National Bank - Bloomington, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 819
Charter Number: 819
Start Date: April 25, 1934
Location: Bloomington, Illinois (40.484, -88.994)

Metadata

Model: gpt-5-mini
Short Digest: 5b9c259a84e6964a

Response Measures

None

Description

Article (Apr 25, 1934) describes formation of a new National Bank of Bloomington after the old First National Bank Trust Company had a receiver (Alfred D. Hills) and deposit waivers were obtained. This indicates the old bank had been placed in receivership/suspended and a new national bank is expected to begin functioning late May 1934. No run is described in the article; sequence is suspension/receivership followed by reopening as a reorganized/new bank.

Events (4)

1. February 18, 1865 Chartered

Source: historical_nic

2. January 13, 1931 Voluntary Liquidation

Source: historical_nic

3. April 25, 1934 Suspension

Cause: Government Action
Cause Details: Old First National Bank Trust Company was in receivership (receiver Alfred D. Hills) and assets were being liquidated; federal supervision and waiver plan in place to reorganize into a new national bank.
Newspaper Excerpt: telegram sent by Alfred D. Hills, First National bank receiver, to the national banking department, Washington, D. C., pointed out that federal requirements for the formation of the new bank have been met
Source: newspapers

4. May 1, 1934* Reopening

Newspaper Excerpt: the new National Bank of Bloomington is expected to begin functioning late in May, Grover C. Helm, chairman of the depositors' committee, announced Wednesday; waivers on more than 75 percent of the old ... deposits have been obtained
Source: newspapers

Newspaper Articles (1)

1. April 25, 1934 The Pantagraph Bloomington, IL

Article from The Pantagraph, April 25, 1934

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Article Text

SUFFICIENT WAIVERS FOR BANK OBTAINED OPENING NEXT MONTH LIKELY Sale of Stock and Other Places in Program Also Completed. Waivers on more than 75 percent of the old First National Bank Trust company's deposits been obtained, and the new National Bank of Bloomington is expected to begin functioning late in May, Grover C. Helm. chairman of the decommittee, announced Wednesday. Fifty percent waivers have been signed $1,265,000 worth of the old bank's accounts by the depositors. As such waivers were required on only 75 percent of the old bank's total of $1,630,000 deposits or the accounts which have been voluntarily waived by the depositors are $43,500 above the minimum set. telegram sent by Alfred D. Hills. First National bank receiver, to the national banking department, Washington, D. C., pointed out that federal requirements for the formation of the new bank have been met as follows: 1. More than 75 percent of the old bank's deposits have come under the waiver plan. Stockholders of the old bank have subscribed to $50,000 in stock in the new bank. Stock Oversubscribed. 3.1 The balance of the common stock has been oversubscribed. Depositors asked to purchase $62,500 worth of stock in connection with the waiving plan. This has been 10 percent, Mr. Helm Finance has to buy $75,000 in preferred stock. Two fifty thousand dollars has been on the liability of the old bank's stockholders. Application for the new bank's national charter has mailed. Assets liquidation has been sufficiently accomplished to make unnecessary the securing an RFC loan, as contemplated earlier in the organization program. Seek Waivers on All. "The depositors' committee.' said Mr. Helm. "is appreciative of the popular on the part of the depositors to the waiver program. In our with the depositors, they have shown deep of our problems. They have readily seen the advantages of the organization program over the alternative regular liquidation of the old bank "For the purpose of adding further prestige to the program and the National Bank of Bloomington it will effect, we are now anxious to get the other 25 percent of the deposits signed up with the accounts already waived. It's true depositors in whose names these 25 percent of accounts are credited are not needed to assure completion of the plan. "Just the same, we feel will be good advantage to Bloomington if waivers on 100 percent of the deposits can be obtained. It will also be favorable to the position of the new bank.' Trustees Handle Assets. The prescription outlined for formation of the new bank stipulates that when 50 percent waivers have