Maywood State Bank (Maywood, IL)

Episode Information

Episode UID
70026871584
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7002687 routing
Routing Number
70-0268
Start Date
December 18, 1931
Location
Maywood, Illinois (41.879, -87.843)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2ab72fbd3b501cb1

Response Measures

None

Description

Dates in sources conflict (Dec 18 auditor closure vs. a 12/29/31 letter describing a run and closing); more contemporaneous reports would clarify exact chronology.

Events (3)
1. December 18, 1931 Suspension
Cause
Government Action
Cause Details
Closed by State Auditor Oscar Nelson at request of directors (state-ordered suspension/closure)
Newspaper Excerpt
Four banks in Cook county ... The Maywood State bank ... were closed today by State Auditor Oscar Nelson at the request of their directors.
Source
newspapers
2. December 29, 1931 Run
Cause
Local Banks
Cause Details
Run followed closing of nearby Proviso State Bank and general withdrawals and panic in the area
Measures
Bank paid only $10 to each person during withdrawals
Newspaper Excerpt
I have participated in a run on the bank ... the bank was paying only 10 dollars to each person
Source
newspapers
3. May 8, 1934 Other
Newspaper Excerpt
STATE AUDITOR'S REPORT ON TWENTY CLOSED BANKS ... Maywood State Bank ... Former receiver's salary ... Present receiver's salary ... Attorney fees ... Dividends paid to general creditors ... Losses in converting assets to cash ... Total remaining resources ... (report on receivership/liquidation).
Source
newspapers

Newspaper Articles (4)
1. December 18, 1931 Omaha World-Herald Omaha, NE

Article Text

Bank Suspensions. Chicago, Dec. 18 Four banks in Cook county, three of them in western suburbs were closed today by State Auditor Oscar Nelson at the request of their directors. The Maywood State bank with $200,000 capital and similar surplus, had $1,100,000 on deposit. The Melrose Park State bank in the adjoining village had $200,000 capital, surplus and deposits totaling $800,000. The Park Ridge State bank northwest of here, had $100,000 capital and $32,000 surplus, with on deposit. The Ashland State bank of Chicago was capitalized at $250,000. had $33,000 surplus and $280 000 deposits. Its deposits 18 months ago were $1,600,000.

2. December 19, 1931 Omaha World-Herald Omaha, NE

Article Text

Bank Suspensions. Dec. 18 banks Cook three them in western suburbs were closed today by State Auditor Oscar Nelson the request Maywood State bank with capital similar suron deposit. Melrose Park State bank in the village had $200,000 capital, and deposits totaling $800,000 Park Ridge State bank northwest here had capital and surplus, with deposit. The Ashland State bank of Chicapitalized at had $33 surplus and $280,000 Its deposits 18 months ago were

3. January 7, 1932 The Thomson Review Thomson, IL

Article Text

315 Pine St, Maywood, III 12, 29, '31. Dear home friends So many things have happened that I must write again. A new experience has come to me. I have participated in "a run on the bank One day the Proviso State Bank closed and the next day the Maywood State Bank was rushed by frightened people. I was told about it and on my way there was met by three ladies, singly, who told me sorrowfully, that the bank was paying only 10 dollars to each person, no matter how much they had in the bank. When arrived, there were two lines reaching from the door to the savings windows and more people up near the check and draft windows. I stood in line for what seemed like an hour, tho it was, probably, only half that. The people were quite and orderly, a policeman was moving quietly and watchfully around-a small man, who acted as tho he expected to be obeyed implici*ly. I heard snatches of conversation some distance be hind me, "5000 banks", "in the east," $60,000,000 withdrawn from circulation, "that is what has caused this." When I was near the front, I heard a rap, rap, rap and voice. Looking around I saw a big, fine looking man standing on table. He told us, "this bank is liquid. We have $500,000 behind us and can pay everything, if you give us time. No bank can pay all in one day or two If you insist on calling for your money now, you get $10 each and when our available money is used up, we will have to close, the state 'auditor will come and take charge and you will get but a very small percent of your money.' Then he read a list of business men and prominent citizens who had signed an expression of confidence in the rehability of the bank. It was thrilling There was great clapping and the man stepped down, but nobody left the lines, that I could see, except those who seemed to have gotten their money. After a while another man got and spoke, saying that the was a banker from another town, but had some money in this bank and had confidence in it. More clapping, but no neaving the lines. That evening the bank closed. Afterward T wished I had called out, "Everybody who clapped, come on out and perhaps the rest will follow. Give the bank chancer Then the bankers would have clasped my hand and with tears in tneir eyes, halled me as their savior, and I would have gotten my name in the paper! More likely it would have fallen flat. Many were broken hearted and the suffering will be great. They say the closing will be only temporary. We hope so There is no open bank here now. There was a merger some months ago and there is an empty building since. Our Christmas party for the children was a success. Outside talent, mostly music, a olly big Santa Claus and several presents for each child. They were very excited and pleasod, also exceptionally well-behavod. Mr. McGillivary ("Daddy") has fine control-noticeable in S. S. and church, too. Our program on Christmas eve, very short-a few Christmas songs and * prayer and handing out of gifts. Some churches and classes sent little gifts to each member. Our tree in the dining room is a beautiful, symanetrical spruce, beautifully trimmed and lighted It was put in nearly a week ago and will stay till after New Year's day.

