4581. Midland National Bank (Chicago, IL)

View Charter #13036 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
13036
Charter Number
13036
Start Date
June 25, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
acbc5f89

Response Measures

Full suspension

Other: Receiver appointed by Comptroller; bank closed and placed in receivership.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-06-27
Date receivership terminated
1939-03-10
Share of assets assessed as good
12.1%
Share of assets assessed as doubtful
72.2%
Share of assets assessed as worthless
15.8%

Description

Multiple newspapers (June 25, 1932) report Midland National Bank closes doors amid heavy withdrawals/runs in Chicago; a receiver (M. E. Jensen) was appointed by the Comptroller and took charge by June 28, 1932, indicating permanent closure/receivership. Cause of run/suspension appears linked to runs on local Chicago banks (contagion), not a specific misinformation event.

Events (5)
1. January 31, 1927 Chartered
Source
historical_nic
2. June 25, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and runs in Chicago banking district; contagion from other local bank failures/closures prompted withdrawals at Midland National.
Measures
None reported in articles
Newspaper Excerpt
HEAVY RUNS LAUNCHED BANKS IN CHICAGO ... Kasper American State Bank. Midland National Bank, Central ...
Source
newspapers
3. June 25, 1932 Suspension
Cause
Local Banks
Cause Details
Bank closed its doors amid the heavy withdrawals/runs affecting several Chicago banks that day; closure appears defensive to conserve assets pending resolution or examiner action.
Newspaper Excerpt
Midland National Bank, Chicago, with $600,000 deposits, closes doors.
Source
newspapers
4. June 27, 1932 Receivership
Source
historical_nic
5. June 28, 1932 Receivership
Newspaper Excerpt
M. E. Jensen ... has been named receiver for the Midland National bank of Chicago and took up his duties there this morning. The appointment ... by the comptroller of the currency at Washington late Monday ... took up his duties today (reported June 28).
Source
newspapers

Newspaper Articles (5)
1. June 25, 1932 The Cleveland Press Cleveland, OH
Article from The Cleveland Press, June 25, 1932

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Article Text

INVESTORS' SUMMARY BANK AND INSURANCE Kaspar-American State Bank and Central Manufacturing District Bank, both of Chicago, close doors; aggregate deposits were $7,400,000. Midland National Bank, Chicago, with $600,000 deposits, closes doors. FOOD Stockholders of U. S. Dairy Products Corporation approve plan to acquire assets of Dairy Operators Co. *Snider Packing Corporation reorganization plan declared opeΓative. IRON AND STEEL Inland Steel Co. gets $480,087 tax refund from Bureau of Internal Revenue. RAILROAD St. Louis-San Francisco Railroad to get $2,014,000 mortgage bonds back from Railroad Credit Corporation and pledge same as collateral for loan of $2,805,175 from Reconstruction Finance Corporation. Great Northern Railroad omits dividend on preferred stock. Pensylvania Railroad net operating income five months ended May was $16,415,029 vs. $19,073,121 in like 1931 period. Lehigh Valley Railroad net operating income in five months to May was $1 475,222 vs. $2,416,089 in like 1931 New York, Ontario & Western Railroad net operating income in five months to May 31 was $816,810 vs. $539,568 in like 1931 period. Maine Central Railroad net income in May was $23,966 vs, $13,017 in 1931. Canadian Pacific Railroad gross income third week in June was $2,581,000 vs. $2,866,000 in like 1931 week. St. Louis Southwestern Railroad gross income second week in June was $243,200 VS. $403.837 in like 1931 UTILITY People's Gas, Light & Coke Co. places stock on $5 annual basis vs. dividend of $1.25 recand payment Public Service Co. of Northern Illi nois by executive committees. Consolidated Gas Utilities balance available for taxes and dividends year ended May 31 was $261,633 vs. $626,944 preceding fiscal year. Montreal Light, Heat & Power Co. net profit four months ended April 30 was $4,493. 487 vs. $4,304,232 in like 1931 period. Consolidated Gas Co. of N. Y. net income year ended March 31 was $65,416,614 vs. $69,667,373 in preceding fiscal year.

2. June 25, 1932 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, June 25, 1932

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Article Text

HEAVY RUNS LAUNCHED BANKS IN CHICAGO CHICAGO. June Fred Louis Chicago's preachLoop banks his scheduled sermon. banks in Chi- altar Lohmann the Although tion sermon predicted the walked took banks would and returned their seats. The peak tomorrow promi- continued until after said midnight. Puncher Preacher" He deposit the been that investments were in southern Texas. Three be held with find, the closing accounts that much money less ton baptizing service will precede the sermon. the Kasper American State Bank. Midland National Bank, Central ROSENWALD ESTATE and total deposits INVENTORY IS FILED $10,300,000.

3. June 25, 1932 The Kokomo Tribune Kokomo, IN
Article from The Kokomo Tribune, June 25, 1932

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Article Text

Chicago, five banks closing the number quitting business day; because withhere this month drawals reached total of The the the Central Manclosed District located ufacturing bank, the industrial district just in had deposits of yond the loop. other banks closed been smaller institurecently have most of them neighborhood tions, depositories. instances the directors In most action close and officers took the banks conserve assets. institutions closed Friday Other the Midland National included National bank, bank. Bank Woodlawn National State bank.

4. June 28, 1932 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, June 28, 1932

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Article Text

E. JENSEN TO BE RECEIVER OF CHICAGO BANK Cashier of Taylorville National Bank Named Receiver Midland National Bank. M. E. Jensen, eashier of the Taylorville National bank, has been named receiver for the Midland National bank of Chicago and took up his duties there this morn- ing. The appointment of Mr. Jensen to this position takes him back to the work he did before he was named eashier of the local bank at the time of its reorganization in February, 1930. Mr. Jensen came to Taylorville during the latter part of November, 1929, as receivor of the First National bank. He held that position until he was called to the Taylorville National bank. When the assets of the Taylorville National bank were sold to the Farmers National bank recently, Mr. Jensen was retained by the directors of the bank to take charge of the liquidation of assets. comptroller of the currency at Washington late Monday, ordering him to report for his new duties today. A. L. Shrout, president of the former Taylorville National bank, will assume the duties of Mr. Jensen at the local bank until his successor is named by the directors. The Jensens have made many friends during their stay here, who will regret to see them leave, but wish them success in their new position. Mrs. Jensen and children will remain here for a time before joining Mr. Jensen.

5. June 29, 1932 The Decatur Daily Review Decatur, IL
Article from The Decatur Daily Review, June 29, 1932

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Article Text

TAYLORVILLE MAN NAMED RECEIVER OF CHICAGO BANK Taylorville-M. E. Jensen, cashier of the Taylorville National bank and in charge of that bank's voluntary liquidation, Tuesday became receiver of the Midland National bank, Chicago. He was appointed receiver on Monday by the comptroller of the currency at WashingD. C. Mr. Jensen had been cashier of the local bank since its reorganization in 1930. When the assets of this bank were sold to the Farmers National bank, Mr. Jensen was retained by the directors to liquidate. A. Shrout, former president of the Taylorville National bank, will assume the duties formerly handled by Mr. until successor appointed by the directors.