Article Text
Bank Closes Doors CHICAGO, July Fullerton State bank. northwest which has deposits was taken over state auditor's office today. said the reserve funds had
Fullerton State Bank (Chicago, IL)
Episode Information
- Episode UID
2024571578- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
202457routing - Routing Number
2-0245- Start Date
- June 5, 1931
- Location
- Chicago, Illinois (41.850, -87.650)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
0426b4c34e97d40f
Response Measures
None
Description
OCR in articles is garbled and exact takeover/appointment dates are ambiguous.
Events (3)
1.
June 5, 1931
Suspension
- Cause
- Government Action
- Cause Details
- Taken over by the state auditor's office (state-appointed takeover/closure).
- Newspaper Excerpt
- CHICAGO, July Fullerton State bank. northwest which has deposits was taken over state auditor's office today.
- Source
- newspapers
2.
July 11, 1931
Other
- Newspaper Excerpt
- Nelson ... said ... Fullerton State ... appoint ... as receiver ... closed with ... deposits of ... the auditor announced late ... as receiver for which deposits of $14,000,000 ... The at announced and Savings ... He said he each be meet liabilities was who Fullerton State appoint Attorney ... on June ... closed with
- Source
- newspapers
3.
July 11, 1931
Receivership
- Newspaper Excerpt
- the auditor announced late of yesterday 100 as receiver for which deposits of $14,000,000 ... He said ... Fullerton State appoint Attorney ... on June ... closed with
- Source
- newspapers
Newspaper Articles (2)
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Article Text
REVEAL PROGESS LIQUIDATION CLOSED BANKS Nelson Tells of Dividends Already Paid. Nelson issued the far in progress of closed assets in months the he defining proposed and their have banks up to last of which June in the of the were nine have Foreman their already 20 to per cent, Mr. of in the group similar percentages the next few he added. within of Mr. liquidate these assets as quickly as possible, with a the assets against any sacrifice of their true unnecessary The Chicago real estate marwill not continue indefinitely stag. Sees Fair as Boost. Nelson's view the Century of will prove Progress in restoring real estate level approximating their prices true the exposition draws he pointed out, realty market is be stimulated. This will pernit banks holding now classified as frozen assets to dispose at prices warranting the ex. pectation that depositors secure the return of 100 cents on the suggestion that individual deiverships be abolished in favor of receivership agency for all the state auditor declared himself opposed. Advocates of the plan entend that receivership costs would be if salaried state officer were appointed to liquidate assets or reorganize banks under direction of courts. Would Add to Expense. "I disagree with this claim," said Mr. In the first place, under the present system are unduly costly. Secondly, unified receivership system would in opinion, prove more expensive in the The auditor pointed out that the suggested state office could be created only by Moreover, he said, this office would be compelled to set its own or employ the of large trust pany in effect, would thereby gain virtual monopoly on all in county. The auditor mentioned time for fees filed by receivers and alterneys in recent bank failures. In was fee of $15,000 claimed If Attorney Edward H. Morris as for the Binga State on July 31, with deposits Attorney James B. Cashin as counfee the Binga bank receiver; and of paid to Attorney B. Fleming RS counsel for the receiver of the Exchange State bank. "In the case of the Binga bank claims, the fees of the lawyer and receiver were reduced two thirds,' Mr. Nelson explained. They filed claims for and respec. were paid $5,000 and $4,000 Paid on Dally Basis. "In the case of the Exchange State lank the record shows there was 441,000 on deposit when the bank tissed. Citing Fleming's $20,000 fee in this connection might make it seem large. But the records also show that the bank resources were 1118,000, and it must be remembered that the receiver's duties concern not merely the deposits but all the resources. On this basis, therefore, Fleming's fee to date amounts to about per cent of the total sum administering. Every receiver and attorney is paid per diem basis. the auditor exEach is required to file an of hour occupied receivership duties before being paid *penny. The fees for various banks not so much on the basis of their deposits or resources, Mr. Nel. NA as on the condition of the payment Even the was has realized After the dividend Nelson said the best record date had been made by the tressive State bank, which has paid cent dividend on deposits of There should be another from that bank said Central bank has 20 per cent According auditor, additional per People's State bank of convicted of paid 20 per cent There are further assets to there the auditor of the Central Oak are to according to the auditor, delay caused by which be settled Depositors of and bank have of receiving dollar for dol- auditor announced late of yesterday 100 as receiver for which deposits of $14,000,000 of The at announced and Savings most easily He said he each be meet liabilities was who Fullerton State appoint Attorney West Monroe on June and Bain banks bond, would open 1620 West accessible of appoint retired assets of 1423 Ful closed with