4246. Central Republic Bank & Trust Company (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1932*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
7997289e

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Full suspension

Other: Deposit liabilities were assumed/transferred to City National Bank & Trust; assets moved to Central Republic Trust Company for liquidation; RFC loan negotiated and later defaulted leading to receivership suit.

Description

Articles describe a heavy/prolonged depositor run in mid-1932 that Dawes briefly ended (June 28, 1932), but the bank later closed (deposit liabilities assumed by City National Bank & Trust). The bank's remaining assets/liabilities were placed in Central Republic Trust Company and RFC sued in Nov 1934 seeking a receiver. Closure was permanent. Dates for final suspension/closure are not explicitly given; closure is described as occurring two months after an RFC loan in 1932, so I estimate August 1932 for the suspension/closure. I corrected OCR typos (e.g., 'Central Republie' -> 'Central Republic').

Events (4)
1. January 1, 1932* Other
Newspaper Excerpt
The famous $80,000,000 loan negotiated by General Dawes in 1932 for the Central Republic Bank & Trust Company ... The loan has been in default since Dec. 24, 1932. It was made on temporary basis purposely to give the RFC power to guard its funds. At the time the loan was made Dawes declined a small loan to meet the emergency of depositors' run and said he would close the bank if the RFC refused enough cash to cover deposits fully.
Source
newspapers
2. June 28, 1932 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals driven by talk of merger and possible liquidation; depositor nervousness about the bank's condition.
Measures
General Charles G. Dawes returned as chairman of the board, restored leadership and reopened the bank with sufficient cash to pay depositors.
Newspaper Excerpt
Dawes Ends Run On Bank In 24 Hours ... The Central Republic for week had been subject heavy withdrawals. Merger talk was in the air. Liquidation was discussed by sideliners.
Source
newspapers
3. August 1, 1932* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Prolonged depositor withdrawals following earlier instability and emergency loan arrangements led to suspension/closure; deposits assumed by another bank (City National).
Newspaper Excerpt
A prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the City National Bank & Trust company.
Source
newspapers
4. November 20, 1934 Receivership
Newspaper Excerpt
The RFC filed suit in the Federal District Court late yesterday, asking appointment of a receiver to collect the $14,000,000 ... The RFC suit stated that State Auditor E. J. Barrett planned to take over the trust company for liquidation under state receiver.
Source
newspapers

Newspaper Articles (11)
1. June 28, 1932 The Daily Astorian Astoria, OR
Article from The Daily Astorian, June 28, 1932

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Article Text

Dawes Ends Run On Bank In 24 Hours CHICAGO, June "Dawes bank,' the Central Republie Bank Trust company, began business today with enough cash in its vaults to pay every depositor down the last penny This was General Charles Gates Dawes way of his return to activity in the institution he founded 30 years After almost score of years of allowing public demands first place in his career he leaped into the saddle at directors' meeting Sunday when he restored to his former position as chairman of the board The Central Republic for week had been subject heavy withdrawals. Merger talk was in the air. Liquidation was discussed by sideliners. In slightly more than 24 hours of the action that made him famed, Dawes changed all

2. October 6, 1932 Oakland Tribune Oakland, CA
Article from Oakland Tribune, October 6, 1932

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Article Text

New Dawes Bank Opens For Business In Chicago City National Takes Over All Banking Trade of Central Trust Oct. National Bank Trust General Charles chairman the board opened today taking the deposit liabilities business Central Republic Bank Trust Company. Central Republic tinue operate trust real estate departments its InvestThe sharing the same the Central although from the bank he founded 30 ago tral the presidency the Central dent the City National, and Otis, Republic succeeds president Central Republic Bank Trust Company. The Dawes to form added capital, Central Republic known time loan the about half which utilized FOR CHANGE the the new bank, explained that declining posits increasingly ficult to meet fixed rental obligalions and other charges, and tinued operating result ultimately forced liquidawould meant sacrifice the During early of period been abroad ambassador Great and temporarily tired from activity. months quit polithe ties and reorganization of the bank

