South Side Trust & Savings Bank (Chicago, IL)

Episode Information

Episode UID
2015471578
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
201547 routing
Routing Number
2-0154
Start Date
June 8, 1931
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0126fc828d38a3fa

Response Measures

None

Description

Bank turned affairs over to examiners amid depositor uneasiness; no clear evidence in these articles of a later reopening.

Events (1)
1. June 8, 1931 Suspension
Cause
Local Banks
Cause Details
Closings followed depleted reserves and deposit shrinkage and uneasiness among depositors after publicity about the Foreman group/merger; turned affairs over to examiners.
Newspaper Excerpt
Six Chicago neighborhood banks, two national and four state, failed to open for business today. ... These three were the Washington Park National Bank, South Side Trust and Savings Bank and Sheridan Trust and Savings Bank.
Source
newspapers

Newspaper Articles (3)
1. June 8, 1931 Muncie Evening Press Muncie, IN

Article Text

CHICAGO BANKS ARE CLOSED Small Institutions Report Loss in Deposits. CHICAGO, June 8.—Six Chicago neighborhood banks, two national and four state, failed to open for business today. Three of the banks were affiliated with the Foreman group, involved in one of the two loop bank mergers made over the week-end. These three were the Washington Park National Bank, South Side Trust and Savings Bank and Sheridan Trust and Savings Bank. The other institutions which closed were the Cheltenham Trust and Savings Bank, Industrial State Bank and Inland-Irving National Trust and Savings Bank. Reserves Depleted. All six closings were declared due to depleted reserves and shrinkage of deposits. In addition, the three affiliates of the Foreman group were said to have acted to turn their affairs over to examiners because of publicity given the Foreman merger and uneasiness among depositors. The Washington Park National Bank had $600,000 capital and $439,000 surplus. The Inland-Irving Trust and Savings Bank reported $525,000 capital and $250,000 surplus. Figures on the deposits in these two institutions were not available. Figures on the state banks, as announced by the state auditor's office, were: South Side Trust and Savings, capital $1,000,000, deposits $7,000,000; Sheridan Trust and Savings, capital $1,000,000, deposits $12,242,000; Cheltenham Trust and Savings, capital $200,000, deposits $535,000; Industrial State, capital $100,000; deposits $650,000.

2. June 20, 1931 The Afro-American Baltimore, MD

Article Text

COIN IS STACKED OF CUSTOMERS Douglass National Bank Weathers Storm which Closed 24 Others. 400 IN LINE Savings Clause is Invoked. CHICAGO. cago suffered the worst financial flurry in its history last week. white banks, several of them with heavy deposits, closed their doors within a space of three days. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. interview President Anthony Overton stated to the Associated Negro Press that the depositors of the Douglass National need have no fear to the stability of their instituaddition to the bank's liquid condition, it has back of it the Federal Reserve System well as its correspondent the Continental and Commercial, which the largest bank west New York and the strongest banks the world,' said erton. The disthe merof the Foreman National banks, $300,000,000 institution, First Half dozen important outlying institutions which the controlled were forced close the city became panicky Runs began the smaller institutions. of which closed in Southside Close Colored people, scarcely recovering from the Binga, Banker's State, Citizens Trust crashes, suffered verely The Lincoln State, 31st and State Streets. with deposits, good portion which said to belonged colored people, closed voluntarily when threatened with run. The Southside Trust and Savings, 43d and Cottage Grove Avenue, with $4,000,000 deposits and the Washington Park National with $9,000,000, both of which heavily populated districts and the dustrial 47th and State Street, smaller institution. were whose cessation of business affected colored people In most the banks affecting colored people plans foot open. Lincoln State in which Alderman Louis B. Anderson rector, and number Negroes stockholders, including Charles Jackson, and Dr. Williams, announce plans for early reopening Van Load of Money The Douglass showed remarkable strength. van load of money sent by the Continental and Commercial through which it clears. The money stacked up in sight the depositors on Tuesday gathered in numbers. At one time there four hundred people in the bank intent upon making withdrawals. Finally after assuring speech, President Overton invoked the clause on savings and the run rapidly subsided. Only Bank Open The Douglass National the only bank open from 22d Street 63d Street and Cottage Grove to Wentworth Avenues, territory comprising some 400 square blocks and including most the colored inhabitants of the city Within the year ten banks have closed this trict. The directors are said to be considering plans capturing as much of this business as possible.

3. June 25, 1931 The Northwest Enterprise Seattle, WA
Article from The Northwest Enterprise, June 25, 1931

Click image to open full size in new tab

Article Text

Van Load Of Money Halts Run On Bank (Continued from Page One.) ple, closed voluntarily when threatened with a run. The Southside Trust and Savings, 43rd and Cottage Grove Avenue, with $4,000,000 deposits, and the Washington Park National with $9,000,000. both of which touch heavily populated colored districts, and the Industrial at 47th and State Street, a smaller institution, were among those whose cessation of business affected colored people most. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. Van Load of Money The Douglass showed remarkable strength. A van load of money was sent out by the Continental and Commercial through which it clears. The money was stacked up in sight of the depositors who on Tuesday morning gathered in numbers. At one time there were four hundred people in the bank intent upon making withdrawals. Finally after a reassuring speech, President Overton invoked the sixty-day clause on savings withdrawals and the run rapidly subsided. Only Bank Open The Douglass National is the only bank open from 22nd Street to 63rd Street and Cottage Grove to Wentworth Avenues, a territory comprising some 400 square blocks and including most of the colored inhabitants of the city. Within the year ten banks have closed in this district. The directors are said to be considering plans for capturing as much of this business as possible. In an interview President Anthony Overton stated to the Associated Neoro Press that the depositors of the Douglass National need have no fear as to the stability of their institution. "In addition to the bank's liquid condition, it has back of it the Federal Reserve system as well as its correspondent bank. the Continental and Commercial, which is the !argest bank west of New York and one of the strongest banks in the world," said Mr. Overton. In most of the banks affecting colored people plans are on foot to reopen. The Lincoln State. in which Alderman Louis B. Anderson is a director. and a number of Negroes stockholders, including Charles S. Jackson, and Dr. A. Wilberforce Williams, announce plans for early reopening.