5583. East Chicago Bank (East Chicago, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 22, 1930
Location
East Chicago, Indiana (41.639, -87.455)

Metadata

Model
gpt-5-mini
Short Digest
2d5f4088

Response Measures

None

Description

Directors closed the bank on Sept 22, 1930 to preclude run (prevent withdrawals). About a month later (Oct 27, 1930) an application for a bank receiver was to be filed, indicating the bank remained closed and was moving toward receivership/closure; a merger with another local state bank was discussed. Bank type not stated in articles.

Events (2)
1. September 22, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the bank to preclude run — closure undertaken to prevent depositor runs/nervous withdrawals (fear/rumors), article gives no specific insolvency scandal as cause.
Newspaper Excerpt
Directors Close East Chicago Bank To Preclude Run
Source
newspapers
2. October 27, 1930 Receivership
Newspaper Excerpt
BARR WILL APPLY FOR BANK RECEIVER ... made this after ... East Chibeen closed ... The application will be filed ... before East Chicago court. Groves, president ... said ... proceed with merger ... expectation ... application will be filed for receiver for East Chicago Bank (article discusses closure and planned receiver/merger).
Source
newspapers

Newspaper Articles (2)
1. September 22, 1930 The Times Herald Port Huron, MI
Article from The Times Herald, September 22, 1930

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Article Text

Directors Close East Chicago Bank To Preclude Run Sept. Bank shortages bank and be for of Hazel of Friday the to of State the shortage has not bank has deposits by order its withdrawal plans Entertain For Recent Brides In Law Bernice by Mark

2. October 27, 1930 The Times Hammond, IN
Article from The Times, October 27, 1930

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Article Text

BARR WILL APPLY FOR BANK RECEIVER made this afterThomas D. Barr, chief noon E. and Deputy Walker for for of East Chibeen closed for for East State merger The application will be filed Bank. Judge Maurice Crites in the before East Chicago court. Groves, president of the Hazel and Walter American president the East ChiState Bank, said this morning to the that would to proceed with merger the expectation that the in the near future and be adjusted the The to be of form with the not to the bank prefer merely closed but would like to defi remain establish its status. given by Grove that there loss depositors of the American State free lunch will be for needy this Mayor H. Mellett. solicited for funds nance the project.