4104. First National Bank (Benton, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6136
Charter Number
6136
Start Date
November 28, 1930
Location
Benton, Illinois (37.997, -88.920)

Metadata

Model
gpt-5-mini
Short Digest
3555f6cb

Response Measures

None

Receivership Details

Depositor recovery rate
36.6%
Date receivership started
1930-12-02
Date receivership terminated
1938-08-25
OCC cause of failure
Governance
Share of assets assessed as good
18.5%
Share of assets assessed as doubtful
71.2%
Share of assets assessed as worthless
10.4%

Description

The First National Bank of Benton failed to open and was placed in the hands of the comptroller of currency (notice posted 1930-11-28). That indicates a government action suspension leading to closure; later reporting (1932, 1933) shows a receiver was in place. No article describes a depositor run on the Benton bank itself (runs are described at Marion following Benton's closing), so classify as suspension leading to permanent closure/receivership.

Events (5)

1. February 24, 1902 Chartered
Source
historical_nic
2. November 28, 1930 Suspension
Cause
Government Action
Cause Details
Bank failed to open and was taken in the hands of the comptroller of currency (i.e., closed by federal regulator).
Newspaper Excerpt
The First National Bank of Benton failed to open for business today. A notice posted on the door of the bank said the institution was in the hands of the comptroller of currency.
Source
newspapers
3. December 2, 1930 Receivership
Source
historical_nic
4. October 28, 1932 Receivership
Newspaper Excerpt
BENTON, ILL. (A)-John Horton of Minneapolis, receiver for the First National banks at Benton, Christopher and Sesser, was injured in an automobile accident near Lenzburg Thursday.
Source
newspapers
5. June 16, 1933 Other
Newspaper Excerpt
BENTON, ILL., BANK RECEIVER SUES EX-EMPLOYE FOR $2000 ... Suit for $2000 was filed in Federal Court ... by J. S. Horton, receiver for the First National Bank of Benton, Ill., against Harry W. Nolen ... Received $1616 on Day Depository Closed.
Source
newspapers

Newspaper Articles (16)

Article from Kenosha News, November 28, 1930

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Article Text

Banks Close in Four States Illinois Has Two Closings, Others Scattered Over United States Westfield, III.-(U.P)-The First National Bank here suspended business today. Officers announced that the institution's income was not sufficient to meet expenses. The bank has been operating for 25 years, and had deposits estimated at $325,000. Depositors will be paid in full, officials said. Hit by Withdrawals Corinth, Miss. The Corinth Bank and Trust Company, with deposits as of Sept. 24 of $1,650,000, closed today. Directors announced steady withdrawals had forced the action. Lock Missouri Bank Jefferson City, -(U.P.) The Knox county savings bank of Edina, was closed today by its board of directors. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open in that city. The savings bank had loans of $201,606 capital stock of $20,000, surplus of $10,000, and deposits of $276,398. Kentucky Has Another Middlesboro, Ky.-(U.P.) Citizens Bank and Trust Company failed to open today. A notice posted said there had been heavy withdrawals. Take Over III. Bank Benton, Ill.-(U.P)-The First Na. tional Bank of Benton failed to open for business today. A notice posted on the door of the bank said the institution was in the hands of the comptroller of currency. Resources of the bank were approximated at $2,000,000.


Article from The Belleville News-Democrat, November 28, 1930

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Article Text

$2,000,000 BENTON CLOSES DOORS Notice Says Bank in Hands of Comptroller as City of 8,000 Is Without Banking Institution. The First National Bank of Benton, with resources of approximately $2,000,000 failed to open today. A notice posted on the door of the institution said the bank was in the hands of the comptroller of currency. The closing left this city of 8,000 in the heart of the southern Illinois coal mining belt, without banking institution The bank was capitalized at $100,000 and had deposits of nearly 000,000 which included city and county funds. "Frozen assets" was given by directors as the reason for the closing. G. C Cantrell is president of the institution and George A. Powers, cashier. WESTFIELD BANK CLOSES Westfield, November 28. (UP)-The First National Bank here suspended today with the announcement that it was going out of business because its overhead was too great. Depositors, It was stated, will be paid in full The First National Bank was organized 25 years ago with a capital stock of $50,000. Deposits. according to its last statement was $325,000. E. D. Flagg. president, and H. E. SpellThe bank. according to a statement, is solvent but was closed by its director with the decision to liquidate because its profit was not sufficient to meet its overhead. Deposits. it was declared have shrunk to such considerable point in the last three months that it failed to pay the bank to operate Westfield has population of approximately 1,000 persons, The Corinth Bank and Trust Company, with deposits as of Sept. 24 of $1,650,000, closed today. Directors announced steady withdrawals had forced this action. Middlesboro, Ky. Nov Citizens Bank and Trust Company failed to open today notice posted said there had been heavy withdrawals.


