Diversey Trust & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: June 13, 1931
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: bef32b74

Response Measures

None

Description

Newspapers report the Diversey Trust & Savings Bank was closed/taken over by the State auditor on June 13, 1931 and later placed in receivership. No article describes a depositor run; the action was a government takeover and subsequent receivership/closure.

Events (2)

1. June 13, 1931 Suspension

Cause: Government Action
Cause Details: Taken over by the State auditor's office and closed on June 13, 1931.
Newspaper Excerpt: Two more outlying banks in the Chicago area closed their doors today. The Diversey Trust and Savings Bank ... were taken over by the State auditor's office.
Source: newspapers

2. July 23, 1931 Receivership

Newspaper Excerpt: The auditor named receivers for the Diversey ... bank the ... closed on June ... Glen ... receiver for the Diversey Trust and Savings closed on June 13, listed total sources of $1,023,470 (reporting later). The auditor named receivers ... (article lists receivers and later receiver reports).
Source: newspapers

Newspaper Articles (4)

1. June 13, 1931 The Washington Times Washington, DC

Article from The Washington Times, June 13, 1931

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Article Text

Two More Chicago Banks Are Closed CHICAGO, June 13 (I.N.S.). Two more outlying banks in the Chicago area closed their doors today. The Diversey Trust and Savings Bank and the Des Plaines State Bank, Des Plainese, Ill., were taken over by the State auditor's office. In the last financial statements, they respectively had deposits of $1,060,000 and $1,500,000. Meantime plans for reorganization were being considered by directors of the more than two dozen institutions which suspended business earlier this week following two huge mergers of loop banks Monday.

2. July 23, 1931 Chicago Tribune Chicago, IL

Article from Chicago Tribune, July 23, 1931

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Article Text

Bank Receivership Collections Shown cago district which are in the hands. Of in there are eleven banks for which are yet to be appointed. Most of banks in which were not included in yesterday's report closed too to have had analyses made. Reports to the public are to be made Mr. Nelson said. Three More Receivers Named. The auditor named ceivers for the Diversey the Roosevelt and Twelfth Street Glen bank the sey and & muth closed of and of of the is to as the Floyd M. attorney. The bank it closed on June resources of $222,932 and deposits of $104,373. Mr. Nelson and Mr. Kenlay were also er and for Twelfth Street bank respectively, which closed the on June 29 with resources of $385,886 and deposits of The following table, forming a part of State Auditor Nelson's report banks now in the of the state collected so far by their at date of their the and the amounts The receivers and salaries and bursements Date Total BINGA 73,673 receiver 957,875 365,196 5,136,409 3,859,919 Urion, PK. 29,313 572,213 307,489 976 Frank 25,364 CITIZENS 1,024,043 626,105 116,502 Nelson CITIZENS 1,944,458 1,193,777 CITY 4,522,881 1,735,801 receiver. 1,393,093 receiver. COMMERCE 247,433 83,518 1,741,320 559,744 TRUST 8,108 5-14-31 BANK 2,405,742 130,727 14,985 OF 457,251 106,402 85,756 VIEW 1,499,309 Green LANSING BANK 43,287 Gorman 8-16-30 LARAMIE 712,129 81,310 20,570 receiver. 3,600,000 Dunbar 8-15-30 BANK 970,656 762,883 293,690 Barrett 2,707 4-14-31 STATE 1,203,423 165,881 STEISKAL 1,107,265 616,523 PEOPLE'S 572.412 181.250 Busscher 132.870 STATE BANK 458,997 323,460 Title Co., OF 447,484 99,281 Weinfeld. BANKERS 1,249,644 133,193 119,152 5-14-31 738,059 74,508 1,898 Litsinger 1-28-30 WEST CENTRAL 805,100 Bernard Totals

