4730. West Side Trust & Savings Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
May 1, 1934*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
27834a96

Response Measures

None

Description

Multiple contemporaneous newspaper reports list an RFC loan to the bank's receiver (West Side Trust & Savings Bank, receiver, Chicago, $1,500,000), indicating the bank was closed and in receivership. No article mentions a depositor run. Classified as a suspension/closure with government action (receiver) and RFC assistance.

Events (2)
1. May 1, 1934* Receivership
Newspaper Excerpt
West Side Trust & Savings Bank, receiver, Chicago, $1,500,000 (RFC authorized advances in May).
Source
newspapers
2. May 1, 1934* Suspension
Cause
Government Action
Cause Details
Bank placed in receivership; RFC authorized loan/advance to the receiver in May 1934
Newspaper Excerpt
West Side Trust & Savings Bank, receiver, Chicago, $1,500,000
Source
newspapers

Newspaper Articles (7)
1. August 7, 1934 Evening Star Washington, DC
Article from Evening Star, August 7, 1934

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Article Text

MAY R.F.C. LOANS TOTAL $168,644 166 Advances Given to Banks and Other Sources Shown in Report. By the Associated Press. The Reconstruction Finance Corp. reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan Corp.; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balnace was for relief and other Government purposes. Banks Gets Millions. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank receiver, Washington, D. C., $1,080,000; Northwestern Trust & Savings Bank, receiver, Chicago, $2,500,000; West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; Cacasieu National Bank, Lake Charles, La., $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Mortgage Loans High. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.; $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Calif., and $1,000,000 to the Textile Industry Mortgage Co. in New York City. Authority for a loan of $2,500,000 at 4 per cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stock in banks included: Central United National Bank, Cleveland, Ohio, $8,000,000, and the City National Bank & Trust Co., Columbus, Ohio, $1,000,000. The corporation also authorized a purchase of $1,500,000 in debentures of the Mississippi Valley Trust Co., St. Louis, and a loan of $3,500,000 on the preferred stock of the Globe & Rutgers Fire Insurance Co. to the Globe Rehabilitation Co., Ltd., New York, none of which had been disbursed up to May 31.

2. August 7, 1934 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, August 7, 1934

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Article Text

$168,644,166 ADVANCED BY RFC IN MAY Aug. reconstruction corporation reported Tuesday that authorized advances in May aggregating The report showed that loans allthorised to banks and other financial institutions at per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan corpor$5,455,500 for bank debentures; $7,619,575 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Aid or the $57,512,410 authorized loans, $32,698,236 went to banks and trust companies, including 330 to aid in the or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to were: United States Savings bank, receiver, Washington, Northwestern Trust and Savings bank, receiver. Chicago, West Side Trust and Savings bank, receiver, Chicago, Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, was the Electric Home and Farm Authority at Chattanooga. Tennessee; to the Santa Ana Mortgage Investment company, Santa Ana, California; and 000 to the Textile Industry Mortcompany in New York City. Authority for loan of four per cent interest to the Board Deposits of Wisconsin Madison was granted, but no part of this stim had been disbursed up to May 31. Authorize Purchase Subscriptions preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio. $1,000,000. The corporation authorized also purchase of $1,500,000 debentures of the Mississippi Valley Trust company, St. Louis, and loan $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company, Ltd., New York, none of which had been disbursed up to May 31.

3. August 8, 1934 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, August 8, 1934

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Article Text

$168,644,166 ADVANCED IN MAY RFC WASHINGTON, Aug. corporation reported reconstruction that it authorized advances Tuesday in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to prestocks in banks; $45,000,000 ferred for the Home Owners' Loan corporation; $5,455,500 bank debentures; $7,619,576 in loans to drainand irrigation projects. The balance was for relief and other government purposes. Banks Get Aid Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including 330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings bank, receiver, Washington, D. Northwestern Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank, Lake Charles, Louisiana, Commercial National bank Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was the Electric Home and Farm Authority at Chattanooga, Tennessee; to the Sants Ana Mortgage Investment company, Santa Ana, California; and $1,000,000 to the Textile Industry Mortgage company in New York City Authority for loan of $2,500,000 at four cent interest to the Board of Deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Authorize Purchase Subscriptions on preferred stock in banks included: Central United National bank, Cleveland, Ohio, $8,000,000, and the City National Bank and Trust company, Columbus, Ohio, corporation also authorized purchase of in debentures the Mississippi Valley Trust company, St. Louis, and loan on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation company. Ltd., New York, none of which had been disbursed up to May 31.

