4159. Commercial Bank (Champaign, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 18, 1932
Location
Champaign, Illinois (40.116, -88.243)

Metadata

Model
gpt-5-mini
Short Digest
274cf3cd

Response Measures

None

Description

Commercial Bank of Champaign (a smaller state bank per article 6) was closed/suspended by its directors on Jan 18, 1932 after the First National Bank of Champaign experienced a run and closed. Newspaper coverage describes active drives and reorganization efforts (committees, Comptroller approval) to re-open the bank, indicating suspension with intent/effort to reopen rather than permanent failure.

Events (1)
1. January 18, 1932 Suspension
Cause
Local Banks
Cause Details
Suspended after the First National Bank of Champaign failed/closed following a run; Commercial cited that closing of First National (one of its depositories) as reason for its suspension.
Newspaper Excerpt
This bank suspended by reason of the closing of the First National bank of Champaign, one of its depositories.
Source
newspapers

Newspaper Articles (12)
1. January 18, 1932 The Waukesha County Freeman Waukesha, WI
Article from The Waukesha County Freeman, January 18, 1932

Click image to open full size in new tab

Article Text

Two Banks Closed in Champaign, III. CHAMPAIGN. Ill The First National bank, with deposits of $6,000,000 closed today. Hundreds of University of IIIInois students had their money in the bank. A sign on a front window today read: 'Suspended by order of directors National bank examiners have taken charge. A short time later the Commercial bank of Champaign, also depository for University of Illinois funds and in which many students had accounts was closed by the directors The Commercial had approximately $500,000 deposits. A sign on the door read: "This bank suspended by reason of the closing of the First National Bank of Champaign, one of its depositories.' Read Freeman AGs and you car save money.

2. January 18, 1932 The Columbus Telegram Columbus, NE
Article from The Columbus Telegram, January 18, 1932

Click image to open full size in new tab

Article Text

STUDENTS PRESSED AS VARSITY BANKS CLOSE Greens Champaign, Jan. 18 Browns The First National bank, with deposits $6,000,000 closed of Illin- WIDOW OF MAXMILLIAN students had their money bank. HARDIN, PACIFIST, short time later the Commercial bank of Champaign, Berlin, Jan. 18 Selma pository for University of Illinois Hardin, widow of funds which many Hardin, had was clased the and pacifist, died today shortly The commercial had after being taken to sanitorium approxiby friends. It believed she sufmately $500,000 deposits. fered from sign on the door read, "this Hardin died Switzerland by reason of the the 1927. He determined foe bank of one of its de- the and predicted positories.' before the outbreak Omaha, Jan. (LP) Mrs. Edward (Dolly) Gann, sister MEN MEET Curtis, will City, Jan. 18 the principal About men rally to pected here today for the 43rd be held Hotel Fontenelle, Jan. nual convention of the Western Mrs. Cameron, tail Implement and Hardware national for Ne- which will open braska, in charge arrange- for three-day ments. of the association met today.

3. January 18, 1932 The Hastings Daily Tribune Hastings, NE
Article from The Hastings Daily Tribune, January 18, 1932

Click image to open full size in new tab

Article Text

STUDENT FUNDS TIED UP The First National Bank, with de posits $6,000,000 closed today. of Illinois students had their money in the bank. short time later the Commercial Bank Champaign, also pository for University of Illinois funds which many students had was closed by the accounts, rectors. The Commercial had approximately $500,000 sign on the door read: "This bank suspended by reason closing the First National the Bank of Champaign, one of its depositories."

4. January 19, 1932 Clinton Daily Journal and Public Clinton, IL
Article from Clinton Daily Journal and Public, January 19, 1932

Click image to open full size in new tab

Article Text

MONDAY Many College Students Are Thought Had Money There Champaign, III., Jan. With deposits of more than $6,000.000 the First National bank here failed to open today. The bank, which was depository for the University of Illinois and said to have contained deposits of many students at the university, suspended operations voluntarily "on the order of directors. A sign on the door of the bank this morning greeted its patrons as follows: "Suspended by order of directors. National bank examiners have taken charge." Commercial paign, depository for funds of the city Champaign, also failed to open this morning. Deposits were approximately half million dollars. A sign on the door read bank suspended by reason of the closing of the First National bank of Champaign, one of its depositories." Closing of the First National bank will have no effect on the university's local financial condition, President W. Chase of the university, said today. "Hazen Capron, of the university and vice-president of the First National bank. handles no state funds appropriated by the legislature for the support of university," Chase said. "Such university funds as are handled by him are fully protected by United States government securities and by bond. These securities of the highest type required by state law to protect the deposit of public funds. always have been and still on deposit in Chicago under the full and complete control of the university board of trustees and their availibility is therefore not affected by the closing of the local deposiChase continued. Officials of the two banks said they would make statements in connection with the closing within few days. It is understood the First National was closed following steady run on by depositors last week. A considerable number of students had deposits in the Natnonal bank but they, for the most part, were in small amounts and their entire total will not be large.

