State Bank - Niles, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: February 1, 1932*
Location: Niles, Illinois (42.019, -87.803)

Metadata

Model: gpt-5-mini
Short Digest: 350b1ccc

Response Measures

None

Description

Article (Chicago Tribune, 1932-02-26) refers to the Ogden National Bank of Chicago as closed; depositors sought information from federal controller and there were 'plans to reopen the bank.' No explicit bank run is described and no receiver is named for Ogden National in this article. Cause of suspension is not spelled out in the text, so classified as 'other'.

Events (2)

1. February 1, 1932* Suspension

Cause Details: Article states the bank was closed but does not specify a triggering cause (no run or specific adverse information given). Possibly part of broader wave of bank closures in early 1932, but text gives no explicit cause for this bank's suspension.
Newspaper Excerpt: depositors of the closed Ogden National bank of Chicago to the office of John W. Pole, controller of the in Washington yesterday.
Source: newspapers

2. * Reopening

Newspaper Excerpt: Plan to Reopen Bank. Joseph McNeill ... said efforts were being made to ... reopen the bank.
Source: newspapers

Newspaper Articles (1)

1. February 26, 1932 Chicago Tribune Chicago, IL

Article from Chicago Tribune, February 26, 1932

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Article Text

AUDITOR NAMES RECEIVERS FOR 4 CLOSED BANKS State Institutions Get No U. S. Loans. State Auditor Oscar Nelson yesterday the of and for the receivers of four closed banks as fol. lows: State Bank of Niles, closed on Feb. 6: H. E. & Weinfeld. attorneys Morgan Park Trust and Savings bank, Longwood drive 111th closed on Jan. 25; Robert C. McManus, receiver: Ungaro & Sherattorneys. State bank, 11106 Michiavenue, closed on 29; Adolph Helquist, McFarland, Mor First State bank of Barrington, closed William Busse Jr., receiver; Edwin D. Lawlor, attorney Can't Get U. S. Loans. The auditor's office was informed that closed not obtain loans from the Fed eral albanks may This is he Illinois laws not the receiver bank to pledge its assets for loan. as At. torney Oscar Carlstrom recently an opinion that directors of building and associations could pledge for a loan the auditor asked him for an opinion regarding closed banks unfreezing their with help as bank are planning to do. United States Senator Otis F. Glenn ing the depositors of the closed Ogden National bank of Chicago to the office of John W. Pole, controller of the in Washington yes terday. They sought information regarding the handling of the bank's assets. Plan to Reopen Bank. Joseph McNeill, of a the Park bank, said efforts were being made to and reopen the bank. given by the auditor's office that in the be petition in bankruptcy was filed the federal court at Danville by Charles H. Meyer who gave Urbana, III., as his home and listed as one of his debts for closed Lake View State bank in Chicago. Meyer, former chief examiner for the Chicago Clearing House asso ciation, than $400 000 from banks In his petition he 227 and of His wife filed petition listing of and assets of $90 Delay Case Against Teller. A. charge of against Victor E. Olson, 48 years old, 104 West street, head teller of the Wiersema State bank, was continued yesterday when he was arraigned Judge James F. Fardy in the Felony Assistant State's Attorney Wilkie Ham told the court auditors were still examining the bank and that so far $15,000 has been Olson, who, he lost It in the stock market. Circuit Judge Michael Feinberg obtained from Carl Ring, 4909 North St. Louis avenue, meat dealer, that he had given false about his indebtedness to the closed South Side Savings and Trust 4659 Cottage Grove avenue. Ring said he was without means to his and his brother, the this was untrue, that Carl had all his his and Louis When Ring and his agreed to turn his and signed over to the of the to which he Judge Feinberg leased him after night in