Marquette Park State Bank (Chicago, IL)

Episode Information

Episode UID
3554671191578
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
355467119 hash
Start Date
June 12, 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
33d9bd2e66b9d611

Response Measures

None

Description

Initial June suspension was part of a multi-bank Southtown stoppage; September article reports the bank closed permanently but no explicit receiver named.

Events (2)
1. June 12, 1931 Suspension
Cause
Macro News
Cause Details
Regional financial flurry/panic affecting Southtown banks prompted precautionary suspension and invocation of notice-withdrawal clause.
Newspaper Excerpt
Plans were already under way today for the opening of most of the 15 banks which suspended business in Southtown this week ... the Marquette Park State bank ... As precautionary measure to safeguard interests of its depositors. South side banks invoked clause their requiring depositors give days' notice before draw-
Source
newspapers
2. September 1, 1931 Other
Newspaper Excerpt
The auditor announced the closing last night of the Marquette Park bank, 6314 South Western avenue ... Depletion of cash ... were ascribed as reasons for the closing.
Source
newspapers

Newspaper Articles (2)
1. June 12, 1931 Suburbanite Economist Chicago, IL

Article Text

SPEED UP REOPEN Financial Houses Plan as Flurry Ends Plans were already under way today for the opening of most of the 15 banks which suspended business in Southtown this week following the which struck the financial centers. At the Washington Park National bank, 6306 Cottage Grove committee appointed the depositors, met night plans reopening the bank quickly flurry Tuesday after closing the Bain banks completely and yesterday most the reported that back normal and that many persons who had had brought their funds back to the bank. Chicago City Busy The Chicago City Trust the bank and the Marquette Park State bank, Western reported the openmany accounts well the return many old ones. As precautionary measure to safeguard interests of its depositors. South side banks invoked clause their requiring depositors give days' notice before draw-

2. September 1, 1931 Chicago Tribune Chicago, IL

Article Text

CLASH night against three former officers of the Lake View State Clark street, which was estimated the state's office to be in excess of The names were held, are accused of to Henry bank of the The Cook heard evidence affairs the Lansing the Side pany, and the Trust and Savings and their attorneys in all three banks testified. Depositors Hold Session. The committee of the United association held last and presented him their gram for speedy liquidation of closed At the request of the H. man the Mr. for the press to attend vetoed, and were It was that Lewis F. Jacobson, attorney for the association, presented a liquidation plan involving the following of collateral trust of the real estate assets of closed banks against which certificates might be Second, appointment of assistants of Attorney General to place now receivers. resignation by receivers the of trust funds of closed banks within thirty days. declared all three because the state laws. Supreme court he that legal fairs of closed banks could not be by assistant attorney generals; that bank receivers must pay depositors in cash only, in certificates or scrip, and that bank receivers could resign from fund trusteeships only by authority the courts and approval of all interested parties. Bank Closes Its Doors. brother, The auditor announced the closing last night of the Marquette Park bank, 6314 South Western avenue, an institution with capital, North 000 surplus and in deposit liabilities. Depletion of cash and Sunday secondary were ascribed as reasons for the closing. The bank The had in estate loans. Brietzke was president William Michael Maizel, original of old, 420 Bain in the banking business, county director.