4160. First National Bank (Champaign, IL)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 913
Charter Number: 913
Start Date: January 16, 1932
Location: Champaign, Illinois (40.116, -88.243)

Metadata

Model: gpt-5-mini
Short Digest: 7eeb44a5

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Other: Local reorganization committee, depositor waivers, RFC loan to receiver and Comptroller-approved reorganization leading to new First National Bank charter and reopening.

Receivership Details

Depositor recovery rate: 60.0%
Date receivership started: 1932-03-04
Date receivership terminated: 1934-08-01
Share of assets assessed as good: 41.0%
Share of assets assessed as doubtful: 49.2%
Share of assets assessed as worthless: 9.8%

Description

A run in mid-January 1932 (reported as a weeklong run beginning around Jan 16) forced the First National Bank of Champaign to suspend operations on Jan 18, 1932. Examiners took charge and a receiver (Shell R. Smith) was later appointed (receiver actions recorded by April 1932). The bank was reorganized and reopened (articles report reopening actions and a reopening on or about 1932-09-01). Contemporary coverage attributes the run largely to malicious gossip/telephone rumors.

Events (6)

1. March 20, 1865 Chartered

Source: historical_nic

2. January 16, 1932 Run

Cause: Rumor Or Misinformation
Cause Details: Weeklong run precipitated by malicious gossip and telephone calls warning depositors; public panic and heavy withdrawals beginning around Jan 16.
Measures: Directors suspended payments; bank later suspended operations and examiners took charge.
Newspaper Excerpt: Malicious gossip did much to break the First National of Champaign.
Source: newspapers

3. January 18, 1932 Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank suspended by directors after inability to meet heavy withdrawals caused by circulating malicious gossip/rumors.
Newspaper Excerpt: Suspended by order of directors. National bank examiners have taken charge.
Source: newspapers

4. March 4, 1932 Receivership

Source: historical_nic

5. April 21, 1932 Receivership

Newspaper Excerpt: Shell R. Smith, as receiver for the First National bank of Champaign today filed the following confessions of judgment in circuit court...
Source: newspapers

6. September 1, 1932 Reopening

Newspaper Excerpt: The First National bank of Champaign, which closed Jan. 18, opened noon, after a strenuous campaign ... (reopened).
Source: newspapers

Newspaper Articles (24)

1. January 18, 1932 The Waukesha County Freeman Waukesha, WI

Article from The Waukesha County Freeman, January 18, 1932

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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

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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 Belvidere Daily Republican Belvidere, IL

Article from Belvidere Daily Republican, January 18, 1932

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Champaign, III., Jan. First National bank of Champaign, with deposits of failed to open its doors today. sign on the door read: "Suspended by order of directors. National bank examinhave taken The bank was depositary for the University of Illinois. The Commercial bank, depositary for the city Champaign, also failed to open. Deposits were sign the door read: bank suspended by reason of the of the First National Bank Champaign, one of its taries.' Such funds the university the covered

4. January 18, 1932 The Belleville News-Democrat Belleville, IL

Article from The Belleville News-Democrat, January 18, 1932

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$6,000,000 Bank at Champaign Closes Champaign, Ill., Jan. With deposits of more than $6,000,000 the First National Bank here failed to open today. The bank, which was a depository for the University of Illinois and is said to have contained deposits of many students at the University, suspended operations voluntarily "on the order 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." The Commercial Bank of Champaign, depository for funds of the city of Champaign also failed to open this morning. Deposits were approximately half million dollars. A sign on the door read "this bank is by reason of the closing of the First National Bank of Champaign, one of its depositories."

