Calumet City State Bank (Calumet City, IL)

Episode Information

Episode UID
70209171574
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7020917 routing
Routing Number
70-2091
Start Date
February 2, 1931
Location
Calumet City, Illinois (41.616, -87.529)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
af675f5f93ee26b2

Response Measures

None

Description

Run followed the closing of Hammond's First Trust & Savings; bank later failed and entered receivership (Nov. 6, 1931).

Events (4)
1. February 2, 1931 Run
Cause
Local Banks
Cause Details
A run began after news of the closing of the First Trust and Savings Bank of Hammond prompted heavy withdrawals from Calumet City State Bank.
Measures
Bank closed and state bank examiner expected to take charge; funds transfers from correspondent banks to meet withdrawals.
Newspaper Excerpt
Calumet City State Bank Closes After Run Is Started This Morning
Source
newspapers
2. February 2, 1931 Suspension
Cause
Government Action
Cause Details
State banking commissioner/examiner placed in charge and bank closed pending examination.
Newspaper Excerpt
STATE BANK EXAMINER IS PLACED IN CHARGE
Source
newspapers
3. November 6, 1931 Receivership
Newspaper Excerpt
The bank failed Nov. 6, 1931. Mr. O'Connor was appointed receiver Nov. 21, 1931.
Source
newspapers
4. December 14, 1932 Other
Newspaper Excerpt
Approximately 1,500 depositors of the closed Calumet City State bank will participate in the 10 per cent dividend which Judge Leo Brothers...authorized yesterday afternoon, Receiver Thomas O'Connor announced today.
Source
newspapers

Newspaper Articles (21)
1. February 2, 1931 The Times Hammond, IN

Article Text

STATE BANK EXAMINER IS PLACED IN CHARGE Calumet City State Bank Closes After Run Is Started This Morning The First Trust and Savings bank, of Hammond, closed its doors this morning pending an examination by representatives of the state banking commissioner. This action was voted yesterday at a special meeting of the board of directors. Following the closing of the First Trust, which is expected to be temthe Calumet City State bank, the only bank in this Illinois suburb its funds were on deposit in the First Trust. John Carroll, cashier of the Calumet City State bank. told The Times that representative of the auditor of public accounts of IIIIexpected to charge of bank today, probably operate Indiana banking thorities in working out the uation. President of City bank of Calumet City and former Cook (III.) bank capitalized sources the only bank at Calumet City. Withdrawals mond banks diately of the closing of the Trust current. In order prepared for the emercalls to Chicago and these promptly met. President H. Tapper and other officials of the Hammond bank no cause alarm in spite of the withdrawals from their accounts. "Our bank in sound condition this storm," Mr. Tapper at noon. "We had an immediate of currency from Chicago dent banks back People not to this situation which demands thought.' Louis vice president of Hammond said this morning's situation broke without warning but found his bank well prepared ready cash to meet depositors' demands and furof money shipther ments from Chicago reserves were ordered at once. DIRECTORS OPTIMISTIC Available the reinforced by delivery of $250,000 at noon. This sufficient to tide over the than Similar expressions of optimism the situation by William Leo Dr. Ostrowski G. Paxton, diO. rectors of the Hammond National. pointed out that most of the It visiting the had small people accounts and the total be great as might be would not expected from size of the crowd. In fact who waited line for time, stepped home they realized that being made the could handle NOT TO ON BANK Withdra from the First Trust and which had were due to resources needs of depositors and pressing not to on the bank, according to President Peter W. Meyn. Thomas D. Barr, chief state bank (Continued on Page Six)

