3746. Citizens Bank (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: August 5, 1930
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 7dbf651d6118d269

Response Measures

None

Description

Multiple 5 Aug 1930 newspaper reports describe a heavy run (about $500,000 withdrawn) on the Citizens Bank at 55th and South State on Chicago's South Side; the state closed the bank following the run. The run was triggered by heavy withdrawals after the nearby Binga Bank and Roosevelt State Bank closed, so cause is classified as contagion from local banks. OCR errors in articles corrected (e.g., 'Citizen's bank' = Citizens Bank; some references to 'Trust and Savings' and garbled phrases).

Events (2)

1. August 5, 1930 Run

Cause: Local Banks
Cause Details: Heavy withdrawals following closures of nearby South Side banks (Binga Bank and Roosevelt State) triggered depositors to withdraw about $500,000.
Newspaper Excerpt: the day following a run on the bank during which $500,000 in deposits were withdrawn
Source: newspapers

2. August 5, 1930 Suspension

Cause: Government Action
Cause Details: State authorities closed the bank after heavy withdrawals and cash shortage following the run.
Newspaper Excerpt: Trust and Savings bank closed by the state today following the bank run
Source: newspapers

Newspaper Articles (6)

1. August 5, 1930 The Merrill Daily Herald Merrill, WI

Article from The Merrill Daily Herald, August 5, 1930

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Article Text

day following a run on the bank during which $500.000 in deposits were withdrawn This bank is the third South Side bank closed during the last week. The Citizen's bank is located at 55th and South State, at the edge the negro district The first bank to close was the Bings State, with deposits of more than $1,200, 000 among the negroes. The second WAS the Roosevelt State, which also had deposits of more than $1,000,000. much of it negro savings.

2. August 5, 1930 Alton Evening Telegraph Alton, IL

Article from Alton Evening Telegraph, August 5, 1930

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Article Text

at After Chicago Side to Close in Week Aug. Citizens Trust Bank closed the state today, on the bank durwhich were This third South bank closed during the week. The Citizens Bank located South State, the edge of the negro district. The bank close the Binga with deposits more than among negroes. The was Roosevelt State, which also deposits more than much negro The Roosevelt State closed cash shortage caused by heavy the Binga Bank closed. The Citizens Bank capitalized $200,000 had deposits about

3. August 5, 1930 The Dispatch Moline, IL

Article from The Dispatch, August 5, 1930

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Article Text

CHICAGO BANK CLOSES FOLLOWING HEAVY RUN By Associated Aug. The Trust and Savings bank was the state auditor today following the bank during deposits This bank the third withdrawn. south side bank closed during the last The Citizen's bank located and South State streets, the edge the negro district. The first bank to close the Binga deposits of the The second the which had deposits than much of savings. The Roosevelt State closed due to cash shortage by heavy withdrawals after the Binga bank was closed. The Citizens bank was capitalized and had

4. August 5, 1930 The Pantagraph Bloomington, IL

Article from The Pantagraph, August 5, 1930

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Article Text

Closes South Side CHICAGO. Aug Trust and Savings bank closed the state Tuesday following the bank $500,000 deposits This bank the third side bank closed during the week. Citizens bank located and South State, at of the colored district. The edge bank close the Binga with deposits more than $1,200,000 among the colored population. second the Roosevelt State. had deposits more than million dollars, much savings of colored The State closed due cash caused by heavy after the closed. bank capitalized $200,000 had deposits about million dollars.

5. August 5, 1930 Sterling Daily Gazette Sterling, IL

Article from Sterling Daily Gazette, August 5, 1930

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Article Text

SOUTH BANK CLOSED CHICAGO The Trust and bank closed by the today the bank which were This bank the third south side bank closed during the last The Citizen's bank located and South the edge the negro district The first bank close the Bings deposits of more than the second the than of shortage

6. August 5, 1930 The Daily Nonpareil Council Bluffs, IA

Article from The Daily Nonpareil, August 5, 1930

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Article Text

THIRD BANK IN NEGRO SECTION IS CLOSED The Last Chicago Institution Close Paying Out Over $500,000 in Run. CHICAGO, Ill., Aug. Trust Savings bank closed by the state today on the bank during which $500,000 This bank the third south side bank closed during the last week. The Citizens bank located and South State streets, the the Negro district. The first bank close the Binga State, with deposits of more than $1,200,000 among the Negroes. The second was the RooseState, which also had deposits more than much Negro savings. The Roosevelt State closed due to cash shortage caused heavy withdrawals after the Binga bank was closed. The Citizens bank was capitalized at had deposits of about $1,000,000.