Peoples Trust & Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: March 25, 1931
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 9c9e5a28

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (Mar 26, 1931) describes two threatened runs triggered by news of a $1,000,000 embezzlement confessed by the bank's vice president. Currency rushed by airplane stopped the runs and the bank was reported doing normal business. The provided bank name (Peoples Trust & Savings Bank) appears to refer to the same institution; article uses People's Savings Bank and Trust Company. No suspension or receivership is mentioned.

Events (1)

1. March 25, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: News of a $1,000,000 embezzlement confessed by Robert C. Schallberg, vice president, started the flurry beginning March 14 and led to threatened runs.
Measures: $1,000,000 in currency rushed by airplane to the bank to meet withdrawals and halt the runs.
Newspaper Excerpt: The People's Savings Bank and Trust Company was doing a normal business today after two threatened runs on the bank yesterday were met with $1,000,000 in currency rushed here in an airplane
Source: newspapers

Newspaper Articles (1)

1. March 26, 1931 The St. Louis Star and Times St. Louis, MO

Article from The St. Louis Star and Times, March 26, 1931

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Article Text

$1,000,000 RUSHED BY AIR HALTS ILLINOIS BANK RUN I. N. S.)-The People's Savings Bank and Trust Company was doing a normal business today after two threatened runs on the bank yesterday were met with 000 000 in currency rushed here in an airplane flown by Fred J. Greenbaum. Chicago banker News of a $1.000,000 embezzlement confessed by Robert C. Schallberg. vice president of the bank, started the flurry on March 14.