5. January 18, 1932 The Urbana Daily Courier Urbana, IL

Article from The Urbana Daily Courier, January 18, 1932

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THE URBANA by The Instead structive survive ready funds The blow that has tallen not hurt the bank alone hurt its depositors far and this in turn bring to in the county every person If WC to survive WE must meet the situation and determination The only was to do this is back up the other banks They must not be allowed to be jeopardized for they are now the lite blood of the community and if they to weaken the wreck that would follow would be complete be comprehension We must back up these banks Those have money them must keep it there and those who have withdrawn it must put it back The worst thing that could happen would be for these institutions to meet the unjustified at of the irst National of Champaign They can pull thru easily if the public supports them deter mined that no further calamity of this kind shall happen If we are a set of cowards we will bankrupt ourselves in less than thirty days as things are today No business house IS safe and no man working for wages can expect any sort of employment that pays cash as wages We must save ourselves We must rally around the going solvent banks of Champaign and Urbana If they are to be treated as the First National bank of Chari paign the disaster will be complete This is unthinkable for people in the possession of their senses Malicious gossip did much to break the First National of Cham paign. For several weeks certain vicious minded people have called depositors of the bank over the telephone and advised them to take out their The money bank knew of this but was helpless. Those who were called up in some cases paid no attempt to the dastardly messages, but others more easily frightened hurried to the bank and demanded their Even money tho the bank was in the best of condition it could not pay all its depositors in cash. No bank could do so. The depositors of any bank can cause it to close its doors by all calling for their money at the same time. The banking business is based on the assumption that only a small part of the money left with it on deposit will be demanded of it within a given time. All depositors know this and leave their money with that understanding. In ordinary times this permits the bank to loan out these funds to others and in this way the banking needs of a community are taken care of to the mutual advantage of all. A bank is something more than a safety deposit vault to receive money, lock it up behind a steel door and pay it out on demand. If depositors' money is not to be loaned by the bank to those who are qualified to obtain a credit then there is no occasion for its existence. So it is when the depositors start a run on the bank, it is just like bandits holding it up at the point of a revolver. Anyway it has the same effect. In the case of the bandits, if they can be caught and convicted, they can be hanged, but not SO the depositors, unless they hang themselves. One thing is sure if there is going to be a scramble, most of us will get killed in the rush. If we are so foolish as to despoil our own nest, we must take the dreadful consequences-and they will be dreadful to the most terrifying degree. We must stop this tearing down, we must keep steady the boat and permit no one to rock it any further. We can save ourselves if we will, but we will never do it by destroying the rest of our financial institutions. If that occurs we will be broke and broke for keeps and we can blame no one but ourselves. We must save ourselves from ourselves and we can do it if we only make up our minds to do so. If we falter now it is bankruptcy for an entire community. for no business and no job can servive such a catasrophe. Let us quit ourselves like men and not like cowards. Rally to the flag men. Rally to the flag.

6. January 19, 1932 Belvidere Daily Republican Belvidere, IL

Article from Belvidere Daily Republican, January 19, 1932

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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.

7. January 19, 1932 Nevada State Journal Reno, NV

Article from Nevada State Journal, January 19, 1932

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Runs Close 2 Banks In Illinois Towns CHAMPAIGN, Ill Jan -Two large banks closed their doors today and tied up the accounts upon which hundred 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 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 depos-

