Drexel State Bank - Chicago, IL

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: June 29, 1932
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 18c58f7b

Response Measures

Accommodated withdrawals, Public signal of financial health

Other: Offered to forgive loss of interest if funds redeposited before July 1 and left until Sept. 1.

Description

Newspaper (Jun 29, 1932) describes withdrawals over the prior ten days; bank remains open and offered incentives to redeposit interest, no suspension or closure mentioned.

Events (1)

1. June 29, 1932 Run

Cause: Local Banks
Cause Details: Withdrawals driven by depositor worry over numerous recent failures of other banks.
Measures: Offered that depositors who redeposit before July 1 and leave funds until Sept. 1 would not lose interest due July 1 (incentive to redeposit).
Newspaper Excerpt: The Drexel State bank, a south side neighborhood institution, has been subject to withdrawals by depositors worried over numerous recent failures.
Source: newspapers

Newspaper Articles (1)

1. June 29, 1932 The Indianapolis Times Indianapolis, IN

Article from The Indianapolis Times, June 29, 1932

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Article Text

BANK TO FORGIVE ITS CUSTOMERS' PANIC Announce No Loss of Interest If Funds Are Redeposited. By United Press CHICAGO, June 29.-At least one Chicago bank is willing to "forgive and forget" the lack of confidence its depositors have shown in the last ten days. The Drexel State bank, a south isde neighborhood institution, has been subject to withdrawals by depositors worried over numerous recent failures. Today the bank announced that those who withdrew their money would not lose the interest due on it July 1 if they redeposited it before that date and agreed to leave it there until Sept. 1.