Progressive State Bank

Episode Information

Episode UID: 2037871560
Episode Type: Run → Suspension → Unsure
Bank Type: state
Bank ID: 203787 routing
Routing Number: 2-0378
Start Date: December 27, 1929
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 0bca5c662edd8ccd

Response Measures

None

Description

Article reports closure by state auditor with plans to reorganize but does not confirm reopening or receivership.

Events (2)

1. December 27, 1929 Run

Cause Details: Prolonged mild withdrawals that escalated into heavy withdrawals; no specific trigger reported.
Measures: Board signaled state auditor and ultimately requested closure; plans for reorganization under way.
Newspaper Excerpt: For the last two or three weeks, it was said, depositors have been conducting a mild run on the bank, which increased considerably yesterday morning.
Source: newspapers

2. December 27, 1929 Suspension

Cause Details: Heavy withdrawals exhausted cash on hand leading board to request closure by state auditor.
Newspaper Excerpt: The board of directors of the Progressive State bank ... asked State Auditor Oscar Nelson to close the institution's doors early in the afternoon after the ready cash supply had been almost exhausted.
Source: newspapers

Newspaper Articles (1)

1. December 28, 1929 Chicago Tribune Chicago, IL

Article from Chicago Tribune, December 28, 1929

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Article Text

RUN CLOSES DOORS OF PROGRESSIVE STATE BANK HERE Heavy withdrawals during the morning yesterday caused the board of directors of the Progressive State bank, 2202 West Division street, to ask State Auditor Oscar Nelson to close the institution's doors early in the afternoon after the ready cash supply had been almost exhausted. The bank is capitalized at $200,000 and has a surplus of $40,000. Deposits now total $480,000, having fallen to that figure from $740,000 on Jan. 1, the auditor's office reported. "But it looks like the depositors will be paid in full, although we cannot be positive now," Mr. Nelson said. The board of directors signed a formal protest asking the auditor to close the doors and the request was granted. For the last two or three weeks, it was said, depositors have been conducting a mild run on the bank, which increased considerably yesterday morning. When the doors were closed there was but $3,000 in silver remaining in the vaults. The bank will be given an opportunity to reorganize, the auditor said, plans being under way already, although it will be several weeks before they can be realized. It is hoped that a receivership will be avoided. Gerson Guthman is president of the bank, Fred F. Block, vice president, and Frank A. Munch, cashier.