First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7145
Charter Number: 7145
Start Date: September 1, 1928*
Location: Aledo, Illinois (41.200, -90.749)

Metadata

Model: gpt-5-mini
Short Digest: 86b3ceae

Response Measures

None

Receivership Details

Depositor recovery rate: 65.6%
Date receivership started: 1928-09-27
Date receivership terminated: 1936-08-29
OCC cause of failure: Governance
Share of assets assessed as good: 68.3%
Share of assets assessed as doubtful: 15.9%
Share of assets assessed as worthless: 15.8%

Description

The First National Bank of Aledo suspended business in September 1928 and was placed in receivership (Clark M. Warfield). Subsequent articles (1929, 1930) describe dividends and settlement by the receiver, indicating the bank remained closed and in receivership rather than reopening. The precise proximate cause of the suspension is not stated in the articles; classified as bank-specific adverse information (insolvency leading to suspension/receivership).

Events (6)

1. February 20, 1904 Chartered

Source: historical_nic

2. September 1, 1928* Receivership

Newspaper Excerpt: Clark M. Warfield is receiver for the bank.
Source: newspapers

3. September 1, 1928* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended operations in September 1928 and was placed in receivership; articles do not state a specific triggering rumor or external shock, consistent with insolvency/failure of the institution.
Newspaper Excerpt: the bank suspended business in September 1928.
Source: newspapers

4. September 27, 1928 Receivership

Source: historical_nic

5. October 10, 1929 Other

Newspaper Excerpt: Distribution of 1,171 checks totaling will start tomorrow at the closed First National bank of Aledo. ... covers the second 20 per cent dividend since the bank suspended business in September 1928. ... Clark M. Warfield is receiver for the bank.
Source: newspapers

6. October 16, 1930 Other

Newspaper Excerpt: Total dividends of $210,025.85 have been paid since the doors were closed in September, 1928. ... settlement of affairs at the First National bank of Aledo is progressing, according to the quarterly statement announced yesterday by Clark N. Warfield, receiver.
Source: newspapers

Newspaper Articles (2)

1. October 10, 1929 The Daily Times Davenport, IA

Article from The Daily Times, October 10, 1929

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Article Text

Aledo Bank Will Pay Dividend of $85,878 Friday ALEDO, III., Oct. 10.-(Special) Distribution of 1,171 checks totaling will start tomorrow at the closed First National bank of Aledo. This sum covers the second 20 per cent dividend since the bank suspended business in September 1928. Of this amount covers the second dividend to all depositors who have proven their claims and $1,111.93 is a first dividend to depositors who had not proved their claims up to the time the first dividend was declared. The checks for the dividend were received yesterday from the comptroller of currency at Washington, D. C. The first dividend of $83,650.42 was declared Feb. 27 last. Clark M. Warfield is receiver for the bank.

2. October 16, 1930 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, October 16, 1930

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Article Text

SETTLEMENT MADE BY ALEDO BANK RECEIVER Total of $210,025 Paid Since Doors of Defunct Institution Were Closed in 1928. (Special to The Argus.) Aledo, III., Oct. settlement of affairs at the First National bank of Aledo is progressing. according to the quarterly statement announced yesterday by Clark N. Warfield, receiver. Total dividends of $210,025.85 have been paid since the doors were closed in September. 1928. Following statement of the bank's condition Sept. 30: Assets: Bills receivable Cash on hand 11,405.40 Assets other than bills receivable and cash on hand 64,392.12 Additional quired 1,745.40 Stock assessments 50,000.00 Total of all assets coming into hand of receiver Remaining assets uncollected: Bills receivable Assets other than bills receivable 55,551.92 Additional assets asquired 20.90 Stock assessments 16,071.27 Total assets uncollected $275,630.00 Liabilities: Total claims proven on unsecured liabilities. Total unproven, unsecured claims 4,113.36 secured liabilities Total outstanding unpaid none Total rediscounts unpaid none Total bills payable paid none Total additional libabili526.75 ties proven Total of all liabilities $425,890.29 Dividends. paid during quarter 42,576.07 this Dividends paid prior to this 167,449.75 Total dividends paid date $210,025.85 Cash hand 24,166.60 on