4086. Farmers State Bank (Danvers, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 21, 1932
Location
Danvers, Illinois (40.529, -89.177)

Metadata

Model
gpt-5-mini
Short Digest
1146b6459b13c97a

Response Measures

None

Description

Articles (Jan 21–22, 1932) report an unusual withdrawal of deposits (run) on Jan 21 that led directors to close the Farmers State Bank the following day and place its affairs in the hands of a state bank examiner. The closure was prompted by heavy withdrawals precipitated by recent central Illinois bank closings (loss of confidence from other local bank failures). It is not reported that the bank reopened.

Events (2)
1. January 21, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by recent closings of several central Illinois banks (general loss of confidence following other local bank failures).
Measures
Directors called a special meeting and decided to close the bank to protect depositors; bank did not open next day.
Newspaper Excerpt
an unusual withdrawal of deposits from the Farmers State Bank-caused the officers at a special meeting to close the doors of the institution
Source
newspapers
2. January 22, 1932 Suspension
Cause
Local Banks
Cause Details
Suspension followed the heavy withdrawals caused by recent central Illinois bank closings and local loss of confidence; affairs placed in hands of a state bank examiner.
Newspaper Excerpt
The Farmers State bank of Danvers, McLean county, did not open. This action, directors today said, was taken to protect depositors following heavy withdrawals.
Source
newspapers

Newspaper Articles (2)
1. January 22, 1932 The Dispatch Moline, IL
Article from The Dispatch, January 22, 1932

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Article Text

BANKS TAKE PRECAUTIONS The Bloomington clearing house association today invoked in all six Bloomington banks an order allowing withdrawal savings only on stipulated legal notice. This action, the association announced, taken prevent unusual cash withdrawals the wake of following of several central Illinois closing banks. In addition, the association limitchecking accounts and certificates of deposit to an not in excess of cent per month of yesterday's ances. Deposits of today and henceforth not be affected by the percent limit. The association said had no intent to interfere with the transaction of "approved and legitimate business" wanted to avoid the possibility of deposits. The Farmers State bank of Danvers, McLean county, did not open This action, directors today. said, was taken to protect depositors following heavy withdrawals. The First National bank, the same town, after learning closing of the Farmers bank, voted close temporarily.

2. February 4, 1932 The Saybrook Gazette and Arrowsmith News Saybrook, IL
Article from The Saybrook Gazette and Arrowsmith News, February 4, 1932

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Article Text

Banks Close In Danvers Danvers Independent:-The epidemic of bank suspensions which has prevailed recently in many communities struck Danvers Thursday, January 21, when an unusual withdrawal of deposits from the Farmers State Bank-caused the officers at a special meeting to close the doors of the institution Friday morning. As is usual in such cases other banks in the city or neighborhood suffer from distrust and are affected to a greater or lesser degree, and accordingly the president, H. D. Stephenson and cashier, Lyle S. Stuckey, of the First National Bank became active at once and called a directors meeting early Friday morning, at which time it was decided to close the bank. This prompt action averted any serious run. This action was taken by both banks for the protection of depositors and all concerned, as in these days of depression, suspense and business stress, few banks can stand an extended run upon its resources. The affairs of the Farmers State Bank are now in the hands of a state bank examiner and the First National is is charge of a federal examiner.