5. January 19, 1932 Belvidere Daily Republican Belvidere, IL
Article from Belvidere Daily Republican, January 19, 1932

Click image to open full size in new tab

Article Text

Champaign, Jan. First National bank of Champaign, with deposits of more than failed to open its doors today. sign on the door read: "Suspended by order of directors. National bank examinhave taken charge." The bank was depositary for the University of Illinois. The Commercial bank, depositary for the city of Champaign, also failed to open. Deposits were approximately $500,000. the door read: bank suspended by reason of the closof the First National Bank Champaign, of its deposiSuch funds the university had the bank were covered insurance.

6. January 19, 1932 Herald and Review Decatur, IL
Article from Herald and Review, January 19, 1932

Click image to open full size in new tab

Article Text

DIRECTORS CLOSE CHAMPAIGN BANK Champaign AP The First National Bank of Champaign, which listed deposits in the recent bank call at $5,116,951. was voluntarily closed today by its directors. A smaller state bank. the Commercial, took similar action. Officers the First National said they hope to effect reorganization soon. N. M. Harris is president and H. S. treasurer of the University of Illinois, a vice president. Chicago-AP The Depositors' State Bank was closed today. It had $2,500,000 on deposit and capital and surplus of $400,000 and $250,000.

7. January 19, 1932 Las Vegas Age Las Vegas, NV
Article from Las Vegas Age, January 19, 1932

Click image to open full size in new tab

Article Text

BANK CLOSES, POLICE RAID DIRECTOR LOOTERS DEN DEAD Coming as a climax in a police drive on car looters, six men were CHAMPAIGN. III., Jan. 18. (U.P.)Two large banks closed their doors today and tied up the upon which hundreds of students depended to carry on their studies at the University of Illinois. The First National bank, with $5,116.951 in deposits, closed first. It was unable to withstand a weeklong run and a sign hung inside the locked front door explained that business was "suspended by order of directors; national bank examiners have taken charge. A short time later the doors. of the Commercial bank of Champaign clanged shut and a sign was posted explaining that "This bank is suspended by reason of the closing of the First National bank of Champaign, one of its depositors. The Commercial bank had deposits of Officials of the university Goubted if any students would be forced to leave school because of the closings. Just before the three remaining banks in Champaign and Urbana closed at the regular hours this afternoon. an armored car reported carrying $1,000,000, roared into the city from Chicago. The money was arrested yesterday at 3 p. m. at 201 south Third street and all charged with petty larceny. Police declare that numerous articles, recently reported stolen from parked cars, were found in the place. Those arrested included Fred T. Enrich. 38; Bob Cork, 31: F. A. Shrew. 27: O. P. Bacon, 28; Bob Butler, 25; and Joe Cruzan. 28:

8. January 19, 1932 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, January 19, 1932

Click image to open full size in new tab

Article Text

ILLINOIS U. STUDENTS HIT WHEN BANKS CLOSE III., Jan. Two large banks closed their doors today tied up the accounts upon which hundreds students depended carry their studies the University Illinois. The First National bank, with $5,116,951 deposits, closed first. It unable to withstand run. short the doors of the Commercial Champaign clanged sign posted explaining that "this bank suspended reason the closing of the First Bank of Champaign, its depositors.' The bank had deposits of Officials of the university doubted If any would be forced to leave school because of the closings.

9. January 20, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 20, 1932

Click image to open full size in new tab

Article Text

BY REGINALD C. HARMON Mayor of Urbana (Copyright, 1932, by United Press) URBANA, Ill., Jan. 20.-Our community was caught unexpectedly in the worst calamity ever felt here. Sinister influences and malicious rumors had undermined the firm foundations of some Champaign and Urbana banks. When the First National bank, Champaign, and the Commercial State bank, Champaign, failed to open for business, not because of insolvency, but because of lack of cash caused by quiet runs extending over weeks, part of the local citizenry momentarily became alarmed. Runs were started on the remaining twin city banks, which, I believe, if allowed to continue would have brought greater grief and 2 greater catastrophe to our community. Faith in our fellowmen and in the future must not be shaken. Closed Business Although realizing that to close all business firms here would cost the community more than $75,000 daily, I believed that in the final reckoning two banks will continue to serve Urbana, and faith and confidence would be preserved by closing all business houses. Not until after considering the good of all citizens did I decide to invoke the police powers of the mayor to close business firms, including the banks. Only those firms which dispense food supplies, drugs, transportation businesses, public utility agencies and newspapers now are functioning. For the rest of this week business in Urbana will be at a standstill, while our leading citizens are restoring confidence. I have firm belief and faith in Urbana citizens, as they had in me for two terms, and evidences already show that the hysteria which gripped some, has subsided and turned into confidence. People More Confident Already more than 1,500 persons have pledged their entire deposits to the Busey State bank and the First National bank, Urbana, until some later date when normal deposits and normal withdrawals will be resumed. The Association of Commerce, the Rotary Club, the lawyer, the doctor, the merchant, the laborer, have all expressed themselves as confident for the future. While I have the power to use force to close any business as an emergency measure to preserve peace and order, I have not had to do so, nor do I expect such procedure will be necessary as the proclaiming order seems to be sufficient. Merchants and professional men have united to help Urbana through this crisis. I feel they practically have done so, and at such time as I deem necessary the proclamation closing business firms will be revoked.

