South Ashland National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 13253
Charter Number: 13253
Start Date: June 25, 1932
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: e7728f04

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1932-06-27
Date receivership terminated: 1936-09-15
Share of assets assessed as good: 22.0%
Share of assets assessed as doubtful: 53.7%
Share of assets assessed as worthless: 24.3%

Description

Multiple newspapers (June 25–26, 1932) report South Ashland National failed to open for business on June 25, 1932 as one of four Chicago-area banks. Articles do not describe a discrete run on this specific bank or any reopening; closure appears part of the wider 1932 Chicago banking panic/contagion. I classify cause as macro_news/systemic panic because reporting ties the closing to heavy withdrawals and many recent closings rather than a specific internal scandal or a discrete misinformation episode.

Events (3)

1. November 13, 1928 Chartered

Source: historical_nic

2. June 25, 1932 Suspension

Cause: Macro News
Cause Details: Failed to open for business June 25, 1932 as part of a wave of Chicago bank closings and heavy withdrawals during the June 1932 panic/contagion; no bank-specific scandal cited.
Newspaper Excerpt: The fourth was the South Ashland National Bank. These three together had about $1,000,000 deposits.
Source: newspapers

3. June 27, 1932 Receivership

Source: historical_nic

Newspaper Articles (4)

1. June 25, 1932 The Cleveland Press Cleveland, OH

Article from The Cleveland Press, June 25, 1932

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Article Text

FOUR MORE CHICAGO BANKS ARE CLOSED Total for Month Is 40; Loop With. drawals Are Heavy By United Press CHICAGO. June Four more Chicago and suburban banks failed to open for business today, one of them a Loop bank with $5,000,000 deposits. Heavy withdrawals continued the big Loop banks where all depositors who wanted their money were given it. Extra forces of tellers were on duty. The closings today shade a total of 40 this month The banks which closed today were: Chicago Bank of Commerce South Ashland National First Na. tional of Wilmette. and North Brook 1953

2. June 25, 1932 The Knoxville News-Sentinel Knoxville, TN

Article from The Knoxville News-Sentinel, June 25, 1932

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Article Text

FOUR CHICAGO BANKS CLOSED One Is Big Loop Institution, Heavy Run on Others. By United Press Four more Chicago and suburban banks failed to open for business Saturday one of them Loop bank with 000 posits. Heavy withdrawals continued the Loop banks where all depositors who wanted their money were given Extra forces tellers duty The closings a total of 40 month The banks which closed Saturwere Chicago Bank Commerce capital South Ashland National (SouthFirst National of Wilmette, ital deposits unavailNorthbrook State (Suburban capital deposits $

3. June 26, 1932 Evening Star Washington, DC

Article from Evening Star, June 26, 1932

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Article Text

TRAYLOR CHECKS RUN ON HIS BANKS Plea for Faith Wins at Two Institutions.- Plot by "Enemies" Charged. By the Associated Press. CHICAGO, June 25.-Melvin A. Traylor, considered by many Democratic presidential timber, stemmed an incipient run on his $25,000,000 First National Bank and $10,000,000 First Union Trust & Savings Bank today by appearing on the banking floor and pleading for faith. Traylor, who is president of ooth banks-among the three largest in the city-declared a well-planned plot for a demonstration against the banks had been laid by "enemies" and said the banks had taken steps to put themselves in a more liquid condition than ever before. Able to Pay Off, He Says. Both banking floors were crowded with customers, a large number of whom aparently intended withdrawing accounts because of fear engendered by recent closings. Four closings today, one in the Loop, brought to 39 the number of banks here that have shut down this month. "The bank will be open during the usual business hours and will be open Monday morning," Traylor told patrons. "It will be willing and able to pay off any depositor who wishes to withdraw his funds." Referring to the alleged plot, Traylor said: "This was promoted by those who are not your friends or our friends. Fortunately, we are in the best position in our history. Please tell your neighbors that we will be open Monday morning and every morning at 9 o'clock." Crowds Disperse Quickly. The crowds quickly thinned after he had spoken and within an hour, bank attaches said, normalcy had been restored. The Loop bank to close was the Chicago Bank of Commerce with $5,200,000 deposits. It had absorbed the Union Bank of Chicago last September. Its assets are understood to cover deposits. Three other banks in outlying sections closed. two of them in North Shore suburbs-the First National Bank of Wilmette and the Northbrook State Bank The fourth was the South Ashland National Bank. These three together had about $1,000,000 deposits.

4. June 26, 1932 Corpus Christi Caller-Times Corpus Christi, TX

Article from Corpus Christi Caller-Times, June 26, 1932

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Article Text

Run on Chicago Bank Stemmed as Melvin Traylor Pleads for Faith Chicago, June 25.-(P)-Melvin A. Traylor, considered by many as Democratic presidential timber, stemmed an incipient run on his $25,000,000 First National bank and $10,000,000 First Union Trust and Savings bank today by appearing on the banking floors and pleading for faith. Traylor, who is president of both banks-among the three largest in the city-declared well-planned plot for demonstration against the banks had been laid by "enemies" and said the banks had taken steps to put themselves in a liquid condition than ever before. Both banking floors were crowd. ed with customers, large number of whom apparently intended withdrawing accounts because of fear engendered by recent closings. Four closings today. one in the loop. brought to 39 of banks here that have shut down this month. Referring alleged Traylor "This promoted by not your friends or our friends. tion in our history. Please tell neighbors that we will be open Monday morning and every morning at The crowds quickly thinned after he had spoken and within an hour. bank attaches said, normaley been The loop bank to close was the Chicago Bank of Commerce with $5,200,000 It had absorbed the Union Bank of Chicago last September. Its sets are understood to cover deThree other banks in outlying sections closed, two of them in North Shore suburbs-the First National Bank of Wilmette and the Northbrook State bank. The fourth was the South Ashland National These three together had about deposits.