First National Bank - DeKalb, IL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 2702
Charter Number: 2702
Start Date: November 1, 1931*
Location: DeKalb, Illinois (41.929, -88.750)

Metadata

Model: gpt-5-mini
Short Digest: 49c245672a3c1b16

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Description

Article (Nov 4, 1931) describes a prior run/large withdrawals that left the First National Bank closed with a receiver (N. Peter...). Plans and meetings are underway to reopen in the future but no reopening date is given — outcome uncertain. OCR errors in article text corrected (e.g., references to receiver and safety deposit boxes).

Events (5)

1. May 23, 1882 Chartered

Source: historical_nic

2. November 1, 1931* Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals (a run) left cash depleted; money later believed to be in safety deposit boxes rather than withdrawn from the community
Measures: Receiver arranging limited access to safety deposit boxes; meetings to study plans for reopening and to protect depositors
Newspaper Excerpt: the run on the bank ... much of the money that was drawn ... may be found in these [safety deposit] boxes
Source: newspapers

3. November 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was unable to meet withdrawals and was placed under a receiver after the run; operations suspended while receiver seeks solution
Newspaper Excerpt: the best news of the day regard First National Bank to the effect that its receiver, N. Peter ...
Source: newspapers

4. November 4, 1931 Receivership

Newspaper Excerpt: its receiver, N. Peter has given proof to the public ... willing to operate every way ... special [arrangements] will aid this part of the situation.
Source: newspapers

5. April 24, 1934 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. November 4, 1931 The Daily Chronicle De Kalb, IL

Article from The Daily Chronicle, November 4, 1931

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Article Text

MEETING HELD LAST EVENING Continue Study Of Two Plans For Reopening In The Future best news of the day regardFirst National Bank to the effect that its receiver, N. Peterhas given proof to the public, and especially to those who directly concerned the banking situation here that he willing to operate every way. He stated yesterday that in few days those people who needed to get into their safety deposit boxes would be able To that end special depositors not yet but soon to announced, will aid this part of the situation. It is pointed out that down town state that not about the eventual opening of the bank, with full to the depositors, but them the fact that the on which could borrow to carry on their business is locked up that can't used in that May Be Vast Sum The merchants are thus in bad position. strange thing seems to be developing in the matter of these posit boxes. being said that much of the money that was drawn and thus causing the run on the bank may found in these boxes, there in the bank. At any rate several merchants have the remark that they had money they could only and have to say that their It would be grim joke on the found that there was enough money these boxes to have saved the bank from closing. In the mean time more meetings have been held and more study put the two plans laid before the receiver and the that is tempting to straighten one of most technical and difficult finknown. At the main thing the cash. Agreehave been reached most of the other details new situation arisen. Money Not Quick was at first would simple matter securities, stocks, or bonds and thus into In when the closed moved high speed this thing. Then learned that maris cash in at prone sell to buy call. the market price heavy discount. now matter finding market for the negotiable the cash them because of these technicalities the situation is not construed fact, who are working the looks better hour that the people cannot expect. remedy situation in short notice. When handling money by $100,000 time, no has ever known act unless be be speculator gambler, and neither wanted in this deal. pointed out that It much better for all the thing moves slowly and carefully, and in the end reach and permanent solution, than move hurriedly and possibly cause more trouble. The people have asked that they protected their deposits and verbal promises of local financiers, and the receiver,