View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority HMD3 ot>2 fc

•V

ELEGRAM
FED ERA L RESERV E SYSTEM
'“j Q ^ ^

(LEASED WIRE SERVICE)

167dea
C le v e la n d

’
316pm F e b 17

/

r e c e iv e d a t W a s h in g to n , d . c .

B oa rd ,

.Vashn
We a r e

in fo r m e d

o f d e p o s its

to

L yn ch N a t l
fiv e

/'

p ercen t

fo r a

F eby 14.
F e d e ra l R eserve

Bank
324pm

/

VB. OOVSBNHBNT PRINTING OFHOT: » U


2—>11901

^

, L y n c h Ky a r e

r e s tr ic tin g

30 d a y p e r i o d

w ith d r a w a ls

s ta r tin g

J

Reproduced from the Unclassified I Declassified Holdings of the National Archives




DECLASSIFIED

Authority

Fe d e r a l Re s e r v e Bank :
o f

RECEIVED \

£

tVlHK '0

Cl e v e l a n d

!i

ii 10, ?
rch

2,

1933*

F e d e ra l R eserv e B oa rd ,
W a s h i n g t o n , D* C.
G e n t le m e n :
R e fe r e n c e is
d a te d Jan u ary 1?*
hcT liffa y s , " e t c •

had t o y o u r l e t t e r B- 8 6 9 - a .
1 9 3 3 , r e g a r d i n g b a n k s on

We h a r e b e e n e n d e a v o r i n g t o p r o c u r e a
c o m p le t e l i s t , b u t i t i s im p o s s ib le due t o th e
f a c t t h a t th e b a n k in g d e p a rtm e n ts r e p r e s e n t e d
i n t h i s d i s t r i c t h a v e b e e n u n a b le t o s u b m it a
c o r r e c t l i s t a n d we h a v e t a k e n t h e i n f o r m a t i o n
fr o m w h a t e v e r s o u r c e we c o u l d - m o s t l y n e w s ­
p a p e r it e m s *
We a r e e n c l o s i n g h e r e w i t h a c o p y o f t h e
tw o b i l l s r e c e n t l y p a s s e d i n O h io u n d e r w h ic h
m o s t o f t h e b a n k s a re now o p e r a t i n g , a n d w h io h
a u se s i m i l a r t o
th o s e o f th e o th e r s t a t e s in th e
d is tr ic t*

we

We w i l l s u p p le m e n t t h i s r e p o r t
r e c e i v e m ore c o m p l e t e d a t a *
V ery

tr u ly

as

you rs,

so o n as

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
*

r a s p A’

y

S

Tm

OF

T*0

Authority tiM D a oozk

CLI
BO IHOOS^D EITH n W ( F
OF MARCH 2, 1933, OU ?IL1!! IN DIVISION
OF BAtfK OPERATIONS

H

J

BABK R15LIIF 911X5

itaergcnar Measures That I,egislature Gets at Go t . Vhlta's Bshest.
Were are tha t*o emergency banking relief measures introduced at tha
behest of Go t , Georg* Uhlte Into tha Legislature last night:
ix m r 'c n b i l t .

S
action 1 - That Section 710-10 7a of tba General Code It hereby enacted
to raad as follows:
Saetion 710-107* - Tha superintendent of banks• whenever ha Is of tba
opinion that sudh action Is necessary for tha protection of tha interests of
tha depositors and othar creditor* of aty bank under his supervision and that
suA action Is in tha public interest, may order such bank forthwith to sus­
pend tha pcgn»ent, in any manner, of tha liabilities of sudh bank to depositors
and pother creditors except as hereinafter provided.
^ S u c h ordsr shall became effective upon receipt by such banfcs of notice
thereof and shall continue in full force and effect until released or
siodlfled by the superintendent of banks in writing, but in no event to exceed
a ttertod of oO days; provided tbat such suspension rn*$r be extended for fur­
ther neriods not to exceed 60 days each upon order of the superintendent of
banka.
Hothlng herein contained shall af>ct the right of suck banlr to pay its
cvrrent operating expanses and any other liability incurred during such sus­
pension. whenever in tha Judgment of tha superintendent of banks tba con­
dition of sudi bank warrants sudh action, tba liabilities, the paymerit of
which have been oo suspended, may be paid by sudi bank In whole or pro rata
in part, upon such tams and conditions as the superintendent of bestks shall
prescribe.
Shall Be Segregated.
Tha superintendent of b&rfes nay, in his discretion, permit such bank
to receive deposits, but deposits so received shall not be subject to any
limitation as to payment or sithdraval and such deposits shall be segregated
and held and used eelely to ®eet such new deposit liabilities: provided the
aggregate amount of oaah representing sucti segregated deposits shall not be
Invested in any meaner In the period In whicfc tha order of the superintendent
of bax&s is in effleet.
9othing herein contained shall prevent the anslgnsnent of any suspended
deposit liability or the application of all or a part of such suspended de­
posit liability te tha payment at maturity ef any Indebtedness of sudh de­
positor to such bank whloh existed at the time said suspension became effec­
tive, but no d<spo«it liability subsequently easier,ed may be so applied.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority VlMDaeozfc

■

2

•

S e c t io n 2 - I b i s act I s h e re b y d e c la re d to be an emergency l a v , n e ce ss a ry
f o r the Im m ediate p r e s e r v a t io n o f the p u b li c pe ace, h e a lt h and s a f e t y , The
re aso n f o r such n e o e e «lty i s t h a t e x is t i n g econom ic c o n d it io n s have endangered
f in a n c ia l d is tu rb a n c e s * r e q u i r i n g th e Im m e d ia te ly e f f e c t iv e enactment o f
l e g i s l a t i o n co n c e rn in g the p r o t e c t io n o f d e p o s its i n f i n a n c i a l i n s t i t u t i o n s
svfcject to the laws o f t h is s t a t e , t h e r e f o r e , t h is a e t s h a l l go in t o
lm ira diate s f f e c t ,
GRADI30N B I L L .
S e c tio n 1 - th a t S e c tio n 710-89 o f th e G en e ra l Code be amended end t h a t
supplem ental S e c tio n s 7 1 0 -8 9 -A be enacted to re a d as f o l l o w s :
S e c t io n 710-89 * The sx^perirrtendent o f banks may f o r t h w it h ta k e p o s s e s sio n o f th e ,b u s in e s s and p r o p e r t y o f any bank to if c ld i t h i s a o t i s a p p lic a b le ,
whenever i t s h e l l appear th a t such b a n k :
1 - Fas v io la t e d i t s c h a r t e r o r any la w a p p lic a b le t h e r e t o ;
2 - I s c o n d u c tin g I t s b u s in e s s I n an u n a u th o ris e d o r u n safe manner ;
3 - I s i n an unsound o r unsafe c o n d it io n to t ra n s a c t i t s b u s in e s s ;
" U - Has an im pairm ent o f I t s c a p i t a l f o r a p e rio d o f
deys;
5 * Has re fu s e d to pay i t s d e p o s ito rs i n accordance w it h the term s on
w hich suoh d e p o s its were r e c e iv e d ;
6 - Has become • 1 • in s o l v e n t ;
7 - Fae n e g le c te d o r re fu s e d to oomply w ith th e term * o f a d u ly -is s u e d
o rd e r o f th e s u p e rin te n d e n t o f banks;
8 - Bae re fu s e d , upon p ro p e r d ero n d , t o su b m it i t s re c o rd s and a f f a i r s f b r
In s p e c t io n to an exw id ne r o f th e b an kin g d e p a rtm e n t; o r
9 * ( a ) - I t s o f f i c e r s ha ve re fu s e d to b e examined upon o a th r e g a r d in g i t s
a f f a i r s . ( I ) - • 2 • I f * b y r e s o lu t i o n o f the board o f d ir e c t o r s o f a i r b a n k,
such bank re q u e s ts sudh a c t i o n and g iv e s n o t ic e o f t h e a d o p tio n th e re o f to
the s u p e rin te n d e n t o f bonks i n p e rs o n , b y te le p h o n e , te le g ra p h o r m a l l , t h e
s u p e rin te n d e n t s h a l l , as soon t h e r e a f t e r as may be p r a c t i c a b l e , take p o sse ssio n
o f th e b u s in e s s and p r o p e r t y o f such b a n k ,
( T h i s p a ra gra ph is new m a t t e r .)

