4126. Citizens State Bank (Edinburg, IL)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 18, 1929
Location
Edinburg, Illinois (39.657, -89.390)

Metadata

Model
gpt-5-mini
Short Digest
69b337d9dd7067bb

Response Measures

None

Description

Multiple articles (Oct 18–19, 1929) report depositors ran on the Citizens State Bank of Edinburg after the failure of the Colegrove State Bank (a correspondent), and the directors closed the bank to protect depositors. Articles describe closure and examiners being called but do not state that Citizens State Bank permanently failed or later reopened, so final outcome is unclear.

Events (2)
1. October 18, 1929 Run
Cause
Correspondent
Cause Details
Depositors panicked after the failure of the Colegrove State Bank (a correspondent), triggering heavy withdrawals from Citizens State Bank.
Measures
Directors closed the bank's doors to protect depositors and state auditor/examiners were notified.
Newspaper Excerpt
A sudden fear on the part of the depositors of the Bulpitt State Bank and the Citizens State Bank of Edinburg, correspondents of the Colegrove Bank, caused a run on these banks that necessitated the closing of their doors.
Source
newspapers
2. October 18, 1929 Suspension
Cause
Correspondent
Cause Details
Bank closed temporarily after runs triggered by the Colegrove State Bank failure; directors elected to close to protect depositors and requested examiners/audits.
Newspaper Excerpt
The directors of the Turner State Bank of Edinburg took similar action and their doors were also closed this morning and State Auditor Nelson notified.
Source
newspapers

Newspaper Articles (11)
1. October 18, 1929 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, October 18, 1929

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Article Text

Best Interests of Depositors Given as Reason for Closing 2 Local, and Edinburg Banks Directors of First National, Taylorville National and Turner State Banks Decide to Close Doors to Protect Their Depositors From Heavy Runs Being Made Upon Them as a Result of the Failure of the Colegrove State Bank Last Week A financial situation never before equalled in Christian county has been brought about by the failure of the Colegrove State Bank one week ago today. A sudden fear on the part of the depositors of the Bulpitt State Bank and the Citizens State Bank of Edinburg, correspondents of the Colegrove Bank, caused a run on these banks that necessitated the elosing of their doors. This situation alarmed the depositors of the First National and the Taylorville National Banks caus* ting a run on them yesterday that the directors of the two banks felt would eventually threaten the safety of their depositors if they continued to remain open and they closed their doors this morning until this chaotic situation can be cleared up. The directors of the banks called for the national bank examiners to come and audit their books preparatory to the complete reorganization as soon as the conditions warrant. The Farmers National Bank was the only bank in the city to remain open and a large number of their depositors drew their money from the bank today but J. A. Adams, president of the bank. stated there was no cause for worry with them as they have a sufficient amount on hand to pay off all their depositors if necessary. Oscar Nelson, state auditor, is in the city today working in connection with the affairs of the Colegrove State Bank, and he stated that the people should not get unduly excited about these conditions as they can be adjusted much more readily if the depositors will remain orderly and not get nervous. When some of the depositors of the Farmers National Bank were cheerfulty given their money this morning became reassured and put their money back into the bank. Clifford Stokes, eashier of the First National Bank, and Troy Long president of the Taylorville National bank, had no statement to make except that the lack of confidence on the part of many depositors and their withdrawal of deposits had brought on a condition that might eventually jeopardize the security of the other depositors and they deemed it best to close their doors. The directors of the Turner State Bank of Edinburg took similar action and their doors were also closed this morning and State Auditor Nelson notified.

2. October 19, 1929 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 19, 1929

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Article Text

RUN ON BANK IS CHECKED BY PLANE Chicago Bank Sends Funds to Illinois Bank ILL., Oct. 19 of the sky yesterday dropped bags to bring renewed faith town and stave off bank run which would most certainly have resulted empty vaults the only bank which remained open The drone an airplane motor the signal that the day was saved and that the line of 250 positors front of the Farmer's National Bank need have no fears of not getting their money. most like magic the line faded away another redepositing money they earlier had withdrawn. Relief rushed by airplane Farmers Bank by Chicago Federal Reserve officials as soon they learned that Taylorville's other three banks had been closed. The banks that have been closed John Colegrove and company, state bank: the National Bank, and the First National Bank, all of Taylorville; Citizens State Bank and the Turner State Bank both Edinburg, and the State Bank of Bulpitt.

3. October 19, 1929 Alton Evening Telegraph Alton, IL
Article from Alton Evening Telegraph, October 19, 1929

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Article Text

Planes Rush Cash To Taylorville To Stop Bank Run Confidence Renews As Money Arrives From Federal Reserve Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults nt the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers National Bank need have no fears of not getting their money. Almost like magic the line faded away and another formed-custimers redepositing the money they earlier had withdrawn. Relief was rushed by airplane to the Farmers Bank by Chicago Federal Reserve officials as soon as they learned that Taylorville's other three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and Co., State Bank; the Taylorville National Bank. and the First National Bank. all of Taylorville; the Citizens State Bank and the Turner State Banks both of Edinburg, and the State Bank of Taylorville merchants confident that the banks' conditions were sound, basically advertised today that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 per cent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, Is expected to ease the situation.