10. January 20, 1932 Sapulpa Herald Sapulpa, OK
Article from Sapulpa Herald, January 20, 1932

Click image to open full size in new tab

Article Text

BANK CLOSINGS THROW ILLINOIS TOWNS IN PANIC BUSINESSES ORDERED CLOSED TEMPORARILY AS REMEDY MEASURES PEND (Copyright, 1932 by United Press) URBANA Ill., Jan 20. (LP)-Our seems to be sufficient Merchants and community was caught unexpectedly in the worst calamity ever felt here Einister influences and malicious rumcrs had undermined the firm foundstions of some Champaign and Urbana banks. be revoked When the First National Bank Champaign and the Commercial State Bank Champaign failed to open for business, not because of in- banks closed there solvency but of lack of cash caused by quiet runs extended over weeks, part of the local citizenty mom- pended. entarily became alarmed. Runs were started on the remaining twin city continue would have brought greater grief and a greater catastrophe to our community Faith in our fellow men and in the future must not be shaken Although realizing that to close all business firms here would cost the 10,000 resident students community more than $75,000 daily believed that in the final reckoning two banks would continue to serve Urbana, and faith and confidence would be preserved by closing all business houses Not until after considering the good of all citizens did I decide to invoke WALL PAPER the police powers of the mayor to close business firms including the SPECIAL banks Only these firms which disMany beautiful patterns to pense food supplies, drugs, transportaselect from tion buinesses, public utility agencies Some as low as and newspapers are now functioning per For the rest of this week business in 5c roll Urbana will be at a standstill while our leading citizens are restoring confidence Cowman's I have firm belief and faith in Urbana citizens. 25 they had in me Phone for two terms. and evidences already Across from Court House show that the hysteria which gripped some has subsided and turned into confidence Already more than 1,500 persons have pledged their entire deposits to the Busey State Bank and the First National Bank Urbana, until some later date when normal deposits and normal withdrawals will be resumed The Association of Commerce, the Rotary club, the lawyer. the doctor the merchant the laborer have all expressed themselves as confident for the future While have the power to use force to close any business as an emergency mea are to preserve peace and order, I have not had to do so nor do expect such procedure will be necessary as the proclaiming order professional men have united to help Urbana through this crisis. I feel they have practically done SO, and at such time as I deem necessary the proclamation closing business firms will Iowa City joined the growing list of bankless midwest cities today as two three banks in the Chicago area and one in Decatur county, Indiana, susBusiness was virtually at a standstill at Urbana where a five-day "emergency holiday" was ordered by the mayor to halt public hysteria brought on by bank suspensions in Champaign- Urbana, mid-state educational center of 30,000 population and site of the University of Illinois, with Hammond, Ind., where there had been seven banks, was without a depository. Only one bank did business

