One of several South Side banks closing that week; contagion from other local bank failures/nervousness
Newspaper Excerpt
the Citizens Trust and Savings bank was closed by the state auditor Tuesday following run on the bank during which $500.000 in deposits were withdrawn.
Source
newspapers
same day
2.August 5, 1930Suspension
Cause
Government Action
Cause Details
Closed by the Illinois state auditor following the run
Newspaper Excerpt
The Citizens Trust and Savings bank was closed by the state auditor today
Source
newspapers
+3.3 years
3.November 25, 1933Receivership
Newspaper Excerpt
The bank suspended business Aug. 1930 ... recent action of the supreme court saved $100,000 for the depositors.
Source
newspapers
Newspaper Articles (14)
1.August 5, 1930Des Moines TribuneDes Moines, IA
Click image to open full size in new tab
Article Text
BANK IS CLOSED. CHICAGO The Citizens Trust and Savings bank was closed by the state auditor Tuesday following run on the bank during which $500.000 in deposits were withdrawn. This bank is the third south side bank closed during the last week.
2.August 5, 1930The Capital TimesMadison, WI
Click image to open full size in new tab
Article Text
Chicago Bank Closed After $500,000 Run
CHICAGO-(P)-The Citizens Trust and Savings bank was closed by the state auditor today following run on the bank during which $300.000 in deposits were withdrawn. This bank is the third South side bank closed during the last week.
3.August 5, 1930The Rock Island ArgusRock Island, IL
Click image to open full size in new tab
Article Text
Third South Side Bank Is Closed At Chicago
Chicago, Aug. the Assoclated Press Citizens' Trust and Savings bank closed by the state auditor today following run on the bank during which in deposits were This bank the third south side bank closed during the last
Silver. New the silver,
4.August 5, 1930The Capital TimesMadison, WI
Click image to open full size in new tab
Article Text
Chicago Bank Closed After $500,000 Run
Citizens Trust and Savings bank was closed by the state auditor today following run on the bank during which $500.000 in deposits were withdrawn This bank is the third South side bank closed during
Lt. Gov. Huber Files
Nomination Papers Henry Huber filed nomina tion papers for re-election with the secretary of state today
5.August 5, 1930North Platte Daily TelegraphNorth Platte, NE
Click image to open full size in new tab
Article Text
RUN ON CHICAGO BANK ENDS AS BANK CLOSES Chicago, Aug. 5, Citizens Trust and Savings bank was closed by the state auditor today following run on the bank during which $500,000 in deposits were withdrawn. This bank is the third south side bank closed during the last week.
6.August 6, 1930The Duluth News TribuneDuluth, MN
Click image to open full size in new tab
Article Text
CHICAGO BANK CLOSED.
CHICAGO, Aug. The Citizens Trust and Savings bank was closed by the state auditor today following run on the bank during which $500,000 in deposits were withdrawn. This bank is the third South Side bank closed during the last week.
7.August 6, 1930Lincoln Journal StarLincoln, NE
Click image to open full size in new tab
Article Text
CHICAGO BANK CLOSED.
CHICAGO. Citizens' Trust and Savings bank was closed by the state auditor Tuesday following run on the bank, during which $500,000 in deposits were withdrawn. This bank is the third south side bank closed durink the last week
8.August 6, 1930The Grand Island IndependentGrand Island, NE
Click image to open full size in new tab
Article Text
CITIZENS TRUST BANK CLOSES GIBSON Chicago, Aug. 6. (AP)-The Citizens Trust and Savings bank was closed by the state auditor today following run on the bank during which $500,000 in deposits were withdrawn. This bank is the third south side bank closed during the last week.
Try Jessen's Root Beer. tf Order your brick ice cream, any kind, at the Grand Island Candy Kitchen for quick service. Phone 281.