3. November 20, 1934 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, November 20, 1934

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Article Text

STOCKHOLDERS MAY HAVE TO DIG DOWN FOR BIG SUM Reconstruction Finance Corporation Wants Its Money Loaned Under Negotiations of General Dawes Chicago -(U.P.)- Stockholders of the Central Republic Trust company. headed by former Vice President Charles G Dawes, today faced the prospect of having to dig from their own pockets to pay part of $60.476,437 due the Reconstruction F1nance corporation. The RFC filed suit in federal district court late yesterday. asking appointment of a receiver to collect the $14,000,000. equal to the trust company's total capitalization under the law providing double liability for bank stockholders NEGOTIATED IN 1932 The sum due the federal loan agency is the unpaid balance of the famous $80,000,000 loan negotiated by General Dawes in 1932 for the Central Republic Bank & Trust company, of which he was chairman, shortly after he retired as head of the RFC. A prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the City National Bank & Trust company, the Central Republic paying over out of the RFC loan an amount equal to the deposits. Dawes now heads the City National Other liabilities and assets of the failed bank were transferred to the Central Republic Trust company which. for two years, has been liquidating the bank's semifrozen assets and paying debts LEFT TO LAST The RFC suit stated that State Auditor E. J. Barrett planned to take over the trust company for liquidation under state receiver. Other liabilities have for the most part been paid off, the suit said, while the RFC debt was left to the last. The loan has been in default since Dec. 24, 1932. It was made on temporary basis purposely to give the RFC power to guard its funds At the time the loan was made Dawes declined a small loan to meet the emergency of deposit. ors' run and said he would close the bank if the RFC refused enough cash to cover deposits fully Other Chicago banks. fearing the effect of major bank failure, interceded to carry his point.

4. November 20, 1934 Middletown Times Herald Middletown, NY
Article from Middletown Times Herald, November 20, 1934

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Article Text

MAY FORCE STOCKHOLDERS REPAY LOAN Asks Receiver for Central Republic Trust Co. of Chicago Which Dawes Headed CHICAGO Stockholders of the Central Republic Trust Company headed by former Vice President Charles G. Dawes, today faced the prospect of having to hand over $15,000.000 from their own pockets to pay part of the $60 due the Reconstruction Finance Corporation. The RFC. in Federal District Court yesterday, asked appointment of receiver to collect the $14,000.000 equal to the trust company's total capitalization. under the law providing double liability for bank steekholders The sum due the Federal agency is the unpaid balor.ce of the famous $30,000,000 loan negotiated by Dawes in 1932 for the Central Republic Bank & Trust Company, of which he was chairman. shortly after he retired as head ot the RFC. prolonged run forced the bank to was assumed by the City National Bank and Trust Company, the Central Republic paying over out of the RFC loan an amount equal to the deposits. Dawes now heads the City National Other L'abilities and assets of the closed banks were transferred to the Central Republic Trust Company, which for two years has been 1iguidating the bank's semi-frozen assets and paying debts. The RFC suit said that State Auditor E. J. Barrett planned to take over the trust company for liquidation under a state receiver. Other liabilities for the most part have been paid off. the suit said. while the RFC debt as left to the last. The loan has been in default since It was made temporary basis to give the RFC poer to guard its funds. At the time the loan was made Dawes declined small loan to meet the emergency of depositors' run and said he would close the bank if the RFC refused enough cash to cover deposits fully. Other Chicago banks, fearing the effect of a major bank failure, interceded. American Antinques Displayed EUGENE. Ore.-A collection of early American relics on display today at the art department included Chelsea china. mulberry design, luster finish, a "mob nail" pitcher. a blue earthen drain for meat platters, homespun fabries, a Dody's large hoop-style wedding gown of 1348, hand embroidered wedding gown worn in 1829; Boche double shawl

