Bank of Commerce & Savings

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 12, 1917
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 99c96af7

Response Measures

None

Description

Article (Rock Island Argus, 1917-07-12) describes the bank as insolvent and a plan by the State Auditor to appoint receivers and pay small depositors first. No run is mentioned; the bank is being handled by a receiver (closure).

Events (2)

1. July 12, 1917 Receivership

Newspaper Excerpt: A new law effective July 1 gives the state auditor power to appoint receivers for insolvent banks ... he has decided to try a new system. In order to avoid the expense of a receiver, Mr. Russel has prevailed upon large depositors to sign a waiver ... Those signing the waiver will be paid when securities and other assets are converted into cash.
Source: newspapers

2. July 12, 1917 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank described as insolvent; state auditor to appoint receivers and arrange payments to depositors.
Newspaper Excerpt: Small depositors of the insolvent Bank of Commerce and Savings in Chicago are to be paid first and the holders of large deposits will get their money later, under a plan worked out by State Auditor Russel and announced today.
Source: newspapers

Newspaper Articles (1)

1. July 12, 1917 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, July 12, 1917

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Article Text

SMALL DEPOSITORS FIRST TO GET MONEY Springfield, Ilil., July 12.-Small depositors of the insolvent Bank of Commerce and Savings in Chicago are to be paid first and the holders of large deposits will get their money later, under a plan worked out by State Auditor Russel and announced today. A new law effective July 1 gives the state auditor power to appoint receivers for insolvent banks instead of the courts, and he has decided to try a new system. In order to avoid the expense of a receiver, Mr. Russel has prevailed upon large depositors to sign a waiver of their rights to permit the smaller creditors to get their money first. Those signing the waver will be pail when securities and other assets are converted into cash.