Union Trust Company - Chicago, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: February 13, 1928
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: ada93b28

Response Measures

None

Description

Article (Miami News, 1929-02-07) reports that a draft on the Union Trust Co. of Chicago was not honored because the Chicago bank was reported suspended on Feb 13 of the prior year. The piece describes a suspension of the Union Trust Co. as a correspondent bank; no explicit reopening or receivership assignment is given in this excerpt. I record the suspension (dated 1928-02-13 based on 'Feb. 13 of last year') and classify the cause as correspondent failure. Because the article indicates suspension and non-payment and gives no indication of continuation, I treat this as a suspension that led to closure in this dataset (suspension_closure), although the snippet does not explicitly state a receiver was later appointed.

Events (1)

1. February 13, 1928 Suspension

Cause: Correspondent
Cause Details: Draft drawn on Union Trust Co. was not honored because the Chicago bank was reported suspended (correspondent failure).
Newspaper Excerpt: the Fort Lauderdale bank returned draft on the Union Trust Co. of Chicago, but the Chicago bank was reported suspended and the draft was not honored.
Source: newspapers

Newspaper Articles (1)

1. February 7, 1929 The Miami News Miami, FL

Article from The Miami News, February 7, 1929

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Article Text

LAUDERDALE BANK AND RECEIVER SUED MIAMI DAILY NEWS BUREAU Fort Suit to establish preferred claim bankrupt. was filed in Broward cirenit court Wednesday by the Central Farmers Trust Co. West Palm Beach. naming the bank and Brow ard Bank & Trust Co., its receiver and It was said in the bill that an arrangement existed between the two banks. whereby checks drawn upon the Fort Landerdale Bank & Trust Co. could placed with the West Palm Beach bank for collection. and by the mail to the Fort Landerdale Bank & Trust Co., and cash and currency remitin return by mail. $565 thus sent ot the Fort Landerdale bank by the West Palm Beach bank on Feb. 13 of last year, it is claimed. and the Fort Landerdale bank returned draft on the Union Trust Co. of Chicago, but the Chicago bank was reported suspended and the draft was not honored. according to the bill. Again on Feb. 14. checks for $2,209.16 were sent the bank, but meantime the Fort Lauderdate bank had been declared insolvent.