4604. National Bank of Woodlawn (Chicago, IL)

View Charter #11980 on SPMC

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
11980
Charter Number
11980
Start Date
June 24, 1932
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
403533e9

Response Measures

Full suspension

Other: Articles indicate heavy withdrawals (a run) that caused the bank to fail to open (suspend) and likely close permanently.

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1932-06-25
Date receivership terminated
1939-02-11
Share of assets assessed as good
8.2%
Share of assets assessed as doubtful
86.9%
Share of assets assessed as worthless
4.9%

Description

Articles (June 24 and June 30, 1932) report heavy withdrawals and that the National Bank of Woodlawn failed to open/failed to ... Friday after runs triggered by uneasiness over other South Side closings. No article states the bank reopened or that a receiver was appointed, so final status is unclear.

Events (4)
1. June 20, 1921 Chartered
Source
historical_nic
2. June 24, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals induced by uneasiness of depositors over other South Side bank closings.
Measures
Bank failed to open; no other remedial measures described in articles.
Newspaper Excerpt
The National Bank of Woodlawn, on the South Side, failed to open today. Heavy withdrawals, induced by uneasiness of depositors over other South Side closings, were blamed.
Source
newspapers
3. June 24, 1932 Suspension
Cause
Local Banks
Cause Details
Suspension following heavy withdrawals tied to depositor uneasiness about other South Side bank closings.
Newspaper Excerpt
The National Bank of Woodlawn ... failed to open today. Heavy withdrawals ... were blamed. The bank was the 32nd in the Chicago area to suspend during the last month.
Source
newspapers
4. June 25, 1932 Receivership
Source
historical_nic

Newspaper Articles (2)
1. June 24, 1932 Evansville Press Evansville, IN
Article from Evansville Press, June 24, 1932

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Article Text

FIGURES GIVEN IN BAIN BANK FAILURES Receiver Shows Only $231,836 on Hand When They Closed United Press CHICAGO, June 24.-The Na. tional Bank of Woodlawn, on the South Side, failed to open today. Heavy withdrawals, induced by uneasiness of depositors over other South Side closings, were blamed. The bank was the 32nd in the Chicago area to suspend during the last month. There were seven closings yesterday and six Tuesday. Figures on the financial condition the 12 Bain banks on the South Side, which closed one year ago, were given in criminal trial of John Bain, the Scotch 1mmigrant who founded the institutions, his sons, John A. and Rob. ert Bain, and his son-in-law, W. Merle Fisher, charged with conspiracy. Irwin T. Tilruth, the receiver testified that on the day the banks closed, only $231,836 cash was on hand in all 12 institutions. Deposits totalled approximately thirteen million dollars and loans $10,110,425. Loans to John Bain were shown to be $2,156,207 on which $17,555 has been collected.

2. June 30, 1932 The Butler Times-Press Butler, MO
Article from The Butler Times-Press, June 30, 1932

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Article Text

Run Closes Bank. national bank of Woodlawn, on the south side, failed to Friday. Heavy withdrawals, open induced by uneasiness of depositors south side closings, were blamed. over The bank was the in the Chicago area to suspend in the last month. There were seven closings Thursday and six Tuesday. Continental Illinois bank and The and the First National Trust company bank, big loop institutions, reported withdrawals at the opening heavy Friday and officials said that all dewho wished would be paid. positors The banks extended their banking hours Thursday afternoon for that purpose.