Article Text
CLOSE MT. CARMEL BANK AFTER RUN Springfield. III., Oct. 24. Closing of the Mount Carmel Trust and Savings Bank was ordered to stop a run on the institution, the result of "slom loans," State Auditor Russell said today.
5071. Mount Carmel Trust & Savings Bank (Mount Carmel, IL)
Bank Information
- Episode Type
- Run → Suspension → Unsure
- Bank Type
- savings bank
- Start Date
- October 24, 1919
- Location
- Mount Carmel, Illinois (38.411, -87.761)
Metadata
- Model
- gpt-5-mini
- Short Digest
86a383b4
Response Measures
Full suspension
Other: State Auditor ordered closing to stop run; described cause as 'slow loans.' Corrected OCR 'slom' to 'slow'.
Description
Newspaper reports (Oct 24–25, 1919) state a run occurred on the Mount Carmel Trust & Savings Bank and that the State Auditor ordered the bank closed to stop the run. The run is attributed to slow loans (i.e., adverse bank-specific loan problems). Articles do not state whether the closing was permanent or that receivers were appointed, so final disposition is uncertain.
Events (2)
1.
October 24, 1919
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Run was triggered by slow loans (poor/illiquid loan portfolio) undermining confidence.
- Measures
- State Auditor ordered the bank closed to stop the run.
- Newspaper Excerpt
- Closing of the Mount Carmel Trust and Savings Bank was ordered to stop a run on the institution, the result of slom loans, State Auditor Russell said today.
- Source
- newspapers
2.
October 24, 1919
Suspension
- Cause
- Government Action
- Cause Details
- State Auditor ordered the bank closed (suspension/closing) to stop the ongoing run triggered by slow loans.
- Newspaper Excerpt
- Closing of the Mount Carmel Trust and Savings Bank was ordered to stop a run on the institution...State Auditor Russell said today.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
Springfield, III., Oct. 25.-Closing of the Mt. Carmel Trust and Savings bank was ordered to stop a run on the institution, the result of "slow loans," State Auditor Russell said today.