Newspaper accounts (May–Aug 1927) report the Farmers State Bank of Annawan closed by the state auditor for examination because of frozen assets and inability to liquidate loans. There was explicitly no 'run' on either bank. A receiver (W. W./Calhoun) was appointed by August and the bank remained closed into 1928 when the receiver paid dividends and sold bank property. Thus this is a suspension that resulted in permanent closure/receivership.
Events (3)
1.May 21, 1927Suspension
Cause
Government Action
Cause Details
State auditor closed bank for examination/adjustment due to frozen assets and loans banks unable to liquidate; article states there was no run.
Newspaper Excerpt
Signs were tacked on the doors of both institutions this morning stating that they were closed for examination and adjustment by Oscar Nelson, state auditor of public accounts.
Source
newspapers
2.August 16, 1927Receivership
Newspaper Excerpt
Calhoun of Kewanee was chosen as receiver, and committee of five selected to act an advisory committee to Mr. Calhoun.
Source
newspapers
3.July 24, 1928Other
Newspaper Excerpt
Judge Telleen Grants Order Permitting 25 Per Cent Payment to Depositors. ... The order instructs W. W. Calhoun, receiver of the closed bank, to pay the dividend. The bank building at Annawan ... will be sold ... The Farmers State bank of Annawan was closed May 27.
Source
newspapers
Newspaper Articles (3)
1.May 21, 1927The DispatchMoline, IL
Click image to open full size in new tab
Article Text
FROZEN ASSETS ARE BLAMED BANKS CLOSE
Institutions at Annawan and Hooppole Placed Under Examination.
CAN'T LIQUIDATE LOANS
Annawan State Bank Open as Usual: 'Finances Good,' Says Cashier.
Dispatch Special Service. Annawan. May 21.-Frozen assets blamed for the failure to open this morning of the Farmers State bank of Annawan and the State bank of Hooppole Signs were tacked on the doors of both institutions this morn ing stating that they were closed for examination and adjustment by Oscar Nelson, state auditor of public accounts. through E. R. Petrie, examincharge This not necessarily mean, it explained. that either bank is "broke Loans which the banks were unable to liquidate, largely because farm conditions are none too prosper are said to have brought about elimax which will be followed by general readjustment There no "run" on either bank The Farmers' State bank of Anna wan organized in 1916. The president Charles Parsons of Ke wance and Joseph Peltier of Anna
Other Bank Open
Annawan State bank of which Ed Johnson eashier, was open for busithis morning usual. Mr Johnson issued statement that the bank good financial condition and plenty of assets which can be liquidated at will.
2.August 16, 1927The Rock Island ArgusRock Island, IL
Click image to open full size in new tab
Article Text
DEPOSITORS OF PICK RECEIVER
Five Named on Advisory Committee at Meeting in Town Hall, Attended by 135.
Aug. the Farmers' Annawan held meeting last evening the town hall at o'clock. The purpose was to lect man for receiver, and point committee to assist. Calhoun of Kewanee was chosen as receiver, and committee of five selected to act an advisory committee to Mr. Calhoun. The committee made follows: George Sheetz. George Joe Meil and Nellie Baker There about 135 present. The general opinion that the bank will pay out good percentage.
3.July 24, 1928The Rock Island ArgusRock Island, IL
Click image to open full size in new tab
Article Text
RECEIVER WILL PAY DIVIDENDS
Judge Telleen Grants Order Permitting 25 Per Cent Payment to Depositors.
(Special to The Argus) Cambridge, III., July positors of the Farmers State bank of will receive dividend of 25 per cent on all just claims, according to order signed Judge Leonard Telleen yesterday in circuit court. The order instructs W. W. Calhoun, receiver of the closed bank, to pay the dividend. The bank building at Annawan and grain elevator at Mineral will be sold Aug. as property of the bank. If this property will bring fair price, it is expected that another 25 per cent in dividends will follow the first. The Farmers State bank of Anwas closed May 27.
