Camargo State Bank - Camargo, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 10, 1931
Location: Camargo, Illinois (39.800, -88.164)

Metadata

Model: gpt-5-mini
Short Digest: e1efcb10

Response Measures

None

Description

Stockholders voluntarily closed the Camargo State Bank and appointed a liquidating agent to return deposits; closure due to unprofitability from the Depression and local misfortunes (fire, recent financial loss). No run is mentioned.

Events (1)

1. December 10, 1931 Suspension

Cause: Voluntary Liquidation
Cause Details: Stockholders decided to liquidate due to lack of profitability from the Great Depression, local business failures (fire destroying elevator) and recent financial losses.
Newspaper Excerpt: Stockholders Close Banking Institution And Pay Depositors... the Camargo State Bank has suspended operations and the officials are returnall deposits to the customers... After due consideration the officers and directors decided to liquidate the affairs of the bank, and to return the money on deposit.
Source: newspapers

Newspaper Articles (1)

1. December 10, 1931 The Tuscola Journal Tuscola, IL

Article from The Tuscola Journal, December 10, 1931

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Article Text

CAMARGO STATE BANK Stockholders Close Banking Institution And Pay Depositors After period of 53 years the Camargo State Bank has suspended operations and the officials are returnall deposits to the customers. expected to finish this by December 12. The reason given for this procedure that the bank has failed to be profitable on account of the general depression and some unfortunate loconditions and misfortunes. One the most distressing events was the fire that destroyed the elevator and put several firms out of business. The recent financial loss also was responsible, in part. After due consideration the officers and directors decided to liquidate the affairs of the bank, and to return the money on deposit. The capital stock of the bank was $15,000, and the deposits totaled approximatly $20,000. Mr. Grover R. Helm of the Tuscola State Bank has been appointed as liquidating agent and will close up the affairs of the bank. At the time of closing the officers were: A. A. Armstrong, president; W. Dearduff, cashier. Directors were A. Armstrong, Wm. Overturf and Roughton. The old bank has served the community long and well. and its passis regretted by all. It is just meeting the fate many institutions -both large and it bank or railroad it can't survive without patronage. The banking rooms and fixtures are very fine, and everything looks like real bank, but the volume of business the only drawback. It in the to come that it may be years be revived. may The bank was first organized in 1878 by A. W. Bragg and George Jeffers, both capable business men. dis- the and Mr. Bragg was president, Jeffers the cashier. Later Harry clerk, and reBlake was employed as several Later Blake mained years. with the Garrett associated the Pesotum Bank, but Bank, also for returned to Camargo, where he was connected with the bank after it was bank, the leadorganized into state ing men in this organization being Jeffers, N. Homer Hall, Geo. was Roughton, Martin Rice, A. Armstrong, W. M. Overturf. and Hall by sold their interests and retired.