2. February 2, 1931 The Times Hammond, IN

Article Text

STATE BANK EXAMINER IS PLACED IN CHARGE Calumet City State Bank Closes After Run Is Started This Morning The First Trust and Savings bank, of Hammond, closed its doors this morning pending an examination by representatives of the state banking commissioner. This action was voted yesterday at a special meeting of the board of directors. Following the closing of the First Trust, expected to be temporary, the Calumet City State bank, the bank in this Illinois suburb also closed, since some its funds were on deposit in the First Trust. John Carroll, cashier of the Calumet City State bank, told The Times that the auditor of public accounts of IIIInois was expected to take charge of bank today, and probably operate Indiana thorities in working out the situation. PRESIDENT President of the Calumet bank John mayor of Calumet City and former Cook county, The sources of $500,000. is the only bank at Calumet City. from other Hammond banks became heavy immediately after of the closing of the First In order be for the gency, were sent to Chicago and these were promptly met. President A. Tapper and other officials of the National bank saw no alarm in spite of the withdrawals from their "Our bank is in sound condition and will weather this storm," Mr. Tapper at noon. an immediate delivery of currency from Chicago and our dent banks stand back of us. People should not to this situation which Louis Klitzke, president of the National, morning's situation without warning but found his bank well prepared with ready cash to meet depositors' demands as further measure of safety, money shipments from Chicago reserves were ordered at once. DIRECTORS OPTIMISTIC Available of the bank was reinforced by delivery of $250,000 at noon. This sufficient to tide over the than emergency. Similar expressions of optimism the situation made by William Ahlborn, Leo Wolf, Dr. R. Ostrowski G. diO. rectors of the Hammond National. It pointed out that most of the visiting the bank had small people accounts and the total be great as might be would not from of the expected crowd. fact many persons waited in line time, they realized that being made the clerks as could NOT TO ON BANK First Trust and Savings bank, which had resources of $9,400,000, were due to needs of depositors and pressing not to on the bank, according to President Peter W. Meyn. Thomas D. Barr, chief state bank (Continued on Page Six)

3. February 2, 1931 The Times Hammond, IN

Article Text

STATE BANK EXAMINER IS PLACED IN CHARGE Calumet City State Bank Closes After Run Is StartThis Morning The First Trust and Savings bank, of Hammond, closed its doors this morning pending an examination by representatives of the state banking commissioner. This action was voted yesterday at a special meeting of the board of directors. Following the closing the First Trust, which expected be porary, the City bank, the bank in this suburb to its funds on deposit in the First Trust. Carroll, cashier of the CaluJohn City State bank, told The Times that representative of the state auditor of public of IIIIexpected to charge of his bank today, and probably cooperate with Indiana banking authorities in working out the situation. PRESIDENT President of City bank is John Jaranowski, mayor of Calumet City former Cook county, (III.) commissioner The bank capitalized $75,000 and has resources the only bank at Calumet City. Hammond banks became heavy immediately after of the closing of the In order to be for the emercalls for cash were sent Chicago and these were President H. Tapper and other officials of the Hammond National bank cause for alarm in spite of the from their "Our bank is in sound condition and weather this storm," said Mr. Tapper noon. "We had an immediate delivery currency from Chicago our dent stand back of us. not allow as this is situation which demands thought." Louis vice president of the this morning's situation without warning found his bank well prepared with ready cash to meet depositors' demands and further of safety, money shipments from Chicago reserves were ordered at DIRECTORS OPTIMISTIC Available cash of the reinforced of $250,000 noon. This sufficient to tide the than Similar expressions of optimism the situation made by William Ahlborn, Leo Wolf, Dr. Ostrowski and W. G. Paxton, dithe Hammond National. rectors It pointed out that most of visiting bank small people accounts the total withdrawals would not be great might the size of the expected from crowd. In fact waited line for time, and they realized that payments were being made rapidly the clerks could handle NOT TO RUN ON BANK from First and bank, which had Trust Savings resources of were due to needs depositors and pressing on the accordPresident Peter W. Meyn. Thomas D. Barr, chief state bank (Continued Page Six)

4. February 2, 1931 The Belleville News-Democrat Belleville, IL

Article Text

Hammond Bank, With $9,400,000 Resources, Closes Hammand. Ind., Feb. The First Trust and Savings Bank of Hammond, the largest bank in northwestern Indiana, closed today as the result of $630,000 withdrawals during the last 10 days. The closing caused the Hammond National Bank, a federal reserve institution, to obtain $250,000 from Chicago to meet the demands of its Withdrawals from the First Trust and Savings Bank, which had resources of $9,400,000, were due to pressing needs of depositors and not to run on the bank, according to President Peter W. Meyn. Thomas D. Barr, chief state bank examiner. announced at Indianapolis that he intended personally to take charge of the closed bank. the largest ever to fail in Indiana. Deposits of the First Trust and Savings Bank were $5,750,000. capital 000,000 and surplus Later the Calumet City State Bank, at Calumet City, Ill., across the river from Hammond was closed After run that started with news of the closing of the Hammond bank President of the Calumet City Bank is John Jaranowski, mayor of Calumet City and former Cook county (III The bank is capitalized at $75,000 and has resources of It the only bank at Calumet City