4. October 19, 1929 New Britain Herald New Britain, CT
Article from New Britain Herald, October 19, 1929

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Article Text

AIRPLANE BRINGS MONEY TO BANKS Arrival of Cash Turns Run Into Depositors' Rush Taylorville, 111., Oct. 19 (A)--Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers' National bank need have no fears of not getting their money. Almost like magic the line faded away and another formed--customers redepositing the money they earlier had withdrawn. Relief was rushed by airplane to the Farmers' bank by Chicago federal reserve officials as soon as they learned that Taylorville's other three banks had been closed. Today bank examiners were scanning the books of the three closed banks and banks in three other nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have been closed are: John B. Colegrove & Company, State Bank, the Taylorville National bank, and the First National bank. all of Taylorville; the Citizens' State bank and the Turner State banks, both of Edinburg, the State bank of Bulpitt.

5. October 19, 1929 Evening Star Washington, DC
Article from Evening Star, October 19, 1929

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Article Text

FUNDS DROP FROM SKY TO STOP BANK RUN AS 3 OTHERS CLOSE Plane Motor's Drone Saves Day and Customers Redeposit Withdrawn Money. By the Associated Press. tomers redepositing the money they earlier had withdrawn. TAYLORVILLE, Ill., October 19.Relief was rushed by airplane to the Out of the sky yesterday dropped money Farmers' Bank by Chicago Federal Rebags to bring renewed faith to a panicserve officials as soon as they learned stricken town and stave off a bank run that Taylorville's other three banks had been closed. which would almost certainly have reToday bank examiners were scanning sulted in empty, vaults at the only bank the books of the closed banks. Thus which remained open. far, "frozen assets" have been unofficially blamed for the shutdown. The drone of an airplane motor was The banks that have been closed are: the signal that the day was saved and John B. Colegrove & Co., State Bank, that the line of 250 depositors in front the Taylorville National Bank and the of the Farmers' National Bank need First National Bank, all of Taylorville; the Citizens' State Bank and the Turhave no fears of not getting their money. Almost like magic the line ner State Bank, both of Edinburg; the faded away and another formed-cusState Bank of Bulpitt.

6. October 19, 1929 News-Press Fort Myers, FL
Article from News-Press, October 19, 1929

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Article Text

Plane Drops Money Bags To Stop Run On Illinois Bank (By The Associated Press) Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers National bank need have no fears of not getting their money. Almost like magic the line faded away and another formed customers redepositing their money they earlier had withdrawn. Relief was rushed by airplane to the Farmers bank by Chicago Federal Reserve officials as soon as they learned that Taylorville's other three banks had been closed. Today bank examiners were scanning the books of the three closed banks and banks in three other nearby towns Thus far. "frozen assets" have been unofficially blamed for the shutdowns. The banks that have been clos ed are: John B. Colegrove and Company, state bank, the Taylor ville National bank, and the First National bank, all of Taylorville the Citizens State bank and the Turner State bank both of Edinburg. and the State Bank of Bulpitt.

7. October 19, 1929 The Akron Beacon Journal Akron, OH
Article from The Akron Beacon Journal, October 19, 1929

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Article Text

BANK Depositors At Taylorville, III., Grow Wary As Three Other Institutions Close FROZEN ASSETS BLAMED Associated Press TAYLORVILLE Ill., Oct. 19. Out of the sky yesterday dropped money bags to bring renewed panic and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. drone of an airplane motor was the signal the day was the 250 itors the National bank no fears of getting their Deposit Money Again Almost like magic line the money they earlier had withdrawn. Relief was rushed by airplane the Farmers bank Chicago federofficials they learned Taylorville's other three banks had Other Books Today ning the the three and nearby Thus sets" been unofficially blamed for the shutdowns. The banks that have been closed John Colegrove state bank, Taylorville National bank and the First National bank, the Citizens State bank and Edinburg, the State Bank of Bulpitt

8. October 19, 1929 The Dispatch Moline, IL
Article from The Dispatch, October 19, 1929

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Moline Will Have Large Radio Station. Dispatch Special Service Washington, D. C., Oct. 19.-It has been definitely decided to include Moline among the 110 cities in which commercial radio stations for communication will be constructed by the Universal Wireless Communication company before 1932, officials of the Chicago concern stated here today. The Moline station is expected to serve Rock Island and other municipalities. The federal radio commission has just granted adequate channels to the company, and has been informed that work on ten stations will be under way at once. The station at Moline is not included among the first ten, but will be in one of the early quotas, officials believe. It was also announced that the first public showing of the apparatus to be used in the 110 stations will be made at the Chicago radio show. Cities in the first program are New York, Chicago, Buffalo, Cincinnati, Cleveland, Akron, Dayton, Columbus, Detroit, Trenton, New Brunswick, Milwaukee, Peoria, Springfield, Ill., Baltimore, Boston, Memphis, Norfolk, Providence and Washington. eral reserve officials as soon as they learned that Taylorville's other C. three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and company, State bank, the Taylorville National bank and the First National bank, all of Taylorville: the Citizens State bank and the Turner State bank, both of Edinburg, and the State bank of Bulpitt. Taylorville merchants. confident that the banks' conditions were sound, basically advertised today dy. that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 percent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, is expected to ease the situation.

