Standard National Bank (Chicago, IL)

View Charter #13372 on SPMC View balance sheet

Episode Information

Episode UID
1337201590
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
133720 national
Charter Number
13372
Start Date
June 1, 1932*
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e8442b1a84fa9c24

Response Measures

Borrowed from banks or large institutions, Fed/other loan, Full suspension

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-06-25
Date receivership terminated
1936-07-25
Share of assets assessed as good
12.9%
Share of assets assessed as doubtful
72.7%
Share of assets assessed as worthless
14.4%

Description

The bank closed during the June 1932 Chicago panic, which articles attribute to a systematic campaign of misinformation/rumors by radicals.

Events (6)
1. September 9, 1929 Chartered
Source
historical_nic
2. June 1, 1932* Run
Cause
Rumor Or Misinformation
Cause Details
Systematized attack on the integrity of financial institutions involving whispering campaigns and anonymous messages attributed to communists.
Random Run
Yes
Random Run Snippet
systematized attack on integrity; whispering campaign and anonymous messages; later blamed on radicals
Measures
City's soundest financial citadels to store upwards of $100,000,000 in cash on hand
Newspaper Excerpt
particularly the runs which threatened every bank in Chicago last month
Source
newspapers
3. June 21, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed following heavy withdrawals and runs affecting the city's banks.
Newspaper Excerpt
The Standard National bank of Chicago, 7921 South Ashland avenue, was closed.
Source
newspapers
4. June 25, 1932 Receivership
Source
historical_nic
5. June 25, 1932 Receivership
Newspaper Excerpt
Standard National bank of Chicago (receiver) $62,000
Source
newspapers
6. January 13, 1936 Other
Newspaper Excerpt
final dividend check would make a total of 107 per cent received by all who had money on deposit
Source
newspapers

Newspaper Articles (8)
1. June 22, 1932 Chicago Tribune Chicago, IL

Article Text

PHILLIP STATE BANK IN ROGERS PARK IS CLOSED Two National Banks of Chicago Shut Doors. The Phillip State Bank and Trust company, 7001 North Clark street, was closed by the auditor yesterday at the request of the board of directors. The bank was capitalized at $500,000 and its surplus and un. divided profit account was carried $285,000. Its deposits at the time of closing were $2,100,000. There had been heavy withdrawals in recent weeks. Trust Company Taken Over. The bank on June 2 acquired the Cook County Trust from Moe Rosenberg, side Democrat politician, through the purchase of $200,000 of preferred stock and 10,000 shares of stock. A year in July 1931, the bank assumed the liabilities of the Illinois State bank, which closed owing $385,000. The Illinois State bank was neighboring bank and the assumption of its debts was declared by Phillip bank officials to be contribution to the of Rogers Park." C. A. Beutel was president of the Phillip bank and Barnet L. Rossett was chairman of the board. Two National Banks Closed. Two national banks were closed yes. terday. One was the Peoples Bank and Trust 1542 West 47th street. The board of directors asked A. P. Leyburn, national bank examiner, to close the doors of the bank. It had deposits of $3,007,000, capital of $1,000,000, surplus of $250, 000 and undivided profits of $110,000. The bank had deposits of $12,000,000 in June, 1930. The Standard National bank of Chi. cago, 7921 South Ashland avenue, was closed. This bank had capital of $300,000, surplus of $25,000 and deposits of $300,000.

2. July 28, 1932 The Great Falls Leader Great Falls, MT

Article Text

FOSTER DENIES REDS BACKING BANK ATTACK CHICAGO, July 28.-(P)-Authors of communistic propaganda found in a Pontiac, Mich., hotel were sought today by the secret service and detectives everywhere as the directors of a nationwide campaign against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesttatingly blamed the communist party for systematized attack on the Integrity of financial institutions in many large cities, particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, prosecuting attorney at Pontiac, to have been backed by sovlet Russia. William Z. Foster. communist candidate for president, denied his organization had sponsored whispering campaign against the First National bank of Pontiac. or that man known as George Rowland. in whose room seditious letters found. was member of the party. Illinois' drastic sedition law. providing 20 years' imprisonment and directed against "anyone who advocates reformation of the government by violence or any other unlawful means," was eyed as the handlest weapon should any radicals be caught (Continued on Page Two)