90

S e c . 7 1 0 -8 9 -A . Such bank nay wi th t h e consent o f the s u p e rin te n d e n t o f
banks resume b u s in e s s upon such c o n d itio n s as
be appro ved by th e C o u rt o f
Common P le a s I n and f o r th e oounty i n w hich such bank was l o c a t e d .
I f deemed n e ce ss a ry b y th e o o u r t, such c o n d itio n s may In c lu d e , among
o t h e r s , re a s o n a b le r e s t r i c t i o n s upon t h e w ith d ra w a l o f d e p o s its and th e p a y m «it
o f o th e r l i a b i l i t i e s , and may a ls o p r o v id e f o r a p r o p o r t io n a t e r e d u c t io n o f
the d e p o s it and o t h e r l i a b i l i t i e s o f such bank and the s u b s t i t u t i o n , i n I l e a
o f th e amount b y if c ld i suoh d e p o s it and o t h e r l i a b i l i t i e s are reduced , o f t r u s t
o r p a r t l d p f i t I o n c e r t i f i c a t e s i n a ssets s e t a s id e f o r th e payment t h e r e o f ; p r o ­
v id e d th a t s u * c e r t i f i c a t e s s h a ll I n no event Impose any l i a b i l i t y f o r the
payment th e r e o f upon such bank as reopened except to t h e e x te n t o f th e a s s e ts
so s e g re g a te d .
( T h i s p a ra g ra p h a ls o I s new m a t t e r ) .
S e c tio n 2 - T h a t e x i s t i n g S e c tio n 7 1 0 -6 9 -A o f t h e G e n e ra l Code s h a l l be
a p p lic a b le to any b an k, n o tw ith s ta n d in g th a t A t th e e f f e c t i v e date o f t h i s
a c t such bank Is i n th e hands o f th e s u p e rin te n d e n t o f b anks f o r l i q u i d a t i o n .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority tlH D a oozfc

Section 3 - fhia act la hereby declared to be an mrnrgrnicgr law. neceeaary
for the tamed late preservation of the public peace* health and eafety,

The reason for such necessity la that the present economic conditions
here engendered financial dlaturbancee immediately requiring more eff*ctWe
meana of liquidating the baalneaa and property of bunfca auibjeet to the lave
of till a state and of providing for the resumption of busineas by such banka
In process o f liquidation* Therefore* thia act ahall go into Immediate
effect •
Ike following natter eliminated freai the preaent lap - aee corresponding
numbers adth asterisks In bodjr of b ill.
1. Otherwise.
2, Such bank nay with the conaent o f the superintendent of banka, reaumt
buelneas upon sudi oond&tlona aa may be approved by the Court of Common Pleas
In and for the county la nfcicfe each baifc was located.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

#

TWT LYNCH n a t i s ?
L yn ch , K y.

F eb ru a ry 1 4 ,

1933

TO OUR DEPOSITORS:
T he p r e s e n t d e p r e s s i o n an d l o s s o f e o o n o m ic b a l a n c e h a v e b r o u g h t
c o n f i d e n c e in f i n a n c i a l i n s t i t u t i o n s g e n e r a l l y t o su ch a lo w eb b t h a t
m any s o l v e n t , w e l l m an ag ed b a n k s a r e t h r e a t e n e d w i t h d i s a s t e r o n a c c o u n t
o f th e a b s o lu te i n a b i l i t y o f d e b to r s t o pay u n der e x is t in g c o n d it io n s
f a s t e n o u g h t o s a t i s f y t h e d em a n d s m ade u p o n b a n k s b y t h e d e p o s i t o r s w ho
w it h d r a w c u r r e n c y f o r t h e p u r p o s e o f h o a r d i n g , t h e r e b y c u r t a i l i n g c r e d i t
j u s t a t t h e t im e i t i s n e e d e d m o s t .
T h is p u ts i n m o tio n a t r a i n o f
c i r c u m s t a n c e s t h e r e s u l t s o f w h ic h a r e m o st u n d e s i r a b l e .
Due t o a c o n t i n u a t i o n o f t h e s e c o n d i t i o n s f o r t h e p a s t tw o y e a r s ,
and t h e a c t i o n o f m any o t h e r b a n k s i n r e s t r i c t i n g w i t h d r a w a l s , we f i n d
i t a d v is a b le t o ta k e s im ila r s te p s f o r th e p r e s e r v a t io n o f th e s o lv e n c y
o f t h e c o m m u n ity a s w e l l a s o u r b a n k .
C o n d i t i o n s g e n e r a l l y a r e u n p r e c e d e n t e d , an d may w e l l b e r e g a r d e d
a s an e m e r g e n c y ; t h e r e f o r e e m e rg e n cy m e a r s u r e s a r e n e c e s s a r y t o m eet t h e
s itu a tio n .
We w i l l n o t p e r m it t h e d e p o s i t s o f o u r c u s t o m e r s an d f r i e n d s
t o b e j e o p a r d i z e d b y c o n t i n u i n g t o a l l o w w i t h d r a w a l s b y t h o s e who l a c k
c o n fid e n c e .

i
O ur b o a r d o f d i r e c t o r s
r e s o lu tio n s :

has th e r e fo r e

passed

1* T h e r e w i l l b e n o r e s t r i c t i o n s o n d e p o s i t s
F e b r u a r y 1 4 , 1 9 3 3 and t h e y may b e w it h d r a w n i n f u l l
2* N ot m ore t h a n 5 p e r c e n t o f
s a v i n g s a c c o u n t o r t im e d e p o s i t a s o f
1 9 3 3 may b e c h e c k e d o u t i n a n y t h i r t y

of

th is

3.
board,

th e

of
at

fo llo w in g

a n y k i n d m ade a f t e r
any t i n e .

th e b a la n c e in any c h e c k in g a c c o u n t ,
th e c l o s e o f b u s in e s s F eb ru a ry 1 4 ,
day p e r io d .

