Central Republic Bank & Trust Company

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: 511c468a

Response Measures

Full suspension

Other: RFC sued stockholders for double liability; deposits assumed by City National Bank & Trust Co.

Description

Article (Nov 20, 1934) reports RFC suit to collect unpaid loan and states a 'prolonged run forced the bank to close two months after the loan was made.' Deposits were assumed by City National Bank and Trust Company. The run appears to have led to permanent closure and receivership actions pursued in 1934. Exact date of the original run/closure is not given (loan was negotiated in 1932; run forced closing ~two months later).

Events (2)

1. January 1, 1932* Run

Cause: Bank Specific Adverse Info
Cause Details: A prolonged run on the bank following difficulties that required an RFC loan in 1932; run forced the bank to close shortly after the loan.
Measures: Deposit liabilities were assumed by City National Bank and Trust Company; RFC advanced loan funds to cover deposits.
Newspaper Excerpt: prolonged run forced the bank to close two months after the loan was made.
Source: newspapers

2. November 20, 1934 Receivership

Newspaper Excerpt: The RFC filed suit in federal district court late yesterday, asking appointment receiver to collect the $14,000,000 ... equal to the Trust Company's total capitalization, under the law providing double liability for bank stockholders.
Source: newspapers

Newspaper Articles (1)

1. November 20, 1934 The Piqua Daily Call Piqua, OH

Article from The Piqua Daily Call, November 20, 1934

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Article Text

STOCKHOLDERS MAY HAVE Central Republic Trust Company Officials Face Prospect of Digging Up. Chicago, Nov. 20, (U.P)-Stockholders of the Central Republic Trust Company, headed by former Vice President Charles Dawes, today faced the prospect of having to dig $14,000,000 from their pockup of due to pay part Reconstruction Finance Co:the poration. The RFC filed sult in federal district court late yesterday, asking appointment 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 35 head of the RFC. prolonged run forced the bank to close two months after the loan was made. Deposit liabilities were assumed by City Natoinal Bank and Trust Company, the Central Republic paying over out of the RFC loan an amount equal to the deposits The RFC suit stated that State Auditor E. Barrett planned to