8. January 19, 1932 The Buffalo News Buffalo, NY

Article from The Buffalo News, January 19, 1932

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INVESTMENT TRUSTS Special BUFFALO EVENING NEWS (Copyright) NEW Jan. stocks bonds traded the York Curb exchange Monday volume sales and prices and cluding the close When only one quotation the given. sales were made at same figure Figures the first column are shares. Bond $1000 hundreds units. BUFFALO EXCHANGE The following represent prices only bank the In under shares ten shares AND STOCKS Open East Side BID AND ASKED Sales High Low Close Sales High Low Close Swift Int 22% P&L Swiss-Am pf 42 Tampa El 28% RadioKeith 104 103 Technicolor Texon Oil 20% 20% Tob Stks Prod Del Cent Pow 38 39 Ship Trans Lux Stocks. Cont war Utilities 2% 2% High Ainsworth 4% 4% Union Gas Canada Ala Pow pf 81 Corp Allied Dry Dock SEP&L 80 Alum Am 58% Founders South Alum Co Am Alum Ltd 7% South 97 97 Austin 7% 51% Cit Pow 75% Cyan Equities Founders Gas Invest Invest war Light Sup Power 77 79% Am Yvette Appalach Gas Wenden 87% 87% Nat Gas Thermoid Nat Gas TobProd 78% Ark Nat G&E war Domestic Bonds. Sug 65% war Autom Vot Aut pt 70 Bell Tel Can Blue Ridge Blue Ridge Corp Braz 10% 67 67 Waldorf Buckeye G&Pow pf 21% Butler Wire xd Carnegie Met Celanese Celanese Foreign Bonds Cent Hud G&E Pub 2% Del Cent El Chi Qu Air Serv 31% Bk Claude Neon Lts Cleve Ill 29 Tel Cleve Tract 31 32 Colum Gac pf Tel Colum O&G Comwith Edis Comwith Ed rts Comm Serv 7-16 Comstock Tun Cons Cop Min Mendoza Cons G Rio Cons Cont Shar evt Cord Corp Creole Pet Crown Cuban Ca war 70A Cust Mex Elec Dayton Airpl Se: Co Indust 28% Deere De Forest Detroit Aircraft Dubilier Con Duquesne Gas Durant Mot East Pow East East Eisler Elec Bond 8h Band Elgin Nat Emp Europ deb Ford Ford Mot 14 DetIntBridge Fox Theater NEW YORK Jan. 18 Gen Aviation Sorp 3% 3% Elec trust securities over the Th Eq STOCKS Bid Asked Gilbert Stock Div Bid 2% Alden Empire 4% 2.25 Am 'A' pfd Gen Sec Grand Corp 30 18 Deco Comp 3% Hackmeister Fla 56 Inc 3% Fdrs Ry Fdrs ctfs 10 2% warrants Stocks Cream 25 Hygrade Fd Oil Sec pf 16 Hotels war preference 1.50 Can Pac Int 46c Insull 98% 98% Pac Insuran Intercon Petrol AND INSURANCE STOCKS Bankers Internat Bansicilla Wat Basic Industry East 86 British Type Inv Eq Central Nat Corp 12 Inters Del 52 52% Central Nat Corp Century Lincoln Shore 94 94% Gen Equities 25 Chartered Invest Gas ESTMENT TRUSTS AND SHARE Chartered Inv pf Chelsea Exch Chelsea Exch AllMapes 38 40% Cumulative Corporate Inv Corporate Trust Corporate Trust Accum Ser Mesab Iron Crum Foster Ed 40c Crum Fost West Mid Util 55 Fost Kas Crum Fost Mohawk Min 17 Depos 55 Depos By SECURITIES Depos Ins 2% 2½ 2% Diversified Diversified Nat Avia Trust Diversified . Diversified Tr D Investors Equity Invest BONDS Sec Equity Invest ref 22 Equity Trust 2.95 107 Rad Fixed Bradford Fixed Trust 78% Pow Fixed Sh 35 73 Process Shrs Granger Trade Gude Winmill Trad Incorp Investors 19% Incorp Hud Pow Independ Tr Hud Ry Corp Corp Am 95 3 90 "A Invest TWO CHAMPAIGN. Indust States 2026 BANKS CLOSE SAME DAY Indust Priced Nor States P Shrs Major Corp 96 Cop 3-16 Two large banks closed their doors Mass Invest Overseas Sec Mutual Inv Monday and tied up the accounts upon Mutual Manage which depended Nation Wide to carry their studies at the UniNatl Indust Shrs Shrs Parker Rust-Pr The First National bank. with $5.Shares Pennroad 116.951 in deposits. closed first. Am unable to withstand run. Philip Morris A short time later the doors of the Radio Shares Pioneer GoMLtd Commercial Bank of Champaign closed 96 45 and sign was posted explaining that 14 this bank is suspended by reason Petrol Trad Polymet the closing of the First bank Public Serv Tr Premier Gold Champaign one its depositors. Repres 8.65 Prod Second Int Sec The Commercial bank had deposits of No Second Pub 6% 12 Secur Corp Gen Lgt Sec OFFICERS ARE ELECTED Selected Reiter Eng Cumulate Shrs Gas BY BANK OF BLASDELL Income Sh Reybarn Inc Pow Selected Manage Trust and directors of the Bank Shawmut Bank of Blasdell have been Spencer Trask Fund 13% Russeks Stand annual meetings of the stockholders Am Anth and the board Stand Collat Officers are John F. Jewart, presiState Street Allied dent George H. Bangert. vice presiSegal dent Joseph vice presiSelected 85 Am dent Peter Kiefer cashier: and F Sentry Con Shattuck Otto Keuhnel, assistant cashier State 86 Shares Shenandoah Directors George H. Bangert. Trustee Stand Signature Hos Thomas R. Corcoran, Trustee Stand Gel Trustee John Haen John Stewart Henry Board 85% Trustee Seedorf. Henry Schutts. Henry R. Trusteed 4% 83 83 Stratemeier, and Carl Warnick. Oklahoma Trusteed Am Bk Sh Cor Type Am Snider Pack TWO LOCAL BUYERS IN NEW YORK 88 88 20th Fixed Cent Penn New York From the Year 1% 99% the EVENING NEWS Fixed Fdrs Com So NEW YORK, Jan. 19.-Buyers rep. United United Ins resenting who regisBank 57% tered here Monday include Mrs. Brit Brit Int Lttd Gas Int Bunis of the Sample Dress Shop and Gen 18 Adler, of H. Adler company. Elec Ind 93% 93% Oil Ky Universal Tel RECOMMEND DEBT RETIREMENT 102 102 Pow NEW YORK Jan. -Kelvinator E. A. NICKOLS ELECTED Starrett corporation stockholders at their anNEW Jan. 19 Stutz Mot Am 13% nual meeting recommended to directors Nickols has been vice president Sun Invest of the fundthat the balance charge of sales of the R. C. A. Victor Sunray ed debt be to company. 80% 80% Swift $1,073,000 as Sept. 31 last.