3. July 28, 1932 The Merrill Daily Herald Merrill, WI

Article Text

BLAMED CAMPAIGN Melvin Head, Believes Plot found were sought today by the everywhere directors against the confidence Chicago officials Michigan police blamed the Communist party for attack the integrity financial institutions in many large cities, particularly the runs which every bank Chicago last month It said by prosecuting attorney Pontiac, have been backed by Soviet Russia William Foster. Communist candidate for president, denied organization had sponsored whisagainst the First pering campaign National bank Pontiac, that man known George ist whose room seditious was member of the party. 'Rowland,' believed today to be really George E. once candidate for president Queens Borough New York City and with record for criminal Michigan since last in August. Illinois' drastic sedition law. 20 years imprisonment and directed against "anyone who advocates the violence or any other ernment by unlawful means, was eyed as the should any radihandiest weapon caught and connected be the Pontiac more than the caused ing two in citadels soundest store upwards of order to meet cash on hand in mands of longer The situation definitely acute, appeared the Pontiac let references from Chicago, advising sent "much that there and progress on jugs in president of Melvin National bank and the First American Bankers head of the association, er blamed the 'radicals, "plot to be he believed the he said that he had and cities that ports from many used in frightenilar system was teledepositors by anonymous ing messages. bankers told how Other Chicago 300 400 bank radicals opened withdrew them accounts and en spreading news simultaneously, the

4. July 28, 1932 St. Joseph News-Press St. Joseph, MO

Article Text

BANK PLOTTERS SOUGHT. Widespread Search Made for Men Traced to Pontiac, Mich. CHICAGO. July of Communistic propaganda found in Pontiac, Mich., hotel were sought today by the secret service and everywhere as the directors of against the confidence of bank depositors. Chicago bankers, government officials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions in many large cities, particularly the runs which every bank in Chicago last month. It was said by prosecuting attorney at Pontac, to have been backed by soviet William Z. Foster, Communist candidate for president, denied his organization had sponsored pering against the First National Bank of Pontiac, or that man known as George Rowland, in whose room seditious letters were found, was a. member of the party.

5. July 28, 1932 Los Angeles Evening Citizen News Hollywood, CA

Article Text

NET SPREAD RED BANK PLOT CHICAGO July 28 Authors of Communistic propaganda found sought today by the secret service and detactives everywhere as directors nationwide campaign against the confidence of bank depositors. Chicago bankers government of ficials and Michigan police unhesitatingly blamed the Communist party for systematized attack on the integrity of financial institutions many large cities. particularly the runs which threatened every bank in Chicago last month. It was said by C. L. Smith, pros ecuting attorney at Pontiac to have been backed by Soviet Rus William Z. Foster Communist candidate for President, denied that his organization had sponsored whispering campaign against the First National Bank of Pontiac, or that man known as George Row ters were found. was member of the party Illinois' drastic sedition law provides 20 years imprisonment for "anyone who advocates reformation of the government by violence or any other unlawful means." Chicago's June bank rons closed more than 40 institutions and caused the city's soundest financial citadels to store upwards of $100.000,000 in cash on hand in order to meet demands of depositors. The situation here. no longer acute, appeared definitely linked with references in the Pontiac let ters sent from Chicago, advising 'Rowland' that there was "much progress here" and runs on jugs in loop."

