4280. Chicago Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 10, 1930
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
21d6815f

Response Measures

None

Description

Articles indicate a receiver was named for the Chicago Bank on December 10, 1930 (closure/receivership). A later article (Jan 3, 1931) describes efforts (jazz band, bringing cash) to check a run on the Chicago Bank, but the reporting and indictments (April 1931) about unauthorized loans/overdrafts point to bank-specific adverse information and a final receivership. Sequence: suspension/receivership leading to closure; contemporaneous reports mention runs/efforts to calm depositors. OCR errors corrected (e.g., fragmented sentences in Article 1).

Events (3)
1. December 10, 1930 Receivership
Newspaper Excerpt
MARION BANK RECEIVER NAMED FOR CHICAGO BANK December 10, 1930.
Source
newspapers
2. January 3, 1931 Run
Cause
Local Banks
Cause Details
Run reported in context of a neighboring bank having closed, prompting depositor agitation and heavy withdrawals from the Chicago Bank.
Measures
Brought $2,000,000 in cash to downtown banks; hired a jazz band to calm/occupy crowds and reassure depositors.
Newspaper Excerpt
the bitter Jazz Band Hired to Check Run on Chicago Bank ... The motorman brought $2,000,000 cash ... and the jazz band play, and the crowd made the
Source
newspapers
3. April 22, 1931 Other
Newspaper Excerpt
Charges against ... The failure the Chicago bank ... indictment against its president, Hazel K. Groves ... filed affidavit against Groves charging him with honoring an overdraft ... charged ... unauthorized loans to other bank officials.
Source
newspapers

Newspaper Articles (3)
1. January 3, 1931 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, January 3, 1931

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Article Text

the bitter Jazz Band Hired to Check Run on Chicago Bank preventing runs banks. Albany National Bank company used jazz band and Mob psychology starts runs, the early bankers figured. ought Foley, them. When neighboring twisted bank closed Friday morning the officers wasted no time hospital. Two for threatened While children, who were at the door positors put up sign: can your money any time you want The motorman brought $2,000,000 cash from wreckage for downtown banks and assured deposibank sound. trace They then jazz band play, and the crowd made the

2. April 22, 1931 Palladium-Item Richmond, IN
Article from Palladium-Item, April 22, 1931

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Article Text

Bankers Face Result of Charges Lake County Probe GARY, Ind., April officials First Trust and ings bank of Hammond and the State bank East both tutions, today charges in connection with their failure. Charges against the Hammond bankers indictments by the county grand jury The failure the Chicago bank not indictment against its president, Hazel K. Groves, also is Lake county Prosecutor Robert Estill, howfiled affidavit against Groves charging him with honoring an overdraft his account. Unauthorized Peter of the First Trust bank, charged one indictment with ing unauthorized loans to other bank officials. He alleged to have made without the of notes other evidences indebtedness four loans to other officials totaling $22,239. Walter E. Meyn, vice president; Clifford Etling. Norman Bridge. treasurer, indicted jointly two counts on charges of conspiracy three $23,and

3. June 10, 1931 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, June 10, 1931

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Article Text

FORMER BENTON MAN KILLED IN MICHIGAN SALINE SUPERVISORS NAME COUNTY OFFICERS Joe Greenfield former resident and musical director of this city was killed an auto at Escan. advices received by relatives here today Greenfield was 56 and resident here many years prior his removal to Michigan He was leader of the Benton Concert band for many years widely known over this section of the MARION BANK RECEIVER NAMED FOR CHICAGO BANK December 10, 1930. has been in inquiry Cause of Death Unknown (Special) Hanley, 70. farmer near Energy. died at his home this afternoon from "causes unknown. according to W. E. Moore June chancery term of the Hamilton county circuit court convened here yesterday with Judge J. C. Kern on the bench. A suit filed by Wilford Huggins, a depositor of the defunct First National bank of this city. against Val B Campbell of that insti tution. for 81,250 on certificate of deposit, was until the September term of court. Eulah L, Bowers was granted a divorce from George A. Bowers, with restoration of maiden name: Ruth Esther Gholson divorce from James Everett Gholson, and custody of HARRISBURG III. June (Special Three county offices were filled by appointment or confirmation Monday by the board of supervisors at their June meeting. Ralph D. Brown was appointed county superintendent of highways filling the vacancy caused by the death of C. E. Drake: George Barrowman of Eldorado was approved A niece. Mrs George Brown of this as county mine inspector after he had and -in-law, Mrs. Sally been elected few weeks ago by the Ann Coulson of Buckner were the local unions in the county and only known relatives in this county Claude Butler was named of Funeral and interment will take keeper place at Escanaba tomorrow