4054. First Trust & Savings Bank (Alton, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 23, 1933
Location
Alton, Illinois (38.891, -90.184)

Metadata

Model
gpt-5-mini
Short Digest
e47f4c21

Response Measures

None

Description

Contemporary articles consistently refer to the First Trust & Savings Bank as 'closed' in January 1933 and later discuss a receiver and liquidation actions. There is no clear description of a depositor run; articles describe closure, receiver actions, RFC loan issues, and suits by the receiver. Classified as suspension leading to permanent closure (receivership/liquidation).

Events (6)

1. January 23, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to insolvency/financial failure; liabilities and outstanding RFC loan referenced in later articles as reasons for liquidation and receiver involvement.
Newspaper Excerpt
the First Trust Bank Alton, which closed its doors Monday
Source
newspapers
2. January 28, 1933 Other
Newspaper Excerpt
Six of the districts ... total $9091 on deposit in the First Trust Savings Bank, which closed last MonAlton. recently withdrew its funds ... the Alton bank closed, has been fully reimbursed through collateral posted for security the RFC loan made several months before the Alton bank closed, has been fully reimbursed through collateral posted for security the RFC loan made several months before the Alton bank closed, has been fully reimbursed through collateral posted for security the RFC loan made several months before the Alton bank closed, has been fully reimbursed through collateral posted for security the RFC loan made several months before the Alton bank closed, has been fully reimbursed through collateral posted for security the RFC loan ... (multiple articles note deposits frozen and association funds tied up).
Source
newspapers
3. February 23, 1933 Receivership
Newspaper Excerpt
Petitions bearing the signatures of the closed First Trust Savings Bank, asking that First National Bank Trust Co. be named liquidating agent, have been forwarded to the office of State Auditor Barrett, committee ... discussed plans to secure additional required signatures.
Source
newspapers
4. May 19, 1933 Receivership
Newspaper Excerpt
Amount Yet Collected by Defunct Bank's Receiver ... less than $60,000 had been realized collecting on assets ... receiver's account now contain more than $20,000 ... RFC claim for $95,000 loan ... prevents general distribution of collections.
Source
newspapers
5. October 27, 1933 Receivership
Newspaper Excerpt
Suits against the president of closed First Trust Savings Bank ... suits naming Wyckoff ... asked $25,000 and other amounts ... Schaefer O'Neill, attorney for receiver of the bank.
Source
newspapers
6. June 4, 1934 Receivership
Newspaper Excerpt
Wm. L. O'Connell, receiver for the First Trust and Savings Bank at Alton, filed suit ... as part of the proceedings to liquidate the bank.
Source
newspapers

Newspaper Articles (9)

Article from Alton Evening Telegraph, January 24, 1933

Click image to open full size in new tab

Article Text

Bank Resumes Business Holiday Confidence By Citizens Ends Uneasiness PLASA, Jan. 24, lowing declaration business holiday Monday, depositors others interested in Bank Plasa assembled, 100 strong, yesterday evening "confidence" meeting called Justice of the Peace Clarence still to give definite explanation the bank's present condition. Business continued usual today the bank, according to Cashier W. Lahr. The bank here no longer sociated the First Trust Bank Alton, which closed its doors Monday, was This explanation, was said today Lahr, was to quiet possible fears and prevent possible run. The Bank of Plasa time associated with the Alton Following address before Medora crowd 500 nearly yesterday afternoon, Cashier Haxel the Farmers State Bank at dora, formerly cashier here, sumed task laying before depositors the local bank exact position. No the bank, or even due withdrawals had developed cently. Cashier Lahr stated today. Although alight shrinkage the bank's deposits had been noted during the past year, they were larger than could accounted the economic situation, he said. Assets of the bank, according the semi-annual report to the state auditor the end of the year, totalled These included cash and cash sources other bonds securities loans overdrafts and furniture and fixtures value whose estimated $1519. bank capitalized at 000. Other sums listed under the head liabilities surplus, $3,500; undivided profits, $250; demand deposits, time deposits, and bills payable, $1500. Among speakers at night's meeting were local school Pearly rector: merchant, stockholder, and depositor. vice president of the bank, opened the and introduced Haxel.