4. August 8, 1934 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, August 8, 1934

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Article Text

Authorized by RFC in Month of May Advances to Banks and Other Financial Institu- By Press August today that authorized vances May aggregating $168,The report showed that loans thorized banks other finaninstitutions cent terest totaled Other authorized included $41,820,000 for subscription prestocks banks; $45,000,000 for the Home Owners' Loan Corfor bank debentures; loans The balance for relief and other Of the $57,512,410 authorized loans, to banks trust companies, including aid the liquidation institutions, $22,048,883 to mortgage loan companies. Large Loans to Banks. Among some larger loans authorized banks United States Savings Bank, ceiver, Washington, Trust and Bank, receiver, Chicago, 500,000; West Side Trust and ings Bank, receiver, Chicago, 500,000; Calcasieu National Bank, Lake Charles, Commercial National Bank of Philadelconservator, $2,540,000. Of the loans authorized mortgage loan companies, $10,000,000 the Electric Home Authority Tenn.: to the Santa Ana Mortgage Investment Company, Santa and $1,000,000 the Textile Industry Mortgage Company York City. loan $2,500,Board of Deposits but no part this had been disbursed up May Stock Subscriptions. preferred stock in banks Central United National Bank, Ohio, the City National Bank and Trust Columbus, Ohio, $1,000,The corporation also authorized purchase $1,500,000 debentures the Mississippi Valley Trust Company, St. Louis, loan $3,500,000 the preferred stock the Globe Rutgers Insurance Company Globe Company, Ltd., New York, none of which had been disbursed up to May 31.

5. August 8, 1934 Deseret News Salt Lake City, UT
Article from Deseret News, August 8, 1934

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Article Text

RFC ADVANCES $168,644,166 IN MONTH OF MAY Report Shows Banks Receive Greater Part Of U. S. Loans WASHINGTON, Aug. 8-(AP)The Reconstruction Finance poration reported today that It cor- auShortzed advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other fl. mancial institutions at per cent interest totaled $57,512,410. Other larye advances authorized included $41,820,000 for subscription to preferred stocks in banks: $45,000,000 for the Home Owners' Loan corporation; $5,455,500 for bank debentures; $7.619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans. $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorgan- or liquidation of closed inditutions, and $22,048,883 to mortgage loan companies. Large Loans Listed Among some of the larger loans authorized to banks were: United States Savings bank receiver, Washington, D. C., $1,080.000: North. Western Trust and Sav. ingo bank, receiver, Chicago, $2.500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000; Calcasieu National bank. Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage loan companies, $10,000,000 was for the Electric Home and Farm Authority at Chattanooga. Tennessee: $2.382.493 to the Santa Ana Mortgage Investment company. Santa Ana California and $1,000,000 to the Textile Industry Mortgage company in New York City. Stock Bought Authority for a loan of $2.500,000 at four per cent interest to the board of deposits of Wisconsin at Madison was granted, but no part of this sum had been disbursed up to May 31. Subscriptions on preferred etock in banks included: Central United National Bank. Cleveland, Ohio, $8,000,000. and the City National Bank and Trust company. Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1.500,000 in debentures of the Mississippi Valley Trust company. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe and Rutgers Fire Insurance company to the Globe Rehabilitation Company, Ltd., New York. none of which had been disbursed up to May 31.

