Fifth Avenue Bank (Gary, IN)

Episode Information

Episode UID
71122971568
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7112297 routing
Routing Number
71-1229
Start Date
August 18, 1930
Location
Gary, Indiana (41.593, -87.346)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c129d658e3831263

Response Measures

None

Description

Closed by directors due to relationship with Mid-City State Bank and fear of run; no reopening reported.

Events (1)
1. August 18, 1930 Suspension
Cause
Local Banks
Cause Details
Closed because of close relationship with the Mid-City State Bank which failed to open and fear of a run following other local bank closures.
Newspaper Excerpt
Although the condition of the Fifth Avenue bank was said to be good, it was closed because of the relationship with the other. Directors said they feared a run if it be opened after the Mid-City bank was closed.
Source
newspapers

Newspaper Articles (2)
1. August 18, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, August 18, 1930

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Article Text

TWO BANKS CLOSED Heavy Withdrawals Blamed for Gary Crashes. By United Press GARY, Ind., Aug. 18.-Two Gary state banks failed to open their doors for business today, bringing the total here to three in eight days. The banks are the Mid-City State bank and the Fifth Avenue Bank of Gary. Both institutions was closely related, in that stockholders and directors of the two practically are the same. Directors ordered the Mid-City bank closed because of weakened financial conditions. It was reported caused by business depression, recent heavy withdrawals and frozen assets. The bank was capitalized at $100,000 and had a surplus of $25,000. Although the condition of the Fifth Avenue bank was said to be good, it was closed because of the relationship with the other. Directops said they feared a run if it be opened after the Mid-City bank was closed. Capitalization was $50,000 and surplus $15,000.

2. August 19, 1930 Evening Star Washington, DC
Article from Evening Star, August 19, 1930

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Article Text

4TH GARY BANK CLOSES Small Run on Institution Blamed on Others' Closing. GARY, Ind., August 19 (P).-Another Gary bank was closed today-the fourth within a week and the third within a day. The Gary Labor Bank, organized in 1925, announced it would remain closed today to protect its resources. A small run upon the institution late yesterday. blamed upon uneasiness due to the closing of the Midcity State Bank and its branch. the Fifth Avenue Bank. led the directors to take this action, they explained. The Gary Labor Bank is located at Sixth and Massachusetts avenue. in the heart of the city. It has total resources of $670,000. State Senator J. J. Nejdl of Whiting is president.