4065. Arlington Heights State Bank (Arlington Heights, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1931*
Location
Arlington Heights, Illinois (42.097, -87.982)

Metadata

Model
gpt-5-mini
Short Digest
0a94e4ce

Response Measures

None

Description

The bank closed (suspended) in Aug 1931 and was placed in receivership; by 1933 the receiver (Wm. Long Plew) was liquidating assets and issuing statements of liquidation. Articles make no mention of a depositor run prior to suspension. Causes cited in the liquidation statement point to slow real-estate market and illiquid assets.

Events (3)
1. August 1, 1931* Receivership
Newspaper Excerpt
receiver, Mr. ... Plew, receiver of the Arlington Heights State Bank. Plew has been deluged with inquiries ... stockholders of the closed bank ... Wm. long Plew, receiver of the Arlington Heights State Bank (Feb 1933 article references receiver).
Source
newspapers
2. August 1, 1931* Suspension
Cause
Local Shock
Cause Details
Bank closed Aug 1931 due to illiquid assets and slow real-estate market making conversion of mortgage and real-estate assets into cash difficult.
Newspaper Excerpt
statement of disincome the Arlington Heights State Bank, from date closing Aug. 1931
Source
newspapers
3. June 1, 1933* Other
Newspaper Excerpt
Greatly Reduces of Arlington Hts. ness State Bank ... statement ... from date closing Aug. 1931, the of business June 1933, furnished by the receiver ... liquidation statement June 1933
Source
newspapers

Newspaper Articles (3)
1. February 10, 1933 Arlington Heights Herald Arlington Heights, IL
Article from Arlington Heights Herald, February 10, 1933

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Article Text

MOVIE HOUSE REOPEN Experienced Management Takes Long Term Ask Public Cooperation Movie Days are coming again in Heights. The Arlington Theatre reopens Saturday under the Ralph Redmond. who has term lease from Wm. long Plew, receiver of the Arlington Heights State Bank. Plew has been deluged with Mr. from people interested inquiries movie house, and he carefully Mr. Redmond before investigated lease that really means signing the business district lot Heights and the stockholders of the closed bank well the community itself. business men have comMany that with the closing plained business has fallthe movie house, secret that off. It is open theatre the assets the State Bank the Arlington Heights operation would and its successful stockholders and depositors benefit closed bank. With alike the the bank issues at stake, these care selecting used great thinks that in Mr. lessee and he has found take over its qualified to ment. after investigatMr. Redmond, conditions here, has the community fidence of considerable invested venture. He is anin the money the advertising nouncing through the coming column week, He is giving personal tractions. tention to the with acquainted come pleasing smile and has and for and him half who will give eryone chance. with Redmond was formerly Mr. circuit in Chicago, the Archer the Porteight years spending has devoted Park Theatre age the business, practwenty years with it. tically growing up assisted by James He being Heisman. Can Help Own Stockholders Cause Plew. in commenting upon Mr. the theatre said the e-opening never been have Wednesday: movie busienter the anxious considerable sum but with Bank funds tied of the State to the the building bank and the terest of the that movies be in Arlington fully that those who Heights. suggest in the closed funds deposit bank will their their movies. patronizing that the new ment will do utmost to merit support of the public." opening program There will be urday matinee. picture Sunday The advertising columns this paper gives full details. "Blind Man's New and Startling Novel Thrills, Mystery and Romance. Begins in The American Weekly, Magazine Distributed With Next CHICAGO HERALD AND AMINER.