9. October 19, 1929 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, October 19, 1929

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AIRPLANE USED TO PREVENT BANK RUN Money Is Rushed by Air to Institution in Taylorville, Taylorville, III., Oct. the Associated of the sky yesterday dropped bags to bring faith to panicstricken town stave off bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone an airplane motor the signal that the day was saved, and that the line of 250 depositors front of the Farmers National bank need have no fears not getting their money. Almost like magic the line faded away and another redepositing the money they earlier Relief rushed by airplane to the farmers bank by Chicago federal reserve officials soon as they learned that Taylorville's other three banks had been closed and that dangerous run had started. Today bank examiners were scanning the books the three closed banks and three others nearby towns. Thus far, "frozen assets" have been unofficially blamed for shut downs. The banks that have been closed John Colegrove Co., State bank, the Taylorville National bank the First National bank, all of Taylorville; the Citizens State bank and the Turner State banks, both Edinburg, and the State bank of Bulpitt. Taylorville merchants, confident that the banks' conditions were sound. basically advertised today that they would checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure per cent of corn crop was believed have caused the frozen assets, while the bean now being harvested, is expected ease the situation.

10. October 19, 1929 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, October 19, 1929

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CHRISTIAN Chicago Sends Cash Taylorville, Oct., run the Farmers' National bank here sided at two o'clock this atfernoon and many depositors, who were re-depositing. Floyd Baughman, cashier of the Farmers' National baik, telephone the Federal Reserve Bank in Chicago ten o'clock this morning for funds with which to relieve the local situation. Within four minutes after the call received the Federal bank had the funds aboard an airplane, which flew from Chicago to Taylorville in hour and minutes. The Taylorville Telephone Exchange, on account of the bank here, answered total of ten thousand within five hours this morning. Taylorville, Oct., First National and the Taylorville National banks and the Turner State bank Edinburg failed to open their doors today making total of six Christian county banks that have closed during the past week. Taylorville now has but one bank The Farmers' National bank. The Citizens' State bank at Edinburg closed its doors yesterday leaving that town without any banks open for business. The bank struck Taylorville last B. Colegrove failed to open its door. "Runs" and frozen Assets Since that time there has been more less of "run" on all banks in the country. "Frozen assets" was given the reason for the closings. Directors of the closed banks have stated that all depositors will be paid in full. was stated today by director of the First National bank that that stitution and the Taylorville National National bank which failed to open this morning, probably will merge into one strong bank after examiners have andbooks of the two institutions. Runs Cause Close Taylorville, Oct., ville, III., Oct. close of the three banks, the Taylorville National, the First National of Taylorville and the Turner State bank of Edinburgh, enacted by united agreement between the Boards of Directors of those institutions at meetings held on Thursday evening. There had been continuous runs all three banks ever since the closing of the John B. Colegrove State bank here and the State Bank of Bulpitt one week ago. These "runs" were all tak care of, but it was fared that the three banks could hold against continued heavy run after the ran ure on of the Citizens State Thursday bank at Edinburg and Directors then decided to hold joint meeting and decide upon some ed action. That was the decision close all three banks. The Taylorville two National banks have wired the Comtroner of the Curreney at Washington to send Bank Examiner to adult the books of the banks, while the books, cash and cords of the Turner State bank Edinburgh Friday turned State Auditor Oscar Nelson of Spring field. It appears certain that this bank will reopen afer examination and ad justment by the State Auditor. There of the also certainty merger of the two Taylorville Nationbanks into one larger and stranger Pays All Depositors Closing of the two National banks this morning caused heavy the Farmers' National bank, the only bank is still in existence and doing business here, Every depositors promtly paid in full. Depoitors were lined up at this bank early o'clock this morning eight ready that they could open so withdraw their funds. The line positors all the out Into the was way

11. October 25, 1929 The Ripon Record Ripon, CA
Article from The Ripon Record, October 25, 1929

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Money From Sky Halts Run Bank on Out of the sky Friday dropped money bags to bring rénewed faith stricken town off bank run which would almost certainly have resulted in empty vaults at the only bank which mained open. The drone of airplane motor was the signal that the day saved and that the line of 250 front of the Farmers' positors National Bank need have no fears of not getting their money. Almost like magic the line faded another redethe money they earlier positing withdrawn. Relief was rushed by airplane the Farmers' Bank by Chicago eral Reserve officials they learned that three banks had been closed. Today bank examiners the books of the three scanning banks and three others closed nearby towns also closed. Thus far, assets" have been unoffi"frozen cially blamed for the shutdowns. banks that have been closed The John Colegrove are: the Taylorville NationState bank; the First National al Bank and of the CitiBank, all State Bank and the Turner zens' State Bank, both of Edinburg. and the State Bank of Bulpitt.