gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
929104c92f3b8a2b
Response Measures
None
Description
Closure ordered by state auditor after withdrawals tied to president Roy C. Toombs' financial scandal; bank later reorganized to reopen.
Events (3)
1.August 18, 1928Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawals driven by revelations and legal troubles of president Roy C. Toombs (missing funds/charges), prompting depositor withdrawals.
Measures
Bank examiners began review of assets; state auditor ordered closure shortly after withdrawals.
Newspaper Excerpt
steady withdrawals since Toombs' recent troubles in Chicago and St. Louis made the closing advisable.
Source
newspapers
2.August 18, 1928Suspension
Cause
Government Action
Cause Details
State auditor ordered closure after steady withdrawals and the president's financial/legal troubles.
Newspaper Excerpt
State Auditor Oscar Nelson ordered the bank closed following a meeting of its officials last night.
Source
newspapers
3.September 1, 1928Reopening
Newspaper Excerpt
A new bank has been organized to succeed the Downers Grove institution... will assume liabilities of the State Bank & Trust Company... will open in about ten days with capital and surplus of $100,000 each.
Source
newspapers
Newspaper Articles (11)
1.August 18, 1928Evening StarWashington, DC
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Article Text
STATE BANK CLOSED BY TOOMBS LOSSES Defunct Chicago Broker Was Former President of Illinois Institution. By the Associated Press. CHICAGO, August 18.-The financial difficulties of Roy C. Toombs, Chicago broker and St. Louis insurance executive, have resulted in closing the State Bank & Trust Co. of Downers Grove, a suburb. Until his resignation last Wednesday Toombs was president of the bank. State Auditor Oscar Nelson ordered the bank closed following a meeting of its officals last night. He explained that steady withdrawals since Toombs' recent troubles in Chicago and St. Louis made the closing advisable. although he believed the bank to be in good condition. Bank examiners today began a review of the bank's assets, while Chicago police sought Toombs on a fugitive warrant from St. Louis, charging grand larceny of $85,000 from the International Insurance Co. of St. Louis. Alleged shortages in the insurance company. of which Toombs is president, and in his Chicago investment firm of Toombs & Daily, have put both concerns into receiverships.
2.August 18, 1928Pottsville RepublicanPottsville, PA
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Article Text
WARRANT IN INSURANCE CASE
CHICAGO, Aug. to appear fore the referee today as witness in Court about by the É his brokerage firm, Toombs Daily. been in seclusion who for two warrants were for arrest, was pected to obey the referee, and police to be on duty serve their warrants. However, Eugene counsel for the investment broker, banker said the warrants could not served was in custody the Federal Court here as in the bankruptcy The warrant which the arrest will sought accuses Toombs of $85,000. was issued St. affairs his the International Life, were found to be dire circumstances with perhaps $3,000,000 $4,000,000 in assets The pany has been faced with The State Bank and Trust pany, of Downers Grove, suburb, which Toombs president until resigned week, been ordered closed by the state auditor.
3.September 1, 1928Reno Gazette-JournalReno, NV
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Article Text
TOOMBS BANK BE REVIVED
Sept. bank been organized succeed the Downers Grove merly headed by Roy now testifying before referee bankruptcy regarding missing funds of Life Insurance Company of St. Louis, of which he was presiand his Chicago brokerage house of Toombs and Daily. The new suburban bank. was announced by State Auditor Oscar Nelson. in liabilities of the State Bank and Trust Company, which was closed shortly after Toombs had its president. At that time was his finandifficulties might cause "run" the bank. was decided upon although was filed yesterday by the Dunnegan Company, contractors of Wayne. Ind. The suit was result of Toombs' leged disposal of bonds deposited in the old bank by the contractors The new bank, it was announced. will open in about ten days with capital and surplus of $100,000 each
4.September 1, 1928Lansing State JournalLansing, MI
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Article Text
NEW BANK ASSUMES
Illinois State Auditor Announces Reorganized Institution to Open Soon
CHICAGO, Sept. (/P)-A new bank has been ceed the institution headed by Roy C. Toombs, testifying before referee in regarding the missing funds the International Life Insurance Company of St may Louis, of which he and and his house fore 10:00 and The bank. was announced by State Oscar Nelson, will assume regular liabilities of the State Bank and Trust company. was closed shortly after resigned as its that time Six days was feared his difficul- days One ties might cause "run" on the sertion takes Reorganization was decided No upon although three filed Friday by the Dunne gan company contractors of Ft sult Toombs' deposited the old bank by the contractors. The new was nounced. will open in about capital and surplus of each.