2. August 18, 1933 The Daily Herald Chicago, IL
Article from The Daily Herald, August 18, 1933

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Article Text

LIQUIDATION Greatly Reduces of Arlington Hts. ness State Bank The following statement of disincome the Arlington Heights State Bank, from date closing Aug. 1931, the of business June 1933, furnished by the receiver, Mr. Of special interest item and discounts paid, covering much tivity the part the bank's bank's debts. Only about of payable remain be paid, comparabout the bank closed. The present state of the real tate market causing delay the bank's assets cash. of estate been partly making cash with mortgagors. The slow and market taken over, does encash come fast might wished. account 100.00 Miscl. appointment 176.55 State Illinois, for closing bank Salaries date, Receiver's 553.86 Receivers snlary 5,316.66 expense 38.28 Clerk salary 3,190.00 Stenographer salary 1,786.00 Janitor 938.00 Bldg. Emp's. Publ. 219.22 Taxes Spec. Assts. (Bank 1,089.05 Messenger, Workmen's Surety Bonds (Rec. Empl.) 700.00 light and water 223.91 574.24 Telephone 182.44 Postage Box 71.00 Building Repairs 25.78 Stationery 110.75 Janitor supplies 4.52 90.00 Legal expense 702.14 Income expense 50.00 Auditors report 260.00 Interest, bills payable. rediscounts 6,340.96 Bils payable redis counts paid Miscl, expense 23.17 Advance, Stockholders suit 100.00 Special collections paid 2,585.64 Expense Bldgs. First Mtgs. default where income less than expense: Insurance 202.13 Taxes 182.66 Foreclosure 392.25 Cash on hand 1,413.45 $136,133.89 Income Interest received rents 925.46 Insurance and Mortgage renew. als 312.72 Insurance, bonds Interest coupons Notes loans 14,800.00 Bonds, Items, 30,822.32 Special 3,693.47 Additional assets covered 2,996.94 $136,133.89

3. May 18, 1934 The Daily Herald Chicago, IL
Article from The Daily Herald, May 18, 1934

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Article Text

Palatine Probably no other taxing body quite bad village Palatine. large part its money, both and special is ing held the satisfy of about $40,000 against the village. That municipality is deprived tax money that paid Chicago. large part the tax money paid local up the closed State Bank. large amount 1931 were issued and cured all 1931 tax money from the bank and the county treasurer, sufficient take up all the warrants. The picture" not bad. About 40 per of taxes paid the local collector turned the village, which retired all its 1932 warrants, using the balance to outstanding 1932 There about half of these unpaid, but the receipt additional outlook their tlement Following the policy of segregatfunds, 1933 bills not paid until the 1933 taxes received and the same applies 1934 bills. Water and other current the only means that has salaries. pay President Godknecht meeting the squarely but it is one. Palatine grade school has had battle, but there other districts which whole lot worse off One third of the 1932 tax rants paid; them are held for investment and accepted the interest. The only had cept months tax rants and still have months them. expectthat full them the the school year. warrants total about With $9,000 to its own credit in closed bank; the hands tax collector up the same in 1932 tax funds unable spend ing the Palatine school board, big As enough, the RFC holds of their time which given secure $13,000 loan and other time warrants paid until these taken The board unable up. secure offset their $13,000 loan the 1931 money in the closed bank. Various meetings have been held with bank receiver. county superintendent of schools, but no solution has yet been found The only bright ray the fact that all the 1932 bonds terest couvons have been paid. township treasurer segregating all funds. using bond money only that purpose Mr. has retained his own attorney vise him upon his rights. Arlington Heights The time warrants the Arlington Heights high school are listed among the highest in value of taxing body. Warrants the village Arlington Heights are close second. The policy limiting issuance of time warrants about fifty per cent of the tax levy practically assures the holder such warrants their early redemption. Outstanding 1932 warrants the high school village are each about $5,000. With the receipt tax money from the railroad, public utility companies. they probably be paid in full within the next few months. In commenting upon the warrant Arlington Heights Wednesday, an official stated, teachers schools have not suffered greatly by lack school funds. Our business men owners property shown fine spirit aiding them. While we still the red, there ery reason to believe that with careful economy and continued on the the public, taxing bodies the road to financial recovery." Arlington Heights park board has no defaulted bonds day There was few months lay the bonds due year, but they are paid and there are funds hand. funds both schools are segregated and there is borrowing "cheating" of the bond holders behalf favored crediThe bond fund share the 1932 tax be. money ing used 1932 interest pons the 1933 bonds must wait until collection those taxes. The holders of the bonds who sent letters threatenare now satisfied that with inauguration of business methin financial affairs of the two Arlington Heights schools, they are being fairly treated. Holders some accurities of previous years not such position, but efforts being made delinquent taxes give such holders some Among these closed lington Heights State Bank. which many thousands of 1929 rants. money that should have been used take such warrants used pay running expenses one of schools. Such things can not occur again.