Progressive State Bank

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: December 28, 1929
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 2ebbb466

Response Measures

Full suspension

Description

OCR errors corrected. Article (Chicago Tribune, 1929-12-28) describes heavy withdrawals and a run over several weeks; board asked the state auditor to close the doors and closure was granted. No subsequent reopening or receivership is reported in the text, so final outcome is unclear.

Events (2)

1. December 28, 1929 Run

Cause Details: Article reports progressive heavy withdrawals over three weeks but does not specify a triggering rumor or bank-specific scandal.
Measures: Board petitioned the state auditor to close the doors; bank closed to give opportunity to reorganize.
Newspaper Excerpt: Heavy withdrawals during the morning caused the board of Progressive State bank... For the last three weeks, depositors have been conducting mild run the bank, which considerably yesterday morning. When the doors were closed there was but $3,000 in silver remaining in the vaults.
Source: newspapers

2. December 28, 1929 Suspension

Cause: Government Action
Cause Details: Board asked state auditor to close the bank and the auditor granted the request; suspension imposed by state authority.
Newspaper Excerpt: The board directors signed for protest asking the auditor close the doors and was granted.
Source: newspapers

Newspaper Articles (1)

1. December 28, 1929 Chicago Tribune Chicago, IL

Article from Chicago Tribune, December 28, 1929

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Article Text

PROGRESSIVE STATE BANK HERE Heavy withdrawals during the morning caused the board of Progressive State bank, 2202 State Auditor to the inearly in the noon after the ready had been The capitalized at $200,000 and has a sur plus of total having fallen to that figure from Jan. But like the depositors will paid in full, we cannot positive Mr. said. The board directors signed forprotest asking the auditor close the doors and was granted. For the last three weeks, said, depositors have been conducting mild run the bank, which consideramly yesterday morning. When the doors were closed there was but $3,000 in silver remaining in the vaults. The bank be given an opportunity reorganize, auditor plans already, though it be weeks before they can be It is hoped that will be Gerson Guthman of bank, Fred Block, vice and Frank Munch, cashier.