9. January 19, 1932 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK

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

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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.

10. January 20, 1932 The Cincinnati Post Cincinnati, OH

Article from The Cincinnati Post, January 20, 1932

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HOLIDAY' ON TRADE CALMS ILLINOIS CITY Mayor Suspends Business to Check Bank Panic UNIQUE ACTION EFFECTIVE Makeshift Banking Facilities Used in Other Towns By United Press. URBANA. ILL., Jan. 20. Only business necessary for life and order was carried on in this quiet college community today in unique experiment to save the city from the plight midwest operating with only "homemade" banking By edict of Mayor Reginald Harall business except that of public utilities, food, drugs and newspapers suspended to give cititime recover from panic that forced closing of two banks in the sister city of Champaign threatOther midwest cities, including Marion, III., and Hammond, Ind., resorted to currency exchanges after being rendered bankless. Calls Business Holiday "When our community of 40,000, supported largely by the University of Illinois and center of rich farming, was struck by its worst calamity the closing of the First National Bank and state bank in Champaign," the mayor said. knew only drastic means would halt the ordered five-day holiday, permitting our remaining banks to closed until calm can be restored. We lose $75,000 day in busibut loss to the get on without is action appeared to be working The Crowds which banks or gathered discuss credit for those whose funds tied up Battle Hysteria desperate efforts of wiser the hysteria Hundreds and the banks. Deposits banks Champaign the slogan The two maining banks stayed They reported runs know action without the The here flected by Marion, banks closed more than year Cities Back Banks Marion merchants were depending largely on banks Herrin daily trips checks. are handled by postal money order. Many citizens opened no new bank Postal savings swelled record figure. In city 64,000, carried "currency change and cashes checks for months ago city had seven banks. all closed. Large financial carried on Chicago banks.

11. January 22, 1932 Evening Star Washington, DC

Article from Evening Star, January 22, 1932

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URBANA RECOVERS FROM BANK SCARE All-Week "Business Holiday," to End Hysteria After Closings, Is Canceled by Mayor. By the Associated Press. URBANA. Ill., January 22.-The - allweek "business holiday" proclaimed Tuesday by Mayor R. C. Harmon has been canceled by him because of restored confidence. The mayor announced rescinding of the holiday, which he had instituted to rebuild public sentiment following recent bank closings, after a conference with business and civic leaders. He said that the shutdown of business had brought renewed faith in banks remaining open and that cancellation of the long "holiday" was warranted. Even in Champaign, "just across the street" from Urbana, the business moratorium appeared to have had a good effect. Closing of two banks in Champaign was credited with bringing about the business worry here, but the Chamber of Commerce there today announced plans to reopen the largest of the banks, the First National.

