3558. First National Bank (Aurora, IL)

View Charter #13565 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
13565
Charter Number
13565
Start Date
July 6, 1932
Location
Aurora, Illinois (41.761, -88.320)

Metadata

Model
gpt-5-mini
Short Digest
da65fec6d68144cd

Response Measures

Full suspension

Other: Bank closed by directors and subsequently placed in suspension/receivership; receiver later paid dividends to claimants.

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

Article (Evening Star, 1932-07-06) reports the First National Bank of Aurora failed to open after directors voted closure because of steady withdrawals (a run). A later article (The True Republican, 1933-09-23) references Receiver Hamilton paying dividends, confirming the bank went into receivership and did not resume normal operations. OCR errors in Article 2 were corrected (e.g., garbled figures). Cause of withdrawals is not specified in the text, so classified as 'other'.

Events (5)
1. July 29, 1931 Chartered
Source
historical_nic
2. July 6, 1932 Receivership
Source
historical_nic
3. July 6, 1932 Run
Cause Details
Directors cited steady withdrawals; no specific trigger (rumor, correspondent failure, or bank-specific insolvency) is identified in the article.
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
4. July 6, 1932 Suspension
Cause Details
Directors voted to close (suspend) the bank because of continued withdrawals; the suspension appears to be a direct consequence of the run.
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. * Receivership
Newspaper Excerpt
The Aurora First National Bank Thursday began payment of ... dividend, releasing upon authority of the comptroller through Receiver Hamilton. It the third ... since the bank suspended ... Thus far ... has been paid out in the three dividends ... claims. (The True Republican, 1933-09-23).
Source
newspapers

Newspaper Articles (2)
1. 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.

2. September 23, 1933 The True Republican Sycamore, IL
Article from The True Republican, September 23, 1933

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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.