5. November 20, 1934 Times Union Brooklyn, NY
Article from Times Union, November 20, 1934

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Article Text

DAWES BANK SUED FOR $14,000,000 RFC Moves to Collect Unpaid Balance on Famous Loan of $80,000,000. Chicago, Nov. 20.-Stockholders of the Central Republic Trust Company, headed by former Vice Pres. ident Charles G. Dawes, today faced the prospect of having to hand over $14,000,000 from their own pockets to pay a part of $60, 476,437 due the Reconstruction Finance Corporation. The RFC filed suit in the Fed. eral District Court late yesterday, asking appointment of a receiver to collect the $14,000,000. equal to the trust company's total capitalization. under the law providing double lia. bility for bank stockholders. The sum due the Federal agency is the unpaid balance of the fa. mous $80,000,000 loan negotiated by Dawes in 1932 for the Central Republic Bank & Trust Company, of which was short. after he retired as head of the RFC. prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the National Bank and Trust Company, the Central Republic paying out of the RFC loan an amount equal to the deposits. Dawes now heads the City National. Other liabilities and assets of the closed bank were to the Central Republic Trust Company, which for two years has been liquidating the bank's semi-frozen assets and paying debts.

6. November 20, 1934 Times Union Brooklyn, NY
Article from Times Union, November 20, 1934

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Article Text

DAWES BANK SUED FOR RFC Moves to Collect Unpaid Balance on Famous Loan of $80,000,000. Chicago, Nov. 20.Stockholders of the Central Republic Trust Company, headed by former Vice President Charles G. Dawes, today faced the prospect of having to hand over 14,000,000 from their own pockets to pay part of $60,476,437 due the Reconstruction Finance The RFC filed suit in the Federal District Court late yesterday, asking appointment of receiver to collect $14,000,000, equal to the trust company's total capitalization, under the law providing double liability for bank stockholders. The sum due the Federal agency is the unpaid balance of the famous $80,000,000 loan negotiated by Dawes in 1932 for the Central Republic Bank & Trust Company, of which he was chairman, shortafter he retired as head of the RFC. A prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the City National Bank and Trust Company, the Central Republic paying over out of the RFC loan an amount equal to the deposits. Dawes now heads the City National. Other liabilities and assets of the closed bank were transferred to the Central Republic Trust Company, which for two years has been liquidating the bank's semi-frozen assets and paying debts.

7. November 20, 1934 Times Union Brooklyn, NY
Article from Times Union, November 20, 1934

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Article Text

DAWES BANK SUED FOR $14,000,000 RFC Moves to Collect Unpaid Balance on Famous Loan of $80,000,000 Chicago, Nov. 20.-Stockholders of the Central Republic Trust Company, headed by former Vice President Charles G. Dawes, today faced the prospect of having to hand over $14,000,000 from their own pockets to pay part of $60,476,437 due the Reconstruction Finance Corporation. The RFC filed suit in the Federal District Court late yesterday, asking appointment of receiver to collect the equal to the trust company's total capitalization, under the law providing double liability for bank stockholders. The sum due the Federal agency is the unpaid balance of the famous $80,000 000 loan negotiated by Dawes in 1932 for the Central Republic Bank & Trust Company, of which was chairman, short. after he retired as head of the RFC. prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the National Bank and Trust Company, the Central Republic paying over out of the RFC loan an amount equal to the deposits Dawes now heads the City National. Other liabilities and assets of the closed bank were transferred to the Central Republic Trust Company, which for two years has been liquidating the bank's semi-frozen assets and paying debts.

8. November 20, 1934 Times Union Brooklyn, NY
Article from Times Union, November 20, 1934

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Article Text

DAWES BANK SUED FOR $14,000,000 RFC Moves to Collect Unpaid Balance on Famous Loan of $80,000,000. Chicago, Nov. 20.-Stockholders of the Central Republic Trust Company, headed by former Vice President Charles G. Dawes, today faced the prospect of having to hand over $14,000,000 from their own pockets to pay a part of $60,476,437 due the Reconstruction Finance Corporation. The RFC filed suit in the Federal District Court late yesterday, asking appointment of receiver to collect the $14,000,000, equal to the trust company's total capitalization, under the law providing double liability for bank stockholders. The sum due the Federal agency is the unpaid of the famous $80,000 000 loan negotiated by Dawes in 1932 for the Central Republic Bank & Trust Company, of which he was chairman, shortly after he retired as head of the RFC. prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the City National Bank and Trust Company, the Central Republic paying over out of the RFC loan an equal to the deposits. Dawes now heads the City National. Other liabilities and assets of the closed bank were transferred to the Central Republic Trust Company, which for two years has been liquidating the bank's semi-frozen assets and paying debts.

