State Bank - Annawan, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 25, 1921
Location: Annawan, Illinois (41.397, -89.905)

Metadata

Model: gpt-5-mini
Short Digest: 109d2662

Response Measures

None

Description

The State Bank of Annawan was closed by order of the state auditor on Oct 25, 1921 and later reopened after directors assumed liabilities and levied a 100% assessment on stock. Closure was by government action (state examiner/auditor). No explicit run is mentioned in the articles.

Events (2)

1. October 25, 1921 Suspension

Cause: Government Action
Cause Details: Closed by order of the state auditor/examiners following an examination that revealed shortages; affairs assumed by another bank and examiners appointed receiver for related bank; directors later guaranteed deficiencies or levied assessments.
Newspaper Excerpt: the State Bank of Annawar, closed yesterday by order of Andrew Russel, auditor of public accounts
Source: newspapers

2. * Reopening

Newspaper Excerpt: The Annawan bank was reopened after directors had assumed responsibility for all liabilities and had levied a 100 per cent assessment against all stock. The bank was then reorganized.
Source: newspapers

Newspaper Articles (3)

1. October 26, 1921 The Rock Island Argus and Daily Union Rock Island, IL

Article from The Rock Island Argus and Daily Union, October 26, 1921

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Article Text

RECEIVER OF BANK NAMED AT GENESEO Examiners Continue Investigation of Two Banks. (Special to The Argus.) Geneseo, Ill., Oct. 26.-Developments in the investigation of the affairs of the Geneseo Savings bank and the State Bank of Annawar, closed yesterday by order of Andrew Russel, auditor of public accounts, revealed today the definite information that neither institution will reopen unless complete reorganizations are effected. The Geneseo Savings bank has gone into receivership and W. H. Calhoun, state bank examiner, has been named receiver by his department. The affairs of the State Bank of Annawan have been assumed by the Farmers State bank of that city, under the provision that the stockholders of the defunct institution guarantee any deficiencies that may develop. According to statements of the examiners in charge of the investigation, the shortage at the State Bank of Annawan, in all probability will approximate $50,000 and that of the Geneseo institution will total nearly twice that sum. Mr. Whitlock, chief state examiner in charge of the investigation, states that the stockholders of the State Bank of Annawan are good for any deficiency which may be ultimately be shown to exist and that the depositors of the institution are assured of receiving one hundred cents on the dollar. However, it is understood that a similar condition does not prevail in connection with the Geneseo Savings bank, but to what extent the burden of the deficiency will fall upon the depositors, it is not yet definitely known, according to the examiners. The statement of condition of the Annawan bank at the close of business Monday evening showed the following resources and liabilities $281 279, Loans and discounts

2. November 16, 1921 The Rock Island Argus and Daily Union Rock Island, IL

Article from The Rock Island Argus and Daily Union, November 16, 1921

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Article Text

NAME GENESEO BANK RECEIVER I. N. McBroom Is Picked by State Auditor Russel; Loss May Be $100,000 to $150,000. Springfield, Ill., Nov. 16.-(United Press.)-State Auditor Andrew Russel today announced the appointment of I. N. McBroom to be receiver for the Geneseo Savings bank, recently closed by order of the state auditor. The loss to the depositors will depend upon the assessment of stock and the liability of the directors of the institution. However, it may reach $100,000 to $150,000. There will be no loss in connection with the closing of the State bank of Annawan, the auditor believes.

3. April 6, 1922 The Rock Island Argus and Daily Union Rock Island, IL

Article from The Rock Island Argus and Daily Union, April 6, 1922

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Article Text

NAME TRUSTEES IN BANKER CASE Affairs of Annawan Man Will Be Aired April 13 -Claims of Rock Island Band $8,000. Paul Biggs of Moline has been appointed trustee for D. J. Holzinger, former cashier of the State bank of Annawan. Louis Beechtel of Annawan has been named trustee for G. A. Holzinger, bookeeper for the same bank. The appointments were made yesterday by Andrew Olson, referee in bankruptcy. A hearing will be held before Referee Olson on April 13 for the purpose of investigating the affairs of William H. Holzinger, cashier and vice president of the Geneseo Savings bank, and also vice president of the Annawan bank. William Holzinger's liabilities are said to be nearly $100,000, consisting largely of claims of men and banks who loaned him money on notes. Liabilities of D. J. Holzinger are said to be about $65,000, with assets at about $45,000. Claims held by the People's National bank of Rock Island against William Holzinger are said to amount to $8,000. The First National bank of Davenport holds notes amounting to $24,000 against him, it is said. The Geneseo Savings bank was closed Oct. 24, 1921. The Annawan bank was closed the next day. The Geneseo bank is still closed and its affairs are in the hands of a receiver, I. N. McBroom. The bank of Annawan was reopened after directors had assumed responsibility for all liabilities and had levied a 100 per cent assessment against all stock. The bank was then reorganized.