Safety State Bank - Chicago, IL

Episode Information

Episode UID: 2040671582
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 204067 routing
Routing Number: 2-0406
Start Date: October 28, 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: 4a13fe798380ab56

Response Measures

None

Description

Article says the bank asked depositors to withdraw and announced it will close Oct. 28; motive not fully explained.

Events (1)

1. October 28, 1931 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank announced planned closing and asked depositors to come in and withdraw funds; appears to be a voluntary winding up/closure.
Newspaper Excerpt: Mr. Hansen explained that the bank would close its doors Oct. 28 and that all accounts must be paid in full by that time.
Source: newspapers

Newspaper Articles (1)

1. October 23, 1931 Chicago Tribune Chicago, IL

Article Text

Depositors Get Money at Their Bank, But Don't Like It In the Safety State bank, 5617 Belmont avenue, depositors who had been asked by the bank to come in and withdraw their money yesterday moved reluctantly toward the paying teller's window throughout the day. When the bank closed, fewer than 1,000 depositors, less than a third of the total number, had received in full the amounts they had on deposit. No trace of nervousness was visible in the amiable crowd which stood quietly in line at the paying teller's window. As they pocketed the cash returned to them at the bank's request, the depositors turned to shake hands with the cashier, Roy C. Hansen. "I wanted to make another deposit, but they wouldn't take it," said Samuel Fishman, dry goods merchant, 5149 Belmont avenue, to the cashier. "This neighborhood needs a bank. Don't know what we'll do. I had $500 in another bank and lost it. We hate to see you close up." Always Had Confidence. "I always had confidence in this bank," said Mrs. Rachel Wood, 2925 North Parkside avenue, an original depositor when the bank opened June 29, 1929. Another original depositor, Olof D. Lund, 5823 Henderson avenue, a mail carrier, who had not withdrawn a penny during the period when several suburban banks closed, declared he would not be doing so now if the bank were not forcing him to. A 60 year old depositor who had done business with the bank for two years protested against taking his money out. Stopping at the cashier's desk, he said: "When others drew their money out I left mine in. I've drawn out $10 now, and I'm going to leave the rest of my $300 with you, where it's safe." Bank to Close Oct. 28. Mr. Hansen explained that the bank would close its doors Oct. 28 and that all accounts must be paid in full by that time. The depositor, tears in his eyes, went back to the paying tellers' window. When the bank opened in the morning, no depositors were waiting. Within half an hour more than 100 persons entered and stood in line. When they had been paid, they stood outside and talked in groups, deploring the fact that the bank was to close. "I was here on the day it opened, when baskets of flowers crowded the floor," said Mr. Hansen. "Now it is as if we were hanging crepe on the door. But I'll be able to walk through the neighborhood and hold my head high." Have Two Other Banks. Most of the depositors asked the cashier where they now might do their banking. With the bank's demise there is no bank left in the 39th ward. He told them that the Service State bank, at North and Central avenues, was under the same management. Daniel V. Harkin, former chief of national bank examiner for the state of Illinois, who previously held the same position in the state of New York, is the president of both banks, as well as the Westwood State bank, Elmwood Park, and the same board of directors functions in all three banks.