4226. Binga State Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 18, 1938
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
8d8ec6ea

Response Measures

None

Description

Articles (dated 1938-06-18) describe the bank as defunct and a receiver (C. H. Albers) handling assets and seeking eviction of Jesse Binga. No run or temporary suspension/reopening is described; the bank has a receiver, indicating permanent closure. Jesse Binga had been convicted of embezzlement, which likely relates to the bank's failure, but the articles focus on the receivership and eviction proceedings.

Events (2)

1. June 18, 1938 Other
Newspaper Excerpt
Albers, receiver ... sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend.
Source
newspapers
2. June 18, 1938 Receivership
Newspaper Excerpt
C. H. Albers, receiver for the defunct bank at Thirty-fifth and South State Streets, sought to obtain possession of Binga's home...
Source
newspapers

Newspaper Articles (2)

Article from Twin-City Herald, June 18, 1938

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Article Text

Binga Saved From Eviction Because of a favorable ruling last week in Renters Court by Judge Leon Edelman, Jesse Binga, reputed former millionaire and head of the Binga State bank, escaped eviction from his old South Parkway home where he has lived since his recent release from Joliet prison, after serving three years of a 1 to 10 year sentence for embezzlement. C. H. Albers, receiver for the defunct bank at Thirty-fifth and South State Streets, sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend. Judge Edelman ruled in Binga's favor, citing a technicality. He said he could find no proof in the court records that due notice in writing was given Binga by the receiver. Attorney Milliam P. Greene, representing the receiver, was not in court when the ruling was handed down but said later he would file a motion to vacate the judgment within the next few days. He said written notice was served on Binga before the suit was started.


Article from The Detroit Tribune, June 18, 1938

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Article Text

# Chicago Court Saves Jesse Binga # From Eviction From His Old Home Chicago (ANP) - Because of a favorable ruling last week in Rentos Court by Judge Leon Edelman, Jesse Binga, reputed former millionaire and head of the Binga State bank, escaped eviction from his old South Parkway home where he has lived since his recent release from Joliet prison, after serving three years of a 1-to-10 year sentence for embezzlement. C. H. Albers, receiver for the defunct bank at 35th and South State streets, sought to obtain possession of Binga's home, claiming that Binga mortgaged the property as collateral for a $20,000 bank loan to a friend. Jude Edelman ruled in Binga's favor, citing a technicality. He said he could find no proof in the court records that due notice in writing was given Binga by the receiver. Attorney William P. Greene representing the receiver, was not in court when the ruling was handed down, but said later he would file a motion to vacate the judgment within the next few days. He said written notice was served on Binga before the suit was started.