4374. Dressel Commercial and Savings Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 27, 1920
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
73b89375

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Dec 27–29, 1920) state the bank remained closed, creditors petitioned federal court, and the Chicago Title & Trust Company was appointed receiver after losses from three holdups. No run or depositor panic is mentioned — closure resulted in receivership.

Events (2)

1. December 27, 1920 Receivership
Newspaper Excerpt
The Chicago Title and Trust company was appointed receiver; creditors petitioned Judge Carpenter to adjudge the bank bankrupt; president Andrew Dressel could not be found.
Source
newspapers
2. December 27, 1920 Suspension
Cause
Government Action
Cause Details
Creditors petitioned federal court and a receiver (Chicago Title & Trust Company) was appointed after bank funds were depleted by repeated holdups/robberies.
Newspaper Excerpt
Three visits during the last three years from bandits ... To-day the bank was forced into the hands of a receiver.
Source
newspapers

Newspaper Articles (10)

Article from The New York Herald, December 28, 1920

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Article Text

BANDITS CAUSE BANK FAILURE. Chicago Institution Goes Into Receivership. Special Despatch to THE NEW YORK HERALD. CHICAGO, Dec. 27.-Three visits during the last three years from bandits who made hauls on two of the raids proved too much for the Dressel Commercial and Savings Bank of Chicago. To-day the bank was forced into the hands of a receiver. The bank was held up first on December 23, 1918, when $6,000 was taken. and again on April 24, 1919, when $1,250 was taken. The third time was on June 16 of this year, when three men in an attempt to hold up the bank killed Louis Rouillard, 48 years old, a depositor. who resisted the robbers. The bandits failed to get any money the last time.


Article from New-York Tribune, December 28, 1920

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Article Text

Chicago Bank Wrecked By Losses in Hold-Ups Special Dispatch to The Tribune CHICAGO, Dec. 27.-The Dressel Commercial and Savings Bank, 2322 West Roosevelt Road, the scene of three holdups in the last two years, was placed in the hands of a receiver to-day by Federal Judge Carpenter. It is believed that the raids of the robbers, which netted them $7,250, placed the bank in an embarrassing position. Special Dispatch to The Tribune FARGO, N. D., Dec. 37.-Three more Non-partisan League banks closed their doors to-day. They were the First Farmers' Bank of Minot, the Security State Bank of Carpio and the Peoples' State Bank at Hatton. In the last two months twenty-seven state banks in North Dakota have closed. The Minot and Carpio banks had aggregate deposits of about $400,000 and capital of $65.000. The Hatton bank had deposits of $100,000 and capital of $50,000. Officials said the institutions were solvent and would open. PRIMEVILLE. Ore., Dec. 27.-The Crook County state bank of this place failed to open its doors to-day. Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.


Article from Omaha Daily Bee, December 28, 1920

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Article Text

Raids by Burglars Force Bank to Close Chicago, Dec. 27.-Depositors of the Dressel Commercial and Savings bank waited in vain for its doors to open today and when the president, Andrew Dressel, could not be found, creditors petitioned Judge Carpenter in federal district court to adjudge the bank bankrupt. The Chicago Title and . Trust company was appointed receiver. Other bank officials said the Dressel bank's funds had been depleted through the operations of holdup men and burglars during the past two years.


Article from Daily Kennebec Journal, December 28, 1920

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Article Text

SAY BURGLARS CAUSED FAILURE CHICAGO BANK Chicago, Dec. 27-Depositors of the Dressel Commercial and Savings bank waited in vain for its doors to open today and when the president, Andrew Dressel, could not be found, creditors petitioned Federal Judge Carpenter to adjudge the bank bankrupt. The Chicago Title and Trust Company was appointed receiver. Other bank officials said the bank's funds had been depleted through the operations of hold-up men and burglars during the past two years.


Article from Alexandria Gazette, December 28, 1920

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Article Text

CHICAGO BANK CLOSED; PRESIDENT IS MISSING Chicago, Dec. 28.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open vesterday and when the president Andrew Dressel, could not be found, creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bankrupt. The Chicago Tile and Trust Company was appointed receiver, Other bank officials said the Dressel bank's funds had been depleted through the operations of hold un men and burglars during the past two years. Minot. N. D., Dec. 28.-The First Farmers' Bank of Minot was closed yesterday. Depleted reserve was given as the reason. The First Security Bank of Carpio, N. D., associated with the First Farmers of Minot, was closed yesterday afternoon. The closing of the People's State Bank at Hatton, N. D., was announced in Fargo. Princeville, Ore., Dec. 28.-The Crook County State Bank. of this place. failed to open its doors yesterday Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.


Article from Every Evening, Wilmington Daily Commercial, December 29, 1920

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Article Text

CHICAGO BANK CLOSED. Three in North Daketa Also Forced to Shut Doors. Chicago, Dec. 29.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open Monday and when the president. Andrew Dressel. could not be found. creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bank rupt. The Chicago Title and Trust Company was appointed receiver Other bank officials said the Dressel bank's funds had been depleted through the operations of hold-up men and burglars during the past two years. Minot. N D. Dec. 29.-The First Farmers Bank of Minot was closed Monday Depleted reserve was given as the reason The first Security Bank of Carpio, \ D., associated with the First Farmers of Minot. was closed Monday afternoon. The closing of the People's State Bank of Hatton. N. D., was announced in Fargo.


Article from Baraboo Weekly News, December 30, 1920

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Article Text

At Chicago the Dressel Commercial and Savings bank, robbed three time when it could ill afford the losses, has gone into the hands of a receiver.


Article from Wauwatosa News, December 31, 1920

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Article Text

BANDITS RUIN CHICAGO BANK Three Holdups by Highwaymen Force Dressel Institution Into Receiver's Hands. Chicago, Dec. 29.-Three visits during the last three years from bandits who made rich hauls on two, of the raids proved toe much for the Dressel Commercial's and Savings bank. It was forced into the hands of a receiver.


Article from The Winslow Mail, December 31, 1920

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Article Text

THUGS AND BURGLARS CLOSE CHICAGO BANK Chicago, Dec. 27.-Its funds depleted by holdup men and burglars in the last two years, the Dressel Commercial and Savings Bank remained closed today. Andrew Dressel, the president, could not be found, and creditors petitioned the Federal District Court to declare the bank insolvent. The Chicago Title and Trust Company was appointed receiver.


Article from Fulton County Tribune, January 6, 1921

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Article Text

Bandits Ruin Chicago Bank. Chicago, Dec. 29.-Three visits during the last three years from bandits who made rich hauls on two of the raids proved too much for the Dressel Commercial and Savings bank. It was forced into the hands of a receiver.