First Italian State Bank (Chicago, IL)

Episode Information

Episode Type
Suspension → Closure
Start Date
September 10, 1931
Location
Chicago, Illinois (41.850, -87.650)
Bank Type
state
Routing Number
2-0310

Metadata

Episode ID
Bank ID
City ID
170423587
Model
gpt-5-mini
Short Digest

Notes

OCR shows the president's name as Savario (likely Saverio); articles report embezzlement and the bank's closure.

Events (1)
1. September 10, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged embezzlement by bank president (about $138,335 missing); examiners found large cash shortage.
Newspaper Excerpt
the bank did not open for business the following day ... bank examiners ... found only $9,800
Source
newspapers

Newspaper Articles (3)
1. September 12, 1931 The Brooklyn Daily Times Brooklyn, NY

Article Text

PLANES BRINGING PHOTOS OF BANKER

$150,000 Reported Taken From Institution. Chicago, Sept. air mail planes today carried police New York and other Atlantic Coast photographs of Savario Ariani, president "one family" bank that failed. More than $150,000 in bank funds discovered to be gone when State's Attorney's First Italian State State's Attorney Henry Ayers Ariani had money finance flight Europe obtain arrest. cashier the bank and and held. The owned the capital Tuesday. The bank closed husband told there was trouble bank we might killed. Ariani told all to leave Police guarded the bank and the Ariani home depositors planned bomb buildings.

2. September 15, 1931 The Public Ledger Maysville, KY

Article Text

Missing Banker Named By Jury

Chicago, Sept. 14-Savario Ariani, bank president who disappeared on the eve of the failure of the First Italian State Bank last Wednesday, was reported named today in a true bill voted by the grand jury charging embezzlement of $138,335. Bank examiners reported last week

3. September 15, 1931 Lincoln Journal Star Lincoln, NE

Article Text

TRUE BILL IS REPORTED

Missing Banker Is Said to Have Been Accused of Embezzlement.

CHICAGO. (AP). true bill charging Savario Ariani, missing president of the First Italian State bank, with embezzlement of $138,335 was reported issued Monday by the county grand jury. Ariani disappeared last and the bank did not open for business the following day. The state banking department later announced that Ariani had been notified to obtain $200,000 additional capital or the bank would be closed. Bank examiners and state's attorney's agents opened the bank's vault and announced they found only $9,800. The banking department said that much larger amount of cash had been on hand a week before. Mrs. Ariani and two sons, all of whom were employed at the bank, are being held in technical custody.