9.August 6, 1930Omaha World-HeraldOmaha, NE
Click image to open full size in new tab
Article Text
Chicago Bank Closed After a $500,000 Run Chicago, III., Aug. (P). The Citizens' Trust and Savings bank was closed by the state auditor to day following a run on the bank in which 500 thousand dollars in de posits were withdrawn. This bank is the third South Side bank closed during the last week.
10.August 6, 1930Omaha World-HeraldOmaha, NE
Click image to open full size in new tab
Article Text
Chicago Bank Closed After a $500,000 Run
Citizens' Trust and Savings bank was closed by the state auditor today following a run on the bank in which 500 thousand dollars in deposits were withdrawn This bank is the third South Side bank closed during the last week.
11.August 7, 1930Two Rivers ReporterTwo Rivers, WI
Click image to open full size in new tab
Article Text
BANK CLOSES AFTER "RUN"
CHICAGO (AP)-The Citizens Trust and Savings bank was closed by the state auditor Tuesday following a run on the bank during which $500,000 in deposits were withdrawn. This bank is the third south side bank closed during the last week.
12.November 25, 1933The Chicago DefenderChicago, IL
Article Text
Blocks Attempt of Former Bank Official to Grab Cash
An interesting side picture as to what some bank receivers encounter in the liquidation of suspended banks is brought to light in connection with the Citizens Trust and Savings bank, 55th and State Sts. Recent action of the supreme court saved $100,000 for the depositors.
From the time establishment about Jan. Oliver Smith was president and director of bank. 1922 Ossian Cameron was director of the The bank suspended business Aug. 1930 and 25 per cent dividends have been paid to the depositors. presented to the receiver his claim of sented his claim of both The receiver refused these and accept petitioned the superior court of Cook couny for their allow controversy at issue and referred to master in chancery
Attorney Gives Facts The report before master's 1932 court sustained the master judgment Appeal the the of Illinois affirmed the court July further appeal to the court of Illinois preme was finally disallowed appeal on Oct In the claims alleged that Citizens bank had converted 582 shares which theretofore were the stock property of Oliver F. Smith his right of action to 110 shares having been assigned to Ossian Cameron that the claims thus represented the leged conversion of 472 shares on the part of Oliver Smith and 110 shares on the part of Ossian Cameron. The evidence at the hearings the claims outlined by Edward Hess. counsel for the receiver, developed general That in the summer of 1921 the sued of Citizens Trust and Sav ings bank in condition: that Smith had sold stock to sometimes giving them certificates and sometimes merely that late these coming in for there unissued stock and all the authorized stock of the bank had been and in fact Smith had overcovered. the state Illinois ly ordered them
Have you heard of Irene Castle? Of course have you'll chance to see her in person Dec. 28.
13.February 17, 1934The Chicago DefenderChicago, IL
Article Text
Made Deputy Receiver of Two Closed Banks
J. Turner Wall, well-known business man of Chicago, has been appointed as deputy receiver in charge of the Citizen's Trust and Savings bank and the Roosevelt Bankers State bank by W. L. O'Connell, general bank receiver for the state of Illinois. As soon as the inventories of these banks have been checked all records and securities will be moved from the Loop to the Binga State bank at 35th and State Sts.
14.January 30, 1935Press of Atlantic CityAtlantic City, NJ
Article Text
HAROLD B. STAVER
LONG BRANCH, Jan. 29 (AP). — Harold B. Staver, 56, former Chicago banker who in recent years has been active in building and organizing greyhound racing tracks, died suddenly of a heart attack at the Garfield-Grant Hotel tonight.
Staver retired eight years ago as president of the Staver Auto Body Works, of Chicago, and was president of the Citizens Trust & Savings Bank there until it closed four years ago.
He was treasurer of the Long Branch Kennel Club and designed and built greyhound tracks here, at Tampa and Jacksonville, in Florida, and at Columbus and Cleveland, O. He also devised a mechanical rabbit to pace the racing dogs.
He is survived by his widow, Martha, and a daughter, Harriett.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
Flag Article for Review
Flag Episode for Review
Citizens Trust & Savings Bank · Episode ID 2013871568