Washington Park National Bank

Episode Information

Episode UID: 391601566
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 39160 national
Charter Number: 3916
Start Date: June 8, 1930
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 10ba8fab84b2d99d

Response Measures

None

Receivership Details

Depositor recovery rate: 70.0%
Date receivership started: 1931-06-09
OCC cause of failure: Economic conditions
Share of assets assessed as good: 33.5%
Share of assets assessed as doubtful: 47.8%
Share of assets assessed as worthless: 18.7%

Description

Article text dateline reads CHICAGO, June 8 though newspaper metadata is Jan 8; treated event date as June 8, 1930.

Events (4)

1. August 1, 1888 Chartered

Source: historical_nic

2. June 8, 1930 Suspension

Cause: Local Banks
Cause Details: Closed as part of coordinated failure to open among six neighborhood banks, three affiliated with the Foreman group.
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

3. June 9, 1931 Receivership

Source: historical_nic

4. June 9, 1931 Receivership

Source: newspapers

Newspaper Articles (1)

1. January 8, 1930 The Charlotte Observer Charlotte, NC

Article from The Charlotte Observer, January 8, 1930

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Article Text

GIGANTIC BANK MERGER IN CHICAGO First National Takes in Foreman National and Affiliate Institutions CHICAGO, June 8.—(U.P.)—Two of the most important mergers in Chicago history brought about the shifting today of more than $1,250,000,000 in bank resources and creation of the second and third largest financial institutions in the loop. Announcement of the gigantic consolidation was made after a large group of leading bankers had been in continuous conference for almost forty hours. Thru the mergers, the First National bank and its affiliate, the First Union Trust & Savings bank, absorbed the Foreman-State National bank and its affiliate, the Foreman-State Trust & Savings bank; and the Central Trust Co. of Illinois and National Bank of the Republic were consolidated to become the Central Republic Bank & Trust company. CHICAGO, June 8.—(U.P.)—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. Under the new arrangement, the First National-First Union Trust company group becomes a $900,000,000 institution, ranking second in size only to the Continental Illinois Bank & Trust company, which became Chicago's (Concluded on Page 2)