Union State Bank - Chicago, IL

Episode Information

Episode UID: 8568823691616
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 856882369 hash
Start Date: August 1, 1934
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: ca60581aba8a2a60

Response Measures

None

Description

Article describes court-authorized liquidation of the closed bank it absorbed.

Events (1)

1. August 1, 1934 Receivership

Newspaper Excerpt: liquidating the closed Chicago Bank of Commerce and two institutions which it absorbed, the Union State bank and the Old Dearborn State bank.
Source: newspapers

Newspaper Articles (1)

1. August 1, 1934 Chicago Tribune Chicago, IL

Article Text

FEE OF $100,000 FOR LIQUIDATION OF BANK GRANTED Fisher Decision Brings Depositors' Protest. Circuit Judge Harry M. Fisher announced yesterday he would allow $100,000 in fees payable on account to the law firm of Schuyler, Weinfeld & Hennessy for services in liquidating the closed Chicago Bank of Commerce and two institutions which it absorbed, the Union State bank and the Old Dearborn State bank. The fees asked by the attorneys total $154,000 and have been the basis for loud complaints from the depositors' committee. Judge Fisher announced his decision over the protest of Attorney Floyd Thompson, spokesman for the committee, who has charged that the fee "is exorbitant and wholly out of line with the services rendered by the firm." Designated as Full Payment. The court indicated that the $100,000 may be considered full payment to the law firm unless the bank is able to pay off substantial dividends amounting to at least 40 or 50 per cent. Attorney Thompson declared that no dividends have yet been paid. Attorney Edgar Tolman, designated by Judge Fisher as a disinterested party to decide what a fair fee should be, recommended that $70,000 be paid. To support his contention that the fee was exorbitant, Attorney Thompson cited the case of a young attorney who was employed at the bank before it closed at a salary of $200 per month.