Arcola State Bank - Arcola, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1931*
Location: Arcola, Illinois (39.685, -88.306)

Metadata

Model: gpt-5-mini
Short Digest: 28c50cc2

Response Measures

None

Description

Article discusses litigation by Receiver Lyons on behalf of the Arcola State Bank; indicates the bank is in receivership (i.e., closed and in liquidation). No mention of a depositor run. Date of circuit court judgment is July 1931 and article published 1932-02-02; receiver actions referenced after that judgment.

Events (1)

1. July 1, 1931* Receivership

Newspaper Excerpt: claims held by him as receiver for the Arcola State Bank. ... Judgment was entered in the circuit court on July 1931. After this Receiver Lyons took the case to the appellate court which Monday remanded the decision of the Coles circuit court.
Source: newspapers

Newspaper Articles (1)

1. February 2, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL

Article from JG-TC: Journal Gazette and Times-Courier, February 2, 1932

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Article Text

Bank, against Ralph to from the Shuey court. victory the bank ceiver, sented McNutt, Mattoon attorney. The litigation involves three notes were ArState Bank. One note bearing the date Aug. for dated Aug. 1920, for third, dated for $5,575. Ernst lost his life street cident, in Dole was named the estate of and paid on policies carried Almost the appointment Lyons, through his attorney, John McNutt, filed in the Coles county court claim for on the Ernst notes held by him as receiver for the Arcola State Bank. In the county court, after about year, Judge Lane, then county judge, Mr. Lyons obtained ment against the Ernst estate for $33,586.04. Administrator Dole appealed from the decision of the county court, taking the to the circuit court. Charleston presiding, the court refused admit the three notes and the jury to return verdict in favor of Dole. Judgment was entered in the circuit court on July 1931. After this Receiver Lyons took the case to the appellate court which Monday and remanded the decision of the Coles circuit court.