The Merchants Trust and Savings Bank of this city, the only bank in Ohio controlled by Jews, was closed yesterday by order of G. C. Gray, state superintendent of banks. The bank was organized in 1916 by a group of Jewish merchants with a capital of $400,000 and had deposits of nearly $2,000,000. It is estimated that the loss will total $1,000,000, several hundred small Jewish merchants and workers being most seriously affected.
The slump in the real estate market is blamed for the failure of the bank to meet its obligations. Maurice Gussman, president, offered his personal real estate valued at $2,000,000 to cover the bank’s deficit and save the institution, but the state rejected the offer because of the low price of realty. The bank will probably be sold or liquidated.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