Article from St. Louis Post-Dispatch, January 28, 1933

Click image to open full size in new tab

Article Text

FUNDS CLOSED County Rural Districts Had $9091 Deposit. Six of the districts in Godfrey County) total $9091 on deposit in the First Trust Savings Bank, which closed last MonAlton. recently withdrew its funds improvement purposes. None had borrowed money in this fiscal year, beginning last July


Article from Alton Evening Telegraph, February 9, 1933

Click image to open full size in new tab

Article Text

Upper Alton News Association's Money In Closed Bank In order to replenish the treasury of the Parent-Teachers Association of Horace Mann school and give the organization a fund with which to operate the lunchroom at the school, several events are being planned by the excutive committee. Funds of the organization amounting to almost $200 are in the closed First Trust and Savings Bank and in order to continue with the lunchroom money must be forthcoming from another source. The sum in the bank includes $75 earned at a benefit card party recently given at Franklin The treasurer of the organization, Paul Harter. said today he has about $50 that was placed by him in his private safety deposit box at another bank when he found it impossible to get to the First Trust before a hurried call from town. That sum is what has served the lunchroom since the bank closed. Expenses of the lunchroom have been small this year it was said to. day, as food donations from school children with the proceeds from paid-lunches, have almost supported the room aside from the salary of the manager. The first event that will be held to add to the treasury will be pastry sale Saturday at the C. E. Megowen store on College avenue. Mrs. Louis Gleiber, chairman of the committee in charge and Mrs. Edgar Rayborn, president, will call for articles that will be given for the event. A trip around the world is being planned for March though details are yet not formed, nor is the date selected. Patrons Again Postpone Meeting. The monthly meeting of the Par. ent-Teacher Association of Horace Mann school, which was to have been held tonight, has been postponed until the weather moderates, it was announced this ..orning by the president, Mrs. Edgar Rayborn. The meeting was to have been held originally, Tuesday night. It was postponed until this evening because of the severe cold and today, when the temperature took lower drop all plans for the meeting were canConditions resulting at the school building from the lack of water for the heating system was partly responsible for tonight's change. G. and G. Class Meets. Twelve good men and true, all members of the G. and G. class of the College Avenue Presbyterlan church met last evening for their monthly meeting despite the cold, The attendance which usually is 36 was cut to just one-third by the Brewer. weather. After the business meeting the men held a social hour with their usual custom of refreshments in the form of "Dutch treat." Recovering from Paralytic Stroke. Bill Winkler was said today to be gradually recovering from a paralytic stroke that came upon him nearly two weeks ago and which rendered him helpless for awhile He is still bedfast at the home of his brother, Leo, 1514 Jersey street, where he was when stricken, but he is gradually regaining use of his legs, the part of his body mostly affected by the stroke. Chicken Pie Supper Tonight. Plans for the chicken pie supper which had been planned for this evening by the Aid Society of the College Avenue Presbyterian church, were being furthered this morning despite the fact that Alton was without water. Milk cans filled with water were being brought from Wood River for culinary purposes this morning. Recovers from Fall. Miss Leòna Randle of 2417 Edwards street returned to her work this morning at the office of the Illinois Bell Telephone Co., after a period of two weeks during which time she was suffering from injuries sustained in fall. Miss Randle fell on the steps of the telephone office two weeks ago: yesterday and inflicted severe bruises and other injuries to her body. News of No School Travels Fast. The old adage of "no news being good news' found an exception today when school children heard the news that there would be no school today it was the news that would give them the most pleasure. It took only a little while for word to be noised about that because of no water being available this morning, no sessions would be held. There were between 75 and 100 telephone calls at Horace Mann school this morning where principal Dwight Horn sat at the telephone. There are more than 700 children enrolled at the school yet not more than 12 children went to the building this morning. When water service was restored toward noon and it became apparent that it was possible to have an afternoon session, the telephone again was pressed into service. It was safe to assume that the kids were not so swift to repeat that story as they were the one that gave them Frances Davis Still Improving. A still further improvement was noticed today in the condition of Miss Frances Davis, talented young Alton musician who is very ill at St. Joseph's Hospital While the improvement is very slight and she is still dangerously III, the hope held for her recovery is something enValentine Frolle Held Last Night. A temperature of five below zero was not a thing to mar the enthusiasm of 50 boys and girls of the Main street M. E. church who were giving valentine party in the church dining room last night. The entire 50 were there as were a corps of mothers to assist in entertaining the group. The party was given by the junfor choir under the direction of their leader, Miss Alice Williamson. There are 50 enrolled in the choir and there were 50 there last Each was bidden to come in valentine costume and prizes for the prettiest were given to Lois Lowrance, Ruth Blundell and Vivian Chaney. The prize for the most comical was given to Kenneth This evening the choir is sponsoring the play, "Happy Valley' to be given by eight of the Lancaster Players. The play is being given at the church and proceeds will bes used for the purchase of music for the choir. Missionary Society Postpones Meeting The annual meeting of the Woman's Missionary Society of the College Avenue Presbyterian Church will not be held tomorrow but will be held Friday of next week instead. The meeting was postponed because of the illness of the president, Mrs. Grant Worden. Foster Township Residents Married Yesterday The marriage of Miss Lamarra Maxeiner of Seminary Road and Edward Voumard of the Salem neighborhood north of Alton, took place yesterday afternoon. The ceremony was performed by the Rev. O. W. Heggemeler, at his residence, 522 East Eighth street about 4 o'clock. The young couple was accompanied by Miss Laverne Max-


