Benton State Bank - Benton, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 22, 1929
Location: Benton, Illinois (37.997, -88.920)

Metadata

Model: gpt-5-mini
Short Digest: 2797b7e6

Response Measures

None

Description

Article (Freeport Journal-Standard, 1929-10-22) reports the Benton State Bank was closed by the state auditor for examination following the accidental death of the bank president. Examiners will inventory and plan to reorganize and reopen the bank. No run is described.

Events (1)

1. October 22, 1929 Suspension

Cause: Government Action
Cause Details: Closed by the state banking department auditor for examination after the accidental death of the bank's president; examiners to complete inventory and reorganize.
Newspaper Excerpt: Benton State bank... remained closed having been closed by auditor of the state banking department... Nelson, state auditor, today said the Benton State bank would remain closed for week ten days least, until the state bank examiner could complete inventory.
Source: newspapers

Newspaper Articles (1)

1. October 22, 1929 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 22, 1929

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Article Text

DOLLARS RUSHED CHECK RUNS Urbana. Oct. the second time in than week by airplane, then by armourChicago Federal bank has rushed aid to threatened downstate Half million dollars in cash here yesterday etem runs Champaign and Urbana banks the closing by auditor Nelson of Urbana Banking company. The dash from Chicago made by armored truck. main eight guards. The relief funds were started from Chicage when federal reserve officials learn that nervous depositors had start withdrawals from the various banks after spread of the closing or the Urbana Banking com pany. Last week was rushed airplane from Chicago to Farm National Bank Taylorville after the other three banks there had The Urbana Banking company's troubles attributed frozen assets between and $330, 000. deposits State auditors today were scanning the company's books. They did expect to have their work finished for thre Auditor Closes Benton Bank Benton, Oct. Benton State bank, with capital stock of surplus of $50,000 and more than $50,000 in undivided profits, remained closed having been closed by auditor of the state banking department. The auditor's action It was said occasioned the accidental death Saturday Robert R. Ward, president of the bank. who was tally injured in fall from silo his dairy farm. placard posted on the door the bank said closed "for amination and Until Ward's funeral this not be known whether there any obstacle to said. The bank depository municipal and school funds. and $25,000 community building fund provide memorial. President Ward and brother. George Ward. the largest stockholders in the bank. Robert Ward's dairy farm of the finest in this section of he understood have life He twice president of the Illinois Bankers Officials of the bank were oring today effect tion so the institution might be openeu. Will Remain Closed Awhile Oct. Nelson, state auditor, today said the Benton State bank would remain closed for week ten days least, until the state bank examincould complete inventory its He said plan reorganize and reopen bank, added that nothing could be mined until the examiners finished their work.