5.September 1, 1928Palladium-ItemRichmond, IN
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Article Text
TOOMBS REORGANIZED
CHICAGO. Sept. new bank been to succeed Downers Grove merly headed by Roy Toombs, now testifying before referee in bank. ruptey regarding missing funds International Life Insurance company Louis, which president, and his Chicago brokerage house of Toombs and
The new suburban bank, its was announced state auditor Oscar Nelson, assure $700,000 abilities the State Bank and Trust company, closed shortly resigned its president. At that time was fearfinancial difficulties might "run" the bank decided upon although $115,000 was filed yesterday the Dunnegan contractors of Fort Wayne. result Toombs' alleged bonds deposited old bank the contractors announced. will open about capital and surplus each.
6.September 1, 1928Salt Lake TelegramSalt Lake City, UT
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Article Text
New Bank Succeeds Toombs' Institution
CHICAGO, Sept. new bank has been to the Grove formerly headed by Roy C. now testifying before referen In regarding missing funds of the Life Insurance company of St. Louis, of which he was president. and his Chicago house Toombs & Daily. The suburban bank, It was announced by State Auditor Oscar will assume $700,000 In bilities of the State Bank and Trust company. which was closed shortly after Toombs had resigned as its At that time was president. his financial difficulties feared on the bank. might cause
7.September 1, 1928The DispatchMoline, IL
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Article Text
NEW BANK FOLLOWS ARREST OF TOOMBS
Chicago, Sept. bank has been organized to succeed the Downers Grove institution formerly headed Roy Toombs, now tifying before referee bankregarding funds of International Life Insurance company of Louis, of which he president, and Chicago house of Toombs and Daily. new suburban by State Auditor Oscar Nelson, will assume in liabilities the State Bank and Trust company, which was closed shortly Toombs had resigned president. At that time feared his financial difficulties "run" on the bank.
8.September 1, 1928Belleville Daily AdvocateBelleville, IL
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Article Text
NEW BANK IS FORMED TO TAKE OVER TOOMBS DOWNER GROVE FIRM
CHICAGO, Sept. new bank has been to succeed the Downers Grove formerly headed by Roy C. Toombs, now testifying before referee in bankruptcy regarding missing funds of the International Life Insurance of St. Louis, of which he was president, and his Chicago brokerage house of Toombs & Daily The new suburban bank, it announced by State Auditor Oscar Nelson, will assume in liabilities of the State Bank & Trust Company. which was closed shortly after Toombs had resigned its president. At that time was feared his financial difficulties might cause "run" on the bank.
9.September 2, 1928The Atlanta ConstitutionAtlanta, GA
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Article Text
NEW BANK REPLACES TOOMBS INSTITUTION
Chicago, September new bank has been organized to succeed the Downers Grove institution, formerly headed by Roy Toombs, now testifying before referee in bankruptcy regarding missing funds of the International Life Insurance Company of St. Louis, of which he was president. and his Chicago brokerage house of Toombs & Daily. The new suburban bank. it was an nounced by State Auditor Oscar Nelwill assume in son, ties of the State Bank Trust company. which was closed shortly after Toombs had resigned its president. At that time it was feared his financial difficulties might cause "run" on the bank. The new bank. It was announced will open in about 10 days with capital and surplus of $100,000 each.
10.September 2, 1928The Spokesman-ReviewSpokane, WA
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Article Text
TOOMBS' BANK TO REOPEN
000 bank has been organized to succeed the Downers Grove institution formerly headed by Roy C. Toombs, now before referee bankruptcy regarding missing funds of the International Life Insurance company of Louis, of which he was and his Chicago house of Toombs Daily The new suburban bank announced by State Auditor Oscar Nelson, will assume $700,000 in lia bilities of the State Bank and Trust company. which was closed soon after Toombs had resigned as its At that time was feared his financial difficulties might cause "run" the bank. will open in about 10 days with " capital and surplus of $100,000 each. Van When Cortlandt municipal Park, golf York course was laid served about nearby year nearly
GENERAL ADVERTISING
11.September 4, 1928Dixon Evening TelegraphDixon, IL
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Article Text
New Organization Takes Toombs Bank
Chicago, Sept. 1-(AP)- A new bank has been organized to succeed the Downers Grove institution formerly headed by Roy C. Toombs, now testifying before referee in bankruptcy regarding missing funds of the International Life Insurance Company of St. Louis, of which he was president, and his Chicago brokerage house of Toombs and Daily The new suburban bank. it was announced by state auditor Oscar Nelson, will assume $700.000 in liabilities of the State Bank and Trust Company, which was closed shortly after Toombs had resigned as its president. At that time It was feared his financial difficulties might cause a "run" on the bank
HOWARD SAVAGE MARRIED Chicago, Sept. 1-(AP) P. Savage, former national commander of the American Legion, and Miss Mary Van Oss, a nurse. wer married today at a quiet ceremony in St. Mary's church They left for Atlanta, Ga. on their honeymoon trip. Mr Savage was a widower
We do anything in the Joh Print-
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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