First National Bank - Albion, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8429
Charter Number: 8429
Start Date: April 17, 1930
Location: Albion, Illinois (38.378, -88.056)

Metadata

Model: gpt-5-mini
Short Digest: 61ada576

Response Measures

None

Receivership Details

Depositor recovery rate: 20.3%
Date receivership started: 1932-04-27
Date receivership terminated: 1936-05-28
Share of assets assessed as good: 2.2%
Share of assets assessed as doubtful: 59.1%
Share of assets assessed as worthless: 38.7%

Description

Article (Lawrence County News, 1930-04-17) reports the City National Bank of Shawneetown has ceased to function with losses to stockholders; depositors protected because the (other) National Bank of the city assumed all liabilities and paid dollar for dollar. No run is mentioned. This indicates a failure/closure with assumption of liabilities by another bank (closure rather than temporary suspension).

Events (5)

1. November 9, 1906 Chartered

Source: historical_nic

2. April 17, 1930 Other

Newspaper Excerpt: Depositors lost nothing, as the National Bank of that city assumed all liabilities of the defunct institution and paid dollar for dollar.
Source: newspapers

3. April 17, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank ceased to function with losses to stockholders (~$20,000); implies insolvency/adverse bank-specific condition leading to closure.
Newspaper Excerpt: The City National Bank of Shawneetown has ceased to function with a loss of more than $20,000 to stockholders.
Source: newspapers

4. November 12, 1930 Voluntary Liquidation

Source: historical_nic

5. April 27, 1932 Receivership

Source: historical_nic

Newspaper Articles (1)

1. April 17, 1930 Lawrence County News Lawrenceville, IL

Article from Lawrence County News, April 17, 1930

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Article Text

THE DOINGS OF OUR NEIGHBORS The City National Bank of Shawneetown has ceased to function with a loss of more than $20,000 to stockholders. Depositors lost nothing, as the National Bank of that city assumed all liabilities of the defunct institution and paid dollar for dollar. Albion scored first in the high school band contest at Bridgeport last Friday with a rating of 92, and Newton second with 85. Both bands were in Class C. In Class B, Mount Carmel carried off the honors with 84½. Olney was next with 83, Robinson 82½, Flora 82, Lawrenceville 81, Oblong 81, Bridgeport 77½ and Marshall 76. The First National Bank and the Albion National Bank have been dissolved and a new institution known as the First National Bank of Albion has been formed. The merger has been under consideration for several months and action was hastened by a small run on Albion National Bank two weeks ago. There was no foundation for the rumors that precipitated the run. Connie Ritter, notorious chieftain of Charlie Birger, entered a plea of not guilty when arraigned at Benton last week charged with participating in the murder of Joe Adams, mayor of West City. His trial is set for Monday, May 26. Four other Birger gangsters are serving life sentences in Illinois penitentiaries for the same crime. They are Art Newman, Lewlie Simpson, Riley Simmons and Freddie Wooten. Gorin Commandery, No. 14, Knights Templar, will hold its Easter services at Bridgeport, Sunday afternoon at 2:00 o'clock, Rev. Sir Knight Ray H. Montgomery, of Vincennes, will deliver the sermon. Elbert M. Leach, of Bridgeport, is commander and J. C. Howard, of Olney, recorder, of the commandery. All Sir Knights are directed to appear in full uniform with swords and to assemble at the Masonic hall at 2:00 o'clock sharp. More than 35,000 persons will be employed directly or indirectly, in the state's road and institutional building projects during the present season according to a report handed Governor Louis L. Emmerson by Chief Highway Engineer Frank T. Sheets and the State Architect Charles Herrick Hammond. Governor Emmerson expressed gratitude that the state is doing its share to relieve unemployment. Three men and one woman were arrested following a bitterly contested school election in Duncanville last week The election concerned the location of a new school building to replace one that was burned a short time ago. One lone vote. proved to be the deciding factor, locating the new building in the southern part of the district. The defeated faction charged that several illegal voters cast their ballots in favor of the new location and the arrest of James Redmon, Fred Schafer, Nelson Baud and Cora Redmon followed. They were released under bonds of $500 each. Employees of the First National Bank were stage struck Monday when Orlando Dee took a two gallon pail of pennies in to make a deposit. It was one time when every one tried to pass the buck in counting. The pennies represented a penny at a time savings that stretched out over a period of twelve years. The bank sent the coins to St. Louis where they were counted out by machinery devised for that purpose. There were 8,100 or $81.00 of the copper pieces. Mr. Dee said his wife had done the saving, placing the penny or pennies in the savings fund as they came to her during the run of the twelve years.-Oblong Oracle. Several weeks ago Mr. McDonald, driving from Chicago to Louisiana, picked up a hitch hiker near Decatur. Shortly afterwards a tire blew out and the two men repaired it. Nearing Vandalia the tire again became flat and they rode on the rim into Vandalia where the hitch hiker directed Mr. McDonald to a garage. After fixing the tire the hitch hiker asked if he might drive while Mr. McDonald rested. The owner assented and a few miles out of the city the hitch hiker said the tire was flat again. Mr. McDonald got out of the car to look at the tire and the hitch hiker stepped on the gas. He drove the car to a point southeast of Olney where it was abandoned and later found by the officers. Sunday the car was delivered to Mr. Jones, of Patoka, who had orders to hold it until Mr. McDonald returns from Louisiana. Olney officers are of the opinion that the hitch hiker is a resident of Richland county. At the school election held in Olney last Saturday 1731 votes were cast and it was 3:45 Sunday morning when the official result of the election was announced. The so-called Coleman ticket was elected. Four additional banks in Williamson county failed to open their doors Monday morning, bringing the total of banks closed in the county within a month to seven. A run on the First National Bank at Marion was stopped when a shipment of $300,000 in currency was received from the Federal Reserve Bank of St. Louis. Every boy in Lawrenceville knows several men that he is going to whip when he grows up. above mentioned university. After receiving his bachelor's degree, he started to work upon his master's degree, which he received from the Ohio tSate University in 1921. He then began work upon his doctor's degree, which he received from the same university in 1923. His schooling enbraces work done at the University of Illinois, and the University of Chicago. After leaving common school work he taught in the Charleston school. Mr. Tiffany is to be congratulated upon doing what he has done. He has the outstanding honor of being one of the few men of this county who has the highest degree conferred upon any man in the world. Blanks Will Be Sent to Teachers. This week blanks will be sent to the teachers of the rural and village schools for the purpose of making the budgets for each teacher of the county. There are three blanks for this budget, which must be filled out by the teacher and the clerk of the school board. One is kept on file in the district and two are sent to my office, where one is kept and the other is sent to the office of the state superintendent of schools for the file there. The two annual report blanks have already been sent to the rural and village teachers.