Atlas National Bank of Chicago stock certificate c1890 (Illinois)

Interesting Chicago banking piece!  Company name vignette.  Unissued and not cancelled. Dated 189_. Approximately 10.5 x 8 inches.

The Atlas National Bank of Chicago was in Cook County. It was assigned charter number 3503. This national bank opened in 1886 and stopped printing money in 1897, which equals a 12-year printing period. Primarily served the Greek community

The Atlas National Bank of Chicago suspended operations in December 1896 due to large loans, a business that was later described as a voluntary liquidation. According to newspapers, the bank was involved in speculation and politics.

On Saturday, December 26, 1896, officers of the Atlas National Bank decided that the bank would not reopen the following Monday. The clearinghouse committee met and decided that the bank should be liquidated and that member banks of the clearinghouse should provide the funds (approximately $600,000) needed to close the bank and pay depositors. This action tended to relieve the general anxiety pervading the Chicago banking system. The Atlas National, however, had an affiliated savings bank managed by the same board of directors but not included in the clearinghouse plan to liquidate the national bank. Even though the savings bank had been well managed and had a good reputation, the failure of the parent institution and the savings bank's exclusion from the clearinghouse liquidation plan quickly caused a run on the savings bank. It was forced into receivership within a month.

Key Figures:

Peter Malakaten: A representative known for his experience with various banks and for helping the Greek community.

Peter Gregor: A Greek immigrant who was elected president, making him the first to hold such a position at a national bank in the US.

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