4153. Eagle State Bank (Casey, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1932
Location
Casey, Illinois (39.299, -87.993)

Metadata

Model
gpt-5-mini
Short Digest
a3acfeda

Response Measures

None

Description

Articles (Nov–Dec 1932) describe the Eagle State Bank of Casey as defunct, placed in receivership (Howard/ T. Bach mentioned as receiver) and legal actions/indictments against directors for embezzlement. No article describes a depositor run prior to suspension; the bank failed and a receiver was appointed, so classify as suspension leading to closure.

Events (2)
1. November 1, 1932 Receivership
Newspaper Excerpt
T. Bach, receiver for the Eagle State Bank of Casey, has filed in the Clark circuit court ... the defunct bank was incorporated for $25,000. Officials of Indicted ... the defunct Eagle State Bank of Casey indicted by the Clark county grand jury ... charged with embezzlement ... they knew the bank was insolvent. (Dec. 8, 1932 article).
Source
newspapers
2. November 1, 1932 Suspension
Cause
Government Action
Cause Details
Bank became insolvent and was placed in the hands of a receiver; legal action and accounting suit filed against directors for negligence/insolvency.
Newspaper Excerpt
T. Bach, receiver for the Eagle State Bank of Casey, has filed ... the defunct bank
Source
newspapers

Newspaper Articles (2)
1. November 1, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, November 1, 1932

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Article Text

CASEY BANK RECEIVER FILES SUIT AT MARSHALL Special The Journal Gazette. Marshall, III., Nov. T. Bach, receiver for the Eagle State Bank of Casey, has filed in the Clark circuit court here a suit against the directors of the defunct bank, demanding payment in full on their stock liability. The bank was incorporated for $25,000. Harry Hannah of Mattoon, attorney for the bank depositors, said that the bank matter will taken before the grand jury for further investigation. The liability of the bank to the depositors $86,000. Total liabilities are given at $125,000. The litigation started against the directors is said to be in reality bill for accounting, with charge of negligence against the directors. The directors are J. F. Bower, F. H Bower, D. S. Lee, W. E. Walls and A. H. Lindsey. The executors of V. Price are made co-defendants, as Price was director at the time the bank failed.

2. December 8, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, December 8, 1932

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Article Text

Officials of Indicted Special The Marshall, Dec. officials the defunct Eagle State Bank of Casey indicted by the Clark county grand jury, which completits Wednesday. All are probe charged with embezzlement by receiving deposits is alleged, they knew the bank was insolvent. The six men have been arrested and have given bond for their apin court. Two of them, pearance Alva Lindsay, and assistant cashier, George Shimel, cashier, are named defendants five sepaindictments. necessitating bonds $5,000 each. The other four John Bower, president: Walls, vice president and director, and David Lee and Fred Bower, directors, were indicted three times each. Their bonds total $3,000 each. Action against the six bank ficials time ago by the depositors through Howard Bach, the bank receiver, when action recover losses was filed them in the Clark circuit against The receiver judgment for the full amount of the capital stock. depositors represented by Harry Hannah Mattoon. who said supplied the grand jury with resulted indictments. Hannah will the serve assistant state's attorney when the six accused men are brought trial.