3654. Albany Park National Bank (Chicago, IL)

View Charter #11737 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11737
Charter Number
11737
Start Date
January 3, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
d4d32eae1cbd88fb

Response Measures

Public signal of financial health

Receivership Details

Depositor recovery rate
71.9%
Date receivership started
1931-05-19
Date receivership terminated
1940-10-23
OCC cause of failure
Economic conditions
Share of assets assessed as good
35.1%
Share of assets assessed as doubtful
61.6%
Share of assets assessed as worthless
3.3%

Description

Newspaper accounts describe an incipient run on Albany Park National Bank in early January 1931 that was stopped when officers hired a jazz band to placate depositors. By October 1931 the bank is listed among closed banks with funds tied up in receivership, indicating it later suspended/closed and entered receivership. The run appears driven by the closure/distress of a neighboring bank (info about local banks), not by a discrete misinformation event.

Events (5)
1. May 28, 1920 Chartered
Source
historical_nic
2. January 3, 1931 Run
Cause
Local Banks
Cause Details
An incipient run triggered by the closing of a neighboring national bank and resulting depositor nervousness.
Measures
Officers hired a jazz band to play and entertain depositors to disperse the crowd and calm panic.
Newspaper Excerpt
JAZZ BAND STOPS RUN ON CHICAGO BANK ... When neighboring National Bank closed ... threatened run depositors were collecting ... they hired jazz band to play and the crowd made party
Source
newspapers
3. May 19, 1931 Receivership
Source
historical_nic
4. October 18, 1931 Other
Newspaper Excerpt
The article lists the Albany Park National among several closed banks whose funds are tied and for which depositors seek protection; committee to aid depositors of closed banks and cooperate with receivership proceedings.
Source
newspapers
5. October 18, 1931 Receivership
Newspaper Excerpt
The Albany Park Na. tional ... is named among the closed banks ... efforts to obtain relief for depositors whose funds tied the greatest possible benefit the receivership of the closed
Source
newspapers

Newspaper Articles (3)
1. January 3, 1931 The Burlington Free Press Burlington, VT
Article from The Burlington Free Press, January 3, 1931

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Article Text

JAZZ BAND STOPS RUN ON CHICAGO BANK CHICAGO, Jan. (P)-Jazz notes came the notes and incipirun the Albany Park National Trust Mob starts bankers figured, psychology them. When neighboring National Bank closed this the Albany Bank officers wasted preparing threatened run depositors were collecting the door, they time you brought from downtown patrons the bank sound. Then they hired jazz band to play and the crowd made party Jan. Mackey that and government the Philadelphia Hog Island wartimg shipbuilding had completer the full possession the tract.

2. January 10, 1931 New Pittsburgh Courier Pittsburgh, PA
Article from New Pittsburgh Courier, January 10, 1931

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Article Text

Jazz Notes Help Rout Run On Bank Notes CHICAGO came the rescue of last fully routed an incipient the Albany Park Nationa Mob psychology ought to stop neighboring closed. the Albany wasted time the they put up can have your money want $2. you brought from the banks bank sound band and crowd made and Percy Legrand Mrs. M. Maston spen friends the with his spent York Mr Christmas Mary Nellie Herbin her parspent the street. The funeral of St head largely Mark's Church which she member years of Rev of Moorehead been ill Minnic Robinson months was cheerful minattend were Wells Brower PETERSBI of Sch returned High pending the hospital after from the peration W undergoing Daniel tudies in the Univer after Josephine the of par Mr M Edwin Hender 321 pastor of mored that will Union Station served mission Rev. since to Virginia charges leserves need four years change Competent fill his while Rev. and his choir ling the State aday and brought cheer to the of Rev Miller pastor of shutins Episcopal Church Stephen Latin Peabody professor School warden of Bishop Divinity School February that Brown be appointed Rev place high Rev been warden of the DI school New York assume Rev. chaplain State hospital holidays Va. home most prowas by the inmates Insane building hospital Tues affair and the itness the en which highly under Horace Morton of depressed condition spite Christmas rang among churches many happy these programs in charge the Mr and their from an from He hurch The In Tice Ministers Alliance held gular meeting January Ellison. in charge on and College Win to Offielected for next Many parents happy their children during the shool Emancipation elebration Sunday afternoon

3. October 18, 1931 Chicago Tribune Chicago, IL
Article from Chicago Tribune, October 18, 1931

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Article Text

N. W. FEDERATION TO HELP RELIEVE DEPOSITORS' WOE to Aid Bank Receivers. Plans for the protection of deposithe liquidation closed north west side banks will discussed at meeting to be held sometime this week of bank of the of Improvement clubs and the executive committee the United Depositors' The was ap. pointed last week, with Richard Wuerst in the tion in an effort to obtain for the of depositors whose funds tied the greatest possible bene. fit the receivership of the closed Others on Committee. members of the committee are W. Holmes, Boyle, Fouchard, John W. Alex Koehn, Edward president of the Mme. and B. of the expects to be able to cital thing the depositors closed banks, said Mr. Wuerst, the those funds are tied and second by legislation prevent occurrences in the by any Means of close all keeping in contact closed be discussed at the Mr. Wuerst indicated. In this way hoped that the will sing committee be able to cooperate with the receivers bringing about liquidations where possible of the closed bank to insure depositors the maximum return on their funds. Names Banks to Be Aided. The expects to where possible in the now under of several closed banks, including the National bank, the Albany Park Na. tional and bank, which is Noel State bank, Immel State and Elston State bank. Mr. Wuerst sald.