Melrose Park State Bank - Melrose Park, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 18, 1931
Location: Melrose Park, Illinois (41.901, -87.857)

Metadata

Model: gpt-5-mini
Short Digest: 46419f3b

Response Measures

None

Description

Articles report the Melrose Park State Bank was closed Dec 18, 1931 by State Auditor Oscar Nelson at the request of its directors; later receivers' reports (published Apr 21, 1932) confirm receivership and asset conversion. There is no description of a depositor run causing the suspension.

Events (2)

1. December 18, 1931 Suspension

Cause: Government Action
Cause Details: Closed by State Auditor Oscar Nelson at the request of the bank's directors (official suspension/closing).
Newspaper Excerpt: The Melrose Park State bank in the adjoining village had $200,000 capital, surplus and deposits totaling $800,000. ... Four banks in Cook county, three of them in western suburbs were closed today by State Auditor Oscar Nelson at the request of their directors.
Source: newspapers

2. April 21, 1932 Receivership

Newspaper Excerpt: REPORTS GIVEN ON 20 ADDITIONAL CLOSED BANKS ... MELROSE PARK Cash Total conversion to Preferred claims paid Paid creditors Balance Receiver and Clerical hire and fees ... (Closed Dec. 1931.)
Source: newspapers

Newspaper Articles (4)

1. December 18, 1931 Omaha World-Herald Omaha, NE

Article from Omaha World-Herald, December 18, 1931

Click image to open full size in new tab

Article Text

Bank Suspensions. Chicago, Dec. 18 Four banks in Cook county, three of them in western suburbs were closed today by State Auditor Oscar Nelson at the request of their directors. The Maywood State bank with $200,000 capital and similar surplus, had $1,100,000 on deposit. The Melrose Park State bank in the adjoining village had $200,000 capital, surplus and deposits totaling $800,000. The Park Ridge State bank northwest of here, had $100,000 capital and $32,000 surplus, with on deposit. The Ashland State bank of Chicago was capitalized at $250,000. had $33,000 surplus and $280 000 deposits. Its deposits 18 months ago were $1,600,000.

2. December 19, 1931 Omaha World-Herald Omaha, NE

Article from Omaha World-Herald, December 19, 1931

Click image to open full size in new tab

Article Text

Bank Suspensions. Dec. 18 banks Cook three them in western suburbs were closed today by State Auditor Oscar Nelson the request Maywood State bank with capital similar suron deposit. Melrose Park State bank in the village had $200,000 capital, and deposits totaling $800,000 Park Ridge State bank northwest here had capital and surplus, with deposit. The Ashland State bank of Chicapitalized at had $33 surplus and $280,000 Its deposits 18 months ago were

3. April 21, 1932 Chicago Tribune Chicago, IL

Article from Chicago Tribune, April 21, 1932

Click image to open full size in new tab

Article Text

REPORTS GIVEN ON 20 ADDITIONAL CLOSED BANKS Receivers' Figures Made Public by State Auditor. State Auditor Oscar Nelson yesterday made public the reports of receivers of twenty closed banks, show. ing the financial condition of the banks on March 31. This list followed report on twenty other banks made public by the auditor on Monday. The reports follow: COMMERCE TRUST AND SAVINGS. H. Wilson, Cash Total 510,046 Preferred claims to creditors Balance due bank's creditors. 296 salary and expense. Clerical Legal and attorney 15,000 COMMERCIAL BK. OF CHICAGO HEIGHTS [B. Cash on hand. Losses on conversion cash claims 15,005 Paid Balance due bank's creditors salary and Clerical Legal and attorney CONGRESS PARK STATE. receiver. Cash Total resources conversion creditors Balance due bank's creditors Receiver's salary and hire. 343 Legal attorney 29,240 18,588 lected. Due to the fact some of the closed banks income in of their present expenses, such as that from rent and interest, the auditor that the net profit for these twenty banks is $17 For the forty so far this week, he said, the cost of the is 7.3 per cent and the net cost is .6 per cent. 415,248 661 1,517,821 Receiver's salary and Legal STATE. receiver. Cash Total resources Losses conversion to cash.... paid Balance due bank's Receiver's salary and expense. Clerical hire expense MELROSE PARK Cash Total conversion to Preferred claims paid Paid creditors Balance Receiver and Clerical hire and fees MONTROSE TRUST AND SAVINGS. [Charles B. Cash on hand Total Losses to cash claims paid Paid creditors Balance due bank Receiver and Clerical hire Legal expense and attorney fees. Cash on hand Total Losses on to claims Paid Balance due bank's creditors and expense Clerical hire Legal and attorney fee The also issued report showing the operating of the forty banks as compared with the total and the

4. January 25, 1933 Chicago Tribune Chicago, IL

Article from Chicago Tribune, January 25, 1933

Click image to open full size in new tab

Article Text

LOS ANGELES COLD SPELL IS BROKEN AFTER 8 DAY SIEGE Los Angeles, Cal., Jan. 24.-[Special.) eight day siege in southern California came to at least temporary halt today. Clear skies and sunshine replaced the rain, snow, hall, and cloudy skies that have prevalled since a week ago yesterday. The thermometer fell to 40 degrees in Los Angeles during the night. Smudging ever. In the region of San however, the storm gave no of abating. Three persons have lost their lives in blizzards. Balance due Receiver's salary and expenses. Clerical hire Legal and attorneys' MARSHALL STATE BANK. 2, 1931.] Cash on hand. Total resources Losses conversion of Faid to per Balance due Receiver's salary and expenses. Cierical hire Legal expenses and attorneys' fees Miscel PARK RIDGE STATE BANK. Dec. 18, 1931.] Cash on Total Losses conversion of assets. Preferred claims Paid to per Balance due Receiver's salary and expenses. Glerical Legal expenses and attorneys' fees STATE BANK. [Closed 18, 1931.) 8,004 Cash on hand. Total Losses on conversion Preferred claims Paid to creditors per Balance due 899 and expenses. Clerical 10,346 Legal expenses and attorneys' fees 9,133 4,662 MELROSE PARK STATE BANK. [Closed Dec. 1931.) Cash on hand. 22.607 Total Losses on conversion of assets. Preferred claims paid 96,131 Paid creditors [10 per cent] 69 Balance due and expenses. 3,920 Clerical hire. Legal expenses and attorneys' fees Miscellaneous 6,306 MORGAN PARK TRUST AND SAVINGS 1,458 886 16,663 795,951 74,981 4,333 537.615 4,503 4,353 6,973 6,972 871 281 2,281 of fees [Closed Jan. 1932.] Cash on Total resources. Losses Preferred claims expenses.... 8.106 8,332 STATE BANK 11.111 431 of per expenses... attorneys' fees 165 NORTH AVENUE STATE BANK [Closed June 18, of 159,248