First National Bank (Aurora, IL)

View Charter #13565 on SPMC View balance sheet

Episode Information

Episode UID
1356501590
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
135650 national
Charter Number
13565
Start Date
June 1, 1932*
Location
Aurora, Illinois (41.761, -88.320)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4a4a3975c689fcdb

Response Measures

Fed/other loan, Full suspension

Other: Comptroller appointed the bank president as receiver; the bank was closed and later dividends/payments were made by the receiver. RFC loan authorization was later granted (authorized but not drawn).

Receivership Details

Depositor recovery rate
83.6%
Date receivership started
1932-07-06
Share of assets assessed as good
25.9%
Share of assets assessed as doubtful
62.2%
Share of assets assessed as worthless
11.9%

Description

Articles identify false rumors triggering a run and subsequent director-ordered closure with a receiver appointed.

Events (5)
1. July 29, 1931 Chartered
Source
historical_nic
2. June 1, 1932* Run
Cause
Rumor Or Misinformation
Cause Details
False rumors circulated that started a run of depositors withdrawing funds.
Random Run
Yes
Random Run Snippet
false rumors had started a run
Newspaper Excerpt
declared defunct after false rumors had started a run
Source
newspapers
3. July 6, 1932 Receivership
Source
historical_nic
4. July 6, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors voted to close the bank because of steady withdrawals stemming from the run triggered by false rumors.
Newspaper Excerpt
The First National Bank of Aurora failed to open today. The closure was voted last night by the directors, who said it was necessary because of steady withdrawals.
Source
newspapers
5. July 13, 1932 Receivership
Newspaper Excerpt
The appointment of the receiver of the First National Bank of Aurora ... was made late last week by J. W. Pole, comptroller of the currency. A. L. Wilson, president ... was named to the post of receiver.
Source
newspapers

Newspaper Articles (6)
1. January 27, 1932 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 27, 1932

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Article Text

Aurora Resumes Regular Business Aurora, Ill., Jan. 27.-(AP)-A blast of whistles at 9 a. m. Wednesday gave the signal: "Play ball!" and business resumed in Aurora after a five-day moratorium. A band played in the downtown section where only groceries, drug stores, public utilities and newspapers had kept open since Friday morning. And there was a welcome run on Aurora's five banks-not the sort of run that becomes a panic, but a run of deposito:s replacing their money in the banks, opening new accounts, drawing their savings from unproductive hoarding in safety deposit boxes and returning the money to their regular bank accounts. Aurora closed its doors to business by mayoral proclamation last Friday.

2. July 6, 1932 Evening Star Washington, DC
Article from Evening Star, July 6, 1932

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Article Text

ILLINOIS BANK CLOSED. AURORA, Ill., July 6 (AP).-The - First National Bank of Aurora failed to open today. The closure was voted last night by the directors, who said it was necessary because of steady withdrawals. The bank was the largest in Kane County and the second of Aurora's five to close. Its deposits June 30 were $2,886,050.

3. July 13, 1932 The True Republican Sycamore, IL

Article Text

Bank President Is Appointed as Bank Receiver The appointment of the receiver of the First National Bank of Aurora which several weeks ago was declared defunct after false rumors had started a "run," was made late last week by J. W. Pole, comptroller of the currency. A. L. Wilson, president of the organization, was named to the post of receiver. He declared that every dollar would be paid back in due time. He does not possess any stock in the bank as the law will not permit a stockholder to become a receiver. Like many other banks around the country, the First National was closed after someone started false rumors. In order to prevent closing, absolutely necessary if a "run"

4. September 23, 1933 The True Republican Sycamore, IL

Article Text

Bank Out Dividend The Aurora First National Bank Thursday began payment of cent dividend, releasing upon authority of the comptroller through Receiver Hamilton. It the third dend since the bank suspended Thus far of 017,315 has been paid out in the three dividends, or per cent total claims.

5. August 7, 1934 The Times Streator, IL

Article Text

The report showed that loans authorized to banks and other financial institutions at a 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks; $45,000,000 for the Home Owners' Loan Corporation; $5,455,500 for bank debentures; $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. The corporation announced it had authorized loans to Illinois banks which included: First National in Aurora, $310,000; Liberty State Bank in Bloomington (receiver) $82,000; Merchants State Bank in Centralia (receiver), $80,221; First Trust and Savings Bank in DeKalb (receiver, $190,000; Rockford National Bank (receiver), $185,000. None of these authorizations had been drawn upon by May 31, the RFC added. The RFC said it also had authorized the purchase of $50,000 in capital notes or debentures from the

6. August 8, 1934 Chicago Tribune Chicago, IL

Article Text

168 MILLIONS IN MAY Washington, D. C., Aug. 7.—(AP)—The Reconstruction Finance corporation reported today that it authorized advances in May aggregating $168,644,166. The report showed that loans authorized to banks and other financial institutions at 4 per cent interest totaled $57,512,410. Other large advances authorized included $41,820,000 for subscription to preferred stocks in banks, $45,000,000 for the Home Owners' Loan corporation, $5,455,500 for bank debentures, $7,619,576 in loans to drainage and irrigation projects. The balance was for relief and other government purposes. Of the $57,512,410 authorized in loans, $32,698,236 went to banks and trust companies, including $28,615,330 to aid in the reorganization or liquidation of closed institutions, and $22,048,883 to mortgage loan companies. Among some of the larger loans authorized to banks were: North-Western Trust and Savings bank, receiver, Chicago, $2,500,000; West Side Trust and Savings bank, receiver, Chicago, $1,500,000. Loans authorized to other Illinois banks included the First National bank in Aurora, $310,000; Liberty State bank in Bloomington [receiver], $82,000; Merchants State bank in Centralia [receiver], $80,221; First Trust and Savings bank in De Kalb [receiver], $190,000; Rockford National bank [receiver], $185,000. None of these authorizations had been drawn upon by May 31, the RFC added.