12. January 22, 1932 The Pantagraph Bloomington, IL

Article from The Pantagraph, January 22, 1932

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CLEARING HOUSE ACTS TO FORTIFY BANK FUNDS ORDER FIXES DRAWING LIMIT Precautionary Measure Taken to Preserve Existing Sound Condition. Bank Facts The full effect of the Bloomington Clearing House association der limiting withdrawals for hoarding from local banks, may be summarized follows: Funds for the continued operation of normal business be readily paid by all banks. Funds ordinary living penses of individuals, such money for taxes, groceries and rent will also readily paid. Sixty to 90 days notice, cording to the rules of the particular bank, must be given by depositors seeking withdraw their savings for the purpose of hoarding such money. Checking accounts and certificates deposit, all accounts classified "commercial" may be withdrawn in amounts not exceed percent per month the balances of Jan. 21, except that such will not apply withdrawals for payrolls, taxes and other normal purposes. New and additional deposits will not be subjected the rules and will handled foregoing normal routine of bank in the clearing. brief, there will be absosolutely change from mal banking operations they ply legitimate business and sonal needs. Acting to prevent unusual cash withdrawals in the wake of the mors and depositors' hysteria that has forced the closing numof banks Central Illinois the last several weeks, the Bloomington Clearing House association, fective today. invoked in all Bloomington banks the stipulated notice withdrawal savings and limited withdrawdeposits, checking accounts and certificates of deposit to amount not excess of percent per month of present balances Normal banks also The two adopted the clearing house regulation Friday morning. determined This course Thursday night by the Bloomington Clearing House meeting which officers of the six banks this were present. Public confidence the banks, and full approval of the plan evident Friday morning when business of the were interviewed by The Pantagraph, and when bank lobbies were occupied by only normal number of persons, despite the rapidity with was spread. Tax Funds Available. In limiting withdrawals on checking accounts and certificates of deposit an amount not to ceed percent per month on present balances, exception granted for the of funds for payrolls, taxes other legitimate poses" which may determined bank officers helpful to the conduct of ordinary business. In reaching decision, the clearing house adopted resolution by which each bank to guided, and made clear the purpose interfering no with the continued transaction approved and legitimate The will stop only the unnecessary withdrawal of funds for purposes of hoarding. The failure of banks throughout Central Illinois recently, and more particularly the failure the First National bank of Champaign, lowing $150,000 run last which followed closely by the closing of banks Farmer City, and in spread emphasized the necessity for the clearing house association action, was plained. Banks Here Sound. The order of the association taken this time to avoid the possibility of endangering deposits local banks, declared. whose condition in all cases is garded exceptionally While banks have failed closed more than score of instances nearby counties, McLean county has experienced banking record from 1923 until the recent closing Saybrook, Danvers, Leroy and Bloomington tion is looked upon an added measure for protecting the approximately 20 institutions now serving this county. Last statements every Bloomington bank showed