9. November 20, 1934 The Galion Inquirer Galion, OH
Article from The Galion Inquirer, November 20, 1934

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Article Text

May Have To Dig Up $14,000,000 CHICAGO, Nov. 20 (UP)-Stockholders of he Central Republic Trust Company, headed by former Vice President Charles G. Dawes, today faced the prospect of having to dig up $14,000,000 from their own pockets to pay a part of $60,476,437 due the Reconstruction Finance Corporaion. The RFC filed suit in Federal District Court late yesterday, asking appointment of a receiver to collect the $14,000,000. equal to the trust company's total capitalization, under the law providing double liability for bank stockholders. The sum due the federal loan agency is the unpaid balance of the famous $80,000,000 loan negotiated by General Dawes in 1932 for the Central Republic Bank & Trust Company, of which he was chairman, shortly after he retired as head of the RFC. A prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the City National Bank and Trust Company, the Central Republic paying out of the RFC loan an amount equal to the deposits. The RFC suit stated that State Auditor E. J. Barrett planned to take over the trust company for liquidation under a state receiver. Other liabilities have for the most part been paid off, the suit said, while the RFC debt was left to the last.

10. November 21, 1934 The Alexandria Times-Tribune Alexandria, IN
Article from The Alexandria Times-Tribune, November 21, 1934

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Article Text

DEMANDS RETURN OF LOAN Echo of $80,000,000 Chicago Bank Crash Heard In Government Suit PART OF LOAN REPAID But Fourteen Million RFC Balance Shunted Into Pigeon Hole Nov. holders of the Central Republic Trust headed former Vice Company, President Charles Dawes, today faced the prospect of having to dig $14,000,000 from their own to part of pockets pay due the Reconstruction Finance Corporation. RFC filed suit in Federal The District Court, asking appointment receiver to collect the $14,000,000, equal to the Trust's Company's under the law total due the federal loan The sum agency the unpaid balance of the famous $80,000,000 negotiated by General Dawes in 1932 for the Central Republic Bank & Trust which was chairman, shortly after he retired as head of the RFC prolonged run forced the bank to close two months after the loan was made Deposit liabilities sumed by the City National Bank Trust Company, the Central Republic paying over out of the RFC loan an amount equal to the deposits. Dawes now heads the City National Other liabilities and assets of the failed bank were transferred to the Central Republic Trust Company, (Please Turn to Page

11. November 22, 1934 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, November 22, 1934

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Article Text

IS OBJECT OF RFC LAWSUIT of the Central Republic Trust company, headed by former vice president Charles G. Dawes, faced the prospect of having to dig up $14,000,000 from pockets to pay part of $60,476,437 due the Reconstruction Finance Corporation. The RFC filed suit in federal district court late yesterday, asking appointment of receiver to collect the 814,000,000 equal to the trust company's total capitalization, under the law providing double liability for bank stockholders. The sum due the federal loan agency the unpaid balance of the famous $80,000,000 loan negotiated by General Dawes in 1932 for the Central Republie Bank Trust company of which he chairman, shortly after he retired head of the RFC. A prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by the City National Bank and Trust the Central Republic paying company, over out of the RFC loan an amount equal to the deposits. Dawes now heads the combined banks. Other liabilities of the bank were transferred to the Central Republic Trust which for two years company, has been liquidating the bank's semifrozen assets and paying debts. The RFC suit stated that State AudBarrett planned to take over the trust for liquidation uncompany der state receiver. Other liabilities have for the most part been paid off, the suit said, while the RFC debt was left to the Inst. The loan has been in default since December 24, 1932. It was made basis to give the temporary purposely RFC power to guard its funds. At the time the loan made declined small loan to meet Dawes the emergency of depositor's run and said he would close the bank if the RFC refused enough cash to cover posits fully. Other Chicago banks, fearIng the effect of major bank failure, intereceded to carry his point.