First National Bank - Biggsville, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3003
Charter Number: 3003
Start Date: November 5, 1926
Location: Biggsville, Illinois (40.854, -90.865)

Metadata

Model: gpt-5-mini
Short Digest: 13319fd4

Response Measures

None

Receivership Details

Depositor recovery rate: 81.6%
Date receivership started: 1927-01-31
Date receivership terminated: 1932-02-16
OCC cause of failure: Losses

Description

Articles (dated 1926-11-05) report that control of the First National Bank of Biggsville's assets was assumed by the First National Bank of Kirkwood after financial difficulties. Depositors under $100 paid in full; larger depositors paid 60% with remainder later. No explicit run is mentioned; the bank's assets were taken over by another bank (avoiding a receivership), so this is a suspension resulting in permanent closure/assumption.

Events (4)

1. July 13, 1883 Chartered

Source: historical_nic

2. November 5, 1926 Other

Newspaper Excerpt: All depositors with less than $100 to their credit will be paid in full. Those with deposits over that amount will be paid 60 per cent of the amount if desired and the remainder later as the assets are converted into cash. This plan averts the expense of a receivership and will it is believed pay off every dollar of indebtedness.
Source: newspapers

3. November 5, 1926 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Frozen assets and financial difficulties of the local institution; assets taken over by First National Bank of Kirkwood.
Newspaper Excerpt: Control of the assets of the First National Bank of Biggsville has been assumed by the First National Bank of Kirkwood, following financial difficulties of the local institution.
Source: newspapers

4. January 31, 1927 Receivership

Source: historical_nic

Newspaper Articles (2)

1. November 5, 1926 The Clinton Morning Journal Clinton, IL

Article from The Clinton Morning Journal, November 5, 1926

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Article Text

BANK SETTLEMENT Biggsville 111 Nov Control of the assets of the First National Bank of Biggsville has been by the First National Bank of Kirkwood following finan cial difficulties of the local institu tion All depositors with less than $100 to their credit will be paid in full Those with deposits over that amount will be paid 60 per cent of the amount if desired and the remainder later as the assets are con verted into cash This plan averts the expense of a receivership and will it is believed pay off every dol lar of indebtedness Frozen assets are ascribed as the reason for the troubles that developed

2. November 5, 1926 Waukegan News-Sun Waukegan, IL

Article from Waukegan News-Sun, November 5, 1926

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Article Text

Christmes season is expected to bring a "run on the bank." Bement, IH., Nov. 5.-A game of "Bind Man's Buff" ended in tragedy here when two players collided. Roy Hamman custained a broken jaw and Ray Patterson was knocked unconscious for over 12 hours, Galesburg, III., Nov. 5. - Mental anguleh caused by the failure she asserts, of Robert Johnson to keep his promise and marry her is worth $15,000, Miss Mary M. Benbow states m a euit against Johnson for that amount, filed in Knox county circuit court. She declares that, too, she went to considerable expense to prepare a trosseau which never was used. Bibbsville, IH., Nov. 5.-Control of the assets of the First National bank of Biggsville has been assumed by the First National bank of Kirkwood, following financial difficulties of the local institution. All depositors with less than $100 to their credit will be paid in full. Those with deposits over that amount will be paid 60 par centi of the amount if desired and the rethe expense of a receivership and will, it is believed, pay off every dollar of indebtedness. Frozen cosets are ascribed as the reason for the troubles that developed.