6. August 8, 1934 Detroit Free Press Detroit, MI
Article from Detroit Free Press, August 8, 1934

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Article Text

RFC Loans in May Hit $168,644,166 Of This Bank Group Gets $57,512,410 WASHINGTON, Aug. The Reconstruction Corporation reported today that it authorized advances in May aggre$168,644,166. gating The report showed that loans authorized to banks and other financial institutions at per cent intotaled $57,512,410. Other terest large advances authorized included $41,820,000 for subscription to ferred stocks in banks; $45,000,000 for the home corpora455,500 for bank debentures; $7,619,576 in loans to drainage and projects The balance irrigation was for relief and other Government Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to United States Savings Bank ceiver, Washington, D. C., $1,080,000: North- Western Trust & Savings Bank, receiver, Chicago, $2,500,000; West Side Trust & Savings Bank, receiver, Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, La., National Bank of Philadelphia, conservator, $2,540,000. Of the loans authorized to mortgage companies $10,000,000 was for the Electric Home and Farm Authority at Chattanooga, Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Co., Santa Ana, Calif., $1,000,000 the Textile Industry Mortgage Co., New York Authority for loan of $2,500,000 at per cent interest to the board deposits of Wisconsin Madison was granted, but no part of this sum had been disbursed up to May Subscriptions on Preferred stock in banks included: Central United National Bank, Cleveland, O., $8,000,000, and City National Bank & Trust Co., O., $1,000,000. The also authorized a of $1,500 000 in debentures of the Mississippi Valley Trust Co. St. Louis, and loan of $3,500,000 on the preferred stock of the Globe & Rutgers Fire Insurance Co. to the Globe Rehabilitation Co., Ltd., New York, none which had been disbursed up to May 31.

7. August 12, 1934 Florence Morning News Florence, SC
Article from Florence Morning News, August 12, 1934

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Article Text

Advances in May By RFC Aggregate Over $168,000,000 Money Lent to Pay Back Taxes Saves Homes and Aids Local Government The Reconstruction Finance Corporation reported today that it authorized advances in May aggregating $168,644,166 The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks $45,000,000 for the Home Owners' Loan Corporation: $5,455.500 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Banks Get Bulk Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28.615,330 to aid in the reorganization or liquidation of closed institutions and $22,048.883 to mortgage loan companies. Among some of the larger loans authorized to banks were: United States Savings Bank, receiver Washington, D. C., $1,080,000; North-Western Trust and Savings Bank, receiver, Chicago, $2,500,000 West Side Trust and Savings Bank, receiver. Chicago, $1,500,000; Calcasieu National Bank, Lake Charles, Louisiana, $1,965,480; Commercial National Bank of Philadelphia conservator, $2,540,000; Farmers National Bank and Trust Company 650,000; Penn National Bank and Trust Company, Reading, Penna. conservator, $1,190,000; and the Reading National Bank and Trust Company, Reading Penn., conservator, $1,972,000 Of the loans authorized to mort gage loan companies. $10,000,000 was for the Electric Home and Farm Authority at Chattanooga Tenn.: $2,382,493 to the Santa Ana Mortgage Investment Company, Santa Ana. Calif., and $1,000,000 to the Textile Industry Mortgage Company in New York City. Preferred Stock Subscriptions Authority for a loan of $2,5000.000 at 4 per cent interest to the board of deposits of Wisconsin at Madison was granted but no part of this sum had been disbursed up to May 31. Subscriptions on preferred stocks in banks included: The First National Bank and Trust Company, Bridgeport, Conn. $1,000,000 Fidelity Union Trust Company, Newark, N. J., $7,000.000 Central United National Bank. Cleveland. Ohio, $8,000,000 and the City National Bank and Trust Company, Columbus, Ohio, $1,000.000. The corporation also authorized a purchase of $1,500,000 in debentures. of the Mississippi Valley Trust Company, St. Louis, and 9 loan of $3,500,000 on the Globe and Rutgers Fire Insurance Company to. the Globe Rehabilitation Company, Ltd. New York, none of which had been disbursed up to May 31.