East Chicago Bank (East Chicago, IN)

Episode Information

Episode UID
71012071590
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7101207 routing
Routing Number
71-0120
Start Date
June 27, 1932
Location
East Chicago, Indiana (41.639, -87.455)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f50b035ffab16820

Response Measures

None

Description

The articles refer to the East Chicago State Bank, which is a clear match for the requested East Chicago Bank.

Events (2)
1. June 27, 1932 Suspension
Cause Details
The bank failed and closed its doors, though the specific trigger for this individual bank is not detailed beyond the general context of many local bank failures.
Newspaper Excerpt
About $57,000 of that amount was tied up today with the failure of the East Chicago State bank.
Source
newspapers
2. July 12, 1932 Receivership
Newspaper Excerpt
Receiverships for the defunct Peoples State and East Chicago State banks were asked yesterday in a petition filed in Lake Superior court No. 2
Source
newspapers

Newspaper Articles (6)
1. June 27, 1932 The Times Hammond, IN

Article Text

Under the state laws, the county is authorized to pro-rate its deposits in accordance with the capital and surplus accounts of banks. In other words, the size of a bank's surplus and capital account governs the amount of money which the county may deposit in that bank. Now, with so many of Lake county's banks closed, the county is unable to find enough banking institutions in which to place its cash. The problem today is expected to be particularly difficult owing to the fact that two East Chicago banks have failed within the last week and thus have reduced the number of available depositories still further. Distribution of June receipts must be made by the board today. County Treasurer Herman L. Conter, president of the board, declared this morning that the problem is an acute one. He reported that Lake county has $1,100,000 of its funds impounded in closed banks. About $57,000 of that amount was tied up today with the failure of the East Chicago State bank. Last week $13,000 was impounded when the Peoples State bank at East Chicago closed its doors. It is thought here in the court house that the Finance board will be forced to rent a vault in one of Crown Point's closed banks in order to obtain a depository for available cash funds.

2. June 27, 1932 The Times Hammond, IN

Article Text

BIG PROBLEM IS TACKLED BY FINANCE BOARD [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 27.—The difficult task of finding sufficient Lake county banks to act as depositories for county funds will be tackled by the Lake County Board of Finance at a special meeting today. Under the state laws, the county is authorized to pro-rate its deposits in accordance with the capital and surplus accounts of banks. In other words, the size of a bank's surplus and capital account governs the amount of money which the county may deposit in that bank. Now, with so many of Lake county's banks closed, the county is unable to find enough banking institutions in which to place its cash. The problem today is expected to be particularly difficult owing to the fact that two East Chicago banks have failed within the last week and thus have reduced the number of available depositories still further. Distribution of June receipts must be made by the board today. County Treasurer Herman L. Conter, president of the board, declared this morning that the problem is an acute one. He reported that Lake county has $1,100,000 of its funds impounded in closed banks. About $57,000 of that amount was tied up today with the failure of the East Chicago State bank. Last week $13,000 was impounded when the Peoples State bank at East Chicago closed its doors. It is thought here in the court house that the Finance board will be forced to rent a vault in one of Crown Point's closed banks in order to obtain a depository for available cash funds.

3. June 27, 1932 The Times Hammond, IN

Article Text

[SPECIAL TO THE TIMES] CROWN POINT, Ind., June 27.—The difficult task of finding sufficient Lake county banks to act as depositories for county funds will be tackled by the Lake County Board of Finance at a special meeting today. Under the state laws, the county is authorized to pro-rate its deposits in accordance with the capital and surplus accounts of banks. In other words, the size of a bank's surplus and capital account governs the amount of money which the county may deposit in that bank. Now, with so many of Lake county's banks closed, the county is unable to find enough banking institutions in which to place its cash. The problem today is expected to be particularly difficult owing to the fact that two East Chicago banks have failed within the last week and thus have reduced the number of available depositories still further. Distribution of June receipts must be made by the board today. County Treasurer Herman L. Conter, president of the board, declared this morning that the problem is an acute one. He reported that Lake county has $1,100,000 of its funds impounded in closed banks. About $57,000 of that amount was tied up today with the failure of the East Chicago State bank. Last week $13,000 was impounded when the Peoples State bank at East Chicago closed its doors. It is thought here in the court house that the Finance board will be forced to rent a vault in one of Crown Point's closed banks in order to obtain a depository for available cash funds.

