First Italian State Bank (Chicago, IL)

Episode Information

Episode UID
2031071581
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
203107 routing
Routing Number
2-0310
Start Date
September 9, 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
be2eb3f0a0cd5499

Response Measures

None

Description

Bank failed after disappearance of president and discovery of large embezzlement; closure by state examiners implied.

Events (1)
1. September 9, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank president Savario Ariani disappeared; grand jury true bill charging embezzlement of $138,335; vault found severely short; bank did not open following day.
Newspaper Excerpt
Ariani disappeared on the eve of the failure of the First Italian State Bank last Wednesday
Source
newspapers

Newspaper Articles (2)
1. September 15, 1931 The Public Ledger Maysville, KY
Article from The Public Ledger, September 15, 1931

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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

2. September 15, 1931 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, September 15, 1931

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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.