Maryland Bank Commission
government
The Maryland State Banking Department's commission, which in the autumn of 1931 devised the reorganisation formula that brought closed Maryland banks back open without receivership: fresh capital from private sources, a reorganised board and staff, an agreement signed by every depositor limiting the size and frequency of withdrawals, and 25 per cent of each depositor's balance diverted into an interest-bearing guaranty fund to keep the bank solvent 'until improved conditions make the existence of such a fund unnecessary'. The Bank of Ocean City was the first institution to adopt it, reopening on 14 November 1931; seven more Maryland banks were queued behind it, and by August 1932 ten of eighteen closed state banks had reopened. Its deputy commissioner through this period was John D. Hospelhorn; the State Bank Commissioner was Thomas C. Page.
In the record
No dated facts cite Maryland Bank Commission yet — the record here is the summary above.