First National Bank (Peoria, IL)

View Charter #176 on SPMC View balance sheet

Episode Information

Episode UID
17601270
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1760 national
Charter Number
176
Start Date
October 9, 1905
Location
Peoria, Illinois (40.694, -89.589)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca9cda02de93bbb7

Response Measures

Public signal of financial health, Full suspension, Books examined

Other: Comptroller-appointed receiver/receivership and liquidation process (dividend payments to claimants) conducted after closure.

Description

Closure tied to the 'Dougherty investigation' and receiver appointed by comptroller; depositors were being paid by receiver.

Events (4)
1. December 28, 1863 Chartered
Source
historical_nic
2. October 9, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors reacted to the Dougherty investigation into the bank and related institutions, prompting heavy withdrawals/appearance of depositors.
Newspaper Excerpt
Early in the day large numbers of depositors appeared at the bank, but the doors were closed
Source
newspapers
3. October 9, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed its doors due to the Dougherty investigation and awaited appointment of a receiver by the comptroller.
Newspaper Excerpt
Peoria National bank, which closed its doors as the result of the Dougherty investigation ... they would not be opened again until a receiver had been appointed by the comptroller.
Source
newspapers
4. November 28, 1905 Receivership
Newspaper Excerpt
To 525 depositors of the First National bank who filed claims ... a dividend was paid this afternoon ... The receiver expects to pay thirty per cent. more before Christmas.
Source
newspapers

Newspaper Articles (2)
1. October 9, 1905 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, October 9, 1905

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Article Text

DEPOSITORS WILL BE PAID. First National Bank of Peoria, III., Closes Its Doors. Peoria, Ill., Oct. 9. -"We have several offers from banks who wished to take over our business, but our directors, after carefully considering the matter, decided that the best thing to do would be to liquidate under the law. Every depositor will be paid in full and I am confident that the stockholders will receive a good return." This is the statement of S. O. Spring, cashier of the Peoria National bank, which closed its doors as the result of the Dougherty investigation. Early in the day large numbers of depositors appeared at the bank, but the doors were closed and it was announced that they would not be opened again until a receiver had been appointed by the comptroller. The Dime Savings bank, in which Dougherty is a large stockholder, experienced a small run, but paid all depositors as they asked for their money. The officers announce that they have plenty of funds to meet all demands.

2. November 29, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, November 29, 1905

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Article Text

PAYING OFF DEPOSITORS. Peoria, III., Nov. 28.-To 525 de positors of the First National bank who filed claims before November 16. a dividend was paid this afternoon and another will be paid Wednesday, the total being thirty per cent. Other depositors will be pa'd a like amount December 10. The receiver expects to pay thirty per cent. more before Christmas.