3951. National Bank of Woodlawn (Chicago, IL)

View Charter #11980 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11980
Charter Number
11980
Start Date
June 24, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
8c0648ddf730cdd1

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1932-06-25
Date receivership terminated
1939-02-11
Share of assets assessed as good
8.2%
Share of assets assessed as doubtful
86.9%
Share of assets assessed as worthless
4.9%

Description

Multiple articles (June 24–30, 1932) report heavy withdrawals and the bank failed to open/failed to Friday (suspended) after other South Side closings. A January 11, 1933 article refers to a receiver paying a 25% dividend, indicating the bank remained closed and entered receivership. Cause of the run/suspension is depositor uneasiness from other local bank closings (local_banks).

Events (5)
1. June 20, 1921 Chartered
Source
historical_nic
2. June 24, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals induced by depositor uneasiness over other South Side bank closings in Chicago.
Measures
None reported beyond extended banking hours at some larger banks; Woodlawn failed to open (suspended).
Newspaper Excerpt
Heavy withdrawals, induced by uneasiness of depositors over other South Side closings, were blamed.
Source
newspapers
3. June 24, 1932 Suspension
Cause
Local Banks
Cause Details
Bank failed to open due to heavy withdrawals tied to panic from other South Side closings.
Newspaper Excerpt
The National Bank of Woodlawn, on the South Side, failed to open today.
Source
newspapers
4. June 25, 1932 Receivership
Source
historical_nic
5. January 11, 1933 Receivership
Newspaper Excerpt
Eugene Highman, receiver for the National Bank Woodlawn, which closed last June, is sending out checks to depositors of the bank for 25 per cent dividend on the deposits.
Source
newspapers

Newspaper Articles (5)
1. June 24, 1932 Evansville Press Evansville, IN
Article from Evansville Press, June 24, 1932

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Article Text

FIGURES GIVEN IN BAIN BANK FAILURES Receiver Shows Only $231,836 on Hand When They Closed United Press CHICAGO, June 24.-The Na. tional Bank of Woodlawn, on the South Side, failed to open today. Heavy withdrawals, induced by uneasiness of depositors over other South Side closings, were blamed. The bank was the 32nd in the Chicago area to suspend during the last month. There were seven closings yesterday and six Tuesday. Figures on the financial condition the 12 Bain banks on the South Side, which closed one year ago, were given in criminal trial of John Bain, the Scotch 1mmigrant who founded the institutions, his sons, John A. and Rob. ert Bain, and his son-in-law, W. Merle Fisher, charged with conspiracy. Irwin T. Tilruth, the receiver testified that on the day the banks closed, only $231,836 cash was on hand in all 12 institutions. Deposits totalled approximately thirteen million dollars and loans $10,110,425. Loans to John Bain were shown to be $2,156,207 on which $17,555 has been collected.

2. June 25, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, June 25, 1932

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Article Text

Chicago, five banks closing the number quitting business day; because withhere this month drawals reached total of The the the Central Manclosed District located ufacturing bank, the industrial district just in had deposits of yond the loop. other banks closed been smaller institurecently have most of them neighborhood tions, depositories. instances the directors In most action close and officers took the banks conserve assets. institutions closed Friday Other the Midland National included National bank, bank. Bank Woodlawn National State bank.

3. June 25, 1932 Pittsburgh Post-Gazette Pittsburgh, PA
Article from Pittsburgh Post-Gazette, June 25, 1932

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Article Text

your More Chicago Banks Are Closed June Naof on the and the Ravenswood Na- CleveUnTerm in the uptown district Federal The Woodlawn National had 17 of $2,240,385 last January. National had de- Coml Inv American State Bank Corn Its deposits had been Manufacturing Disat noon. Its listed at $3,500,000. Hud

4. June 30, 1932 The Butler Times-Press Butler, MO
Article from The Butler Times-Press, June 30, 1932

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Article Text

Run Closes Bank. national bank of Woodlawn, on the south side, failed to Friday. Heavy withdrawals, open induced by uneasiness of depositors south side closings, were blamed. over The bank was the in the Chicago area to suspend in the last month. There were seven closings Thursday and six Tuesday. Continental Illinois bank and The and the First National Trust company bank, big loop institutions, reported withdrawals at the opening heavy Friday and officials said that all dewho wished would be paid. positors The banks extended their banking hours Thursday afternoon for that purpose.

5. January 11, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, January 11, 1933

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Article Text

Woodlawn National Bank to Pay Depositors 25% Eugene Highman, receiver for the National Bank Woodlawn, which closed last June, is sending out checks to depositors of the bank for 25 per cent dividend on the deposits.