State Bank - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 15, 1914
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 2410b6d4

Response Measures

None

Description

Articles describe the State Bank of Chicago as one of the Lorimer-Munday chain that was closed/taken by state examiners after the crash of the La Salle Street Trust & Savings Bank; receivers were later petitioned. No explicit run is described in these excerpts, and the bank moved into receivership/closure following the parent bank failure.

Events (2)

1. June 15, 1914 Suspension

Cause: Local Banks
Cause Details: Closure of the Lorimer-Munday chain following the crash/failure of the La Salle Street Trust & Savings Bank (parent bank) prompted state examiners to take charge of branch banks including the State Bank of Chicago.
Newspaper Excerpt: The sixth of the chain of Munday-Lorimer State banks was closed today. It was taken charge of by examiners from the State auditor's office this morning.
Source: newspapers

2. July 6, 1914 Receivership

Newspaper Excerpt: Receivers were today asked for three of the lesser of the Lorimer-Munday string of banks. They are the State Bank of Calumet, Ill., the State Bank of Chicago and the Ashland State bank. The petition was filed by depositors ... it is alleged no one is now in possession of the properties ... deposits ... were in fact deposited in the La Salle street bank.
Source: newspapers

Newspaper Articles (3)

1. June 16, 1914 The Washington Herald Washington, DC

Article from The Washington Herald, June 16, 1914

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Article Text

ANOTHER BANK CLOSED. Sixth ofMunday-Lorimer State Institutions "Blows Up." Chicago, June 15.-The sixth of the chain of Munday-Lorimer State banks was closed today. It was taken charge of by examiners from the State auditor's office this morning. The bank was the State Bank of Marine, capitalized at $25,000. The Barine Bank is the first of the string of down-State banks dominated by Munday and the La Salle Street Bank to close. The list of banks closed, following the crash of the La Salle Street Trust and Savings Bank, now stands: La Salle Street Trust and Savings Bank, AshlandTwelfth State Bank, State Bank of Illinois, Broadway State Bank, State Bank of Calumet, and the State Bank of Marine. In addition to these the Southwest Savings Bank, a private institution, of Chicago, has gone into the hands of a receiver. The officers of this bank has funds on deposit in the Munday-Lorimer Bank. and this made a receivership imperative.

2. July 6, 1914 Evening Capital News Boise, ID

Article from Evening Capital News, July 6, 1914

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Article Text

RECEIVERS FOR ILLINOIS BANKS PETITIONED FOR Irregularities Alleged in the Conduct of the Affairs of Lesser Lorimer-Munday Institutions. Chicago, July 6.-Receivers were today asked for three of the lesser of the Lorimer-Munday string of banks. They are the State Bank of Calumet, III., the State Bank of Chicago and the Ashland State bank. The petition was filed by depositors who allege that no person is now in possession of the properties, that the deposits intended for the banks never reached them but were placed in the parent bank, the LaSalle Street Trust & Savings bank and also that certain stockholders never paid for their stock.

3. July 6, 1914 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, July 6, 1914

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Article Text

RECEIVERS ASKED FOR THREE BANKS Alleged That Deposits Intended for Small Concerns Went to La Salle Trust. Chicago, III., July 6.-A receiver has been asked for the State bank of Calumet, Ill., the State bank of Chicago, and the Ashland and Twelfth bank of the Lorimer-Munday string, closed with the failure of the parent bank, the La Salle Street Trust & Savings. The application was made by William Freedman, attorney for certain depositors. It is alleged no one is now in possession of those properties. It is charged that $75,000 city deposits allotted to the Calumet bank and smaller city deposits allotted to the other two branch banks never reached them, but were in fact deposited in the La Salle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested. Danville, III., July 6.-Involuntary petitions in bankruptcy were filed in the federal court against the Lorimer & Gallagher Construction company of Mattoon and East St. Louis.