Article Text
CLOSE MT. CARMEL BANK AFTER RUN Springfield. III., Oct. 24. Closing of the Mount Carmel Trust and Savings Bank was ordered to stop a run on the institution, the result of "slom loans," State Auditor Russell said today.
4385. Mount Carmel Trust & Savings Bank (Mount Carmel, IL)
Bank Information
- Episode Type
- Run → Suspension → Unsure
- Bank Type
- trust
- Start Date
- October 24, 1919
- Location
- Mount Carmel, Illinois (38.411, -87.761)
Metadata
- Model
- gpt-5-mini
- Short Digest
043030efa8611eca
Response Measures
None
Description
Newspaper accounts (Oct 24-25, 1919) report a run on the Mount Carmel Trust & Savings Bank and that closing of the bank was ordered to stop the run. The cause is attributed to slow loans (adverse bank-specific loan quality). The articles do not state whether the closing was permanent or if the bank later reopened, so I classify the sequence as a run leading to a suspension with outcome unsure.
Events (2)
1.
October 24, 1919
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Withdrawals/run attributed to poor or slow loans at the bank (adverse loan quality).
- Measures
- State ordered closing of the bank to stop the run.
- Newspaper Excerpt
- Closing of the Mount Carmel Trust and Savings Bank was ordered to stop a run on the institution, the result of slom loans, State Auditor Russell said today.
- Source
- newspapers
2.
October 24, 1919
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- State-ordered closing/suspension intended to stop the run caused by the bank's slow/poor loans.
- Newspaper Excerpt
- Closing of the Mt. Carmel Trust and Savings bank was ordered to stop a run on the institution, the result of slow loans, State Auditor Russell said today.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
Springfield, III., Oct. 25.-Closing of the Mt. Carmel Trust and Savings bank was ordered to stop a run on the institution, the result of "slow loans," State Auditor Russell said today.