Ridgeway State Bank (Chicago, IL)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
June 9, 1931
Location
Chicago, Illinois (41.850, -87.650)
Bank Type
state
Routing Number
2-0357

Metadata

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

Notes

Articles list a 'Ridge State Bank' in the Bain chain; possible OCR/name variation from 'Ridgeway'.

Events (3)
1. June 9, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals were made following suspension/closures of several other Chicago neighborhood banks, triggering runs on the Bain group.
Newspaper Excerpt
Heavy withdrawals following closing of several other Chicago banks.
Source
newspapers
2. June 9, 1931 Suspension
Cause
Local Banks
Cause Details
Banks in the Bain chain suspended operations (closed) on June 9, 1931 after heavy withdrawals tied to other local bank failures.
Newspaper Excerpt
twelve outlying Chicago banks ... were closed today because of heavy withdrawals
Source
newspapers
3. July 16, 1931 Receivership
Newspaper Excerpt
Gilruth Appointed Bain Bank Receiver ... headquarters will be established the West Englewood Trust and Savings bank, 1620 West 63d street ... liquidation proceedings ... ready for presentation to court by the State Auditor Nelson.
Source
newspapers

Newspaper Articles (3)
1. June 9, 1931 The Washington Times Washington, DC
Article from The Washington Times, June 9, 1931

Click image to open full size in new tab

Article Text

HEAVY DRAIN ON DEPOSITS BLAMED Bain Institutions on South Side Have $15,860,000 e in "Vaults; 6 Closed Yesterday CHICAGO, June 9 (I.N.S.). I welve outlying Chicago banks, In all of which John Bain, financial leader, is chairman of the board, were closed today because of "heavy withdrawals following closing of several other Chicago banks." The 12 banks, as of record March 25, have total deposits of $15,860,000, total cash resources of $1,239,000, and total capital, surplus and undivided profits of $6,306,737. 6 Closed Yesterday Closing of the Bain banks followed the suspension of business at six other neighborhood banking institutions yesterday. Heavy withdrawals were made on the banks in spite of the statements of financiers that two huge mergers of downtown banks, accomplished early yesterday, had "cleared up" the banking situa. tion in the city. The banks which closed today are Armitage State Bank, Auburn Park Trust and Savings Bank, Brainerd State Bank, Bryn Mawr State Bank, Chatham State Bank. Chicago Lawn State Bank, Elston State Bank, Ridge State Bank. Stony Island State Savings Bank. West Englewood Trust and Savings Bank. West Highland State Bank and the West Lawn Trust and Savings Bank. All On South Side All of the institutions are on the South and Southwest Side. Dramatic action by officers was necessary to check runs at one or two other neighborhood banks this morning. The State Savings Bank and Trust Company, which was an affiliate of the Foreman group. today was acquired by the Liberty Trust and Savings Bank.

2. July 16, 1931 South-Side News Chicago, IL

Article Text

Gilruth Appointed Bain Bank Receiver

Will Establish Headquarters West Englewood Trust and Savings Bank

State Auditor Oscar Nelson has pointed Gilruth, 100 for the twelve banks the John Bain chain, all of which closed Mr. Gilruth, after posting $1,700,000 that headquarters the will be established the West Trust and Savings bank, 1620 West 63d street, most easily accessible of the chain. has further been announced that for the banks will appointed that each will obliged liquidate and meet individually. Mr. Gilruth, statement made Monday, liquidation proceedings group will ready for presentation court by the He stated that until then no assets what found the closed institutions by State Auditor Nelson be made public.

The Bain banks listed assets claimed deposits closed. The banks this group Armitage State bank, Auburn Park Trust Savings bank, Brainerd State bank, Bryn State bank, Chatham State bank, Chicago Lawn State bank, State bank. Ridge State bank, Stony Island Savings bank, West Trust Savings bank West Highland State bank and Lawn Trust Savings bank.

3. February 15, 1933 Chicago Tribune Chicago, IL

Article Text

BAIN RECEIVER FILES $1,452,000 SUIT ON BONDS

Irwin T. Gilruth, receiver of the 12 Bain banks, yesterday filed suit agai the Eagle Indemnity company of New York to recover $1,452,000 for the depositors of the closed institutions. The suit was filed in the Superior court against the two $100,000 bonds which the company had written for each of the eleven of the twelve banks. The bill, filed by the law firm of

Kirkland, Fleming, Green & Martin, counsel for receiver, states that the receiver is entitled to sue on liabilities up to the full of each bond. The claims against the bonding company, plus interest closing of the banks on June 9, 1931, follow: Auburn Park Trust and Savings. 12,000 Brainerd State 105,000 Bryn Mawr State 150,000 Chatbam State 190,000 Chicago Lawn State 190,000 Elston State 65,000 Ridge State 70,000 Stony Island State 220,000 West Englewood Trust and Savings 200,000 West Highland State 160,000 West Lawn Trust and 90,000 For the 12th bank Receiver Gilruth already has brought suit for $100,000