5. December 8, 1931 The Times Hammond, IN

Article Text

NAME LAWYER TO HELP WITH CALUMET CITY BANK Francis Chicago lawyer, yesterday appointed torney the CaluCity State bank by Auditor of State Oscar Nelson and he promptthat should claims for the tomorrow Mr. will Thomas Hammond and Calumet City estate of the bank after failed November According forms been prepared to permit depositors He urged them otherwise they will not share dividend when it is The receiver not dividend for least weeks under the of the state controlling of bank receivers, Mr. said. Calumet City State bank the only banking institution in municipality before failed last month. assets are said to caused the failure.

6. December 8, 1931 The Times Hammond, IN

Article Text

torney for the receiver of the Calumet City bank by Auditor of State Oscar Nelson and he depositors should file claims for their deposits the beginning tomorrow Thomas O'Connor, Hammond Calumet City estate operator, who the after falled forms permit they share when it The receiver will not be able to least 12 weeks yet under the provisions the state law controlling operation receivers, Mr. Brinkman said. The State bank the the before failed last month. assets are said to have the failure.

7. December 8, 1931 The Times Hammond, IN

Article Text

NAME LAWYER TO HELP WITH CALUMET CITY BANK Chicago torney for the of the CaluCity bank by Auditor of State Oscar Nelson and he promptannounced that should file claims deposits at beginning Mr. Brinkman will advise Thomas O'Connor, Hammond and Calumet City real operator, who was appointed of the bank Mr. forms have prepared to permit receiver deposits. He urged them otherthey be eligible to share dividend when it is authorized, The receiver be weeks under the of the state law controlling the operation of bank receivers, Mr. Brinkman said. The Calumet City State bank was the in the before it failed last assets are said to have caused the failure.

8. December 30, 1931 The Times Hammond, IN

Article Text

LIQUIDATION OF ASSETS GOES ON SPEEDILY Calumet City State Bank Dividend May Come Sooner Than Expected Liquidation of assets of the closed Calumet City State bank going forward more rapidly tran originally Thomas today. He requests those ferred claims them immediately, they not eligible by the Cook county Circuit court. Under the laws of Illinois, bank to the state ficient been collected by that time, the auditor of state applies to the circuit for sion dividend. Mr. appointed last March. He said it difficult to predict at this time will be paid then, but that present collections payment. O'Connor assisted Francis L. Chicago, was legal for bank institution failed Friday Nov. Frozen assets steady withdrawal of deposits caused the directors to close the bank in to remaining for the depositors. John Carroll president and the remaining bank in Calumet City.

9. December 30, 1931 The Times Hammond, IN

Article Text

OF ASSETS GOES ON SPEEDILY Calumet City State Bank Dividend Sooner Than Expected Liquidation assets of the closed going forward rapidly tran was originally Thomas O'Connor, today. He requests those claims them ately, otherwise they not eligible for dividend when authorized by the Cook county CirUnder the laws of Illinois, bank report the of state 12 have sufthey by that time, the of state plies the for permisMr. last March. He make February. He first report said difficult to predict time whether dividend will be paid then, but that present collections Mr. Attorney Brinkman, Chicago, was appointed legal the bank failed Friday Nov. Frozen assets steady withdrawal deposits caused the directors close in order for the depositors. Carroll president and John Andrew remaining bank City.

10. December 30, 1931 The Times Hammond, IN

Article Text

LIQUIDATION OF ASSETS GOES ON SPEEDILY Calumet City State Bank Dividend May Come Sooner Than Expected Liquidation of assets the closed Calumet going forward rapidly originally anticipated, Thomas O'Connor, today. He requests those have preferred claims file them Immediately. otherwise they will not eligible for dividend when one authorized by the Cook county Circourt. Under the laws of Illinois, bank receivers submit report the of state 12 they have by that state plies to the circuit court for permispay Mr. last March. He make his first report early February. He said difficult to predict this time whether paid then, present collections payment. by Brinkman, Chicago, appointed legal late last month. The failed Friday Nov. Frozen assets steady withdrawal deposits caused the directors to close bank order conserve remaining for the depositors. John president and Andrew cashier. the only remaining bank Calumet City.