Article from Alton Evening Telegraph, February 23, 1933

Click image to open full size in new tab

Article Text

on Asking Bank As Receiver of First Trust Depositors First National to Be Named Cite Law Provision Seek 2000 Signatures to Overrule State Auditor Petitions bearing the signatures of the closed First Trust Savings Bank, asking that First National Bank Trust Co. be named liquidating agent, have been forwarded to the office of State Auditor Barrett, committee today discussed plans secure additional required signatures. The committee named by the depositors' meeting Monday night conferred this morning. On the committee were Charles Marsh, Beardslee, McPhillips, Oliver Leon Landau. The announced had been given the legal opinion that, when the number and amount of the creditors" of closed bank shall petition the auditor the appointment ceiver, shall the duty of the auditor to make such appointment." Seek Signatures Acting under that provision the law, committee seeking additional signatures The number required has not been though 2000 more sought to insure the statutory since sumed bank had 3000 or more depositors, member of the comhave been placed Kelly store on College Third and Ridge, the Franke store on West Broadnear the Gouldstore West Third street. Additional petitions for will placed the Landau fice Spring, the Leslie office in the stich The appealed to depositors to the thirds, that of the number, and of the The last report of the First Trust, as Dec. last, and published Jan. and bills payable of "Other liabilities" were $19,500. Thus, the total obligations of and signatures, under the law cited the to two-thirds of that The Finance Corp., the State Illinois, the are creditors, all whose deposits were secured by the bank's with gations also total quarter of million of bank's about of the federal ernmental agencies the plan, ultimately secured, require considerable time, since signatures petition could had only today. Similarly lieved, effort the signature of the State Illinois.


Article from Alton Evening Telegraph, May 19, 1933

Click image to open full size in new tab

Article Text

at Bank Amount Yet Collected by Defunct Bank's Receiver Government First Posted Paper Less Than Two Thirds Of What Is Due May First Trust Savings Bank of Alton unable proposed five unless claims of the struction Finance have satisfied previously. here today. creditor of the the RFC permit general distribution of collections until its claim for $95,loan made several months before the Alton bank closed, has been fully reimbursed through lateral posted for security the Although officials said they to reveal the status such liquidation, they stated that less than $60,000 had been realized collecting on assets posted the the time the was made that posted face the vanced to the First Trust SavRFC officers said they were unadvised on plans the bank's puty to clare distribute the projected dividend general July They expressed their hope however that collections bank during next six weeks rant dividend of five cent per The receiver's account now contain more than $20,000, compared outstanding on the RFC loan. these estimates rect, officials believed about additional collections would necessary the loan and distribution to depositors. cases, was explained, RFC permitted waive status preferred creditor and same pro dividend. followed in stances they added, are permissible where collaposted for the loan good face value and readily acceptamarket. could learned whether security to RFC could qualify that extent.


