First National Bank - Atwood, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6359
Charter Number: 6359
Start Date: December 14, 1933
Location: Atwood, Illinois (39.799, -88.462)

Metadata

Model: gpt-5-mini
Short Digest: 329ec1da

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-12-05
Date receivership terminated: 1936-10-24
Share of assets assessed as good: 43.7%
Share of assets assessed as doubtful: 45.4%
Share of assets assessed as worthless: 10.8%

Description

Article (The Arthur Graphic-Clarion, 1933-12-21) reports a receiver was appointed and 'took charge' of the First National Banks of Arthur and Atwood. No run is described; this is a suspension followed by receivership/liquidation (permanent closure). Date of receiver taking charge inferred as the day after Dec 13, 1933 (Dec 14, 1933) because the summary is 'as of Wednesday, Dec. 13, the day before the receiver took charge.'

Events (4)

1. July 30, 1902 Chartered

Source: historical_nic

2. December 5, 1933 Receivership

Source: historical_nic

3. December 14, 1933 Receivership

Newspaper Excerpt: The Bank's Receiver J. Drake, recently appointed receiver for the First National Bank of Arthur, resides in Lovington... Now he has been made receiver of both the First National Banks in Arthur and Atwood. This group- receivership will make the liquidation of both institutions less expensive.
Source: newspapers

4. December 14, 1933 Suspension

Cause: Government Action
Cause Details: Receiver J. Drake was appointed and took charge of the bank; bank placed in receivership/liquidation.
Newspaper Excerpt: summary of the condition ... as of Wednesday, Dec. 13, the day before the receiver took charge
Source: newspapers

Newspaper Articles (1)

1. December 21, 1933 The Arthur Graphic-Clarion Arthur, IL

Article from The Arthur Graphic-Clarion, December 21, 1933

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Article Text

SUMMARY OF THE CONDITION OF THE FIRST NAT'L. BANK The following brief summary of the condition of the First National Bank of Arthur as of Wednesday, Dec. 13, the day before the receiver took charge, will be of interest to Graphic-Clarion readers. Total liabilities, which include all deposits, $180,351.86. Total liquid assets, $75,743.60. Secondary reserve, $10,375. Notes due bank March 24, 1933, notes due Dec. 13, $127,556.05, showing collection of $33,241.57 during that period. Warrants due bank March 24, 1933, $10,859.65; Warrants due December 13, 1933, showing collection of $3,234.40 during that period. Combined collection of notes and warrants conservator, Undivided profits or earnings, March 24, 1933, $374.55; December 13, $2,545.04. Segregated deposits December 13, 1933, These will be paid back to depositors at once. The old bank was 45% liquid Dec. 13, 1933. It is freely predicted that the bank will pay out 100% to the depositors. The Bank's Receiver J. Drake, recently appointed receiver for the First National Bank of Arthur, resides in Lovington, where for many years he has been cashier of the Hardware State Bank, of which his father the late Peter Drake, one of the ablest bankers in Moultrie county was founder. Besides being a banker, J. R. Drake is licensed attorney and served one term in the Illinois legislature. He is therefore man of wide experience and thorough training. When the First National Bank of Monticello closed Mr. Drake was named its conservator, which work was terminated with the recent reorganization of that bank. Now he has been made receiver of both the First National Banks in Arthur and Atwood. This group- receivership will make the liquidation of both institutions less expensive. The writer has known Jake Drake over long period of years and knows him to be industrious and competent and a man whose integrity has never been questioned. Therefore we are assured that the bank's liquidation will be handled fairly and efficiently and to the best interest of all concerned. In speaking of the matter to representative Mr. Drake remarked Thursday, "This is good bank and am out to make record in closing up its affairs.' BIG CLOTHING AD Aside from their advertising in Arthur's Weekly Bargain Bulletin, Pribble & Cahill, local clothiers are this week carrying on the back page of this issue of the Graphic-Clarion big clothing full of last-minute shopping ideas. Pribble & Cahill primarily have men's store, but also carry gifts for the ladies and young boys. trip to the store will prove the statement they have lot of useful, worth-while gifts for Christmas.