3827. First Italian State Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 10, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
11e127f7017a15d3

Response Measures

None

Description

Articles (Sept 14–15, 1931) report the bank failed/closed after the president Savario Ariani disappeared and a grand jury returned a true bill charging embezzlement. Examiners found the vault largely empty. No run is described in the articles; the bank did not open following the disappearance and appears to have been closed permanently. Dates are inferred from publication (failure reported the prior week).

Events (2)
1. September 10, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President Savario Ariani disappeared; grand jury true bill charging embezzlement of $138,335; vault found nearly empty.
Newspaper Excerpt
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 ... announced they found only $9,800.
Source
newspapers
2. September 14, 1931 Other
Newspaper Excerpt
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
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.