Article from The Daily Independent, December 1, 1930

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Article Text

Bank At Marion Fails To Open MARION, ILL., Dec. The First National Bank, with re. sources of approximately $2,000,000 failed to open today, leaving city of more than 11,000 population, without a banking institution. The board of directors blamed steady withdrawals and "frozen as. sets" for the closing. A run on the bank occurred Sat urday, following closing of the First National Bank at Benton. The First National had on deposit hundreds of accounts of persons who had withdrawn funds from other banks in Williamson county, previous to their closings. Plans had been for reopening of due of the closed Institutions, the Marion State and Savings Bank. SPRINGFIELD. ILL., Dec. state banks in sep. arate parts of the state failed to open today, it was announced by the State Auditor's office here. The banks the Johnston City State Bank. Johnston City: Rock Grove State Bank, Rock Grove: and the Marine Trust Company, Carthage. No reason for the been: received here: aminers have been sent amine and andit books of stitution.


Article from St. Cloud Times, December 1, 1930

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Article Text

Marion, Illinois, Bank Is Closed by Director Order Marion, II., Dec 1. The First National bank, with resources of ap proximately $2,000,000 failed to open today, leaving Marion. city of more than 11,000 population, without The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday, following closing of the First Na. tional bank at Benton, III.


Article from Muncie Evening Press, December 1, 1930

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Article Text

ILLINOIS CITY IS WITHOUT A BANK MARION, Dec. First National Bank, with resources of $2,000,000, failed to open today, leaving Marion, city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen for the closing. run the bank occurred Saturday, following closing of First National Bank at Benton, III.


Article from The Edwardsville Intelligencer, December 1, 1930

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Article Text

Marton Bank Closed. Marion, III., Doc. First Nafor Bank, with resources of approximately $2,000,000 failed to open today, leaving Marion a city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday, following closing of the First National Bank at Benton,


Article from The Times, December 1, 1930

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Article Text

MARION, ILL., BANK CLOSED MARION, First National $2,000,000 failed to open today, leaving Marion, city more than 11,000 population, withinstitution. The board directors blamed "frozen for the closing. the bank Saturday, following closing of the First National bank at Benton III.


Article from Lincoln Journal Star, December 1, 1930

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Article Text

BANK AT FAILS First National There With Resources of $2,000,000 Is Closed. MARION, First National bank with approximately $2,000,000 failed open Monday, leaving Marion, city of more than population, without banking institution. The board directors blamed steady withdrawals and frozen assets for the run on the bank occurred Saturday, following closing of the First National bank at Benton, III.


Article from Lincoln Journal Star, December 1, 1930

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Article Text

BANK AT FAILS First National There With Resources of $2,000,000 Is Closed. First National bank resources approximately $2,000,000 failed open Monday, leaving Marion, city more than population, without banking institution. The board directors blamed steady withdrawals and frozen assets for the closing. run on the bank occurred Saturday, following closing the First National bank at Benton, Ill.


Article from The Knoxville News-Sentinel, December 1, 1930

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Article Text

CITY HAS NO BANK Closed By United Press MARION Ill-The First National Bank, with resources of approximately $2,000,000 failed to open today. leaving Marion, city of more than 11,000 population, without a banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. run the bank occurred Saturday. following closing of the First National Bank at Benton, III.


Article from The Monticello Journal, December 1, 1930

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Article Text

Illinois Bank Fails MARION, L-The First National Bank with resources of approximately $2,000,000, failed to open today, leaving Marion, a city of more than 1,000 population, without a banking institution. A run on the bank OCcurred Saturday, following closing of the First National Bank at Benton,


Article from The Elk City Daily News, December 1, 1930

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ILLINOIS BANK CLOSES MARION, III., Dec. 1. (U.P.)-The First National bank with resources of approximately $2,000,000 failed to open today, leaving Marion, a city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and frozen assets for the closing. A run on the bank occurred Saturday, following closing of the First National bank at Benton, Illinois.


Article from The Asheville Times, December 1, 1930

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BANK AT MARION, ILL., CLOSES ITS DOORS First National Bank with resources of approximately $2,000,000 failed to open today. leaving Marion city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen assets' for the closing. run on the bank OCSaturday, following closing of the First National Bank at Benton.