T h ese r e s t r i c t i o n s s h a l l c o u n tin u e
th e p r e s e n t em ergen cy i s p a s t .

in

fo rc e

u n til,

in

th e

We b e l i e v e o u r a c t i o n t o b e j u s t i f i e d u n d e r p r e s e n t c o n d i t i o n s *
T he a l t e r n a t i v e i s t o p e r m it a f a v o r e d fe w t o g a i n a n a d v a n t a g e b y m a k in g
a r u n o n t h e b a n k and g e t t i n g t h e i r d e p o s i t s a t o n c e t o t h e d i s a d v a n t a g e
o f t h e m any o t h e r s .
On t h e o t h e r han d we b e l i e v e o u r p l a n s h a l l , w i t h
th e c o - o p e r a t io n o f th e p u b l i c , save th e s i t u a t i o n ; d e b t o r s ca n be g iv e n
t im e t o w o rk o u t t h e i r d i f f i c u l t i e s and p a y i n f u l l .
T h ere i s no q u e s t io n
a s t o w h ic h c o n d i t i o n i s p r e f e r a b l e .
I n an e m e r g e n c y t h e c o n v e n i e n c e o f
t h e i n d i v i d u a l may p r o p e r l y b e s a c r i f i c e d t e m p o r a r i l y f o r t h e com m on g o o d *
S in c e i t s o r g a n i z a t i o n t h i s bank h a s e n d e a v o r e d i n a l l w ays t o
s e r v e t h e b e s t i n t e r e s t s o f t h i s to w n an d t h e s u r r o u n d i n g c o u n t r y .
It
now a p p e a l s f o r y o u r c o - o p e r a t i o n i n c o n t i n u i n g t h i s s e r v i c e .
T h is p la n
c a n n o t s u c c e e d w ith o u t y o u r h e l p .
By h e l p i n g t h e b a n k y o u a r e h e l p i n g
y o u r s e lv e s .
Y o u r o a lm an d c o n s i d e r a t e ju d g m e n t o f o u r a c t i o n i s r e q u e s t e d i n
th e lig h t o f th e f a c t s p r e s e n te d .
The b a n k in g d e p a r t m e n t w i l l n o t c l o s e
a s o l v e n t b a n k , and t h i s b a n k w i l l n o t b e c o m e i n s o l v e n t u n l e s s c o m p e l l e d
t o make u n n e c e s s a r y and u s e l e s s s a c r i f i c e s o f s o u n d a s s e t s .
T h i s we
r e fu s e t o d o .
T h i s s t e p i s t a k e n t o k e e p s e c u r e and s a f e g u a r d y o u r
d e p o s its .
We a r e h o p e f u l t h a t o o n d i t i o n s may s o o n b e s u c h t h a t t h e s e r e ­
s t r i c t i o n s may b e r e m o v e d .
T h i s d e p r e s s i o n w i l l n o t l a s t f o r e v e r , and
re m em b er t h a t e v e r y d e p r e s s i o n i n t h e p a s t w as f o l l o w e d b y an e v e n g r e a t e r
era o f p r o s p e r ity .
I t w i l l happen a g a in .
We d e s i r e t o c o n t i n u e t o o f f e r
a d e q u a t e an d s a f e b a n k i n g f a c i l i t i e s .
T h ese r e s t r i c t i o n s a re n o t t o
a p p l y t o d e p o s i t s o f a n y k i n d m ade a f t e r t h i s d a t e *




LYNCH NATIONAL BANK, L y n c h ,

K y.

op

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority

F. R, DISTRIGf_________ 4
BANKS WHICH DURING -1038, WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS' WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
March. 1933.
Name and location of bank

*
♦

♦

*

*

Obtained
depositors'
waiver
agreements

KENTUCKY

Effective
date

Bank of Alexandria, Alexandria
Bellevue Com*1 & Sav. Bank, Bellevue
Campbell County Bank, Bellevue
Citizens Bank, Cold Spring
Bank of Dayton, Dayton
State Bank & Trust Co. Dayton
Fort-Thomas Bank, Fort Thomas
The Highland Bank, Fort Thomas
American Natl. Bank, Newport
Central Sav. Bk. & Tr* Co., Newport
Newport Natl. Bank, Newport
West Side Savings Bank, Newport
Central Sav. Bank & Trust Co. Covington
Covington Tr. & Bkg. Co# Covington
First Natl. Bk. & Tr. Co. Covington
Peoples-Liberty Bk. & Tr. Co. Covington
Security Sav. Bank, Covington
Bank of Commerce, Lexington
Citizens Bk. & Tr. Co. Lexington
First Natl. Bk. & Tr. Co. Lexington
Union Bank & Trust Co. Lexington

2-23-33
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
3-1-33
do
do
do

Time deposit
Demand
withdrawals
deposit
restricted
withdrawals
beyond terms
restricted
*
of by-laws*
Period daring
which effective
5%
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

Member banks
This information has been taken from newspaper reports and therefore can
not he considered as authentic.

Lynch ®atl. Bank, Lynch,

2-14-33

5% - indefinitely.

♦Either with or without signed agreements of depositors.




(5-868)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

F. R. PISTRIGf.

F o u rth

BANKS WHICH DURING 1W?, WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS1 WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
Lf l 0 ,3

March, 1933

Name and location of bank

PENNSY LYANIA
American State Bank, &rie
Bank of Erie Trust Co. Erie
Bank of Italy, Erie
Erie Trust Co* Erie
First Natl, Bank, Erie
Marine Natl* Bank, Erie
Secorfd Natl. Bank, Erie
Security-Peoples Trust Co. Erie
Union Trust Co. Erie
Lawrence Park Natl. Bank, Erie
First Natl. Bank & Trust Co. Greensburg

*

Effective
date

Time deposit
Demand
withdrawals
deposit
restricted
withdrawals
beyond terms
restricted
*
of by-laws*
Period during
which effective

2-28-33
do
do
do
do
do
do
do
do
do
do

5% - indefinitely
do
do
do
do
do
do
do
do
do
do

Obtained
depositors*
waiver
agreements

Member banks
This information has been taken from newspaper reports and therefore can
not be considered as authentic#

*Either with or without signed agreements of depositors.



(3 -668 )

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority N N D a oezk

I

P. R. DISTRICfL

F o u rth

BANKS WHICH DURING
WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS’ WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
0 fa )
1 4 1 0 / 3 v.y
rch, 1933
' *
"

Name and location of bank

OHIO

Obtained
depositors*
waiver
agreements
Effective
date

Time deposit
Demand
withdrawals
deposit
restricted
withdrawals
beyond terms
restricted
*
of by-laws*
Period during
which effective

