Citizens State Bank - Champaign, IL

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: August 17, 1929
Location: Champaign, Illinois (40.116, -88.243)

Metadata

Model: gpt-5-mini
Short Digest: 003fbc85

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Newspaper reports a depositor run driven by malicious anonymous rumors/telephone calls that the bank was insolvent. Bank remained open; withdrawals abated and officials, including the auditor, publicly denied insolvency. Measures included some outside banks shipping cash and local business men offering deposits (which bank declined as unnecessary).

Events (1)

1. August 17, 1929 Run

Cause: Rumor Or Misinformation
Cause Details: Malicious anonymous telephone calls and rumors circulated that the bank was insolvent; crowd of depositors gathered but withdrawals abated.
Measures: Local business men offered large cash deposits; some money shipped in from outside banks; officials publicly denied insolvency.
Newspaper Excerpt: There is absolutely nothing to the rumors that the bank is insolvent...
Source: newspapers

Newspaper Articles (1)

1. August 17, 1929 The Pantagraph Bloomington, IL

Article from The Pantagraph, August 17, 1929

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Article Text

Grain Shipments Are Heavy on Springfield I. C. Line (Special to The Pantagraph.) Aug "run" State bank of the Citizens' proportions Wednesday afternoon, had abated Thursday to such an extent that deposits almost equal to withdrawals, bank offiplace of announced. In the cials crowd that tense, expectant sidewalk near the thronged the bank yesterday, normal, businesslike atmosphere prevailed, and customers came and went in quite natural "Sound," Says Auditor "There is absolutely nothing to the rumors that the bank is insolvent unable to meet its (Special The Pantagraph.) obligations,' said Auditor A. Aug Grain Burke are in sound financontinue heavy on the one who has Illinois cial any Springfield division of the bank can get It on in the Central the drop of money despite price notice, not only the two weeks Eighty cars but any day were loaded with grain on this diand the other bank Burke and were loaded Monday feel sure that the rumor officials Tuesday The loadings principally started by some malicious wheat and an was are who was denied an Corn ship- sons occasional car of corn. The loan at the institution usually starts immediately ment attorney's office Division officials ing with the bank in attempting will be some reducbelieve there to run down the rumors and pin tion in the period shipments this charges on the guilty party It has year since the price decline. been found that number of telephone calls were Mrs. Ethel Wheeler Guest made depositors, and employes at the Illinois Central shops who at Arrowsmith Reception are patrons the bank given Special The Pantagraph.) anonymous information other ARROWSMITH, Aug. ways that the bank was going to ception was given Tuesday eve the ning in the Methodist Episcopal Business Men Offer Aid. Many business men of Champaign to come to the as sistance of the bank with large cash deposits, but were advised that. while the motive of such an action was appreciated. would be quite unnecessary as the bank had plenty of money to meet all demands. Some money was shipped in from outside banks, but not more than is usual in the week's business, according to Mr. Burke.