Cook County National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1845
Charter Number: 1845
Start Date: January 1, 1872*
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 596cd5c1

Response Measures

None

Receivership Details

Depositor recovery rate: 14.9%
Date receivership started: 1875-02-01
Date receivership terminated: 1883-11-20
OCC cause of failure: Losses
Share of assets assessed as good: 30.7%
Share of assets assessed as doubtful: 61.8%
Share of assets assessed as worthless: 7.5%

Description

Article (1890) recounts the historical collapse/failure of the Cook County National Bank during the Panic of 1872. No run is described in the excerpt; the bank 'failed' in the panic and did not resume (closure). Date taken from article reference to the Panic of 1872.

Events (3)

1. July 8, 1871 Chartered

Source: historical_nic

2. January 1, 1872* Suspension

Cause: Macro News
Cause Details: Failed during the Panic of 1872 (systemic financial panic)
Newspaper Excerpt: The Cook County National Bank had failed in the panic 0! 1872.
Source: newspapers

3. February 1, 1875 Receivership

Source: historical_nic

Newspaper Articles (1)

1. March 18, 1890 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, March 18, 1890

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Article Text

A BANK WRECKER RETURNS. D. D. Spencer Returns to Chicago After an Absence of Thirteen Years. CHICAGO, March 17.-D. D. Spencer, to whose bad management was attributed the ruin and misery which followed the collapse of the Cook County National Bank and the State Savings Institution in 1877, arrived in Chicago after an absence of over 13 years. As a banker Spencer's career is without a parallel in the history of Chicago and almost of the entire country. In the ruin of the institutions which collapsed under his management, the savings of many hundreds of people were swallowed up, and widespread misery were entailed. As President of the State Sayings Institution he loaned immense sums to himself on promissory notes and worthless paper, with the result that the institution soon went down. The Cook County National Bank had failed in the panic 0! 1872. Just before the crash of the State Savings Institution Spencer absconded and located in Stuttgart, Germany, where he has lived since that time until recently, when he returned to this country. The indictments which were found against him at the time of the failure have long been stricken from the docket.