First Natl* Bank, Ada
2-28-33
2 ^-indefinitely- 2 ^
Liberty Bank, Ada
do
do
Commercial Ba-nk & Trust Co* Akron
3-2-33
1 % - indefinitely
Dime Savings Bank Co* Akron
do
do
Firestone Park Tr & Sav Bank, Akron
do
do
First-Central Trust Co* Akron
do
do
Standard Savings Bank, Akron
do
do
Akron Morris Plan Bank, Akron
do
do
Alger Savings Bank, Alger
2-28-33
2 ^-indefinitely- 2 $
Mount Union Bank, Alliance
3-1-33
5% - indefinitely
Alliance First ^atl. Bank, Alliance
do
do
Workmen1s Bank, Alliance
do
do
Security Savings Bank, Athens
2-28-33
do
Comfl Savings & Tr Co*, Ashtabula
3-1-33
1% - indefinitely
Farmers Natl Bank & Tr Co*, Ashtabula
do
do
Marine Sav Bank Co* Ashtabula
do
do
Natl Bank of Ashtabula, Ashtabula
do
do
Jefferson Banking Co* Jefferson
do
3% - indefinitely
£xxax9Cx&x;x±xgxx&x£xiftx±x&a¥xftxMxac
ia
Belle Center Bank Co* Belle Center
2-28-33
2% - indefinitely
Beliefontaine Natl* Bank, Beliefontaine
do
do
Citizens Bank, Degraff
do
do
Hamilton Bank, East Liberty
do
do
Huntsville State Bank, Huntsville
do
do
Farmers Bank Co* Lakeview
do
do
Farmers Bank Co* Lewistowa
do
do
Miami Valley Bank, Quincy
do
do
Citizens Bank Co* Rushsylvania
do
do
Farmers Banking Co* West Liberty
do
do
Farmers State Bank, West Mansfield
do
do
Bucyrus City Bank, Bucyrus
2-28-33
5% - indefinitely
Farmers & Citizens Bk & Sav Co* Bucyrus
do
do
First Natl* Bank, Bucyrus
do
do
Second Natl* Bank, Bucyrus
do
do
First Natl. Bank, Burton
do
do
Citizens Sav Bk & Tr Co* Hamilton
do
do
First Natl* Bank & Trust Co* Hamilton
do
do
Hamilton Dime Sav Bank Co, Hamilton
do
do
Second Natl. Bank, Hamilton
do
do
*
American Trust & Sav Bank, Middletown
do
do
*
First & Merch Natl Bank, Middletown
do
do
Oglesby-Barnitz Bank & Trust Co* Middletown
do
do
*Either with or without signed agreements of depositors#




(

5 - 868 )

eproduced from the Unclassified /Declassified Holdings of the National Archives

DECLASSIFIED
Authority V)MD

F. R* DISTRICT

Fourth

BANKS WHICH DURING
WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS’ WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
March, 1933

Name and location of bank

OHIO

con’t#

1

to
to
I
oo
<M

CVJ

Monroe ^atl. Bank, Monroe
First Natl Bank, Okeana
Farmers State & Sav Bank, Oxford
Oxford Natl Bank, Oxford
Farmers Natl Bank, Seven Mile
Somerville Natl Bank, Somerville
First National Bank, Canton
First Trust & Sav Bank, Canton
Central Sav Bank & Trust Co* Canton
Citizens Bank, Cardington
Chardon Savings Bank, Chardon
Central Natl* Bank, Chardon
Middlefield Bank Co. Middlefield
Central $atl Bank, Chillicothe
Citizens Natl Bank, Chillicothe
First Natl Bank, Chillicothe
Savings Bank Co* Chillicothe
Atlas Natl Bank, Cincinnati
Central Trust Co* Cincinnati
Cincinnati Bk & Tr Co. Cincinnati
Cincinnati Morris Plan Bank, Cincinnati
Columbia Bk & Sav Co. Cincinnati
Fifth Third Union Trust Co.
Lincoln Natl Bank, Cincinnati
North Side Bk & Tr Co. Cincinnati
Norwood Hyde Pk Bk & Tr Co. Cincinnati
Peoples Bk & Sav Co. Cincinnati
Provident Sav Bk & Tr Co. Cincinnati
Second Natl Bk Cincinnati
Southern Ohio Sav Bk & Tr Co. Cincinnati
Washington Bk & Tr Co. Cincinnati
Western Bk & Tr Co. Cincinnati
Westirood Bk & Sav Co. Cincinnati
Central United Natl Bk. Cleveland
Cleveland Trust Co. Cleveland
Guardian Trust Co. Cleveland
American Sav Bk. Cleveland
Lorain St Sav Bk & Tr Co. Cleveland
Society for Savings, Cleveland
Union Trust Co. Cleveland

Time deposit
Demand
Obtained
withdrawals
deposit
depositors’
restricted
withdrawals
waiver
beyond terms
restricted
agreements
*
of by-laws*
Period during
Effective
which effective
date

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
2-27-33
do
do
do
do
do
do

5%
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
sfcflt
5%
2%
5%
do

- indefinitely

1 % - indefinitely
- indefinitely
- indefinitely
- indefinitely

♦Either with or without signed agreements of depositors.




($-868)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority UMDaoozfc,

F o u rth

F. R. DISTRIGJ.
BANKS WHICH DURING ISSST, WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS’ WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
March, 1933

Name and location of bank

OHIO con*t

Obtained
depositors*
waiver
agreements
Effective
date

to
to

1

l
rH




to

Brunson Bi & Tr Co., Columbus,
2-2S-33
City Natl Bk & Tr Co. Columbus
do
do
Columbus Morris Plan Bk* Columbus
do
Columbus Sav Bk* Columbus
Fifth Ave Sav Bk* Columbus
do
Huntington ^atl Bk. Columbus
do
Market Exchange Bk Co* Columbus
do
do
Northern Savings Bk. Columbus
Ohio Natl Bank, Columbus
do
Conneaut Mutual Loan & Tr Co. Conneaut
dq
Citizens Bkg & Sav Co. Conneaut
Citizens Bank, Ansonia
2-28-33
do
First Hatl Bank, Ansonia
First-Farmers Natl Bank, Arcanum
do
First Natl Bank, Bradford
do
do
Citizens Natl Bank, Gettysburg
do
Citizens State Bank, Greenville
Farmers Natl Bank, Greenville
do
Greenville Natl Bank, Greenville
do
Peoples Savings Bank, Greenville
do
Second Natl Bank, Greenville
do
Peoples Banking Co. Hellansbiipg
do
do
Farmers State Bank, New Madison
do
Osgood State Bank, Osgood
do
Farmers State Bank, Union City
do
First Peoples Bank, Versailles
Dayton Morris Plan Bank, Dayton
3-1-33
do
Merchants Natl Bank & Tr Co* Dayton
do
Third N atl Bk & Tr Co* Dayton
Winters ^atl Bank & Tr Co. Dayton
do
do
Farmers & Merchants Bk. Miamisburg
do
First $atl. Bank, Miamisburg
do
Farmers State Bank, Englewood
Farmers Bank, New Lebanon
do
do
Farmers & Citizens Bank, Trotwood
do
Phillipsburg State Bank, Phillipsburg
do
Vandalia State Bank, Vandalia
do
Citizens Bank, Farmersville
do
Brookville State Bank, Brookville
do
West Carrollton Bank, West Carrollton
Farmers & Citizens Sav Bk Co* Germantown do
do
First Natl. Bank, Germantown
♦Either with or without signed agreements of depositors 9

Time deposit
Demand
withdrawals
deposit
restricted
withdrawals
beyond terms
restricted
*
of by-laws*
Period during
which effective
5% - indefinitely
do
do
do
do
do
do
.
do
do
1% - indefinitely
do
5% - indefinitely
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
(3-868)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority D N D aoozfa

F. R. PISTRIGf.

F o u rth

BANKS WHICH DURING &££• WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS' WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
rch, 1933

