Adams State Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 20, 1932
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 0a6384d1

Response Measures

None

Description

Article (Chicago Tribune 1932-07-20) names a committee to service first mortgages originated by the Adams State bank, implying the bank is out of normal operation and mortgage servicing has been taken over. The piece does not describe any run or explicit suspension language, nor does it state a reopening; therefore the most consistent classification is a suspension leading to closure (permanent takeover of assets). Evidence is limited — no explicit receiver or suspension phrase — so classification is somewhat uncertain.

Events (1)

1. July 20, 1932 Suspension

Cause Details: Article does not state specific cause; indicates mortgages are being serviced by a protective committee, implying the bank ceased normal operations or was closed but no explicit reason given.
Newspaper Excerpt: The following committee has been named to service first mortgages originated by the Adams State bank:
Source: newspapers

Newspaper Articles (1)

1. July 20, 1932 Chicago Tribune Chicago, IL

Article from Chicago Tribune, July 20, 1932

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Article Text

CASH IS READY FOR OWNERS OF CENTRAL BONDS Gilbert Keebler Lacks Bondholders' List. Bank failures and ships make for strange situations. For instance, owners bonds in the Central building. at the southwest corner of Madison street and Oak Park in Oak Park, have interest today but the Peoples National Bank and Trust which underwrote the and has been the agent for the mortgagor In paying the interest, is closed and in the hands of GILBERT naturally are wondering what to Gilbert E. Keebeler of E. F. Keebler & Co. and son of Mrs. Wilhelmine Keebler of 3300 Lake Shore drive, owner of the property which the bond yesterday notified THE TRIBUNE that cash is on hand in his office in the Otis building. 10 South La Salle street, for prompt payment of every interest coupon presented there. Lacks Bondholders' List. I'm taking this method of notify ing the bondholders because haven't any knowledge of the names or adof the of the Central building,' said Mr. Keebler. They merely have to present their at my office in the Otis building and they'll be paid." The Central owned by Mrs. Keebler. is two and stores and offices. The original bond issue was $135,000. since reduced to $109,000, bearing 6% interest. Terminal Theater. Title to the Terminal theater property at and has ben by the Sheridan corporation to William M. Richards, representing the protective No plan of reorganination has yet been upon The original bond issue for $550,000 was by H. O. Stone Co. It has since been paid down to $426,250. Interest defaulted Jan. 1, 1932. The property is improved with an shaped building ntaining a by the Ascher Brothers. It is now under to the Chi cago Fox interests. Mr. Richards. took title yesterdy, is assistant secretary to the bondholders' protective Name New Committee. The following committee has been named to service first mortgages orig inated by the Adams State bank: Henry F. Tykal, chairman; A. F. Jed licka, Norbert F. Kochka, and John been reserved for the bank who has not yet The law firm of Ring. Uhlir & Cuchna will act for the The principal loans made by the bank on and flat The date for the sale of the Roscoe at Ros coe street, has been set for Aug. 1, It was by the protective committee for the Straus Brothers In vestment company. There are 000 bonds in default on this property. new first mortgage is contemplated to care for the reorganization and other expenses. substantial amount bonds has been deposited with the Metropolitan the Aug. is announced the final date for Conveyance of the Naborhood gar age property 1509 Morse by Michael Long to the 1509 Morse Avenue Building completes the The cor poration took title for the bondholders. This was a $185,000 first mortgage bond issue underwritten by the recently closed Phillip State Bank and Trust company. It since has been reduced to $130,000. Austin L. Wyman was attorney for the bondholders. The garage accommodates 200 cars.