State Bank - East Lynn, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 16, 1931
Location: East Lynn, Illinois (40.466, -87.800)

Metadata

Model: gpt-5-mini
Short Digest: 1bb936db708a5d0c

Response Measures

None

Description

Article (1931-03-16) reports ten Vermilion County banks assumed control of the State Bank of East Lynn to begin a gradual liquidation because the institution had not been operating at a profit. No run or depositor panic is mentioned; this is an organized takeover and liquidation resulting in permanent closure.

Events (1)

1. March 16, 1931 Receivership

Newspaper Excerpt: Ten Vermilion County banks today assumed control of the state bank of East Lynn to begin a gradual liquidation of the bank's business. The institution has not been operating at a profit for some time, but officials of the directing banks said depositors would lose nothing.
Source: newspapers

Newspaper Articles (1)

1. March 16, 1931 The St. Louis Star and Times St. Louis, MO

Article from The St. Louis Star and Times, March 16, 1931

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Article Text

EAST LYNN, ILL., BANK TAKEN OVER BY 10 OTHERS (By U. P.)-Ten Vermilion County banks today assumed control of the state bank of East Lynn to begin a gradual liquidation of the bank's business The institution has not been operating at a profit for some time, but officials of the directing banks said depositors would lose nothing. Commonwealth College, Mena, Ark. was disclosed today coincident with the visit of Dr. Edward Zeuch, who has resigned from that post to devote more time to writing and lecturing Commonwealth College combines an experiment in worker education and an attempt at practical socialism, with students and faculty laboring side by side in cultivating fields, erecting buildings, and preparing food.