Name and location of bank

OHIO

I

to
to

t

to
to

*

1

*
*

00
CM

*

00
CM

*
*

CM

*
♦
*

1

*

Commercial Bank, Delphos
2% - indefinitely
Old National Bank, Delphos
do
do
Peoples Bank, Delphos
do
do
First Natl Bank, Dunkirk
do
do
Elyfia Sav & Trust Co. Elyria
2-27-33
2% — indefinitely
Lorain County Sav & Tr Co. Elyria
do
do
Savings Deposit Bk & Tr Co. Elyria
do
do
(Elyria - on savings accounts of $1,000 or more, a limit of #50 a months
on accounts of #250 to #1,000, a limit of #25 a month; on accounts of
#250 or less, a limit of ten per cent of balance).
Amherst ^ark Bank Co. Amherst
2-27-33
8% - indefinitely
Grafton Sav & Bkg Co. Grafton
do
do
Kipton Bank Co. Kipton
do
do
Peoples Bank, Lagrange
do
do
Central Bank, Lorain
do
do
City Bank Co. Lorain
do
do
do
Cleveland Trust Co. Lorain
do
do
Lorain Banking Co. Lorain
dp
do
do
National Bank of Commerce, Lorain
do
do
Oberlin Sav Bank Co. Oberlin
do
Peoples Banking Co. Oberlin
do
do
do
First $atl. Bank, Wellington
First Wellington Bank, Wellington
do
do
First National Bank, Forest
indefinitely
2%
Hardin County Bank Co. Forest
do
do
Commercial Bank & Sav Co. Fostoria
do
5% < indefinitely
First ^atl Bank, Fostonia
do,
do
Union Natl Bank, Festoria
do
do
Clyde Sav Bank Co. Clyde
ind
do
indefinitely - per cent ?
Peoples Banking Co. Clyde
do
do
Colonial Sav Bank, Fremont
do
do
Groghan Bk & Sav Co. Fremont
do
do
First ^atl Bank, Fremont
do
do
Fremont Savings Bank, Fremont
do
do
Liberty Banking Co. Fremont
do
do
do
do
Gibsonburg Banking Co. Gibsonburg
do
Home Banking Co. Gibsonburg
do
Lindsay Banking Co. Lindsay
do
do
State Savings Bank, Woodville
do
do
Woodvijle Savings Bank Co. Woodville
do
do
First matl. Bank, Garrettsville
do
5% .
- indefinitely- 1 %
CM

*
*
*
*

con* t .

Time deposit
Demand
Obtained
Withdrawals
deposit
depositors’
restricted
waiver
withdrawals
beyond terms
restricted
agreements
*
of by-laws*
Period during
feffective
which effective
date

*Either with or without signed agreements of depositors.



(3 -8 6 8 )

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority t)MD3oozfc>

P. R* DISTRICT

FOURTH

BANKS WHICH DURINGWITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS' WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
Maroh, 19 33

Name and location of bank

OHIO
*
*
*
*
*

*

♦
*

*

♦

*

*
*
*
*

c o n ’t

Geneva Savings & Trust Co* Geneva
Bowersville-Bank, Bowersville
Farmers & Traders Bank, Jamestown
First Natl Bank, Osborn
Spring Valley Natl Bank, Spring Valley
Citizens Natl Bank, Xenia
Xerila Natl Bank, Xenia
Miami Deposit Bank, Yellow Springs
City Bank, Kent
Kent Natl Bank, Kent
no
First Commercial Natl Bank, Kenton
Kenton ^atl Bank, Kenton
Kenton SaV Bk & Tr Co* Kenton
First American Trust Co* Lima
Farmers & Merchants Bank, Logan
Lueasville Bank, Lucasville
Marengo Banking Co* Marengo
Citizens Natl Bank, Marietta
Dime Savings Society, Marietta
First ^atl Bank, Marietta
Peoples Banking & Trust Co. Marietta
Bartlett Farmers Bank, Bartlett
First State Bank, Belpre
Citizens Bank Co* Beverly
First ^atl Bank, Lowell
Lower Salem Com’l Bank, Lower Salem
Peoples Sav Bank, New Matamoras
First Natl Bank, New Matamoras
Waterford Com*1 & Sav Bk* Waterford
Marion County Bank, Marion
National City Bank, Marion
Bank of Marysville, Marysville
Commercial Savings Bank, Marysville
First ^atl Bank, Massillon
State Bank of Massillon
Citizens Natl Bank, Covington
Citizens Natl Bk & Tr Co* Jiqua
Piqua Natl Bk & Tr Co* Piqua

Time deposit
Obtained
Demand
withdrawals
deposit
depositors’
restricted
withdrawals
waiver
beyond terms
agreements
restricted
*
of by-laws*
Effective
Period during
which effective
date
3-1-33
Z% - indefinitely
2-28-33
5% • indefinitely
do
do
do
do
do
do
do
do
do
do
do
do
2*28-33
5% • indefinitely - 1%
restriction
2% - indefinitely - 2%
2-28-33
do
do
do
do
2% - indefinitely
2-25-33
2-28-33
- indefinitely
5% ■
2-28-33
do
2-2 8-33
do
2-2*8-33
do
do
do
do
da
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
2-28-33
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

*Either with or without signed agreements of depositors.



(B-868)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
r-

i— ,

„

Authority

.......

F. R. DISTRlGf________ F o u r t h
BANKS WHICH DURING 13t3£r, WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS' WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
March, 1933

Name and location of bank

OHIO

con’t.

Citizens Natl Bank, Tippecanoe City
Tipp Natl Bank, Tippecanoe City
First Troy Natl Bk & Tr Co. Troy
Citizens State Bank, West Milton
First Natl Bank, West Milton
Milford Center Bank, Milford Center
Citizens Bank, Cardington
Mt. Gilead Natl Bank, Mt. Gilead
Peoples Savings Bank Co. Mt. Gilead
Knox Natl Bank, Mt* Vernon
Knox County Savings Bk* Mt* Vernon
First ^atl Bank, Mt* Vernon
Mt Victory State Bank, Mt Victory
Perry County Bk, New Lexington
First ^atl Bank, Newark
Licking County Bank, Newark
Newark Trust Co*, Newark
Park Natl Bank, Newark
Union Trust Co. Newark
Farmers State & Sav Bk. Oxford
Oxford Natl Bank, Oxford
Painesville Natl Bk & Tr Co. Painesville
Cleveland Trust Co. Painesville
American Bank, Port Clinton
Natl Bank of Port Clinton
First ^atl Bank, Portsmouth
Central Security Natl Bk. Portsmouth
Portsmouth Banking Co. Portsmouth
Lueasvildr#
First ^atl Bank, Camden
Eaton Natl Bank, Eaton
Preble County Natl Bank, Eaton
Farmers State Bank, Eldorado
Gratis State Bank, Gratis
Peoples Banking Co. Lewisburg
First ^atl Bank, New Paris
Twin Valley Bank, West Alexandria
First State Bank, West Manchester
First Sav Bank & Trust Co* Ravenna
Second Natl Bank, Ravenna
Richwood Banting Co. Richwood

Effective
date

Time deposit
Demand
withdrawals
deposit
restricted
withdrawals
beyond terms
restricted
*
of by-laws*
Period during
which effective

