4142. First National Bank (Cambridge, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2540
Charter Number
2540
Start Date
January 28, 1932
Location
Cambridge, Illinois (41.304, -90.193)

Metadata

Model
gpt-5-mini
Short Digest
fe364f81

Response Measures

None

Receivership Details

Depositor recovery rate
10.0%
Date receivership started
1932-01-08
Date receivership terminated
1938-02-26
Share of assets assessed as good
19.1%
Share of assets assessed as doubtful
73.1%
Share of assets assessed as worthless
7.8%

Description

No newspaper account describes a depositor run. The First National Bank of Cambridge merged with the Farmers' National Bank in Nov 1930; later the First National was closed and a receiver appointed in late Jan 1932 (reported Feb 1, 1932). This is a government receivership/closure of a national bank rather than a depositor-driven run. OCR in articles fixed (e.g., dates and some names).

Events (6)

1. July 2, 1881 Chartered
Source
historical_nic
2. January 13, 1931 Voluntary Liquidation
Source
historical_nic
3. January 8, 1932 Receivership
Source
historical_nic
4. January 28, 1932 Suspension
Cause
Government Action
Cause Details
National bank closed and placed in receivership; receiver (Griffin Garwood) took charge Jan. 28 per Comptroller/receiver action.
Newspaper Excerpt
It understood that Mr. Garwood took charge the affairs of the First National Cambridge Jan. 28 and will be in Cambridge during this week to take inventory of property owned by the institution.
Source
newspapers
5. February 1, 1932 Receivership
Newspaper Excerpt
Griffin Garwood, chosen to speed up liquidation of First National affairs...has been appointed receiver of the First National bank of Cambridge, reported today. Everett Danna...will be receiver clerk under Mr. Garwood.
Source
newspapers
6. July 1, 1932 Receivership
Newspaper Excerpt
Garwood...has been appointed the division of vent banks the office the comptroller of currency in Washington, He will assume his duties Theodore Allen of Monmouth has been appointed receiver of the Cambridge and Kewanee banks...
Source
newspapers

Newspaper Articles (3)

Article from The Tamaroa Times, November 28, 1930

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Article Text

ILLINOIS News Notes The recently reopened Bartonville State bank at Bartonville was held by robber, who took $10,000 cash and escaped. Albert Miller, for 20 years an employee of the Goebel hotel Granite City, committed suicide by hanging himself. The Eaton elevator at Allerton was sold by the federal referee bankruptcy to H. Johnston of Danville for Prof. Alfred Willgeroth was pointed director of music at Rockford college, succeeding Mrs. Laura Grant Short, who died recently. Cecil Sweasey, of Blandinsville was burned to death when his automobile overturned on the hard road near Roseville. Joseph Pence, for many years highway commissioner Pana township and brother of Jess Pence of Taylor ville, died his home in Pana. Thomas Watson, employed Orient mine died from burns received when shot he was tamping in the face of the coal exploded. Abel Hanson, found dead of shot gun wound brush pile near his home north of Morris. Police believed the death was accidental. Close $25,000,000 Christmas ings will be distributed among 450,000 residents of Cook county. The figures were checked after 277 banks submitted reports. Three hundred members of the American Legion spent day sawing down trees and chopping wood to be given during the winter to families of men. Identified by an oil station attendant as the man robbed him of $128, Fred Glidden of Kewanee has been bound to the Champaign county grand jury. John Zeman, of Peoria, was drowned when boat from which he and two companions hunting overturned by rough ter on the Illinois river. Displaying Minkler apple that measured six inches in diameter and weighed eighteen ounces, Ralph orchardist near Irving. claimed the record for raising the largest apple in Illinois this season. Two of the oldest banking institu tions in Henry county merged with the announcement of the con solidation of the First National Bank of Cambridge and the Farmers' Na tional Bank of Cambridge Mrs. Mary Lawson, Chicago, was elected regent the Illinois Daughters Isabella the semiannual state in Bloomington Kankakee was chosen for the next state meeting be held in May Earl Hanson, principal of the Rock Island high school. was elected president of the Kiwanis club. Other named Vice president, Kenneth Popplewell trustee Burtreasurer, Robert Gilloley. Rock Island detectives shot and killed Zouney Merreighn. age thirty six, father four children when they sought to arrest him on an arson charge. The detectives said Merreighn moved as though draw revolver. Kidnaped his and money stolen, and bound securely that lay helpless in field for eight hours, Alof Anderson of Jamestown, an aviator, was found near Topeka Walter Kleier, farmer upon whose land he was The soup house plan has been abandoned Danville after vigorous protest by the chamber of has another plan and will seek jobs for the unemployed. No plans for feeding hungry while awaiting jobs have been announced. Jobs for 10,000 men are to be provided by the first of the year through the construction of 13 new school buildings total cost of more than $20,000,000, according to the announcement of William Bogan, superintendent of Chicago schools Stuart Walser. of the First National bank and receiver for the West Salem State bank, which has been closed about two years, shot and killed himself in his bank at Salem. Members of his family said Walser suffered from asthma for Keeping company with pupil grounds for dismissal teacher, Jury in Mercer county court ruled in awarding Miss Ella Deweller $400 back salary her suit against the New Boston board of education. The board "fired" the teacher last December because she went around with Charles Bayner, high school senior. Her first suit dismissed. but on the retrial awarded the amount of her back sol- George Mayford. member of the Alton city police department for more than years, was appointed chief of police Peter Fitz gerald. elected sheriff November Mayford has been sergeant in recent years. Six small banks In Illinois and Miscommunities near Quincy have closed. These the Farmers and Merchants Grange Rut ledge Exchange of the Downing State the Bartlett and Wallace State and the Timewell State of Time well,


Article from The Rock Island Argus, February 1, 1932

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Article Text

FOR CAMBRIDGE BANKING HOUSE Griffin Garwood Chosen to Speed Up Liquidation of First National Affairs. (Special to The Argus.) Cambridge, III., Feb. closed First National bank Kewanee, has been appointed receiver of the First National bank of Cambridge, reported today. Everett Danna, of Kewanee, officer of the closed First National bank of Kewanee, will be receiver clerk under Mr. Garwood. The First National bank of Cambridge merged Nov. 17, 1930 with the Farmers' National bank. BritHadley, president the closed bank, and Floyd Hadley, cashier, appointed liquidating agents the board of directors and to faciliate the liquidation that the bank receiver called to take charge. It understood that Mr. Garwood took charge the affairs of the First National Cambridge Jan. 28 and will be in Cambridge during this week to take inventory of property owned by the institution. All were paid in full the two banks The directors of the closed bank guaranteed the notes among the to the Farmers National bank.


Article from The Dispatch, July 1, 1932

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Article Text

Cambridge Receiver Position Cambridge, July Garwood, of the First bank of Kewanee and the First National of Cambridge, has been appointed the division of vent banks the office the comptroller of currency in Washington, He will assume his duties Theodore Allen of Monmowuth has been appointed receiver of the Cambridge and Kewanee banks, ginning duties Mr. Allen worked with People's National bank Monmouth five Later appointed receiver for the State bank Berwick and the State bank of He will sisted Dana at the Cambridge bank and Thomas the Kewanee bank.