gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6d4472807db3affc
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health
Receivership Details
Depositor recovery rate
71.9%
Date receivership started
1931-05-19
Date receivership terminated
1940-10-23
OCC cause of failure
Economic conditions
Share of assets assessed as good
35.1%
Share of assets assessed as doubtful
61.6%
Share of assets assessed as worthless
3.3%
Description
Unclear whether the January incipient run materially caused the bank's later failure/receivership in May 1931.
Events (4)
1.May 28, 1920Chartered
Source
historical_nic
2.January 2, 1931Run
Cause
Local Banks
Cause Details
A neighboring national bank closed that morning, sparking depositors to collect at Albany Park and threaten a run.
Measures
Posted sign You can have your money any time you want it, brought in cash from downtown (reported $2,000,000), and hired a jazz band to calm depositors.
Newspaper Excerpt
Jazz came to the rescue ... successfully routed an incipient run on the Albany Park National Bank and Trust Company.
Source
newspapers
3.May 19, 1931Receivership
Source
historical_nic
4.May 19, 1931Receivership
Newspaper Excerpt
Gordon A. Ramsay, receiver of the Albany Park National Bank and Trust company, 3424 Lawrence avenue, announced ... (receiver) declared dividend later in 1932.
Source
newspapers
Newspaper Articles (13)
1.January 3, 1931Journal and CourierLafayette, IN
Article Text
HIRE JAZZ BAND TO HALT RUN ON BANK
CHICAGO, Jan. came to the of bank and routed ncipient on the Albany National Bank Trust compsychology starts runs, the figured, psychology sught to stop them. When national bank closed Albany officers wasted time preparing for threatenWhile the door, put have money want brought cash from banks and assured trons bank was sound. They hired jazz band to play crowd made party
2.January 3, 1931The Morning UnionSpringfield, MA
Article Text
BAND USED TO PREVENT RUN ON CHICAGO BANK
Patrons Have Party Instead of Withdrawing Money New York Bank's Affairs Scrambled.
CHICAGO, Jan. 2-(AP) Jazz came to the rescue of bank notes today and successfully routed an inciprun on the Albany Park National Bank and Trust Company. Mob starts the ought to stop them. When closed this morning. the Albany Bank officers wasted no time preparing run. While collecting at the door, they put up sign can have your money any time you want in from down town and assured patrons the hired jazz band to play and the crowd made party of
JAZZ BAND STOPS RUN ON CHICAGO BANK
CHICAGO, Jan. (P)-Jazz notes came the notes and incipirun the Albany Park National Trust Mob starts bankers figured, psychology them. When neighboring National Bank closed this the Albany Bank officers wasted preparing threatened run depositors were collecting the door, they time you brought from downtown patrons the bank sound. Then they hired jazz band to play and the crowd made party
Jan. Mackey that and government the Philadelphia Hog Island wartimg shipbuilding had completer the full possession the tract.
4.January 3, 1931Spokane ChronicleSpokane, WA
Article Text
JAZZ HALTS RUN ON CHICAGO BANK came to the rescue of bank notes today and successfully reuted an incipient run on the Albany Park National Bank and Trust company. Mob psychology starts runs, the bankers figured, so psychology ought to stop them. When neighboring national bank closed this morning, Albany bank officers wasted no time preparing for threatened run. While depositors were collecting at the door, they put up sign, "You can have your money any time you want it." brought in $2,000,000 cash from downtown and assured patrons was sound. Then hired jazz band play. and the crowd made a party of it.
