First National Bank - Effingham, IL

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4233
Charter Number: 4233
Start Date: March 28, 1930
Location: Effingham, Illinois (39.120, -88.543)

Metadata

Model: gpt-5-mini
Short Digest: b54b43a4a9eb2b77

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Article (Effingham Daily Record, 1930-03-29) describes a heavy run on the First National Bank of Effingham following the suicide of a bank officer (Arnold/Johnson). Depositors hurried and withdrew heavily; checks were honored up to closing. There is no clear statement that the bank formally suspended payments or was placed in receivership, nor is there mention of a permanent closure or subsequent reopening, so classification is run_only. OCR errors in the article (names/word breaks) were left as found; I corrected linking context (suicide of a vice president triggered depositor panic) but did not infer events not stated.

Events (2)

1. February 15, 1890 Chartered

Source: historical_nic

2. March 28, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Depositors hurried to withdraw after circulation of news about the suicide of a bank officer; officials insisted the suicide was unrelated to bank affairs, indicating the panic was driven by rumor/nervousness rather than known insolvency.
Measures: Checks were honored up to closing; bank attorney issued statements reassuring solvency (per article).
Newspaper Excerpt: heavy run on the bank followed the suicide of Arnold ... second vice president ... Johnson's suicide was believed result of despondency ... his suicide had no con[nection to] bank affairs. Until Closing Time heavy withdrawal of throughout the day ... At the closing ... depositor's check was honored up to closing
Source: newspapers

Newspaper Articles (1)

1. March 29, 1930 Effingham Daily Record Effingham, IL

Article from Effingham Daily Record, March 29, 1930

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Article Text

CAUSES ON BANK; without ready unable to honor pay checks of heavy run on the bank followed the suicide of Arnold 55 old, heavy years and second vice president the bank would its open morning was problemParrish, president that urgent message had an Chicago for and money was solvent. Johnson's suicide was believed result of despondency troubles, bank officials and his suicide had no conbank affairs. Until Closing Time heavy withdrawal of throughout the day, but open until o'clock, the hour. At the closing closing crowd of depositors the Penwell Coal and company was still standing depositor's check and was honored up to closing after the doors had closed the bank's attorney that the bank was out of Withstood Previous Run uneasiness in local banking been increased since the H. State Bank was closed State Auditor Oscar Nelson and adjustment. The National withstood run at that the aid of money rushed airplane from Chicago. last few days, withdraw steadily growing and of the mining at the bank with their two days before the the run started. was still comparatively when news that Johnshot himself to death in the his home was circulated, depositors hurried to the joined the already long had formed at the cashfamily attributed his despondency over ill health, he had suffered any Closed; $285,000 Mass., March 28 Hampshire County Trust shortage of approx$285,000, closed its doors two weeks after Harold manager of its savings arrested charged with funds. who of nights was the popular March 17, specifically the theft of He default of $30,000 bail resulted in heavy withdeposits, developing to the which resulted department taking affairs. group of more than 100 by rumors of short about the doors of the and was necespolicemen to maintain Among Depositors President Calvin Coolidge Coolidge have accounts but not disturbed were the the office of the said that Mr. and had not withdrawn and felt that state bank examiner, company has deposits commercial and of $150,000 including surety