Article from The St. Louis Star and Times, December 18, 1930

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BENTON BANKER ACCUSED OF $5,400 EMBEZZLEMENT ILL., December 18. (By Goodin, former of the First National Bank of Benton closed recently, and treasurer of the First Baptist Church of Benton. is held on bond following the issucharging with embezzeling of the bank's funds. The closing Benton without bank. Goodin is 37 years old and is married. Two Missouri Banks Closed. JEFFERSON CITY. Dec. 18. Union Savings Bank of Monroe City, Monroe County. was closed by its directors today following steady and heavy run of withdrawals, according to the State Finance The State Bank of Collins, St. Clair County, with total resources of $81,000, was also closed. Two Arkansas Banks Close. Dec. (By U. Closing of two additional members of the group, which twelve closed today They the People's Bank and Merchants Bank of Green Forrest. Two Close in North Carolina. N. Dec. (By First National Bank and the Scotland County Savings Bank of Laurinburg were closed today. involving approximately $315.000 in deposits Hinto James is president of both.


Article from The Des Moines Register, October 28, 1932

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DRAKE GREETS ALUMNI TODAY Grinnell Game Climax of Homecoming. Drake university sorority and fraternity houses took on gala years. appearance Thursday night in He termed President Hoover preparation for the school's an"master of saying the president had "met and con- nual homecoming celebration, quered great emergencies in the which begins this morning. war, in the reconstruction period, The fraternities and sororities, in flood and in famine, and now by agreement, did not begin the in the depression." decoration of their houses until "Saved Financial Crisis." Thursday. All decorations President Hoover, he declared, were to be in place by dawn. saved financial crisis in this country and in Germany, and set in motion counter attack on the economic problem that would have forward much sooner the Democratic house had not delayed Colonel Solbert quoted figures to show, he said, that American people bought or consumed 991 per cent of the beef and veal, 961 per cent of the pork, per cent the oats, per cent of the corn, and 85 per cent of the wheat produced in 1930. "Further Unemployment." "Any reduction in the tariff, proposed by Governor Roosevelt, will reduce the price of farm produets. Big leaders of industry say that reduction of the tariff will mean further unemployment," he declared. vote for Hoover means continuance of "a tried leadership, successful reconstruction, tariff of protection for the farmer and wage earner, and maintenance of the American standard of living," Colonel Solbert concluded. Field Speaks. Henry Field, Republican candidate for senator, attended the rally and spoke briefly. proud of the kind of Republicanism that you people represent," Field said. Field declared that when he went to Washington that he would the of the Resupport principles "which Colonel publican party, Solbert so ably outlined to you.' Pearson for Turner. Dr. Alfred Pearson of Drake university, speaking in behalf of Turner, declared "he Governor (Turner) is plain, simple, straightforward man of the com-, mon people. He gives his time and energy to the office, putting he has into his work. everything It's not wise to change leadership in these times "Proof that Governor Turner regarded in his home counhighly ty of Adams is shown by the fact that he received 96 per cent of the vote in his county in the governor's race in 1930," he said 400 Attend. Fred E. Hade of Fort Dodge, president the New Hoover Farmers club, said his organization "trying to find out how strong Mr. and that 000 pledge cards had been received farmers in the last from Iowa week. The principal speaker of the rally, Daniel Anderson, assistant United States district attorney of Chicago, III., was unable to attend. Eskil Carlson, president the John Ericsson of Iowa Approximately 400 presided. sons attended. Blue and White. Drake colors of blue and white, the Grinnell college colors of red and black, and the national red, white and blue colors cover the university campus. These decorain charge of "Buck" Freeman, were in place Thursday, on all buildings. The Des Moines Railway Co. provided flags for the decorating University ave. between Twenty-fifth and streets. Game Is Climax. Alumni returning to the campus this morning face busy day entertainment arranged in their honor. Beginning with chapel exercises at 10 the day's festivities climax with the DrakeGrinnell night football game. Dr. W. Morehouse, university president, will open the homecoming Stunt Circus. At m. the fraternities will conduct stunt circus in the university auditorium, charge of Harlan Lawson. loving cup offered for the best stunt. Fraternities and sororities will greet returning with special luncheons at noon. House decorations then will be judged. Soccer Game, Tea. Law and Bible students will meet in soccer game on the east campus at m., following which Dr. and Mrs. Morehouse will hold open house for alumni from until m. tea dance for alumni and students will be held at Younker's tearoom from 3 until for the best circus stunt, cup and cups for each of the best decorated fraternity sorority houses will be awarded there. Pep Meeting. On the west campus barbecue, bonfire and meeting will pep held from until m. George Henning will be chef and Jennet Jones the hostess of the barbecue. Carlton Gladder will have charge of the bonfire. Coach E. O. Williams and the honor club will hold open house in the clubrooms of the fieldhouse following the game. Byron Guessford, junior law student, is homecoming committee chairman. Bank Receiver Injured. BENTON, ILL. (A)-John Horton of Minneapolis, receiver for the First National banks at Benton, Christopher and Sesser, was injured in an automobile accident near Lenzburg Thursday. Hazel Brown will give you detailed description of new and dishes in The cuts Des Moines Sunday Register.