5.January 3, 1931The Spokesman-ReviewSpokane, WA
Article Text
JAZZ HALTS RUN ON BANK
Band Tootles and Soothes Panicky CHICAGO. Jan. came to the rescue bank today and an incipient the Albany Park National Bank and Trust company. Mob starts runs, the bankers ought boring closed morning, officers wasted time preparing threatened While collecting the door, they put up can money any you brought from assured pa the bank was Then hired jazz band and the crowd made party
6.January 3, 1931The Spokesman-ReviewSpokane, WA
Article Text
JAZZ HALTS RUN ON BANK
Band Tootles and Soothes Panicky
CHICAGO, Jan. notes the rescue bank notes today and an cipient run the Albany Park National Bank and Trust company. Mob psychology runs, the figured, psychology ought boring closed morning, bank officers wasted time preparing for While depositors were collecting the door, they put up can your money any want brought and patrons the sound. Then hired jazz band to and the crowd made party
7.January 3, 1931Statesman JournalSalem, OR
Article Text
Jazz Notes Aid In Stopping Run On Detroit Bank
CHICAGO, Jan. (AP) Jazz notes came to the rescue of bank notes today and successfulrouted an incipient run on the Albany Park National Bank and Trust Co. Mob psychology starts runs, the bankers figured. 80 psychology ought to stop them. When neighboring national bank closed this morning, the Albany bank officers wasted no time preparing for threatened run. While depositors were collecting the door, they put up sign "You can have your money any time you want brought in
8.January 3, 1931The Roanoke TimesRoanoke, VA
Article Text
JAZZ BAND HALTS RUN ON BANK NEAR CHICAGO notes came the rescue of bank notes day and successfully routed cipient on the Albany Park NaBank and Trust Company Mob psychology starts the ought to stop them neighboring national bank closed this morning, the Albany Bank officers wasted time preparing for threatened run. While depositors were collecting the door they up sign. "You can have your money any you want brought in 000,000 from town and assured patrons the bank Then they jazz band to play end the crowd made party of
9.January 3, 1931Press of Atlantic CityAtlantic City, NJ
Article Text
Jazz Band Halts Run On Bank In Chicago
Mob Psychology Hunch of Officers Turns Danger Into Party notes came the rescue of bank notes today and successfully routed incipient Albany Park National Bank and Trust Mob psychology the bankers psychology stop them. When neighboring national closed this morning, the bank officers wasted threatened While depositors were collectthe up Can Have Your Money Want from downtown banks and assured patrons the Then they hired jazz band play and the crowd made party
10.January 5, 1931The Gettysburg TimesGettysburg, PA
Article Text
Jazz Stops Run On Chicago Bank Friday
Chicago notes to the rescue bank notes and routed incipient run on the Albany National bank and trust company. When neighboring bank closed the officers put up sign. You can have your any time you want fetched 000 in cash from downtown banks and hired band. crowd
11.October 18, 1931Chicago TribuneChicago, IL
Article Text
N. W. FEDERATION TO HELP RELIEVE DEPOSITORS' WOE to Aid Bank Receivers.
Plans for the protection of deposithe liquidation closed north west side banks will discussed at meeting to be held sometime this week of bank of the of Improvement clubs and the executive committee the United Depositors' The was ap. pointed last week, with Richard Wuerst in the tion in an effort to obtain for the of depositors whose funds tied the greatest possible bene. fit the receivership of the closed
Others on Committee. members of the committee are W. Holmes, Boyle, Fouchard, John W. Alex Koehn, Edward president of the Mme. and B. of the expects to be able to cital thing the depositors closed banks, said Mr. Wuerst, the those funds are tied and second by legislation prevent occurrences in the by any Means of close all keeping in contact closed be discussed at the Mr. Wuerst indicated. In this way hoped that the will sing committee be able to cooperate with the receivers bringing about liquidations where possible of the closed bank to insure depositors the maximum return on their funds.
Names Banks to Be Aided.
The expects to where possible in the now under of several closed banks, including the National bank, the Albany Park Na. tional and bank, which is Noel State bank, Immel State and Elston State bank. Mr. Wuerst sald.
12.June 23, 1932The TimesHammond, IN
Article Text
Albany Park Bank to Pay Dividend of 23 Per Cent
CHICAGO, June 23.βGordon A. Ramsay, receiver of the Albany Park National Bank and Trust company, 3424 Lawrence avenue, announced yesterday that a dividend of 23 per cent, payable to all depositors who have proven claims against the bank, has been declared. The first dividend of 20 per cent was paid by the receiver in January.
13.June 23, 1932The TimesHammond, IN
Article Text
CHICAGO, June 23.βGordon A. Ramsay, receiver of the Albany Park National Bank and Trust company, 3424 Lawrence avenue, announced yesterday that a dividend of 23 per cent, payable to all depositors who have proven claims against the bank, has been declared. The first dividend of 20 per cent was paid by the receiver in January.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Albany Park National Bank & Trust Company · UID 1173701573