4. May 8, 1934 Chicago Tribune Chicago, IL

Article Text

STATE AUDITOR'S REPORT ON TWENTY CLOSED BANKS Madison-Kedzie Trust and Savings Bank. Madison Square State Bank. Marquette Pk. State Bank. Marshall Square State Bank. Maywood State Bank. Melrose Pk. State Bank. Mid-West State Bank. Millard State Bank. Montrose Trust and Savings Bank. Morgan Pk. Trust and Savings Bank. Cash receipts to date..........$ 449,653.00 $ 377,078.37 $ 392,804.05 $ 258,448.41 $ 505,124.60 $ 526,483.04 $ 31,948.78 $ 411,524.89 $ 133,947.08 $ 238,989.47 Accounted for as follows: Preferred claims paid.......... 67,974.83 100,919.16 42,290.15 5,896.36 74,121.37 42,199.48 .......... 6,991.04 1,851.66 6,858.52 Secured claims paid............ 243,979.77 135,386.62 63,793.73 156,771.52 190,173.76 217,847.20 23,918.79 30,000.00 80,951.52 99,275.00 [Including borrowed money]...... Dividends paid to general creditors..... .......... .......... 97,172.01 23,348.95 44,539.17 131,071.40 .......... 254,427.62 .......... .......... [10%] [5%] [5%] [20%] [35%] Former receiver's salary........ .......... 4,279.40 8,925.59 5,833.33 7,700.00 8,207.50 2,352.00 .......... 6,233.33 4,167.50 Present receiver's salary....... 476.65 285.99 285.99 112.50 145.99 46.67 .......... 12,500.00 120.00 148.34 Attorney fees to Dec. 31, 1932....... .......... 8,015.00 10,230.00 10,635.00 9,090.00 13,450.00 * 25,806.67 10,500.00 10,000.00 Attorney fees, Jan. 1, 1933, to March 31, 1934......... .......... 12,075.00 10,530.00 7,365.00 13,351.25 2,381.25 * * * 4,747.50 Clerk hire and miscellaneous expense.. 39,276.11 24,939.97 39,967.89 21,499.86 30,109.75 33,484.34 5,635.73 23,856.32 23,100.35 26,011.54 Money advanced to protect assets...... 63,423.41 18,018.17 102,495.98 7,814.73 100,199.46 62,384.19 35.00 44,971.05 7,818.59 50,643.97 Cash still on hand, viz., Applicable to future dividends..... .......... .......... 1,128.69 2,749.33 18,132.63 .......... .......... 10,091.14 .......... 32,210.82 Cash in trust for other purposes..... 34,522.23 73,159.06 13,984.02 16,421.83 17,561.22 15,411.01 7.21 2,881.05 3,371.63 4,926.28 Total .........................$ 449,653.00 $ 377,078.37 $ 392,804.05 $ 258,448.41 $ 505,124.60 $ 526,483.04 $ 31,948.78 $ 411,524.89 $ 133,947.08 $ 238,989.47 Losses in converting assets to cash.....$ 10,436.45 $ 138,732.76 $ 29,484.06 $ 90,428.60 $ 117,199.60 $ 175,687.04 10,564.71 68,859.28 32,383.53 16,156.35 Total remaining resources [book value and is considerably in excess of actual