Imperial Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: July 1, 1906*
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 818c534f

Response Measures

None

Description

Article (1906-07-13) reports the Imperial Bank at 175 Jackson Boulevard suspended operations while its president Louis A. Gourdain was serving a prison sentence for operating a lottery. No run is mentioned. The piece states the bank closed all of its departments, discharged its clerks and awaited the return of the president, implying a temporary suspension with possible resumption; no formal reopening or receivership is reported. Bank type not specified in article; marked unknown.

Events (1)

1. July 1, 1906* Suspension

Cause: Bank Specific Adverse Info
Cause Details: President Louis A. Gourdain was convicted and imprisoned for operating a lottery, prompting suspension of operations while awaiting his return.
Newspaper Excerpt: During the weeks he has been in prison the bank closed all of its departments, discharged its clerks and awaited the return of the president.
Source: newspapers

Newspaper Articles (1)

1. July 13, 1906 The Fairmont West Virginian Fairmont, WV

Article from The Fairmont West Virginian, July 13, 1906

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Article Text

BANKER REFUSES TO LEAVE PENITENTIARY Case Appealed, But will Keep Prom: ise to Juny to Serve Out Sentence. CHICAGO the July 13-Louis A Goordain convicted in the united States District Court of operating a lottery game, refused to sign a bond of $10.00 for his temporary release from the penitiary pending an appeal of his case. Meanwhile officials - of the Imperial Bank, at 175 Jackson Boulevard, were awaiting the return of their president to resume operations in the banking business, which have been suspended during Gourdain's absence at Joliet. Gourdain refused to sign the bond on the plea that he had promised the jury that convicted him that he would serve out his sentence in the penitentiary, Gourdain's wife and young boy pleaded with him in the office of the clerk of the United States Court of Appeals, but the banker sat with bowed head and refused to comply with their wishes. He will stay at Joliet unless his counsel can persuada him to change his mind. During the weeks he has been in prison the bank closed all of its departments, discharged its clerks and awaited the return of the president. Now the officials are. uncertain what to do.