Newspaper clippings describe a run that forced the State Bank in Chicago to close for examination (Jan 16, 1930), followed by periods of being closed/holding depositors, attempts to pay out or resume operations (1932 notice of waiting to resume and paying demands), and a final takeover by the State Auditor/closure with receiver involvement (Feb 18, 1933). Sequence indicates a run leading to suspension and eventual permanent closure/receivership.
Events (7)
1.January 16, 1930Run
Cause Details
Crowd gathered and heavy withdrawals started a run; article does not attribute to specific rumor or external bank failures.
Measures
Closed doors for an examination (suspended operations)
Newspaper Excerpt
RUN CLOSES BANK ... run on the institution which officials the bank close doors today for an examination Louis Bomash, president of the State Bank.
Source
newspapers
2.January 16, 1930Suspension
Cause Details
Bank closed for examination after a run/depositor withdrawals; suspension appears to be an operational closure for investigation.
Newspaper Excerpt
run ... the bank close doors today for an examination
Source
newspapers
3.October 7, 1930Other
Newspaper Excerpt
Bank prospect depositors coming ... pay off the depositors in Chicago State Bank ... allow the over of the assets American ... enable full already the bank and of deposits the accepted time certificates ... expressed his optimism over the consequent loss.
Source
newspapers
4.October 18, 1930Other
Newspaper Excerpt
Mt. Sinai Temple ... had not deposited in the defunct State Bank ... the defunct State Bank, this week.
Source
newspapers
5.August 13, 1931Other
Newspaper Excerpt
citizens' committee representing Chicago State bank ... organizations representing depositors ... have been formed for the purpose of giving assistance to depositors.
Source
newspapers
6.May 15, 1932Other
Newspaper Excerpt
Chicago Off and Quits the Game ... the bank will wait for better times resume operations ... Money available pay all demands.
Source
newspapers
7.February 18, 1933Receivership
Newspaper Excerpt
STATE BANK PAYS OUT 85 PCT. OF ITS DEPOSITS; CLOSES ... the State Auditor ward Barrett take over the affairs the institution ... closed doors ... steady drain on deposits necessitated bank closed its deposits
RUN CLOSES BANK
Depositors Withdraw Chicago Institution By CHICAGO, Jan. crowd idle, curious persons attracted police patrol, congregated in bank here week started run on the institution which officials the bank close doors today for an examination Louis Bomash, president of the State Bank. the Federal System, said after crowd had gathered, run withthan The bank had deposits of
HELD ON MURDER CHARGE
A man narcotic was held today for on by Detective he admitted he wanted the his fingerprints Bertillon checked wanted
2.October 7, 1930The TimesHammond, IN
Click image to open full size in new tab
Article Text
AMERICAN STATE BANK OPENS ITS DOORS TODAY
Bank prospect depositors coming the two during which the bank will be open day night. positors than $200 volunteered time pay off the depositors in Chicago State Bank the latter full who desired withdraw, in of this and the interest of protecting the cash sume the liability of reserve of the Chicago State, American Mr. Barr prevented from Thomas that the D. deputy state banks merge the checking and of $200 the and agree to accept forth the merger. certificates token their money, Mr. the allow the over of the assets American the American State by the East clared depositors Chicago enable full already the bank and of deposits the accepted time certificates, sity proceedings and and expressed his optimism over the the consequent loss.
3.October 18, 1930The Afro-AmericanBaltimore, MD
Click image to open full size in new tab
Article Text
BETHEL DREW $2,500 BEFORE BANK CRASH
Common Sense Committee Asks Officials to Show Where Money Went.
PRODUCE LETTERS
Records Show Sum was Not Deposited in Defunct Bank.
CHICAGO upon members and officials of Bethel A.M.E. Church to find out $2,500 deposited for the of Mt Sinal Temple, went, the two letters that it had not deposited in the defunct State Bank, this week. In circular in which letters from the bank's declaring that no deposit was made by Bethel officials, the quotes Bishop Carey as having told Bethel members that he and the pastor had withdrawn the money deposited it in the Roosevelt State bank.
Asks For Proof In the that the bishop, the presidelder the pastor know where the money went and suggests that the members in the form of receipts or bank book. The $2,500 referred to collected make payment on the Mt. Sinai Temple which the to buy, but which purchase was some time ago.
4.June 11, 1931The Peninsula Times TribunePalo Alto, CA
Click image to open full size in new tab
Article Text
June 11 bankers today reassure depositors their confidence banks, 25 which locked doors the three days. Six closed On March they had total deposits of aplargest was the NorthwestTrust Savings Bank, with deposits Others were Northwestern State Bank, the Italian Trust and SavBank, the State Bank, the Lincoln State Bank, and the Town Bank. Both Melville presiof the First Union Trust group, and Arthur Reynolds, the Continental Illinois Bank Trust that they were backing outlying institutions.
5.August 13, 1931South-Side NewsChicago, IL
Click image to open full size in new tab
Article Text
Citizens' Groups Of Closed Banks To Meet Thursday called meeting of the organizations representing depositors Bain chain now hands receiver Thursday evening the hotel. organizations, representative many communities, have been formed the purpose giving citizenship depositors. The this be tended William Stelzer, president Lawn Civie association, and Samuel Wirsching, chairman the citizens' committee representing Chicago State bank and West Lawn Trust and bank, both this immediate vicinity.
6.May 15, 1932Detroit Free PressDetroit, MI
Click image to open full size in new tab
Article Text
Chicago Off and "Quits the Game"
CHICAGO, May State today became the third Chicago ask depositors to come get money. Deposits $2,000,000 1929 have shrunk $150,000, officials said, making it impossible to earn expenses. Started in 1926, the bank will wait for better times resume operations, was nounced. Money available pay all demands.
7.February 18, 1933Chicago TribuneChicago, IL
Click image to open full size in new tab
Article Text
STATE BANK PAYS OUT 85 PCT. OF ITS DEPOSITS; CLOSES
After paying out more than 85 cent the last years the State bank, 801 North Clark street, day closed doors. The board directors State Auditor ward Barrett take over the fairs the institution. bank opened for business usual morning but closed shortly thereafter. Thor Thorsen, declared that steady drain on deposits necessitated bank closed its deposits At of 1930 Capital and are The bank an with banks.