Article from St. Louis Post-Dispatch, June 16, 1933

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PAGE 4B Missouri River Co. to Be Liquidated By the KANSAS CITY, Mo., June 16.The Kansas City Missouri River Navigation Co., whose tugs and tows plied the Missouri between St. Louis and here for nearly 10 Other "Officers" Also Will Be Chosen to Aid Paid City Workers. FRIDAY, JUNE 16, 1933 ST.LOUIS POST-DISPATCH, others aye. Adopted by 253 to 109. before the World War, will years CHILDREN WILL ELECT Amendment to eliminate civil Defeated by 265 to 137. soon be liquidated. Shareholders HOW MISSOURI service provisions from unemploy'MAYORS' OF PLAYGROUNDS voted yesterday to dissolve the ment relief bill-Shannon and Claicompany and distribute its assets. borne not recorded, all others aye. About $990,000 is to be disbursed Adopted by 215 to 161. to 2600 stockholders. The company MEMBERS VOTED $500,000,000 unemployment relief Passed by 325 to 76. was organized in March, 1910. bill-Shannon and Claiborne not reDecreased appropriations for opcorded, all others aye Passed by eration of the 32 playgrounds this 331 to 42. aye. Passed by 283 to 57. summer resulted in a plan to per- Motion to concur in Thomas inON MAJOR BILLS flation amendment to farm billmit the children of the grounds to Claiborne no, all others aye. Carassist in the management. The ried by 307 to 86. playground season begins Monday Motion to concur in cost-of-pro- ried by 196 to 181. and will continue until Labor Day. duction amendment to farm bill- Administration Clark, Democrat, and PatThe children will meet at each Cannon aye, Dickinson aye, Wood playground June 26 and nominate terson, Republican, Fre- aye, Lee aye, Romjue not recordcandidates for the following ofed, all others no. Motion lost by fices: mayor, five aldermen, chief 383 109. of police, five policemen, three members of the "secre tservice,' three members of the "roughhouse committee," safety commissioner and five members of the safety patrol. Elections will be June 28. The city playground staff has been reduced from 197 to 136 as a result of a decrease in appropriation from $35,898, the amount spent last year, to $18,265. More than 1000 applicants recently were given examinations for the playground jobs by the Efficiency Board. Alfred Fleishman is superintendent of recreation. Air Line Selling Ticket Books. A reduction in air transportation rates through the use of scrip books was announced today by 10 Opp. Mercantile- American Airways. The books, Commerce Bank selling for $212.50, are redeemable Shines Opp. Nugents for $250 worth of transportation Free over the American Airways system. The books are transferable between members of a family or employes of firm. Muscle Shoals conference report Shannon, Claiborne and Romjue not recorded, all others either voted aye or were paired for measure. Report accepted by 259 to 112. Amendment for sales tax in industrial recovery bill-Milligan aye, ST.LOUIS POST-DISPATCH Wood not recorded, all others no. BENTON, ILL., BANK RECEIVER Passage of recovery bill (indus- SUES EX-EMPLOYE FOR $2000 trial control and public works bill) -Shannon no, Wood announced Alleges Harry W. Nolen Unlawfully for measure, all others voted aye. Received $1616 on Day Depository Closed. Suit for $2000 was filed in FedInvalidation of gold clause in contracts-Claiborne no, all others eral Court at East St. Louis yesterday by J. S. Horton, receiver for Amendment to exempt public the First National Bank of Benton, plants from power tax-Lozier no, Ill., against Harry W. Nolen, forWilliams no, Duncan no, Ruffin no, Claiborne no, all others aye. Car- compromise amendment on veteran cuts-Shannon no, Cannon no, Wood no, Lee no, all others aye. Adopted by 243 to 154. Ragon Quits House to Be Judge. WASHINGTON, June Representative Heartsill Ragon of Arkansas resigned last night as a member of the House to become Federal Judge of the Western District of Arkansas.