Article from Alton Evening Telegraph, October 20, 1933

Click image to open full size in new tab

Article Text

Receiver Circuit Court Action to Be Taken In First Trust Case Petition Withdrawn Suits on $63,000 Paper To Replace First Proceeding Suits against four signers of acabout will be submitted for tition which was filed in the court against makers four notes found the assets the defunct First Trust Savings Bank of Alton. The petition asked court for with the accomodation notes and their any, estate that formerly Hapgood Plow property. who attorney for the receiver, William today that the petition he had filed in Circuit Court had been that petition could effect unless signers the four notes aggregatinig accept Indicated the court theirs. come him, Mr. said. that the notes prepared resist notes that received ing of value when they signed the notes. Separate Suits. proceeding was filed. with the have developed, O'Neill Attorney original petition could no effect. His plans four separate sults against the signers of the notes. The receiver stood time makers notes would liquidate their notes, transfer them real estate the Hapgood Plow Co., which, bank records, was to have been consideration their signing accomodation The note denied that had ever pected real estate pay the notes. The realty transferred to them though three notes are years and the fourth nearly years notes each fourth the purpose of the receiver expedite tangled feature of the affairs the defunct May Close Building is the view the receiver that the signers notes might under the pay money represented by the notes still receive the real they that they signed the notes with the real estate conThe also holds the view that there defense available under laws responsibility for notes such as these and signed under the leged, though the note makers and their counsel do not accept that view. There is possibility that the receiver's representatives continue keeping the bank building open may their office nearby building the of the bank, purpose save the expense of heating bank The building during cold weather number of business callers from this time the bank probably be small each and considerable expense would tailed heating the bank building during the winter.


Article from Alton Evening Telegraph, October 27, 1933

Click image to open full size in new tab

Article Text

Praecipes Suits Filed Notice Given To Court That Recourse is Sought Against President List Two Amounts States $37,500 Will Be Asked As Damages By Receivers Oct. suits against the president of closed First Trust Savings Bank ton, his wife, filed Court today Schaefer O'Neill, attorney for receiver the bank. One names Wyckwho president the bank when and sets the sum sought $25,000. The other names his wife, Mrs. Mary against whom suit for filed. notice to the court that be filed, and does include bill declarations setting forth details. Service defendant had, just when The praceipes filed on behalf the First Trust receiver state the named will sought "damages." This is the usual procedure pracipe filed. indicated that the suits based notes signed the bank's president and his wife, and made payable the bank. Wyckoff could be reached for statement today. his 1605 was said he was out the city today.


Article from Alton Evening Telegraph, October 28, 1933

Click image to open full size in new tab

Article Text

Receiver Moves The work of moving the books of the First Trust Savings Bank the bank building Broadfrom and street rooms the building few doors started today, under of Deputy Schaefestimated the deputy that $700 be saved of quarters.


Article from The Edwardsville Intelligencer, June 4, 1934

Click image to open full size in new tab

Article Text

Bank Receiver Files Sult. Wm. L. O'Connell, receiver for the First Trust and Savings Bank at Alton, filed suit against David A. Wyckoff. Mary L. Wyckoff, Connecticut Mutual Life Insurance Company and Northwestern Mutual Life Insurance Company in the circuit court here ning. today as pait of the proceedings to liquidate the bank. The defendants and Rodger L. Wyckoff and Edward H. Wyckoff were principals in transactions Involving $57,040.90 and a number of insurance policies are involved.