2-28-33
do
do
do
do
do
do
do
do
do
do
do
do
da
do
do
do
do
do
do
do
da
do
do
do
do
do
do

5% - indefinitely
do
do
do
do
do
do
do
do
do
do
do
2% - indefinitely 5% - indefinitely
do
do
do
do
do
do
do
do
do
2% - indefinitely
do
b% - indefinitely
do
do

do
da
do
do
do
do
do
do
do
do
do
do

do
do
do
do
do
do
do
do
do
5% - indefinitely - 1
do
5% - indefinitely

Obtained
depositors'
waiver
agreements

♦Either with or without signed agreements of depositors*




(B -868)

2

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority HMD 3 o o z b

F. R. DISTM Cf.

Fourth

BANKS WHICH DURING 3=S#8t WITHOUT ACTUALLY CLOSING, OBTAINED DEPOSITORS* WAIVER
AGREEMENTS, OR WHICH RESTRICTED DEPOSIT WITHDRAWALS
U- 7 0
March, 1933
Time deposit
Demand
Obtained
withdrawals
deposit
depositors*
restricted
wi thdrawal
waiver
Name and location of bank
beyond terms
restricted
agreements
★
of by-laws*
Periodduring
Effective
OHIO
con’t*
which effective
date

♦
♦
i

*
i

<*
*
♦
**
*
*

*
*
*

*

♦

*

Ridgeway Banking Co* Ridgeway
2->28-3 3
First Natl Bank, St* Paris
do
Third Natl ISxchange Bank, Sandusky
do
Citizens Banking Co* Sandusky
do
Commercial Banking & Trust Co. Sandusky
do
Farmers & Merchants Bank Co* Anna
do
Shelby County Bank, Botkins
do
Loramie Banking Co. Fort Loramie
do
First Natl Bank, Jackson Center
do
Citizens Natl Bank, Sidney
do
do
First ^atl Exchange Bank, Sidney
Springfield, Savings Society
do
Lagonda-Citizens Natl Bank, Springfield
do
First ^atl Bk & Trust Co* Springfield
do
City Natl Bank, Tiffin
dp
Commercial Natl Bank, Tiffin
do
Tiffin Natl Bank, Tiffin
do
Tiffin Sav Bank, Tiffin
do
First Natl Bank, Toledo
*s 3-1-33
do
Toledo Trust Co* Toledo
West Toledo Natl Bank, West Toledo
do
Twinsburg ganking Co* Twinsburg
2-27-33
Champaign atl Bank, Urbaha
2-28-33
Citizens Natl Bank, Urbana
do
Central Natl Bank, St. Paris
do
First Natl Bank, St* Paris
do
First ^atl Bank, Van Wert
do
do
Peoples Savings Bank, Van Wert
Van Wert Natl Bank, Van Wert
do
Union ^atl Bank, Youngstown
do
Mahoning Natl Bank, Youngstown
do
do
Mahoning Sav & Tr Co* Youngstown
Citizens Natl Bank & Trust Co* ^anesvil le do
do
First Na tl. Bank, Zanesville
do
First Trust & Savings Bank, Zanesville

2% - indefinitely
do
- indefinitely
do
do
5% - indefinitely
do
do
do
do
do
do
2% - indefinitely
5% - indefinitely
do
do
do
do
do
do
do
1% indefinitely
2% indefinitely
do
do
do
do
do
do
10% - indefinitely
do
do
5% - indefinitely
do
do

Member banks
This information has been taken from newspaper reports and therefore can
not be considered as dependable*
♦Either with or without signed agreements of depositors.




(3-868)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

'>

Authority D H D aoozfa

Fe d e r a l R e s e r v e Ba n k .

OF CLE\TE

February 9, 1933*
\

Federal Reserve Board,
Washington, D. C.
Gentlemen:
Reference is had to the Board1s letter B-869&
and our reply of January 28.
We have been informed by the state banking
departments that it is impossible to furnish detail­
ed information regarding those banks which have
obtained waivers from depositors, particularly with
respect to the period during which such waiver is
effective. We are, therefore, enclosing copies of
letters from the banking departments in this district,
which we trust are self-explanatory.
If, however, the Board desires that we make
further effort to obtain more complete data, particular
ly with respect to dates, we shall be glad to do so.
Very truly yours,

Assistant Federal Reserve Agent.

•-K




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
, '■*

Authority NMD S o o z k

COPY
TREASURY DEPARTMENT
OFFICE OF
COMPTROLLER OF THE CURRENCY
January 29, 1933*

Mr, W. H. F le t c h e r ,
A s s is ta n t F ederal Reserve A gent,
Federal Reserve Bank,
C lev elan d , Ohio#
Dear Mr, F le tc h e r :
R eceip t is acknowledged o f your l e t t e r o f January 26, 1933,
and in r e p ly you are advised th a t th ere were no n a tio n a l banks in
the Fourth fe d e r a l Reserve D i s t r i c t c lo s e d during; the year 1932,
under s p e c ia l " h o lid a y " d e cla re d by c i v i l a u t h o r it ie s .
No n a tio n a l banks in the D i s t r i c t obtained agreements from
d e p o s it o r s t o waive or surrender a p o r tio n o f t h e ir d e p o s it s w ith out
a c t u a lly c lo s in g , and as fa r s s I know, th e re heve been no ° ^reements
taken from d e p o s it o r s r e s t r i c t i n g demand d e p o s it w ithdraw als in any
way. However, f o r the past s e v e r a l months, a g re a t many banks
throughout Ers te rn Ohio and Western Pennsylvania have lim it e d time
d e p o s it w ithdraw als w ith ou t regard f o r the terms o f t h e ir r e s p e c t iv e
b y -la w s .
I t is im p ossib le t o fu rn ish a l i s t o f the banks op era tin g
under t h is p la n .
Yours v e r y t r u l y ,

( S ign ed)

fkVf

r.

k




Wm, Taylor
Vim. T a y lo r,
C h ief N ational Rank Examiner,
Fourth Federal Reserve D i s t r i c t

Reproduced from the Unclassified I Declassified Holdings of the National Archives

d e c l a s s if ie d

Authority

COPY
STATE OF OHIO
DIVISION Of? BAMS
COLUMBUS
February 8, lc>
!33*

Mr* Win. H.
etcher,
Assistant Federal Reserve Agent,
Federal Reserve Bank,
Cleveland, Ohio.
Dear Mr. Fletcher:
We p.re very sorry that we are unable to give you any information
in replyro your letter of January 26th, regarding the groups of banks
in 1^32 under special holnday declarations by civil authorities and also
asking for certain lists. As this office did not have special renorts
from banks making use of such expedience we were very much delayed in
trying to get some information alonc’ the abo\~e lines.
We do not know of any instances where a special holiday was declared
by the civil authorities and covering the bank or banks in that community
in the state of Ohio.
A number of banks made use of agreements with their
without actually closing, in which the depositors waived
a oortion of their deposits in order that the bank might
business. As far as we know the following banks entered
agreements:
The
The
The
The
The
The
The
The
The
The

depositors,
or surrendered
continue to do
into such

State Savings Bank, Woodville,
Woodville Savings Bank Co*,
Farmers State Bank, Hol?“ate,
Farmers and Merchants Bank, Malinta,
Liberty State Savings Bank, Liberty Center,
Commercial State Bank, Naooleon,
Corn City State Bank, Deshier,
Deshier State Bank, Deshler,
Citizens Banking- Co., Salineville,
Scio Bank Co., Scio.

