4348. Melrose Park State Bank (Melrose Park, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 18, 1931
Location
Melrose Park, Illinois (41.901, -87.857)

Metadata

Model
gpt-5-mini
Short Digest
05fb9b28a3d05982

Response Measures

None

Description

Articles state the Melrose Park State Bank was closed Dec. 18, 1931 at the request of its directors by State Auditor Oscar Nelson. Subsequent articles detail receivers' reports and liquidation activity. No contemporaneous run is described, so this is a suspension (closure) followed by receivership/liquidation; cause appears to be voluntary closing/request by directors.

Events (3)
1. December 18, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Closed Dec. 18, 1931 by State Auditor at the request of the bank's directors (voluntary request to close).
Newspaper Excerpt
Four banks in Cook county, three of them in western suburbs were closed today by State Auditor Oscar Nelson at the request of their directors. ... The Melrose Park State bank in the adjoining village had $200,000 capital, surplus and deposits totaling $800,000.
Source
newspapers
2. March 31, 1932 Receivership
Newspaper Excerpt
REPORTS GIVEN ON 20 ADDITIONAL CLOSED BANKS ... MELROSE PARK Cash Total conversion to Preferred claims paid ... [Closed Dec. 1931.] Cash on hand. 22,607 Total Losses on conversion of assets. Preferred claims paid 96,131 Paid creditors ... Balance due and expenses. ... MELROSE PARK STATE BANK. [Closed Dec. 1931.] Cash on hand. 22,607 Total Losses on conversion of assets. Preferred claims paid 96,131 Paid creditors ... Balance due and expenses. 3,920 Clerical hire. Legal expenses and attorneys' fees Miscellaneous 6,306
Source
newspapers
3. April 27, 1933 Other
Newspaper Excerpt
State Auditor Issues Reports on 20 More Closed Banks ... MELROSE PARK BANK ... [Closed Dec. Cash available for Receipts 437,698 Cash in trust for other Losses on of assets Total Dividends paid Balance due creditors Preferred claims paid 96,269 Secured claims ... Receiver's ... Attorneys' fees ... Clerical and miscellaneous ... Receipts Cash available for dividends. 30,530 ... Balance due creditors ... (receivers'/liquidation accounting discussed).
Source
newspapers

Newspaper Articles (5)
1. December 18, 1931 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 18, 1931

Click image to open full size in new tab

Article Text

Bank Suspensions. Chicago, Dec. 18 Four banks in Cook county, three of them in western suburbs were closed today by State Auditor Oscar Nelson at the request of their directors. The Maywood State bank with $200,000 capital and similar surplus, had $1,100,000 on deposit. The Melrose Park State bank in the adjoining village had $200,000 capital, surplus and deposits totaling $800,000. The Park Ridge State bank northwest of here, had $100,000 capital and $32,000 surplus, with on deposit. The Ashland State bank of Chicago was capitalized at $250,000. had $33,000 surplus and $280 000 deposits. Its deposits 18 months ago were $1,600,000.

2. December 19, 1931 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 19, 1931

Click image to open full size in new tab

Article Text

Bank Suspensions. Dec. 18 banks Cook three them in western suburbs were closed today by State Auditor Oscar Nelson the request Maywood State bank with capital similar suron deposit. Melrose Park State bank in the village had $200,000 capital, and deposits totaling $800,000 Park Ridge State bank northwest here had capital and surplus, with deposit. The Ashland State bank of Chicapitalized at had $33 surplus and $280,000 Its deposits 18 months ago were

3. April 21, 1932 Chicago Tribune Chicago, IL
Article from Chicago Tribune, April 21, 1932

Click image to open full size in new tab

Article Text

REPORTS GIVEN ON 20 ADDITIONAL CLOSED BANKS Receivers' Figures Made Public by State Auditor. State Auditor Oscar Nelson yesterday made public the reports of receivers of twenty closed banks, show. ing the financial condition of the banks on March 31. This list followed report on twenty other banks made public by the auditor on Monday. The reports follow: COMMERCE TRUST AND SAVINGS. H. Wilson, Cash Total 510,046 Preferred claims to creditors Balance due bank's creditors. 296 salary and expense. Clerical Legal and attorney 15,000 COMMERCIAL BK. OF CHICAGO HEIGHTS [B. Cash on hand. Losses on conversion cash claims 15,005 Paid Balance due bank's creditors salary and Clerical Legal and attorney CONGRESS PARK STATE. receiver. Cash Total resources conversion creditors Balance due bank's creditors Receiver's salary and hire. 343 Legal attorney 29,240 18,588 lected. Due to the fact some of the closed banks income in of their present expenses, such as that from rent and interest, the auditor that the net profit for these twenty banks is $17 For the forty so far this week, he said, the cost of the is 7.3 per cent and the net cost is .6 per cent. 415,248 661 1,517,821 Receiver's salary and Legal STATE. receiver. Cash Total resources Losses conversion to cash.... paid Balance due bank's Receiver's salary and expense. Clerical hire expense MELROSE PARK Cash Total conversion to Preferred claims paid Paid creditors Balance Receiver and Clerical hire and fees MONTROSE TRUST AND SAVINGS. [Charles B. Cash on hand Total Losses to cash claims paid Paid creditors Balance due bank Receiver and Clerical hire Legal expense and attorney fees. Cash on hand Total Losses on to claims Paid Balance due bank's creditors and expense Clerical hire Legal and attorney fee The also issued report showing the operating of the forty banks as compared with the total and the