11. January 24, 1932 The Daily Illini Urbana, IL
Article from The Daily Illini, January 24, 1932

Click image to open full size in new tab

Article Text

CITIZENS (Continued from Page One) Willis, Dan Swannell, and W. Clifford. Commercial stockholders: Thomas Hagan, and Paul Somers, Chamber commerce re-organization committee: Walter Savage, Petry George Lan Morrisey, and John Armstrong. Nothing to Chance the drive to re-open the two Champaign banks, little will left was evident at yesterday's meeting. Representatives of present of mind: that there was task to be done, and that was to be done quickly, and thoroughly. Acting in this spirit, steering committee, composed of person from each of the five representative groups, was selected serve with the chairman, Mr. Huff, in the formation of definite plans for the campaign. This committee, whose membership includes Mr. Mattis from the chamber of commerce, Mr. Swannell for the First National stockholders, Mr. Busey for the Commercial stockholders, for the First National and Koehnemann for the Commercial stockholders, will meet at o'clock tomorrow morning draft organization plans and suggest ways and means to the second general of the five groups, scheduled for o'clock tomorrow night in the Elks' club. Expresses Sentiment Committees from large depositors' groups are responsible to the committee of the whole, was pointed out, and will report back them the decisions which the central committee has made. The sole purpose of smaller groups speed the re-organization process. Ray Sparks expressed the sentiment the entire groups yesterday afternoon when he said: tongues stopped!" Tomorrow night's meeting will hear the report of "steering" committee after which expected the several on plans, education, publicity, campaign, and like matters will be named and set to work. Unite for Action Members yesterday united for concerted and speedy action, but stuck to their policy to "make haste slowly.' The complete calendar of committees, including those of the deposiand stockholders both banks and from the chamber of commerce, follows: Chamber of Commerce: Walter Savage, Prof E. Bogart. Bauer, R. M. Campbell, Ray Sparks, Parkhill, James White, Petry, George McComb. George Mattis, W. Wright, John W. Armstrong, Fred Russell, and Dan Morrissey. First National stockholders: Willis, Dan Swannell, and W. E. Clifford. Commercial stockholders: Somers, Thomas, Hagan, and Paul Busey. First National depositors George Huff. chairman: E. Cole, secretary: Kiler, Busch, Prof. Sveinbjorn legal counsel of the University, Millard, Frank Barrett, Van Wegent, James W. Dr. Bucher, Albert Jr., Stiritz, John Prof. Frederic of the department of economics, Dr. Cleaves Bennett, Dean Thompson of the College of Commerce, Carman, professor emeritus of the department of physics, George Garst, Fluck, and Pearson. Commercial depositors: Finder, Harry Casper, Anthony Koehnemann, Sackett, Hustable, Holmes, Lee Greenman, W. E. Quinand Ernest Moon.

12. February 26, 1932 Ford County Press Melvin, IL
Article from Ford County Press, February 26, 1932

Click image to open full size in new tab

Article Text

INTERESING FROM OUR EXCHANGES second annual Sibley Estate The for the Sibley Estate Corn Show, tenants was held in the Sibley only, hall Saturday, Feb. sum town of in prize money was given of ear corn and away for samples shelled Mr. and Mrs. James Bunney of Belleflower celebrated Tuesday, Feb. wedding anniversary 16th, with dinner at with immediate relatives hour only Mr. Bunney present. united in marriage Feb. Knox were Heyworth. They 16th, 1882, at lived and around Bellflower have in since that time. Noah Franklia, whose century of county's oldest life made him McLean died at his home in Lexingresident, Feb. 11, ton at 2:30 which was first after short illness suffered. He of which be ever old had would have been 101 years June 29. The he lived until next held the following funeral was afternoon at the residence made in the Lexington and cemetery. of the Ulmer, veteran George Civil War, passed away at his home 14. Mr. Sunday, Feb. in Anchor, and born in Germany Ulmer was came to America as young man. 1, 94th enlisted in Company He which he served in married the throughout of Bloomington Mueller, to him in his wife preceded in 1878 and 1931. Nine Jan. 27, death on children survive. colored, whose Whittaker, Henry found lying is unknown, was address R. tracks of the the along at Gilman, coal chutes the near Feb. 13th, Saturday, around noon skull fracture. of severe suffering doctor taken to the The man was first aid Gilman for in to Iroquois later taken and was It hospital at county the injured whether not known struck train or was fell man basketball The district March will be held in of this eleven teams 12 with 11 and winner of The competing locality in the will play this tournament Danville the at tional tournament and the district week following held in the will be finals state week followthe at Champaign The teams sectional meet. the ing tourney are: the Paxton entered in Gibson City: Saybrook, Rantoul, Loda, Roberts, Arrowsmith, and Buckley Belleflower, Cropsey, Melvin. farm aged 18 Laberre, Verne arrested Loda, was hand, of near the deputy Feb. 14, by Sunday, sheriff of Iroquois county and placed with charged jail the county in It is and burglarly door the rear unlocked that Laberre in Loda pool room the Schartieger of closed, been had previously which and that time closing before just He the night. during tobacco, stealing candy. with charged in the them concealing and etc., which was farm on of the granary employed. Paso former Hunt, George still a patient is student, school the During at Peoria. hospital in football game Hunt, who 18, 1929, Oct. Pontiac on Paso team, the El of member was which to his spine an injury suffered paralyzed. him practically rendered been perhave Several operations that is reported and it formed to get is able He is improved. using corridors the hospital about with recently and just wheel chair hand and in one of cane the in doctor of the arm hold walk to he hand, the other himself The boy short distance. able to be some expects unassisted. about of any several plans, of Approval re-organize used to be which may Bank National the First and re-open the by was given of Champaign, Washingat of Currency Comptroller the of chairman Huff, George ton, Committee, Re-Organization Banks The representMonday. announced who Office, Comptroller's of the ative Champaign at the bank been in has returned Jan. 18, it closed, since the with Monday Washington from had Comptroller the members The the plans. approved the of Committee Executive of the and outafternoon Monday bank met of Representatives lined the plans. of Champaign Bank Commercial the 18, are Jan. also closed which to re-open of plan details pleting bank also. that