In the matter of restricting withdrawal of denosits, we know of
this only in a general way and not as to the restrictions placed on demand
or time deposits. As we have it restrictions were made by all banks in
Belmont County, excepting the banks in Barnsville. In "Wood County some
of the banks, their names unknown to us, have placed restrictions. In
Monroe County the First National Bank of Woodsfield and the Second National
Bank of Beallsville have restrictions. The Bank of Elmore Company in
Ottawa County. We understand that all the banks in Ashtabula County, all




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority N M D S oozt

2

-

of Harrison County, all of Henry County, all of Portage County and all
of Tuscarawas County have placed restrictions on withdrawals. Restrictions
have been placed also on some of the banks in Stark County, and the names
of these we are unable to procure.
While the above information is very indefinite and unsatisfactory,
it is all that we have been able to collect at the present time. We
trust it may be of some use to you*




Very truly yours,
(Signed)

A. C, Krug
Deputy Superintendent*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
„

Authority HMD

-

(COPY)

STATE OF YVES? VIRGINIA
DEPARTMENT OF BANKING
CHARLESTON
January

28,

1933

Mr. Wm. H. Fletcher
A ssistant Federal Reserve Agent
Federal Reserve Bank o f
Cleveland, Ohio
My dear- Mr. Fletcher*
In reply to your le tt e r of January 26 you w ill please be advised
that no State banks located in the Fourth Federal Reserve D istrict of
West Virginia were closed during the year 1932 under special holiday
declared by c i v i l authorities#
The following banks closed their doors and obtained agreements from
depositors to freeze their deposits for a period of time:
Cameron State Bank, Cameron, !Arest Virginia
Bank of L ittle to n , L ittle to n , West Virginia
United Bank o f Middlebourne, Middlebourne, W.Va.
New M artinsville Bank, New M artin sv ille, W.Va#
The Clearing House Association at Wheeling, which takes in
Moundsville, restricted withdrawals.
The State banks in Wheeling are
Bank of Warwood, Wheeling, West Virginia
Center Wheeling Savings Bank, Wheeling
Citizens Mutual Trust Co., Wheeling
Dollar Savings and Trust Co., Wheeling
Fulton Bank and Trust Co., Wheeling
Half Dollar Trust and Savings Bank, Wheeling
Security Trust C o., Wheeling
South Side Bank and Trust Co#, Wheeling
Wheeling Bank and Trust Co#, Wheeling
State Bank and Trust Co#, (Elm Grove) Wheeling
The State banks located in Moundsville are
Marshall County Bank, Moundsville
Mercantile Bank and Trust Co., Moundsville
Mound City Bank, Moundsville
There is no report in the o ffic e on the information p:iven in regard
to withdrawals of restricted deposits and for that reason we would suggest
that before using th is information you have i t confirmed by the bankers o f
the D istrict#




Yours very tru ly ,
(Signed) Helen S. Barringer
Deputy Commissioner

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

.4

COPY
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF BANKING
PITTSBURGH
January 30, 1933
Mr. Kfta. Fletcher,
Asst. Federal Reserve Agent,
Federal Reserve Bank,
Cleveland, Ohio.
Dear Mr* Fletcher:
I regret that I am unable to furnish all the information
requested in your letter of January 26 for the reason that we
have not made a survey of the banks in the Fourth Federal Re­
serve District who have changed their deposit withdrawals be­
yond the terms of the pass book rules* No institutions, to my
knowledge, have restricted withdrawla on demand deposits.
For your information, I might say that many institutions have
limited withdrawals to fifty and one hundred dollars a montho
To my knowledge, no State bank or Trust company located
in the Fourth Federal Reserve District closed during the year
1932 under special holiday declared by civil authorities.
I have no record of any institutions now open and doing
business that have obtained agreements in any form from depos­
itors to waive or surrender a portion of their deposits. Two
institutions attempted to make such an arrangement with their
depositors, but neither were successful and have since closed,
the Smicksburg State Bank, Smicksburg, Pa, and the Dixonville
Deposit Bank, Clymer, Pa#




Very truly yours,
WILLIAM D.' GORDON*
Secretary of Banking*

Per (Signed) J, D, Swigart
Chief Examiner*

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority VJMDSoozt

Department of ^ nki

•, K entUoky
r. it*.

basks r.uca

aa.

1932* msww jw2uau.s cwsmo, uer-uisae m aaixaa* wtvm

M k J a a w a , or wucu jufcaucsc m»«6js tu 's n -m u t*

T w o ss n r

MllfiWMt
$ ¥1**1# QIPO#*w
t vith d r*a*l»
id^NitWl'l d#po#ifc
miiif
** w ith4r**i& t «
rw trle te d
W
Ww
W
t
H
F
w
W
W
W PW
IlffffttnitTiti t
#
1 of by*»X*i>*+
P w i M (teniae
m
W F S S ^R S T T
I dttt*
1
c*d«h offtoeUwi

Wmm m & locution tf talc

Union Bank & Trust Co. Irvine, Ky

Restricted withdrawals*
Later
depositors signed an agreement
freezing deposits.

First American Bank, Wilmore, Ky

Restricted withdrawals.

•

•B ltbtr w ltb or without tlg n rt agrooi&onti » f



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ViMDaoozfa

?V

V 7 A 3 (j
Fe d e r a l R e s e h v e Ba n e

O F CUSVEI^ANI*

Jan u ary 2 8 ,

1933.

F e d e ra l R eserv e B oa rd ,
W a s h i n g t o n , D. C.
G e n tle m e n s

y

-

R e f e r e n c e i s h ad t o t h e B o a r d s l e t t e r
B - 8 6 9 a , d a t e d J a n u a r y 1 9 , and t h e i o a r d * s ~
t e le g r a m o r Jan u ary 2 6 .
B e lo w i s a l i s t o f
t h e ETain^
h a v e k n o w le d g e t h a t
a r e now on a d e f e r r e d b a s i s :

J




F i r s t A m e r ic a n Bank
F i r s t N a t i o n a l B ank
U n io n B ank & T r u s t Co*

to

We a r e e n c l o s i n g
th e s u b j e c t .

W ilm o r e , K y.
F le m in g , K y.
I r v i n e , K y.
corresp on d en ce

V ery t r u l y

you rs,

p e r tin e n t

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

(Copy)
UNION BANK * TRUST CO.
IRVINE, KENTUCKY.