6. October 22, 1932 Dixon Evening Telegraph Dixon, IL

Article Text

ILLINOIS BANKS AIDED BY R. F. C. REPORTED TODAY Corporation's Detailed Report Is Sent To Congress Today Washington, Oct. 22 —(AP)— Almost a billion dollars has flowed from the Reconstruction Finance Corporation into the channels of finance and relief, loans authorized in September alone amounting to $137,346,000. As shown today in the third report from the corporation to the Congress, over $995,604,000 in advances have been made. This embraces nearly $544,000,000 to banks and trust companies and over $218,670,000 to railroads, and does not include loans that have been repaid. The report showed that the cash balance of the corporation on September 30 was $31,545,053. During September $25,000,000 of the third series of the $250,000,000 in 3 1-2 per cent debentures issued by the board were sold to the Treasury. This brings the total amount of debentures sold to the Treasury to $600,000,000, which with the $500,000,000 capital brings the total outlay to over $1,110,000,000. The Secretary of Agriculture had left with the corporation as of September thirteenth $35,071,000 of the allocated crop production fund. Loans authorized during September to banks and trust companies, "exclusive of amounts withdrawn or cancelled" during the month, were listed to include the following in Illinois: First National Bank of Altamont $20,000; Anchor State Bank $7,500; City National Bank of Centralia $60,000; Chicago, East Side Trust & Savings Bank $15,000; Chicago, Sixty-Third & Halsted State Savings Bank $36,500; South Ashland National Bank of Chicago (receiver) $41,000 Standard National Bank of Chicago (receiver) $62,000; Clayton, Clayton State Bank $20,000; State Bank of Collinsville $25,000; State Bank of Cordova $7,000; Crossville, First National Bank $8,000; DeKalb, DeKalb Trust & Savings Bank $35,000; First National Bank of Downers Grove (receiver) $45,000; First State & Savings Bank of Galena $20,000; Hopedale, Hopedale National Bank (receiver) $18,000; Ayers National Bank of Jacksonville $90,000; First National Bank of Leroy (receiver) $30,000; First National Bank of Mendota (receiver) $76,000; Mendota, Mendota National Bank (receiver) $139,000; Mt. Carmel, American-First National Bank $15,000; First National Bank of Newton $21,000; Olney, First National Bank $65,000; First National Bank of Oneida (receiver) $21,000; National City Bank of (Continued on Page 2)

7. October 23, 1932 Chicago Tribune Chicago, IL

Article Text

Half Goes to Banks. The September total of loan authorizations was made up as follows: Sixty-four million two hundred seventeen thousand five hundred dollars to banks and other financial institutions; $18,217,500 to states and municipalities for relief of destitution; $53,105,000 for self-liquidating construction projects and $1,500,000 to the Sun Maid Raisin growers of California under the orderly marketing clause of the emergency relief act. As compared with August, loans authorized to banks and financial institutions during September decreased by more than 58 million dollars. Relief loan authorizations were about 4 million 600 dollars lower than in August. Loans under the orderly marketing clause dropped by 48 millions, since the Sun Maid loan was the only authorization made in this category during September. Self-Liquidating Loans Enter. Counteracting these decreases was a total of $53,105,000 authorized for self-liquidating construction projects—a new figure in the arithmetic of the corporation's monthly record of loan operations. The largest bank loan authorized during September, the report showed, was $2,767,000 to the Union Guardian Trust company of Detroit, Mich. Up to the close of the month, however, no part of the amount authorized had been collected by the bank. During September, the report showed, loans were authorized to four Chicago banks and 22 others in Illinois. The Chicago institutions with the follows: East Side Trust and Savings bank, $15,000; Sixty-third and Halsted State Savings bank, $36,500; the South Ashland National bank of Chicago [receiver], $41,000; Standard National bank of Chicago [receiver], $62,000. Interest on loans to solvent banks is 5½ per cent. Receivers of closed banks are charged 5 per cent. Building Groups Get Loans. In addition to the bank loans made to Illinois institutions during the month, the corporation advanced loans to building and loan associations in Chicago as follows: Bohemania Building and Loan association, $17,000; Central Building and Loan association, $20,000; Slovak Building and Loan association, $80,000; Triglav Building and Loan association, $17,000; Ultava Building and Loan and Homestead association, $23,000. Five Chicago insurance companies were authorized loans during the month. They were the Great Northern Life Insurance company, $190,000; the Illinois Life Insurance company, $500,000; National Life Insurance company, $300,000; State Life of Illinois, $9,500; Fort Dearborn Mortgage Loan company, $30,000. During the month, the report showed, the state was granted a loan of 5 million dollars for relief of desti

8. January 13, 1936 Evening Star Washington, DC
Article from Evening Star, January 13, 1936

Click image to open full size in new tab

Article Text

Closed Bank Pays Chicago Depositors More Than 100% By the Associated Press. CHICAGO, January 13.-Depositors in the closed Standard National Bank had a right to be not only pleased but amazed today. Receiver H. E. Hallenbeck announced the bank's final dividend check would make a total of 107 per cent received by all who had money on deposit when it closed its doors. The extra 7 per cent was interest accumulated since June 21, 1932, the closing date.