4. June 27, 1932 The Times Hammond, IN

Article Text

BIG PROBLEM IS TACKLED BY FINANCE BOARD [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 27.—The difficult task of finding sufficient Lake county banks to act as depositories for county funds will be tackled by the Lake County Board of Finance at a special meeting today. Under the state laws, the county is authorized to pro-rate its deposits in accordance with the capital and surplus accounts of banks. In other words, the size of a bank's surplus and capital account governs the amount of money which the county may deposit in that bank. Now, with so many of Lake county's banks closed, the county is unable to find enough banking institutions in which to place its cash. The problem today is expected to be particularly difficult owing to the fact that two East Chicago banks have failed within the last week and thus have reduced the number of available depositories still further. Distribution of June receipts must be made by the board today. County Treasurer Herman L. Conter, president of the board, declared this morning that the problem is an acute one. He reported that Lake county has $1,100,000 of its funds impounded in closed banks. About $57,000 of that amount was tied up today with the failure of the East Chicago State bank. Last week $13,000 was impounded when the Peoples State bank at East Chicago closed its doors.

5. June 27, 1932 The Times Hammond, IN

Article Text

BIG PROBLEM IS TACKLED BY FINANCE BOARD [SPECIAL TO THE TIMES] CROWN POINT, Ind., June 27.—The difficult task of finding sufficient Lake county banks to act as depositories for county funds will be tackled by the Lake County Board of Finance at a special meeting today. Under the state laws, the county is authorized to pro-rate its deposits in accordance with the capital and surplus accounts of banks. In other words, the size of a bank's surplus and capital account governs the amount of money which the county may deposit in that bank. Now, with so many of Lake county's banks closed, the county is unable to find enough banking institutions in which to place its cash. The problem today is expected to be particularly difficult owing to the fact that two East Chicago banks have failed within the last week and thus have reduced the number of available depositories still further. Distribution of June receipts must be made by the board today. County Treasurer Herman L. Conter, president of the board, declared this morning that the problem is an acute one. He reported that Lake county has $1,100,000 of its funds impounded in closed banks. About $57,000 of that amount was tied up today with the failure of the East Chicago State bank. Last week $13,000 was impounded when the Peoples State bank at East Chicago closed its doors.

6. July 13, 1932 The Times Hammond, IN

Article Text

HEARING ON JULY 23 IN E. CHICAGO Attorney General Files Suits Before Judge M. E. Crites Receiverships for the defunct Peoples State and East Chicago State banks were asked yesterday in a petition filed in Lake Superior court No. 2, before Judge M. E. Crites by the state banking department. Luther F. Symons represents the state and Attorney General James M. Ogden will be his legal representative in a hearing to be held on July 23. The East Chicago State bank which closed on June 27, had total resources amounting to $608,535.08 with deposits of $442,893.94 and trust deposits of $59,232 according to its last published statement. The Peoples State bank which closed on June 21, had resources of $418,866.47 and deposits amounting to $226,681.01 with trust funds totaling $51,232.50. The trust funds will not be involved in the receivership. It is believed that the total deposits in both institutions were lower than the amount given in their last public statements and except for public funds of the city, schools and counyt the depositors were considerably reduced. Efforts have been made in the People's State bank to have a liquidating agent appointed, but the petition filed yesterday by the attorney general in behalf of the state banking department will bring a halt to this action, it is believed. It is understood that the Peoples State bank is in a position to pay a substantial cash dividend as soon as the status of the institution is established learned from reliable sources yesterday.