To our Depositors:
On account of the business conditions prevailing in the
coinmimity and throughout the country this bank has found it advisable to
take following- action, by resolution of its Board of Directors.
To go upon the FIVE PER CENT PLAN beginning Tuesday,
July 5th', 1932* (l) There will be no unusual restrictions of any kind on
deposits made on and after July ^th. (2) Commencing; August 4th, 1932,
not more than five per cent of the balance in any active checking; account
as of the beginning of business July 5th, 1932, may be checked out in any
one month. No withdrawals will be permitted from any such accounts be­
fore August 4th. (3 ) Withdrawals of Certificate Deposits end Savings De­
posits will not be permitted. (4 ) Interest on all interest-bearing Ac­
counts will continue to be naid in cash.
This action is in keeping with similar action success­
fully taken by numerous banks in this and other states, in protecting the
depositors. The Five Per Cent Plan has proven the best method of dealing
with similar situations in other communities and for that reason has been
adopted here.
Continued withdrawals for the past several months and par­
ticularly for the past few weeks makes necessary the conservation of re­
sources.
In an emergency the convenience of the individual may
properly be sacrificed temporarily for the common good.
We invite your co-operation to assist in carrying this
plan to a successful conclusion.
We are hoping th/'t. conditions may soon be such that these
restrictions may be removed. This depression will not last forever and
every depression in the past was foil owed hv an era of prosperity.
Remember that these restrictions are not to apply to de­
posits of any kind made on or after July 5» 1932.




UNION BANK <?- TRUST COMPANY
0. VV. Witt, President
C. Hackworth, Chr. Bd. of Dir.
E. P. Moore, Cashier.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority HMDaflczfc

Vl




(Copy)

C in c in n a ti

B ra n ch ,

F e d e r a l R e s e r v e Bank o f
C i n c i n n a t i , O h io .

C le v e la n d ,

A u gu st

22,

1932.

M r. W, F . T a y l o r , A s s t . C a s h i e r ,
F e d e r a l R e s e r v e Bank o f C l e v e l a n d ,
C le v e la n d , O h io .
D e a r M r.

T a y lo r :

We t h o u g h t y o u w o u ld b e i n t e r e s t e d i n k n o w in g
t h a t t h e F i r s t A m e r ic a n B a n k , W ilm o r e , K e n t u c k y ,
r e t u r n e d a num ber o f c h e c k s w hen r e m i t t i n g f o r o u r
c a s h l e t t e r s o f A u g u s t 1 5 , 16 a n d 17 m a r k e d - " S u f f i c i e n t fu n d s b u t w ith d r a w a ls r e s t r i c t e d . "
The F i r s t N a t i o n a l B a n k , F l e m i n g , K e n t u c k y ,
h a s a l s o r e t u r n e d c h e c k s s e n t t o them i n o u r c a s h
l e t t e r s - " W it h d r a w a ls on t h i s a c c o u n t h a v e b e e n
r e s tr ic te d ."
V ery

tr u ly

(S ig n e d )

you rs,
H.

A s s is ta n t

H.

O tt,

C a s h ie r .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority DNDaoozfc,

F o rm 118 T>

W

TELEGRAM

FEDERAL RESERVE B O A R D
WASHINGTON

January fib,

1933

S’le t c h e r - C leveland

'{\

R eplying you r t e le g m a , p ie a s e forw ard, in response to
paragraph 3 of o w letter

^uch in f o mat io n as c<-m now be

prepared from you r r e c o r d s , to be fo lio w e d l a t e r w ith com plete
r e p o rt upon r e c e ip t of i a f o n v i t i o a iron] baoteiog d ep frrtom ts.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

~~
C

DECLASSIFIED

Authority

a o o z t,

TELEGR,.
FEDERAL RESERVE SYSTEM
(L E A SE D W IR E SE R V IC E )

93a%a
C le v e la n d

ja n

„

„ . .

26 2 4 4 p

R E C E IV E D A T W A S H IN G T O N , D . C .

Sm ead
W ashn
B e fe r e n c e
•

is

m ade t o

O ur r e c o r d s

paragraph f i v e

in c o m p le te .

b a n k in g d e p a r t m e n t s b e f o r e




B oa rd l e t t e r

B -8 6 9

S h a l l we a w a i t a d v i c e
fu r n is h in g

fro m

in fo r m a tio n .

F le tc h e r
247pm

A .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ViMD3oozfe,

7*

TELEGRAM
FEDERAL RESERVE SYSTEM
(L E A S E D W IR E SE R V IC E )

R E C E IV E D A T W A S H IN G T O N , D . C .

94dm r
C le v e la n d

1 5 6 p N ov 4

Sm ead

-yu

,Z>

W a s h in g t o n
T w i l l 1524*
Name a n d l o c a t i o n
1‘l e m i n g ,

Ir v in g ,

m e n tio n e d d e c id e d
r e s tr ic tin g

A u gust

in

th is

d is tr ic t

F ir s t

K y . , F i r s t A m e r i c a n B a n k , W ilm o r e ,

T ^ u st C o .,

on d a te s

o f banks

K y. ,
to

c h e e k in g

(1 )

d u r in g

d e p o s its

fir s t

fiv e

a b o u t A ug.

C o .,


a—ligoi
V. 8. OOVEBNMEJfTPRINTING OFFICE: 19213


le a v e

b a la n c e

p ercen t

Ir v in e

22,

sta rte d

5 , w h en a g r e e m e n t s w e r e m ade w i t h

h u n d re d o r m ore t o

e a ch bank
by

o f b a la n c e

N a t i o n a l B a n k , F le m in g s t a r t e d

1 1 - F i r s t A m e r ic a n B ank W ilm o r e Aug*
Bank & T r u s t

of

and c h e c k w ith d r a w a ls

o n e m o n th t o

p la n becam e e f f e c t i v e

p r e s e n t-U n io n

K y . , U n io n B ank a n d

B oa rd o f D i r e c t o r s

con serve

N a tio n a l Bank,

fo u r yea rs

b o thhki
^ ln e f f e c t
J u ly

5,

d e p o s ito r s
if

at

d is c o n tin u e d
fiv e

n ecessary.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority VlHD3oozfc

TELEGRAM
FEDERAL RESERVE SYSTEM
(L E A SE D W IR E SE R V IC E )

R E C E IV E D A T W A S H IN G T O N , D . C .

(

2)

A B C - N o - E x c e p t U n io n B ank & T r u s t

a d ju s t in g

c a p it a l have

s h ow $ 3 0 , 0 0 0 . 0 0

/

(3 )

N o.

r e c e iv e d

t4)

s o ld

and a b o u t

We c o n t i n u e d

$ 2 5 ,0 0 0 .0 0

r e fu s e d

by payee

"s u ffic ie n t

accou n t

our e n d o rs e r.
DeCamp
2 0 3p

have

w ill

s u r p lu s * .

on a b o v e m e n tio n e d b a n k s -it e m s

1*901

presen t

r e a d ju s t e d

a ll

on t h i s

to

n ew s t o c k

K y . , now

p a y m en t

" o r w ith d r a w a ls


http://fraser.stlouisfed.org/
U. S. eOVEKNMENTPRINTING OFFICE: 1920
Federal Reserve Bank of St. Louis

20, 000.00

Ir v in e ,

fo r

s e n t b a c k w ith n o t a t io n s

to

#

C o .,

ite m s
ban k w ere

fu n d s b u t w ith d r a w a l r e s t r i c t e d

been r e s t r i c t e d ” and r e tu r n e d

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority M D ao o zfc,

i —

........................

................. t

LJ- Id ,
<p
T
-JL




/) / ^ K-<

/<£ S

/0 a
\s

A3 ^ ^
3.6*f-C

TS

s(v)