3. September 16, 1931 Chicago Tribune Chicago, IL

Article from Chicago Tribune, September 16, 1931

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Article Text

RECEIVERS MAKE REPORTS ON 7 CLOSED BANKS Slow Collections Shown to by Statements. Statements present condition of seven closed banks to Cook county were Issued yesterday by the bank receivers concerned, and were made public by Auditor Oscar Nelson. Similar statements concerning other closed banks will be as the auditor announced. In effect each accounting of stewardship by each bank Among the significant items listed are receipts collected the first item indicating the receiver's success as debt collector and the second ing his thrift in performing his task. In general the statements indicate that have been slow and difficult. They indicate further that the have been extraordinarily frugal in out item on which the state audian tor has been criticized on the ground of extravagance. Report on Cicero Bank. Robert M. receiver for the Cicero Trust and on April listed total receipts of 810, $49,185 cash on hand. He at $39 334, $18,994 which he had to meet as bills payable. His itemized list of follows: Preferred claims paid. 9,670 Receiver's salary and expenses 1.482 Legal expenses and attorney's 630 Clerical 4,282 2,886 Auditor's closing 2,010 Bills payable and 18,994 William Busse receiver of the Des Plaines State bank, closed on 12, listed at and at only The losses of the capital stock, and undivided profits, he fixed at $411,587 He itemized his as follows: None Receiver's salary and expenses 602 Legal expense and fee None Clerical hire 633 Auditor's in bank 1,035 Lists Resources at $1,023,470. Glen C. Hodges, receiver for the Diversey Trust and Savings closed on June 13, listed total sources of $1,023,470. He placed total receipts at at His itemized ments Receiver's salary and expenses Legal expense and attorney's fee Clerical hire expenses 1,562 Auditor's 825 Bills payable paid receiver for the Lansing closed on Feb. placed total at cluding $48,521 on hand. He listed receipts of and $49,687 He itemized disbursements follows. Preferred claims paid Receiver's salary and expenses Legal expenses and attorney's fees. 97 Clerk and 2,057 Auditor's expense Bills payable 39,684 Receiver Makes Statement. Francis Karel the Lyons State closed on June placed total including 693 on hand. He listed total receipts and total ments at follow Preferred 1,879 Receiver's Legal expense and items Auditor's in closing bank Bills payable Carl of the State closed 14, placed total 400, $30,586 cash He placed total receipts at $125,949 and Receiver's salary expense and Clerk and hire 1,70

4. September 26, 1931 The Afro-American Baltimore, MD

Article from The Afro-American, September 26, 1931

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Article Text

CHICAGO HIT HARD BIG PRICE BANK RECEIVERS $10,000 to $20,000 Charged as Fees to Colored Depositors. WHITES SMALLER $494 Charged when Ofay Banks Failed. CHICAGO. tigation of reports of banks closed here during the past 18 months reveals that the cost of liquidation white banks has been extremely low when compared to other banks of similar standing. Large expenditures for receiver's pay, legal expense clerk hire and are noted as the reports of colored banks are compared with white banks. Three of these banks which have comparatively white depositors, are the Binga State, Roosevelt Bankers State and the Citizens' Trust Savings Edward H. Morris, receiver for the Binga Bank, reported hand against which due bank's creditors. is expected to be paid, September Spent $85,000 The receiver's report disthat has been for legal expenses and attorney's which James Cashin, Morris' partner, received $10,000; for dstenographer and miscellaneous Receipts under the listed 157.95. total disbursements at Total receipts for the RooseveltBankers State bank disbursements, $150,293 The Trust this Among the receiver's and expense account of legal $15,543; clerical hire and expenses which just about gobbled that the took Zuehls, white was appointed Savings receipts were and his this case the salary expenses flat expenses, clerical penses, Whites Spent $3,800 Reports on twelve located in are available the Diversey Trust Savings Bank with ceipts and the ments, as and penses, $465 legal expenses torney's clerk stenographer hire, and miscellanexpenses, the report of the Noel State Bank be the Citizens' and Savings The Noel receiver has in ceipts to and bursed $465,657 The ary $694; There no legal expenses listed No Pay for Morris In the the Binga bank der that he the receiver not to report salary for himself. Sometime reported that he allowed $5,000. There been complaint against the high cost of receiverships which eat up the monshow that there element in the city struck as receiverships people stand ter in and other in up the the tangled affairs of the banks.