13. January 22, 1932 The Pantagraph Bloomington, IL

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Editorial Local Banks Take in Time,' Profiting by Mistakes Elsewhere Bloomington banks are sound. With our public good sense Bloomington will keep the wheels and confidence equally strong, these hard times with the sort of "head turning and emerge from start" that makes history. Clearing House association Action by the Bloomington day night in directing local banks to limit withdrawals for hoard ing wise and farseeing step to insure the continued soundness and strength of those institutions and the community whole. This action will definitely forestall such disastrous runs have closed banks elsewhere. The present strength of Bloomington banks well above that of the average, as demonstrated not only by the unblemished but also by the loan record of many years, followed here through the two years of the present deprespolicy sion. While this policy of conservatism has imposed some casional slight hardships local business, in making loans more difficult, business and the community whole are now reaping the rich harvest of existing solidarity and security of bank funds. Fear Can Cripple Strongest. However, the greatest bank strength conceivable is clay in the hands of public fear. No bank can immediately liquidate its in full. If banks simply stored the cash deposited with could not perform their chief which them. they for the conduct of business activity, and the communloan money affairs would be standstill. Not to loan would be bad as to close. And having loaned, no bank can collect from its debtors moment's notice-at the whim of depositors who decide in mass that they want their money right now. Some among the many bank fatalities in the last two years, have been partly the result of loaning normally in subnormal times. But by far the majority of these fatalities have fallen targets mob hysteria. The Bloomington Clearing House associhas been wise enough to see the horrible example set in ation numerous communities where pride kept financial institutions open until the drain of withdrawals by blindly scared populace closed the banks and crippled the entire community. By its action of Thursday the clearing house will save this community from that fate, by causing people to think, and to act deliberately, and therefore, sanely. Observing Spirit Helps Security. Pure rumor has been the cause of all manner of irreparable disaster, even wars. Its tongue vicious and wild. Its eyes are blind and its ears and is entirely without reason. Contribution is the rankest disloyalty to person. community and nation. stupidity unworthy of present day education. Every individual loses faith and runs to bank to get his money thinks. that he is the only one, or of one but few. But the process invariably cumulative. and when enough have the same idea. the damage is done. Meanwhile, the money taken from banks because of such fear, has been removed from circulation, and the interests of everyone accordingly affected. is not too much say that any person who violates the spirit of the clearing house regulation is guilty of breach of faith with this community and with himselfan act of shortsighted selfishness that will only delay the hour when universal confidence is definitely re-established and precautionary restrictions are safely removed. Regular Use of Funds Continues. The local regulation in no way handicaps the ordinary conduct of business or personal living. Normal funds for normal purposes are still available. The clearing house rule simply invokes the already provided withdrawal notice on savings accounts, for the 60 days stipulated by the individual banks, and limits withdrawal of checking accounts in amounts not to exceed percent per month of present balances. with exceptions being made for payrolls, taxes and other withdrawals for purposes considered legitimate. New and additional deposits will not be affected. There is no reason for violation of this regulation. Such disposition would only weaken the protection all business and depositors, the need of which Bloomingtonians wise are enough to recognize. When community loses confidence and decides to close its banks, it signs its own death warrant. The depositors usually get most of their money in the long run. but property and business as whole suffer needless and untold losses. McLean County Record Outstanding. Some cities have thought to make their people think sanely by stopping all business for period of days, but that involves both senseless material loss, and stigma that intelligent citizens like those of Bloomington do surely see the wisdom of avoiding. Bloomington banks are strong. Banks in only four small towns of McLean county have closed since 1923. There are some 20 others outside Bloomington and Normal serving an essential need, and among other things, it is our obligation to protect them and help, with them, ourselves. The same applies about 30 more outside the county, which are correspondents of Bloomington institutions. Bloomington citizens will co-operate in the clearing house regulation, and live up to the spirit of the wise precaution that has been taken. By so doing, we will show that are smart enough profit by the bad examples of others. With popular confidence, there is absolutely no fear for Bloomington banks. excellent condition. be in each house order regardThe clearing to insure the precaution of maximum safety. continuation the standard notice In invoking withdrawal of savings for the association calls for posits, the of or days, according bank's rules, before the individual withdrawn This savings may however, only to Thursday. Deposits put hereafter will not be affectbanks by the present ruling. Maintaining and strengthening confidence the banking institutions of this community result from the associapected controlling the order. provided in the orthe forestalls such closed the Champaign bank and others, all of which, with but or two exceptions. were forced close by heavy runs, which even the strongest bank cannot stand. The First National Champaign, with of million dollars, experienced run in excess million dollars from January January 16, but unable liquidate its resources rapidly enough. Order Cites Damage. The order of the Bloomington Clearing House association follows: "Resolved, that order removal of cash from circulation the hoarding money which many communities elsewhere has caused untold all business all individuals, member banks of Bloomington Clearing House association are hereby directed lows: To invoke the necessary notice withdrawal of ings deposits. limit the withdrawals all checking and certifiof deposits amount not exceed percent per month present balances, except payrolls, taxes or other legitimate purposes." New Deposits Unaffected. In closing the meeting. officers the stressed the that the order will not restrict ditional and framed deposits with the specific view to the

14. January 24, 1932 The Daily Illini Urbana, IL

Article from The Daily Illini, January 24, 1932

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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.