11. December 30, 1931 The Times Hammond, IN

Article Text

OF ASSETS GOES ON SPEEDILY Calumet City State Bank Dividend Come Sooner Than Expected Liquidation assets of the closed Calumet City State bank going forward rapidly tran originally Thomas today. He requests who claims file ately. otherwise they not eligible dividend when authorized by the Cook county CirUnder the Illinois, bank receivers report auditor weeks they have been appointed. If sufficient money been collected by that time, the auditor state apto for permisMr. last He to make his in February. He said predict at this but present collections presage an early dividend payment. Mr. O'Connor being assisted by Attorney Francis Brinkman, Chicago, appointed counsel the The failed Friday Nov. Frozen assets and steady withdrawal deposits caused the directors close bank the depositors. John Carroll was president and Andrew Stachowicz cashier. remaining bank Calumet City.

12. December 14, 1932 The Times Hammond, IN

Article Text

1,500 Depositors Will Get Ten Percent Dividend Cook County Circuit Court Judge Authorizes Dividend For Calumet City Bank Approximately 1,500 depositors of the closed Calumet City State bank will participate in the 10 per cent dividend which Judge Leo Brothers, of the Cook county Circuit court, authorized yesterday afternoon, Receiver Thomas O'Connor announced today. Mr. O'Connor said he will start paying the dividend Saturday morning and that he will hold the bank open until 8 o'clock Saturday evening for the accommodation of depositors of record. The dividend amounts to $40,000, Mr. O'Connor said. He added that it includes full payment of all depository balances of $2 or less. "We will cash the small checks here in the bank," the receiver declared. "The larger checks, however, must be cashed in other banks." The bank failed Nov. 6, 1931. Mr. O'Connor was appointed receiver Nov. 21, 1931. The dividend to be paid Saturday is the first authorized by the courts since the bank was closed. Any future dividend, Mr. O'Connor explained, must depend on the condition of the security markets for the sale of assets at prices representing some degree of their book value. "We are doing everything in our power to liquidate this institution economically and for the best interest of the depositors and creditors," Mr. O'Connor said. "Rapid liquidation, however, is difficult, owing to the depressed economic conditions now prevailing and the resultant impossibility of making collections on debtors' obligations."

13. December 14, 1932 The Times Hammond, IN

Article Text

Cook County Circuit Court Judge Authorizes Dividend For Calumet City Bank Approximately 1,500 depositors of the closed Calumet City State bank will participate in the 10 per cent dividend which Judge Leo Brothers, of the Cook county Circuit court, authorized yesterday afternoon, Receiver Thomas O'Connor announced today. Mr. O'Connor said he will start paying the dividend Saturday morning and that he will hold the bank open until 8 o'clock Saturday evening for the accommodation of depositors of record. The dividend amounts to $40,000, Mr. O'Connor said. He added that it includes full payment of all depository balances of $2 or less.

14. December 14, 1932 The Times Hammond, IN

Article Text

Cook County Circuit Court Judge Authorizes Dividend For Calumet City Bank Approximately 1,500 depositors of the closed Calumet City State bank will participate in the 10 per cent dividend which Judge Leo Brothers, of the Cook county Circuit court, authorized yesterday afternoon, Receiver Thomas O'Connor announced today. Mr. O'Connor said he will start paying the dividend Saturday morning and that he will hold the bank open until 8 o'clock Saturday evening for the accommodation of depositors of record. The dividend amounts to $40,000, Mr. O'Connor said. He added that it includes full payment of all depository balances of $2 or less.

15. December 14, 1932 The Times Hammond, IN

Article Text

Cook County Circuit Court Judge Authorizes Dividend For Calumet City Bank Approximately 1,500 depositors of the closed Calumet City State bank will participate in the 10 per cent dividend which Judge Leo Brothers, of the Cook county Circuit court, authorized yesterday afternoon, Receiver Thomas O'Connor announced today. Mr. O'Connor said he will start paying the dividend Saturday morning and that he will hold the bank open until 8 o'clock Saturday evening for the accommodation of depositors of record. The dividend amounts to $40,000, Mr. O'Connor said. He added that it includes full payment of all depository balances of $2 or less.

