3607. Farmers State Bank (Burgess, IL)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
November 1, 1931*
Location
Burgess, Illinois (41.127, -90.642)

Metadata

Model
gpt-5-mini
Short Digest
8963fab221fe5227

Response Measures

None

Description

Articles state the Farmers State Bank of Burgess closed in November 1931 and a receiver (H. Morgan of Burgess) was appointed; later receiver reports and a dividend payment from the receivership fund are filed in 1933โ€“1934. No run or reopening is described. OCR errors in articles corrected (e.g., New Windand -> New Windsor; dates inferred from text). Cause of suspension not explicitly stated; bank closed and placed in receivership (government action).

Events (5)

1. November 1, 1931* Suspension
Cause
Government Action
Cause Details
Bank closed November 1931 and placed in receivership; receiver H. Morgan of Burgess named.
Newspaper Excerpt
The Farmers State bank of Burgess closed Nov. 1931, report covers all business up April 1933.
Source
newspapers
2. April 12, 1933 Receivership
Newspaper Excerpt
Summarized reports covering the period since Farmers bank of New Windsor and Farmers State bank Burgess closed, filed Mercer court today receivers, Smith New Windand H. Morgan Burgess.
Source
newspapers
3. October 4, 1933 Other
Newspaper Excerpt
The farmers State bank of Burgess ... closed state banks which affected by the new order ... will be liquidated; business handled through the closed Aledo State bank used as county headquarters for liquidation.
Source
newspapers
4. February 7, 1934 Other
Newspaper Excerpt
Quarterly statements of the Farmers State bank ... Burgess ... have been filed in Mercer county circuit court Aledo by Deputy Receiver Connors, acting for William O'Connell, receiver.
Source
newspapers
5. July 7, 1934 Other
Newspaper Excerpt
Receiver of the ... closed Farmers State bank Burgess, has been granted permission ... pay cent dividend from stockholders' fund the next general dividend.
Source
newspapers

Newspaper Articles (4)

Article from The Rock Island Argus, April 12, 1933

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Article Text

RECEIVERS FOR MERCER Statements Issued by New Windsor and Burgess Officers for Court's Benefit. (Special to Aledo, III., April 12. Summarized reports covering the period since Farmers bank of New Windsor and Farmers State bank Burgess closed, filed Mercer court today receivers, Smith New Windand H. Morgan Burgess. The bank of New Windsor closed Sept. 1931, and the report the period up to 1933. The statement is made: Receipts. From notes and discounts $64,884.31 From overdrafts, cash items, cash, 9,173.66 From rents, premiums. From interest 3,425.53 From sale of other estate 300.00 Total receipts 78,986.78 Total collected by Total collected by loss preferred claims paid. receiver's salary 3,435.00 receiver's expense attorney's fees 2,146.00 legal expense 1,734.30 clerk and stenographic hire 1,970.00 To expense (administrative) 744.71 To miscellaneous expense 1,123.31 banking department special examination 80.00 Total bills payable discounts paid 35,602.57 Expense collection bills payable and rediscounts 522.84 Total common dividends paid Total disbursements 75,713.01 Balance in hands of ceiver Total Stockholders' Liability. Total collections from stockholders. including interest $25,610.02 Receiver's fee and expense Attorney's fee Legal expenses, etc. 132.35 Other miscellaneous expense 390.00 Total common dividends paid 20,277.75 Balance in hands of ceiver 3,209.92 Total $25,610.02 Total per cent of common dividends paid from bank funds, 10 per cent. Total per cent of common dividends from stock per cent. The Farmers State bank of Burgess closed Nov. 1931, report covers all business up April 1933. It follows: Receipts. From notes and From cash items, cash, etc. From rents, 151.60 From interest Total receipts Total collected Total collected by preferred claims paid. 757.71 receiver's salary 1,428.84 receiver's expense 29.12 attorney's fees legal expense 89.30 clerk and stenographic hire To miscellaneous expense (administrative) 434.84 To miscellaneous expense To banking department special examination 200.00 Total bills discounts paid 25,500.00 Expense collection bills payable and rediscounts 231.75 Total common dividends paid Total Balance in hands of receiver Total Stockholders' Liability. Total collection from stockholders 6,870.88 Receiver's expense 100.00 Legal Balance in hands of ceiver 6,664.32 Total 6,870.88 per cent of common dividends paid from bank funds, 10 per cent.


Article from The Muscatine Journal, October 4, 1933

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Article Text

State Banks in County Merged Banks in Receivership in cer County Will Be Liquidated. Aledo merger of all closed state banks Mercer which are receivership, with liquidation under one organization, was nounced Tuesday through the state auditor, Edward Under the plan, all business will be handled through the closed Aledo State bank, which will used as county headquarters, with Conners, former receiver the Citizens State bank of Keithsburg, in charge as deputy ceiver. William O'Connell Chicago will be the receiver charge. Stuart Boultinghouse Aledo has been named county field representative of the ceiver. For the present some the present bank receivers will retained to assist in organization work. Closed state banks which affected by the new order the Aledo State bank, the Matherville State bank, the farmers State bank of Burgess, the New Boston State bank, the Farmers State bank of North Henderson, the bank of Windsor in New Windsor, the Farmers State bank in New the Sherrard State bank. the State bank, Farmers bank the Farmers bank Reynolds. The order effective once of bringing the records and work Aledo has already been started. Mr. Conners, the deputy receiver, former state bank examiner receiver of the and has been closed bank Keithsburg for three years. Mr. Boultinghouse, who associated with him, auctioneer, member of the firm of and sons of Aledo.


Article from The Rock Island Argus, February 7, 1934

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Article Text

BANK RECEIVER FILES REPORTS Quarterly Statements of Receipts and Expenditures Approved by Judge. (Special to The Argus.) Aledo, III., Feb. 7.-Quarterly statements of the Farmers State bank of North Henderson, the Farmers State bank of New Windsor, Farmers State bank of Burgess, the Farmers State bank Preemption and Citizens State bank of Keithsburg have been filed in Mercer county circuit court Aledo by Deputy Receiver Connors, acting for William O'Connell, receiver. The statements follow: BANK NORTH HENDER- discounts Total this report FARMERS STATE OF Notes and items, Total Receiver's report STATE BANK OF Receipts. hand date accounted attorney this report Balance receiver STATE BANK OF Notes discounts Interest receipts hand last Total Balance receiver Receipts. premiums. and Overdrafts, cash items, hand report Receiver's hire Other Deposited Chicago


Article from The Rock Island Argus, July 7, 1934

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Article Text

BURGESS BANK RECEIVER WILL ISSUE DIVIDEND Judge Paul Califf in Mercer County Circuit Court Grants Permission. (Special to The Argus.) III., July MorAledo, receiver of the stockfund the closed Farmers State bank Burgess, has been granted permission Judge Paul Califf Mercer county circourt pay cent dividend from stockholders' fund the next general dividend. Dividends and per cent have previously been from this former dividends The payment will amount to