15. February 26, 1932 Ford County Press Melvin, IL

Article from Ford County Press, February 26, 1932

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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

16. April 21, 1932 The Urbana Daily Courier Urbana, IL

Article from The Urbana Daily Courier, April 21, 1932

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Bank Receiver Sues On Notes Shell R. Smith, as receiver for the First National bank of Champaign today filed the following confessions of judgment in kircuit court: against Mollie Reifsteck, $2,252.17; against Ernest Reifsteck, $5,119.71. and aganst WE E. Weber, $1,598.09. MEETING IS POSTPONED The meeting of the Idle Hour Bridge club, which was scheduled for yesterday afternoon with Mrs. Charles King in her home in Bondville, was postponed until some time next week. The definite day has not been decided upon.

17. June 10, 1932 The Urbana Daily Courier Urbana, IL

Article from The Urbana Daily Courier, June 10, 1932

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FIVE HUNDRED TURN OUT FOR BANK MEETING The general drive to obtain operation of depositors paign to re-open the First bank of Champaign got off to a fry mg start last nignt when 500 deposit ors assen/bled in the First Metnodist church and applauded speakers who pointed out the necessity for action. After talks by David Kinley president emeritus, and Judge Sveinbjorn Johnson, legal counsel of the university, nearly all present signed the Today, plans were being made for comprehensive canvass of depositors of more than $50 Eugene Curtis was in charge of meeting of representatives of all county townships at the farm bureau A rural committee was formed which will have charge of obtaining signa tures in the county Meanwhile, depositors continued to pour into headquarters at 25 Main street, directly opposite the bank building, where a number of waivers were signed during the day. Kinley Urges Co-operation. "It is matter of necessity for us to get together, Dr. Kinley said. "The difficulties of this bank were the result of the general trouble in which the country finds itself. We can take pride that there is no stain on the record of this bank. Its suspension was the result of assuming a burden which prevented a financial disaster for our community. "I want to praise the unselfish work of the committees. Every man working without pay and some even have spent their own money "We must do what is necessary, first in our own interest. est, 80 that we can get back all of our money that we can, dictates that we should back up the committee. "Secondly, the welfare of the community demands that we support the efforts to re-open the bank. "If we do not support the committee, the whole plan will fail. We cannot let the other fellow do it. Success is up to "For our own sakes, for the sake of the community, for the sake of the workers of the community, let us restore the services of this indispensable, useful servant of the community -the First National bank." Judge Johnson Explains Plan. Judge Johnson explained the plan under which it is hoped to re-open the bank, pointing out that all steps have been taken under the approval and direction of the comptroller of the currency at Washington, from whom came the creditors' agreement. "The comptroller of the currency, remember,' Judge Johnson said, "has only one viewpoint, the protection of depositors. By signing the agreement or so-called waiver, you are making five trustees your agents to collect 40 per cent. of your deposit. Otherwise, every depositor would have to file separate claim. The trustees work without compensation." Judge Johnson said that the plan would make available to depositors 60 per cent. of their deposits as soon as the new bank is open. Judge Johnson said the bank had been conducted with integrity and that the record of its officers was clean. He made this statement after being of the committee which had gone over its affairs.

