4010. State Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
July 6, 1914
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
72f533753b848d7f

Response Measures

None

Description

Articles (July 6, 1914) report involuntary petitions asking that receivers be appointed for the State Bank of Chicago as one of several Lorimer‑Munday banks that closed with the failure of the parent LaSalle Street Trust & Savings. No contemporaneous run is described; instead depositors petitioned for receivership alleging deposits were diverted to the parent bank and stockholders did not pay subscriptions. Classified as a suspension leading to closure/receivership.

Events (2)
1. July 6, 1914 Receivership
Newspaper Excerpt
A receiver has been asked for the State bank of Calumet, Ill., the State bank of Chicago, and the Ashland and Twelfth bank of the Lorimer-Munday string, closed with the failure of the parent bank, the La Salle Street Trust & Savings.
Source
newspapers
2. July 6, 1914 Suspension
Cause
Government Action
Cause Details
Petition filed by depositors asking that receivers be appointed after the branch banks closed with the failure of the parent LaSalle Street Trust & Savings; alleged misdirection of deposits to the parent and unpaid stock subscriptions.
Newspaper Excerpt
Receivers were today asked for three of the lesser of the Lorimer-Munday string of banks. They are the State Bank of Calumet, Ill., the State Bank of Chicago and the Ashland State bank.
Source
newspapers

Newspaper Articles (2)
1. July 6, 1914 Evening Capital News Boise, ID
Article from Evening Capital News, July 6, 1914

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Article Text

RECEIVERS FOR ILLINOIS BANKS PETITIONED FOR Irregularities Alleged in the Conduct of the Affairs of Lesser Lorimer-Munday Institutions. Chicago, July 6.-Receivers were today asked for three of the lesser of the Lorimer-Munday string of banks. They are the State Bank of Calumet, III., the State Bank of Chicago and the Ashland State bank. The petition was filed by depositors who allege that no person is now in possession of the properties, that the deposits intended for the banks never reached them but were placed in the parent bank, the LaSalle Street Trust & Savings bank and also that certain stockholders never paid for their stock.

2. July 6, 1914 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, July 6, 1914

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Article Text

RECEIVERS ASKED FOR THREE BANKS Alleged That Deposits Intended for Small Concerns Went to La Salle Trust. Chicago, III., July 6.-A receiver has been asked for the State bank of Calumet, Ill., the State bank of Chicago, and the Ashland and Twelfth bank of the Lorimer-Munday string, closed with the failure of the parent bank, the La Salle Street Trust & Savings. The application was made by William Freedman, attorney for certain depositors. It is alleged no one is now in possession of those properties. It is charged that $75,000 city deposits allotted to the Calumet bank and smaller city deposits allotted to the other two branch banks never reached them, but were in fact deposited in the La Salle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested. Danville, III., July 6.-Involuntary petitions in bankruptcy were filed in the federal court against the Lorimer & Gallagher Construction company of Mattoon and East St. Louis.