4249. Central Republic Bank and 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
bcaf5e08

Response Measures

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

Other: RFC sued in 1934 to collect unpaid loan; City National assumed deposits and paid depositors; bank closed in 1932 after prolonged run.

Description

Articles state a prolonged run forced the bank to close (shortly after a large 1932 loan). Deposits were assumed by City National Bank & Trust; RFC later filed suit (Nov 20, 1934) seeking appointment of a receiver. Closure appears permanent.

Events (3)
1. January 1, 1932* Run
Cause
Bank Specific Adverse Info
Cause Details
Prolonged run precipitated shortly after the bank negotiated a large $80,000,000 loan in 1932; run tied to bank's finance difficulties related to that loan.
Measures
Deposit liabilities assumed by the City National Bank and Trust; assets and other liabilities transferred.
Newspaper Excerpt
shortly after he retired ... prolonged run forced the bank to close months after the loan was made.
Source
newspapers
2. January 1, 1932* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed following the prolonged run related to the large loan and ensuing insolvency concerns.
Newspaper Excerpt
prolonged run forced the bank to close months after the loan was made.
Source
newspapers
3. November 20, 1934 Receivership
Newspaper Excerpt
The RFC filed suit in federal district court late yesterday, asking appointment of receiver to collect the $14,000,000 ... the unpaid balance of the famous $80,000,000 loan negotiated by General Dawes in 1932 for the Central Republic Trust company.
Source
newspapers

Newspaper Articles (2)
1. November 20, 1934 Battle Creek Moon-Journal Battle Creek, MI
Article from Battle Creek Moon-Journal, November 20, 1934

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Article Text

IN DAWES BANK FACE RFC Must Dig Up 14 Million Out Of Own Pockets To Pay Part Of Loan. IN DEFAULT TWO YEARS Sum Represents Portion Of Unpaid Balance Of Loan Obtained To Bank That Closed. Chicago, Nov. 20. Stockholders the Central publib Trust company, headed former Vice President Charles Dawes, today faced the prospect having to dig up $14,000,000 from their pockets to pay part $60,476,437 due Reconstruction Finance Corporation. The RFC filed suit in federal trict court late yesterday, asking appointment of receiver to lect the $14,000,000. equal the to trust company's total capitalization, under the law providing ble liability bank stockholders. Unpaid Loan Balance. The sum due the federal loan agency the unpaid balance of the famous $80,000.00 loan negotiated by General Dawes 1932 Central Republic Bank Trust company, which he was chairman. Shortly after he retired as head of the RFC. prolonged run forced the bank to close months the loan was made. Deposit liabilities assumed by the City National Bank and Trust the Central Republic paying over out of the RFC loan amount equal the deposits. Dawes now heads City Paying Off Debts. Other liabilities and assets of the failed bank were transferred (Continued on Page Two.)

2. November 20, 1934 The Daily Independent Murphysboro, IL
Article from The Daily Independent, November 20, 1934

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Article Text

BANK Sued to the Famous Loan Nov. of the Central RepubStockholders headed by Trust President Charles Vice prospect of faced the Dawes, today $14,000,000 from to dig up to pay part own pockets due the ReconstrueFinance Corporation. suit Federal RFC filed yesterday. askDistrict Court late of receiver to appointment equal to the collect the company's total under the law providing bank stockholders. ble liability for due the Federal The sum unpaid balance Agency the $80,000,000 loan negothe famous Dawes in 1932 for by General Bank Trust the Central Republic of which he was Company, after he retired man, shortly head of the RFC. the bank run forced prolonged after the loan close months to Deposit were made. National Bank assumed by City the Central and Trust out of the over equal the loan an amount heads the Dawes now reposits. City National. liabilities and assets Other transferred the bank were Republic Trust the Central which for two years Company. the bank's semiassets and paying debts. stated that State The RFC sult Barrett planned to Auditor E. company for take over the trust under state receiver. liquidation have for the most Other Habilities the sult part been paid debt left to the the RFC last. has been default The loan December 1932. was since basis made on temporary the RFC power guard give time the loan was made At the declined small loan to Dawes the or depositmeet emergency he would close the and said run RFC refused enough the fully. Other cash to cover deposits the effect of Chicago banks, major bank his point.