3588. First National Bank (Biggsville, IL)

View Charter #3003 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3003
Charter Number
3003
Start Date
November 5, 1926
Location
Biggsville, Illinois (40.854, -90.865)

Metadata

Model
gpt-5-mini
Short Digest
f9da624108400c6e

Response Measures

None

Receivership Details

Depositor recovery rate
81.6%
Date receivership started
1927-01-31
Date receivership terminated
1932-02-16
OCC cause of failure
Losses

Description

Articles (Nov 5, 1926) report control of the First National Bank of Biggsville assumed by the First National Bank of Kirkwood after financial difficulties. No run is described; assets taken over and plan to pay depositors (partial payments for larger deposits) and to avoid receivership indicates the bank was effectively closed/taken over.

Events (3)
1. July 13, 1883 Chartered
Source
historical_nic
2. November 5, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Frozen assets and financial difficulties led to control/assumption by another bank; plan to pay depositors partially and avoid receivership.
Newspaper Excerpt
Control of the assets of the First National Bank of Biggsville has been assumed by the First National Bank of Kirkwood following financial difficulties of the local institution.
Source
newspapers
3. January 31, 1927 Receivership
Source
historical_nic

Newspaper Articles (2)
1. November 5, 1926 The Clinton Morning Journal Clinton, IL
Article from The Clinton Morning Journal, November 5, 1926

Click image to open full size in new tab

Article Text

BANK SETTLEMENT Biggsville 111 Nov Control of the assets of the First National Bank of Biggsville has been by the First National Bank of Kirkwood following finan cial difficulties of the local institu tion All depositors with less than $100 to their credit will be paid in full Those with deposits over that amount will be paid 60 per cent of the amount if desired and the remainder later as the assets are con verted into cash This plan averts the expense of a receivership and will it is believed pay off every dol lar of indebtedness Frozen assets are ascribed as the reason for the troubles that developed

2. November 5, 1926 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, November 5, 1926

Click image to open full size in new tab

Article Text

Christmes season is expected to bring a "run on the bank." Bement, IH., Nov. 5.-A game of "Bind Man's Buff" ended in tragedy here when two players collided. Roy Hamman custained a broken jaw and Ray Patterson was knocked unconscious for over 12 hours, Galesburg, III., Nov. 5. - Mental anguleh caused by the failure she asserts, of Robert Johnson to keep his promise and marry her is worth $15,000, Miss Mary M. Benbow states m a euit against Johnson for that amount, filed in Knox county circuit court. She declares that, too, she went to considerable expense to prepare a trosseau which never was used. Bibbsville, IH., Nov. 5.-Control of the assets of the First National bank of Biggsville has been assumed by the First National bank of Kirkwood, following financial difficulties of the local institution. All depositors with less than $100 to their credit will be paid in full. Those with deposits over that amount will be paid 60 par centi of the amount if desired and the rethe expense of a receivership and will, it is believed, pay off every dollar of indebtedness. Frozen cosets are ascribed as the reason for the troubles that developed.