4069. First National Bank (Coal City, IL)

View Charter #10132 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
10132
Charter Number
10132
Start Date
March 20, 1932
Location
Coal City, Illinois (41.288, -88.286)

Metadata

Model
gpt-5-mini
Short Digest
b3dd155b4c90443b

Response Measures

Partial suspension

Description

Newspapers report a run on the First National Bank in Coal City that prompted a three-day moratorium declared by the mayor to halt withdrawals. The moratorium ended and the bank reopened; depositors signed withdrawal-pledges (8% per month). OCR appears fine. Dates derived from article date (moratorium ended 'today' March 22, 1932).

Events (4)
1. January 27, 1912 Chartered
Source
historical_nic
2. March 20, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Public withdrawals/panic led depositors to line up; no specific solvency scandal mentioned, appears to be depositor nervousness/run.
Measures
Three-day moratorium declared by Mayor Edward Pierard; depositors signed pledges limiting withdrawals to 8% per month.
Newspaper Excerpt
3-DAY MORATORIUM STOPS RUN ON BANK ... to halt withdrawals from the First National Bank. Ninety-five per cent. of the 1,400 depositors signed pledges not to withdraw more than 8 per cent. of their deposits during any one month. Lines of depositors awaited the re-opening of the bank today with money in hand.
Source
newspapers
3. March 20, 1932 Suspension
Cause Details
A three-day moratorium (declaration by the mayor) was imposed to stop heavy withdrawals (local emergency action rather than formal bank regulator closure).
Newspaper Excerpt
end of a three-day moratorium declared by Mayor Edward Pierard to halt withdrawals from the First National Bank.
Source
newspapers
4. March 22, 1932 Reopening
Newspaper Excerpt
Business as usual was the word in Coal City, Ill., today at the end of a three-day moratorium ... Lines of depositors awaited the re-opening of the bank today with money in hand.
Source
newspapers

Newspaper Articles (2)
1. March 23, 1932 Daily News New York, NY
Article from Daily News, March 23, 1932

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Article Text

3-DAY MORATORIUM STOPS RUN ON BANK Morris, Ill., March 22 (P)."Business as usual" was the word in Coal City, Ill., today at the end of a three-day moratorium declared by Mayor Edward Pierard to halt withdrawals from the First National Bank. Ninety-five per cent. of the 1,400 depositors signed pledges not to withdraw more than 8 per cent. of their deposits during any one month. Lines of depositors awaited the re-opening of the bank today with money in hand.

2. March 23, 1932 Daily News New York, NY
Article from Daily News, March 23, 1932

Click image to open full size in new tab

Article Text

3-DAY MORATORIUM STOPS RUN ON BANK Morris, Ill., March 22 (P)."Business as usual" was the word in Coal City, III., today at the end of a three-day moratorium declared by Mayor Edward Pierard to halt withdrawals from the First National Bank. Ninety-five per cent. of the 1,400 depositors signed pledges not to withdraw more than 8 per cent. of their deposits during any one month. Lines of depositors awaited the re-opening of the bank today with money in hand.