Farmers State Bank - Annawan, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 21, 1927
Location: Annawan, Illinois (41.397, -89.905)

Metadata

Model: gpt-5-mini
Short Digest: f3492a8b

Response Measures

None

Description

The bank was closed for examination in May 1927 due to frozen assets and inability to liquidate loans (poor farm conditions). There was explicitly no run reported. A receiver (Calhoun) was chosen by August 1927 and the bank remained closed with dividends paid by receiver in 1928, indicating permanent closure/receivership.

Events (3)

1. May 21, 1927 Suspension

Cause: Local Shock
Cause Details: Frozen assets and inability to liquidate loans largely because farm conditions; bank closed for examination and adjustment.
Newspaper Excerpt: Frozen assets blamed for the failure to open this morning of the Farmers State bank of Annawan ... closed for examination and adjustment by Oscar Nelson, state auditor of public accounts.
Source: newspapers

2. August 16, 1927 Other

Newspaper Excerpt: Calhoun of Kewanee was chosen as receiver, and committee of five selected to act an advisory committee to Mr. Calhoun. ... The general opinion that the bank will pay out good percentage.
Source: newspapers

3. July 24, 1928 Receivership

Newspaper Excerpt: Judge Telleen Grants Order Permitting 25 Per Cent Payment to Depositors. ... The order instructs W. W. Calhoun, receiver of the closed bank, to pay the dividend. The Farmers State bank of Annawan was closed May 27.
Source: newspapers

Newspaper Articles (3)

1. May 21, 1927 The Dispatch Moline, IL

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Article Text

FROZEN ASSETS ARE BLAMED BANKS CLOSE Institutions at Annawan and Hooppole Placed Under Examination. CAN'T LIQUIDATE LOANS Annawan State Bank Open as Usual: 'Finances Good,' Says Cashier. Dispatch Special Service. Annawan. May 21.-Frozen assets blamed for the failure to open this morning of the Farmers State bank of Annawan and the State bank of Hooppole Signs were tacked on the doors of both institutions this morn ing stating that they were closed for examination and adjustment by Oscar Nelson, state auditor of public accounts. through E. R. Petrie, examincharge This not necessarily mean, it explained. that either bank is "broke Loans which the banks were unable to liquidate, largely because farm conditions are none too prosper are said to have brought about elimax which will be followed by general readjustment There no "run" on either bank The Farmers' State bank of Anna wan organized in 1916. The president Charles Parsons of Ke wance and Joseph Peltier of Anna Other Bank Open Annawan State bank of which Ed Johnson eashier, was open for busithis morning usual. Mr Johnson issued statement that the bank good financial condition and plenty of assets which can be liquidated at will.

2. August 16, 1927 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, August 16, 1927

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Article Text

DEPOSITORS OF PICK RECEIVER Five Named on Advisory Committee at Meeting in Town Hall, Attended by 135. Aug. the Farmers' Annawan held meeting last evening the town hall at o'clock. The purpose was to lect man for receiver, and point committee to assist. Calhoun of Kewanee was chosen as receiver, and committee of five selected to act an advisory committee to Mr. Calhoun. The committee made follows: George Sheetz. George Joe Meil and Nellie Baker There about 135 present. The general opinion that the bank will pay out good percentage.

3. July 24, 1928 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, July 24, 1928

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Article Text

RECEIVER WILL PAY DIVIDENDS Judge Telleen Grants Order Permitting 25 Per Cent Payment to Depositors. (Special to The Argus) Cambridge, III., July positors of the Farmers State bank of will receive dividend of 25 per cent on all just claims, according to order signed Judge Leonard Telleen yesterday in circuit court. The order instructs W. W. Calhoun, receiver of the closed bank, to pay the dividend. The bank building at Annawan and grain elevator at Mineral will be sold Aug. as property of the bank. If this property will bring fair price, it is expected that another 25 per cent in dividends will follow the first. The Farmers State bank of Anwas closed May 27.