National Bank - Chicago, IL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 1867
Charter Number: 1867
Start Date: April 1, 1877
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 7df18ded

Response Measures

Full suspension

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1896-12-21
Date receivership terminated: 1906-09-30
OCC cause of failure: Losses
Share of assets assessed as good: 54.9%
Share of assets assessed as doubtful: 10.7%
Share of assets assessed as worthless: 34.4%

Description

Article (Chicago Daily Tribune, 1877-04-01) reports depositors withdrawing freely on rumors of unsoundness and that the bank closed its doors at 1 o'clock to-day. It describes a run that led to a suspension; no clear information about a subsequent reopening is provided, so outcome is uncertain.

Events (4)

1. August 29, 1871 Chartered

Source: historical_nic

2. April 1, 1877 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumors of the bank's unsoundness prompted heavy withdrawals over several days prior to closure.
Newspaper Excerpt: Rumors of unsoundness caused depositors to withdraw their money freely the past few days
Source: newspapers

3. April 1, 1877 Suspension

Cause: Rumor Or Misinformation
Cause Details: Suspension followed after depositors withdrew funds amid rumors of unsoundness; article calls it a suspension that created consternation.
Newspaper Excerpt: National Bank here closed its doors at 1 o'clock to-day.
Source: newspapers

4. December 21, 1896 Receivership

Source: historical_nic

Newspaper Articles (1)

1. April 1, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, April 1, 1877

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Article Text

National Bank here closed its doors at 1 o'clock to-day. Rumors of unsoundness caused depositors to withdraw their money freely the past few days, yet the suspension created some consternation. The bank suffered from the panic of 1873, and in 1875 instituted a suit against the Woodworth Carret Company for nearly one-million, and was defeated. Suspension followed. but the bank again resumed, and struggled along till the present quarterly statement, rendered Jan. of showed tne resources to be $675,000 and liabilities the same figure. PHILADELPHIA, March 31.-P. T. Wiltbank & Co., stock brokers, suspended to-day. Liabilities not known. NEW YORK, March 31.-The suspension of George D. Monroe was reported to the Stock Exchange, and a small amount of stocks for his account sold out under the rule.