7 Bank Bags Lot 2

Description

Seven Bags total - Five of these Bank Bags are labeled, two are blank.  This lot includes bags from The Federal Reserve Bank of Chicago and The Continental Illinois National Bank and Trust Company.  The size / footprint on these is about 1 shoe box to 3 shoe boxes.
The
Federal Reserve Bank of Chicago
- Established
May 18, 1914
(106 years ago) -
(informally the
Chicago
Fed
) is one of twelve
regional Reserve Banks
that, along with the
Board of Governors
in Washington, D.C., make up the nation's
central bank
. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of
Illinois
and
Indiana
, southern
Wisconsin
, the
Lower Peninsula of Michigan
, and the state of
Iowa
. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member
banks
and
bank holding companies
, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.
The bag included in this lot is from May of 1968.
The
Continental Illinois National Bank and Trust Company
- Established 1910 -
was at one time the seventh-largest commercial bank in the United States as measured by deposits, with approximately billion in assets. In 1984, Continental Illinois became the largest ever bank failure in U.S. history, when a run on the bank led to its seizure by the
Federal Deposit Insurance Corporation
(FDIC). Continental Illinois retained this dubious distinction until the failure of
Washington Mutual
in 2008 during the
financial crisis of 2008
, which ended up being over seven times larger than the failure of Continental Illinois.
This bag is dated February of 1964.
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