8540. Mechanics Loan & Savings Institute (Hagerstown, MD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 12, 1936
Location
Hagerstown, Maryland (39.642, -77.720)

Metadata

Model
gpt-5-mini
Short Digest
ac5bf617

Response Measures

None

Description

Articles (Mar–Apr 1936) describe payments being made by a receiver to depositors of the Mechanics Loan & Savings Institute in Hagerstown. They indicate the bank was in receivership and refunding depositors (50% total) — no contemporaneous run is described in these snippets. Thus this is a suspension/closure with receiver rather than a run-driven episode.

Events (2)
1. March 12, 1936 Receivership
Newspaper Excerpt
It was reliably reported today that Warren F. Sterling, receiver, will announce shortly that he will make a 5 per cent payment to depositors of the Mechanics Loan and Savings Bank in April. The payment will amount to approximately $86,000 and will bring the total payments to 50 per cent.
Source
newspapers
2. April 8, 1936 Other
Newspaper Excerpt
Checks for sums aggregating $86,669 and representing a 5 per cent payment have been mailed to depositors of the Mechanics Loan Bank by the receiver today. The payments bring the total refund to depositors to date to 50 per cent, amounting to approximately $870,000.
Source
newspapers

Newspaper Articles (2)
1. March 12, 1936 The Washington Times Washington, DC
Article from The Washington Times, March 12, 1936

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Article Text

Bank at Hagerstown Will Pay Depositors HAGERSTOWN, Md., March 12.-It was reliably reported to day that Warren F. Sterling, receiver. will announce shortly that he will make a 5 per cent payment to depositors of the Mechanics Loan and Savings Bank in April. The payment will amount to approximately $86,000 and will bring the total payments to 50 per cent.

2. April 8, 1936 The Washington Times Washington, DC
Article from The Washington Times, April 8, 1936

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Article Text

Hagerstown Bank Payoff HAGERSTOWN, Md., April 8. Checks for sums aggregating $86,669 and representing a 5 per cent payment have been mailed to depositors of the Mechanics Loan Bank by the receiver today. The payments bring the total refund to depositors to date to 50 per cent, amounting to approximately $870,000.