4. January 25, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, January 25, 1933

Click image to open full size in new tab

Article Text

LOS ANGELES COLD SPELL IS BROKEN AFTER 8 DAY SIEGE Los Angeles, Cal., Jan. 24.-[Special.) eight day siege in southern California came to at least temporary halt today. Clear skies and sunshine replaced the rain, snow, hall, and cloudy skies that have prevalled since a week ago yesterday. The thermometer fell to 40 degrees in Los Angeles during the night. Smudging ever. In the region of San however, the storm gave no of abating. Three persons have lost their lives in blizzards. Balance due Receiver's salary and expenses. Clerical hire Legal and attorneys' MARSHALL STATE BANK. 2, 1931.] Cash on hand. Total resources Losses conversion of Faid to per Balance due Receiver's salary and expenses. Cierical hire Legal expenses and attorneys' fees Miscel PARK RIDGE STATE BANK. Dec. 18, 1931.] Cash on Total Losses conversion of assets. Preferred claims Paid to per Balance due Receiver's salary and expenses. Glerical Legal expenses and attorneys' fees STATE BANK. [Closed 18, 1931.) 8,004 Cash on hand. Total Losses on conversion Preferred claims Paid to creditors per Balance due 899 and expenses. Clerical 10,346 Legal expenses and attorneys' fees 9,133 4,662 MELROSE PARK STATE BANK. [Closed Dec. 1931.) Cash on hand. 22.607 Total Losses on conversion of assets. Preferred claims paid 96,131 Paid creditors [10 per cent] 69 Balance due and expenses. 3,920 Clerical hire. Legal expenses and attorneys' fees Miscellaneous 6,306 MORGAN PARK TRUST AND SAVINGS 1,458 886 16,663 795,951 74,981 4,333 537.615 4,503 4,353 6,973 6,972 871 281 2,281 of fees [Closed Jan. 1932.] Cash on Total resources. Losses Preferred claims expenses.... 8.106 8,332 STATE BANK 11.111 431 of per expenses... attorneys' fees 165 NORTH AVENUE STATE BANK [Closed June 18, of 159,248

5. April 27, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, April 27, 1933

Click image to open full size in new tab

Article Text

State Auditor Issues Reports on 20 More Closed Banks 26,073 2,000 1,310,679 penses Cash available for dividends. Receipts in trust for other purposes. on of Total resources Dividends paid [15%] Balance due creditors Secured claims paid Rathie, Wesemann, Hinckley & Barnard. attorneys for Receiver Edgar Olson. Attorney's SQUARE STATE BANK. [Closed Oct. of Cash available for dividends Receipts Losses on of assets Total Dividends paid due creditors Preferred claims paid 5,166 H. T. Chase Jr., Secured claims paid. 131 046 3,750 NOEL Receiver's salary Attorneys' June Clerical and miscellaneous Receipts pense 14.581 Losses on Cash trust for other Dividends paid Total resources Preferred claims paid Balance due creditors Secured claims paid Barrett attorneys for Receiver Receiver's John A. Pelka. Attorneys' fees Clerical and [Closed Dec. 18. 1931 Cash available for dividends. Receipts 420,335 Losses on of Dividends paid Balance due creditors Preferred claims Secured claims Receiver's salary 5,250 Attorneys' Clerical and miscellancous pense Receipts Cash for dividends. Losses on Cash trust for other purposes. Dividends paid Total 820 Preferred claims paid due Secured claims Receiver's salary for Attorney's fees MELROSE PARK BANK Clerical and [Closed Dec. Cash available for Receipts 437,698 Cash in trust for other Losses on of assets Total Dividends paid Balance due creditors Preferred claims paid 96,269 Secured claims A. Receiver's 4.970 Attorneys' fees 13,450 Clerical and miscellaneous pense 22,990 Receipts Cash available for dividends. 30,530 Losses on conversion Total Preferred claims paid due creditors Secured claims Gorman Savage for Receiver's salary Receiver Louis Nelson. Attorneys' fees STATE BANK Clerical and miscellaneous [Closed June 19. 1931. Receipts Total resources Losses of Balance due creditors Secured claims Receiver's salary 2.032 George Cardy. Clerical and miscellaneous Cash trust for other 530 Total resources Receipts on Lewe attorneys Dividends paid for Receiver Nelson Preferred claims paid MILLARD STATE BANK Secured claims paid [Closed Aug. 1930. Receiver's salary Receipts 008 Attorneys' fees of assets. 59,388 on Clerical and paid Preferred claims paid. 16.987 Total resources Secured claims 000 due creditors Receiver's 11,000 Attorneys' 21,500 Clerical miscellaneous C. W. Bainbridge. pense Cash available for Cash in trust for other 4.697 Total Balance due 482,138 Barrett attorneys for Receiver Will H. Wade MONTROSE TRUST [Closed May attorney AND SAVINGS Receipts Losses on conversion of assets 26,524 Preferred claims Secured claims paid. 79,556 Receiver's 5,433 Attorneys' 7,500 Clerical and 14,296 Cash trust for other purposes Total Balance due Leonard for Receiver MORGAN PARK TRUST AND SAVINGS BANK BANK. [Closed Sept. 10. 1931.) of expense Cash in trust for other purposes. Brown, Fox Blumberg, attorneys for Re- $5,196,245 688 2,346,333 1,140,589 12,000 80,000 151.081 294,548 Receiver 3,553 95,000 Receipts 163,129 Losses on conversion of assets. Preferred 2,738 Secured claims paid Receivers' 3,280 Attorneys' fees 5,000 Clerical and 21,829 Cash available for dividends Total 863,692 due creditors 596,851 attorneys for Receiver 35.315 of assets. 77 1,350 750 expense 609 150,061 Sectired claims paid. Receiver's salary Attorney's fees 138,907 Clerical and Cash available for Cash in trust for other Total 16,000 Balance due 32,896 for Receiver H. 587.820 187,535 50,504 1.740 9.101 3.345 384,907