Biography:

Established during the mid-1920s, Bankers Trust Company was incorporated in December 1926 and quickly became one of Philadelphia’s leading banks. When Bankers Trust voluntarily closed its doors on December 22, 1930 due to a run it began to experience a couple months earlier, it had over 100,000 depositors, which included both city and state accounts, approximately $50 million in deposits, and 11 branches located throughout the city In 1926, Bankers Trust acquired West Philadelphia Bank, which was independently founded in 1912. West Philadelphia Bank officially closed when it was acquired by Bankers Trust. Bankers Trust was the first bank in Philadelphia to fail, and its closure prompted runs and the eventual failure of fifty more banks in the city. Attempts to reorganize and reopen the bank proved fruitless. Instead, Bankers Trust, which had been turned over to the State Banking Department, underwent liquidation, a process that took sixteen years to complete.