Bank of Chicago - Chicago, IL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: November 21, 1929
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 54f65d5c

Response Measures

Full suspension, Books examined

Description

Article (Nov 21, 1929) states heavy withdrawals (a run) weakened the bank and the State Auditor closed the bank at the directors' request. No reopening is mentioned; closure appears permanent. The auditor involvement implies a state-chartered institution.

Events (2)

1. November 21, 1929 Run

Cause Details: Heavy withdrawals (a depositor run) in the days before closure; no specific rumor or external trigger described.
Measures: Directors requested closure; bank examiners/auditor examined books and then closed the bank.
Newspaper Excerpt: heavy withdrawals in the last few days had weakened the bank's condition
Source: newspapers

2. November 21, 1929 Suspension

Cause: Government Action
Cause Details: Closed by the State Auditor at the request of the bank's directors following heavy withdrawals.
Newspaper Excerpt: Chicago Bank Ordered Closed After Heavy Run ... was closed today by the State Auditor Oscar Nelson upon request of the bank's directors.
Source: newspapers

Newspaper Articles (1)

1. November 21, 1929 The Capital Times Madison, WI

Article from The Capital Times, November 21, 1929

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Article Text

Chicago Bank Ordered Closed After Heavy Run bank of Chicago, with deposits of $640,000, was closed today by the State Audi tor Oscar Nelson upon request of the bank's directors. Announcement was made that heavy withdrawals in the last few days had weakened the bank's condition but examination of the books by the auditor indicated that depositors will not suffer loss. The bank was capitalized at $200,000 with $50,000 surplus.