Safety State Bank - Chicago, IL

Episode Information

Episode UID: 2040671582
Episode Type: Run → Suspension → Closure
Bank Type: state
Bank ID: 204067 routing
Routing Number: 2-0406
Start Date: October 23, 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: 4a13fe798380ab56

Response Measures

None

Description

OCR errors in article; cause not fully clear though bank is closing and depositors were paid out.

Events (2)

1. October 23, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals and bank arranging payouts amid impending failure/closure; nearby suburban bank closures mentioned.
Measures: Bank asked depositors to come in and withdraw funds and paid out amounts to many customers.
Newspaper Excerpt: Depositors had been asked by the bank to come in and withdraw their money yesterday ... fewer than 1,000 depositors ... had received full the amounts they on deposit.
Source: newspapers

2. October 28, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank announced scheduled closing and full payment of accounts, indicating insolvency or voluntary cessation of business.
Newspaper Excerpt: Mr. Hansen explained that the bank would close its doors Oct. 28 and that all accounts must be paid in full by that time.
Source: newspapers

Newspaper Articles (1)

1. October 23, 1931 Chicago Tribune Chicago, IL

Article from Chicago Tribune, October 23, 1931

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Article Text

Depositors Get Money at Their Bank, But Don't Like It In the Safety State bank, Belmont avenue, depositors had been asked by the bank to come in and withdraw their money yesterday moved reluctantly toward the paying teller's throughout the day. the bank closed, fewer than 1,000 depositors, less than a third of the total number, had received full the amounts they on deposit. No trace of was ible in the amiable crowd which stood quietly in line at the paying teller's window. As they pocketed the cash returned to them at the depositors turned to shake hands with the cashier, Roy C. sen. wanted to make another but they said uel Fishman, dry 5149 Belmont avenue, the This neighborhood needs Don't know had in another bank and lost We to see you close Always Had Confidence. always in this North an original the opened 29, Olof D. Lund, 5823 carrier, who penny during eral suburban banks closed, declared he be doing so now if the bank not forcing him to. 60 depositor who had done business with the bank for two years protested against taking his money Stopping the desk, he said When others drew their money out left mine in. I've drawn out $10 now, and I'm going to leave the rest of my $300 with you, where it's safe. Bank to Close Oct. 28. Mr. Hansen explained that the bank would close its doors Oct. 28 and that all accounts must be paid in full by that time. The depositor, in his tears went back to the tellers' window. When the bank opened in the Within half an hour more than 100 persons entered and stood in line they had been paid, they stood outside and talked in groups, deploring the fact that the bank to was close. was here on the day when baskets of flowers crowded the floor said Mr. Hansen. Now it is as we crépe the on door. But be able to walk through the neighborhood head and my high Have Two Other Banks. Most of the depositors asked the cashier where they might do their With the demise there no the 39th He told Service State bank, at North and Central nues, under same management. Daniel Harkin, former chief of national bank examiner for the state of Illinois, who previously held the same position in the state of New York, is the president of both banks, as well as the State Elmwood Park, and the same board of directors functions in all three banks.