely, and that the closing of our bank is in no way traceable to anything like the Chadwick affair. Mrs. Chadwick came to see us and I talked with her, but she did not get any of our money." From authoritative sources it is learned that the exact amount of the shortage in the funds of the bank is $97,000. To offset this the three defaulting employes carried indemnity bonds in favor of the bank aggregating $40,000, and in addition have turned over real estate and other property to the bank to the value of $12,000, leaving the net loss to the institution $45,000.

10. April 5, 1905 Willmar Tribune Willmar, MN
Article from Willmar Tribune, April 5, 1905

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Article Text

THREE EMPLOYES ROB OHIO BANK OLDEST INSTITUTION IN LORAIN FORCED TO SUSPEND BECAUSE OF DEFALCATIONS. SHORTAGE IS SAID TO REACH ALMOST $100,000 President Declares Clerks Have Made Partial Restitution-Says Failure Is Not Due to Operations of Mrs. Chadwick. Lorain, O., April 1.-As the result of an aggregate defalcation of almost $100,000 by three employes, the Citizens' savings bank, the oldest concern in the city, has closed its doors. The decision was reached by the directors after a long session Thursday night. At the usual time for opening the doors of the bank Friday there were several hundred depositors on hand ready to draw out their money should the opportunity present itself. The crowd was made up for the most part of foreigners. Posted upon the door was a notice, which read: "This bank closed for business. The affairs, of the bank have been placed in the hands of T. F. Fancher as assignee. (Signed) "THE DIRECTORS OF THE CITIZENS' SAVINGS BANK." The capital of the bank was $50,000; resources, $379,849; individual deposits, $313,949. The late C. T. Beckwith, of the defunct Citizens' national bank, of Oberlin, was president of the Citizens' savings bank here until five years ago. President Honecker, of the bank. stated Friday that the defaulting employes had agreed to turn everything of value they possessed to the bank. Mr. Honecker declared that he believed the depositors would receive every cent due them. One of the defaulting employes was under a bond of $20,000. It is understood that property of the value of probably $10,000 will be turned over by the men responsible for the wrecking of the bank. Not Caught by Mrs. Chadwick. Asked if the Chadwick operations were in any way responsible for the failure, "President Honecker said: "You may state that the bank escaped Mrs. Chadwick completely, and that the closing of our bank is in no way traceable to anything like the Chadwick affair. Mrs. Chadwick came to see us and I talked with her, but she did not get any of our money." From authoritative sources it is learned that the exact amount of the shortage in the funds of the bank is $97,000. To offset this the three defaulting employes carried indemnity bonds in favor of the bank aggregating $40.000, and in addition have turned over real estate and other property to the bank to the value of $12,000, leaving the net loss to the institution $45,000.

11. April 7, 1905 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, April 7, 1905

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THE LORAIN BANK FAILURE Three Officers of the Citizen's Savings Bank Stole $100,000 of Its Money. Lorain, O., April 1.-The Citizens' Savings bank did not open for business Friday. A notice saying the bank had assigned was posted on the door. President Isaac Honecker, of the bank, said that the closing was due to defalcations by Cashier E. F. Kaneen, Assistant Cashier H. B. Walker and Bookkeeper D. S. Walker. Kaneen admits that this is a fact. The shortage, according to both Kaneen and Honecker, will be nearly $100,000. Elyria, O., April 1.-The assignment of the Citizens' Savings bank, of Lorain, was made Friday by Attorney W. B. Thompson, representing the bank. T. W. Fancher, a director of the bank, was named as assignee by Probate Judge Hinman. In his statement to the court Thompson said the bank had $275,000 in deposits and $20,000 in real estate. Lorain, O., April 3.-Cashier Kaneen, Assistant Cashier H. B. Walker and Bookkeeper D. S. Walker, of the Citizens' Savings bank, who were arrested early Saturday morning on charges of embezzlement, were released on $8,000 bail for each after a. hearing before Justice Lord in the county jail at Elyria. Lorain, O., April 4.-A director of the Citizens' Banking Co. said yesterday that the total shortage in the finances of the wrecked bank would probably be much greater than at first estimated. He believes it will go to at least $130,000.

12. January 10, 1906 Willmar Tribune Willmar, MN
Article from Willmar Tribune, January 10, 1906

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Business Failcres Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 23-Strauss-Green Co., Toledo, O.; liabilities $115,000, assets $100,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 6-Spartansburg, Pa., bank; capital, $25,000. 7-Coe Co., Minneapolis; liabilities, $200,000. 31-Citizens' bank, Lorain, O., as result of defalcation. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 16-Owosso, Mich., private bank closes. 23-Merchants' Trust Co., New York, closed. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton, O., First national bank 27-R. H. York & Co.. old Cleveland, O., brokers; liabilities, $40,000. Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 21-City Trust Co., Philadelphia, closes doors. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities. $125,000. 13-Citizens' bank, Yellow Springs, O.; liabilities, $50,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 10-Four Denver, Col., Western bank officials' arrested on fraud charge. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. 27-Johnson & Sloan, Minneapolis, Minn.; liabilities, $200,000 First national bank, Orville, O., closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home Savingsand Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis. Tenn., close doors; first named in liquidation.

13. January 13, 1906 Macon Beacon Macon, MS
Article from Macon Beacon, January 13, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 23-Strauss-Green Co., Toledo, O.; liabilities $115,000. assets $100,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co. Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 6-Spartansburg Pa. bank: capital, $25,000. 7-Coe Co., Minneapolis; liabilities, $200,000. 31-Citizens' bank, Lorain, O., as result of defalcation. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 16-Owosso, Mich., private bank closes. 23-Merchants' Trust Co., New York, closed. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton O., First national bank 27-R. H. York & Co., old Cleveland, O., brokers; liabilities, $40,000. Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in recelver's hands. 21-City Trust Co., Philadelphia, closes doors. 23-Vicksburg, Mich. exchange bank. 26-Knight, Donnelly & Co., Chicago, 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, III., and Toluca, III., national banks close. 6-Hagerstown. Ind., Commercial bank; liabilities, $125,000. 13-Citizens bank, Yellow Springs, O.: liabilities, $50,000. 19-Spring Valley, O., bank closes. 20-City national bank. Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 10-Four Denver, Col., Western bank officials arrested on fraud charge. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot. S. D., national bank closes doors. 27-Johnson & Sloan, Minneapolis, Minn.: liabilities, $200,000 First national bank, Orville, O., closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home SavIngs and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn. close doors; first named in liquidation.

14. January 30, 1909 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, January 30, 1909

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Defunct Bank Owes $1,000 to City. Columbus, O., Jan. 30.-State Examiner Heck's report on Lorain, filed yesterday with the state accounting bureau, shows that there is $1,000 due the city from the defunct Citizens' Savings bank. The city had $25,000 on deposit in the bank when it failed, and of that sum $9,000 was paid back by the receiver and $15,000 was made good by a bonding company. The balance of $1,000 was secured by a bond of a surety company, which it refuses to pay.