16. December 14, 1932 The Times Hammond, IN

Article Text

1,500 Depositors Will Get Ten Percent Dividend Cook County Circuit Court Judge Authorizes Dividend For Calumet City Bank Approximately 1,500 depositors of the closed Calumet City State bank will participate in the 10 per cent dividend which Judge Leo Brothers, of the Cook county Circuit court, authorized yesterday afternoon, Receiver Thomas O'Connor announced today. Mr. O'Connor said he will start paying the dividend Saturday morning and that he will hold the bank open until 8 o'clock Saturday evening for the accommodation of depositors of record. The dividend amounts to $40,000, Mr. O'Connor said. He added that it includes full payment of all depository balances of $2 or less. "We will cash the small checks here in the bank," the receiver declared. "The larger checks, however, must be cashed in other banks." The bank failed Nov. 6, 1931. Mr. O'Connor was appointed receiver Nov. 21, 1931. The dividend to be paid Saturday is the first authorized by the courts since the bank was closed. Any future dividend, Mr. O'Connor explained, must depend on the condition of the security markets for the sale of assets at prices representing some degree of their book value. "We are doing everything in our power to liquidate this institution economically and for the best interest of the depositors and creditors," Mr. O'Connor said. "Rapid liquidation, however, is difficult, owing to the depressed economic conditions now prevailing and the resultant impossibility of making collections on debtors' obligations."

17. January 9, 1933 The Times Hammond, IN

Article Text

CARROLL MAKES HIS CHARGES Calumet City Bank Receiver Alleges Conspiracy Against the Small Banks (INTERNATIONAL NEWS SERVICE) WASHINGTON, Jan. tional charges that the Reconstruction Finance Corporation and big loop banks in Chicago "conspired" to independent banks to fall needlessly, "bringing ruin to million people," were made before the senate banking and currency committee today by John A. Carroll, who described himself as "chairman liquidator" for 138 small banking institutions which have been closed. Carroll asserted that Melvin Traylor "was running the R. F. in Chicago for Mills" of the Treasury Mills) and that conspiracy existed to withhold funds from concerns, 80 that after they failed the big banks would monopoly on the banking in Chicago. During the Chicago bank crisis

18. July 19, 1933 The Times Hammond, IN

Article Text

STATEMENT OF CALUMET CITY STATE BANK The suspended Calumet City State possesses for in for other purposes, according statement of condition of June 30 which was released yesterday by the auditor of state. closed November 1931. Since that time, $88,375 receipts collected and losses of $3,675 suffered in dividend ing to has paid to in preferred claims has been disReceiver Thomas J. O'Connor's salary placed and torney's paid Francis Chicago, attorney for the listed Clerical and expenses consumed $13,505. Total resources the bank at present, per book value, amount balance due $301,899

19. July 19, 1933 The Times Hammond, IN

Article Text

STATEMENT OF CALUMET CITY STATE BANK The suspended Calumet City $2,255 for dividends and other purposes, according the statement of condition of which was released yesterday by the Illiof state. The bank closed November 6, Since that time, $88,375 receipts have been collected and losses of $3,675 have been suffered in conversion assets. dividend per cent, amounting to been paid positors. addition $6,792 in preferred claims been disbursed. Thomas O'Connor's salary is placed and torney's fees paid to Francis Brinkman, attorney for listed $5,612. expenses have consumed Total resources of the bank present, as book value, amount the balance due creditors totals $301,899.

20. July 19, 1933 The Times Hammond, IN

Article Text

STATEMENT OF CALUMET CITY STATE BANK The Calumet City State possesses $2,255 for future dividends $6,434 other purposes, according the statement condition June which released yesterday by the auditor state. The bank closed November 1931. Since that $88,375 receipts have been collected losses of $3,675 have been suffered in conversion dividend 10 ing to $31,428, has paid deIn $6,792 in preferred claims has been disReceiver Thomas O'Connor's salary placed $3,850: and torney's paid Francis Brinkman, of Chicago, attorney for the receiver, listed $5,612. Clerical expenses consumed Total resources of the bank at present, value, to $351,502; the balance due creditors totals $301,899.

21. July 19, 1933 The Times Hammond, IN

Article Text

STATEMENT OF CALUMET CITY STATE BANK The suspended Calumet City bank $2,255 for for other puraccording statement of of which the Illiyesterday state. The bank closed November 1931. Since that time, $88,375 in 6, receipts have been collected losses of $3,675 suffered in dividend per ing has paid depositors. In addition claims has been disin Receiver Thomas J. O'Connor's salary is placed $3,850: and torney's Francis for the listed Clerical and expenses $13,505. Total resources of the bank at present, per book value, balance due to creditors totals $301,899.