Citizens State Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1927*
Location: Buda, Illinois (41.326, -89.679)

Metadata

Model: gpt-5-mini
Short Digest: 9f5e3ae5

Response Measures

None

Description

Article (Jan 29, 1929) refers to the bank having suspended business in September 1927 and a receiver (Charles W. Boyden) in possession. A master in chancery ruled school deposit claims preferred and payable by the receiver. No mention of a depositor run; the bank remained in receivership/closed. Cause of suspension not specified in article.

Events (2)

1. September 1, 1927* Receivership

Newspaper Excerpt: receiver Charles W. Boyden. in distribution of the funds of said bank in his hands and must be paid in full by the receiver Charles W. Boyden (Master in Chancery decision, Jan. 29, 1929 article).
Source: newspapers

2. September 1, 1927* Suspension

Cause Details: Article does not specify reason for the suspension; only that the bank suspended business in September 1927 and later had a receiver appointed.
Newspaper Excerpt: the bank suspended business in September 1927
Source: newspapers

Newspaper Articles (1)

1. January 29, 1929 The Daily Times Davenport, IA

Article from The Daily Times, January 29, 1929

Click image to open full size in new tab

Article Text

WATSON TALKS DECISION RENDERED TO ALEDO KIWANIS IN BUDA BANK CASE SCHOOL CLAIMS R. L. Watson, Aledo attorney, gave the talk yesterday at the regular weekly meeting of the Aledo Kiwanis club. Mr Watson spoke on taxes, particularly of Mercer county. According to Mr Watson there is total of $70.000,000 in property in Mercer county, but only about 50 per cent of this is taxable. In speaking of property which is tax exempt Mr Watson declared that it was unfair to the other tax payers to have certain securities tax free. Chairman of the program committee for the next two months were announced at this meeting as follows: Feb. W. Detwiler: Feb. 11, H. Duvall: Feb. 18. L. O. Flom: Feb. 25 (publicity night) ladies' night, James Allen; March E. Harris: March 11, interclub relations committee, H. Duvall, chairman: March 18, H. Bjorkman; March 25, A. R. Volk. (Special) Master in Chancery Louis A. Zearing, Princeton, has rendered his decision on claims of Macon township school trustees against the Citizens State bank of Buda, for $12,000 school funds on deposit at the time the bank suspended business in September 1927 The master in chancery states that said claims are preferred claims and must be paid in full by the receiver Charles W. Boyden. in distribution of the funds of said bank in his hands. Very soon after the closing of the bank Attorney Frederick W. Rennick, also state representative from this 37th district, filed claim for Ross Bitting, Buda, township treasurer, for the school money as preferred claim, basing same on an old rule of English common law contending that said common law the law of Illinois and that school officers under the law are only agencies of the state and that title to these funds is thus vested in the state and entitled to priority. In the arguments before the master in chancery last August Rennick appeared for the claim ants, P. D. Trimble for Charles W. Boyden, the reeceiver and L. Spaulding and Carey R. Johnson for the bondsmen. Other Sheffield News Mr and Mrs Robert Thomas entertained at farewell dinner in their home Friday evening for Mrs Homer Thomas and three sons who left Saturday night for their new home in Butte, Mont. Later in the evening the of Mrs Thomas arrived with all of the members of the Sew and So club and the evening was spent playing games and visiting and Mrs Thomas was presented with a farewell gift. The Burlington railroad is making big improvement south of Sheffield and west of Buda, electrifying the pump house of the road on Coal creek. The contract was let to Illinois Light & Power Co., and work is in charge of H. B. Arms. It is a large job requiring new sub-station and the old frame building which housed the steam engine will be replaced by a new structure of concrete. Matherville Building Burns III., Jan. (Special) building at the Groves Davis coal mine burned to the ground. It is not known what started the fire. The building contained a pump and other machinery, and the loss is estimated at several hundred dollars.