18. July 22, 1932 The Champaign and Urbana Citizen Champaign, IL

Article from The Champaign and Urbana Citizen, July 22, 1932

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LEGAL NOTICE State of Illinois, County of Champaign. SS. Circuit Court of Champaign County, September Term A. D. 1932. Otis Cawby, P.J. McCarthy, Rache] Harber Hart and Emmory C. Plumley, VS. Thomas D. Wilson, Maude A. Wilson, Nellie Weeks, Shell R. Smith. Receiver of the First National Bank of Champaign, Champaign, Illinois; First Trust and Savings Bank of Bloomington, Illinois, a Corporation and Guy Stanner. Foreclosure No. 9747. The requisite Affidavits for the giving of Notice to Defendants in Chancery cases, by publication hav ing been filed in the office of the Clerk of said Circuit Court of Champaign County, notice is hereby given to each and all of the said defendants that the complainants filed their bill of complaint in said court on the Chancery side thereof, on the 6th day of July A. D. 1932, and that a summons thereupon issued out of said Court against said defendants, returnable on the Third Monday of September A. D. 1932, as is by law required. Which cause is now pending in said Court. Now, unless you the said defendants shall plead, answer or demur to said bill. the same and the matters therein contained will be taken as confessed, and a decree entered against you according to the prayer of said bill. BOYD S. BLAINE, Clerk. EVERETT W. OGLEVEE, DOBBINS & DOBBINS. Complainant's Solicitors. Urbana, Ill., July 6th A. D. 1932.

19. August 26, 1932 The Champaign News-Gazette Champaign, IL

Article from The Champaign News-Gazette, August 26, 1932

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BOARD THANKS COMPTROLLER'S OFFICE FOR Directors of New Bank Give Out Long-Awaited News in Official Statement The news for which ChampaignUrbana and all Eastern Central Illinois has long waited, is contained in the following official statement of the Board of Directors of the First National Bank in Champaign. It reads: "The Comptroller of the Currency at Washington, D. C., has approved the application to organize the First National Bank in Champaign. "Shell R. Smith, the Comprepresentative in charge of the closed institution was authorized by telegram Thursday night to deliver to officers of the new bank, the necessary documents to be submitted by them to the Comptroller. "The Board of Directors, Friday morning, received the documents, and proceded immediately with the process of setting up the new bank, in accordance with the requirements of the Comptroller. "The first official meeting of the Board of Directors was held Friday morning and the following officers, tentatively (Continued on page 2, column 3)

20. September 1, 1932 Gibson City Courier Gibson City, IL

Article from Gibson City Courier, September 1, 1932

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First National Bank of ChamOpened. The First National bank of Champaign, which closed Jan. opened noon, after for business yesterday 18, after- was strenuous campaign on the part of a local committee to induce the depositors to consent to reorganization plans. Van Antwerp and Carl Mulvany of Gilman were in Gibson City on Wednesday. Katherine Bowers visited with relatives in Clinton from Friday until last Sunday. visiting Lane of Bloomington with friends in this city day.

21. October 7, 1932 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 7, 1932

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HOUSE CLERK PUBLISHES NAMES OF BORROWERS OVER PROTEST OF CHAIRMAN BANKS ABSORB BY FAR GREATER PART LOANS Of Borrowers Illinois None Nearer Than None Particularly Large Washington, Oct. Reconstruction Finance corporation loans aggregating August, revealed today in the report of the made public by Clerk corporation the House South Trimble. Previously authorized loans were increased during August by $10,681,010. the report said, making an gregate Published Over Protest The report was made public by Trimble over protest of the finance corporation. Chairman Atlee Pomerene of the corporation on Sept. protested Trimble that publication was interfering with operation the relief project and should be stopped. law does not give me any discretion to withhold these reTrimble answered. In the summary loan operations made public today the aggreof $122,277,641 was divided follows: Classification of Borrowers Banks and trust companies, $85.including $7,773,900 to aid reorganization liquidation of closed banks. Building and loan association, Railroads, including to railroad receivers. Insurance companies, Mortgage loan companies, $2,101,720. Federal land bank, $3,000,000. Joint stock bank, $55,000,000. Agricultural credit corporations, Livestock credit corporations, $2,The number of new loans totaled and during the August period the corporation received 1,151 loan The corporation made available for relief work during August. Out of repayments the corporation allocated $10,000,000 during August to the secretary of agriculture. Illinois Loans The statement loans authorized in August included the following, to Illinois borrowers: (X's denote that no part of the loan had been disbursed up to Sept. Bloomington, American State bank, Bloomington, Liberty State bank, $40,000; the First National bank of Champaign (receiver), $400,000; Chicago, Aetna State bank, two loans, 000 and Austin State bank (two loans), $100,000 and $75,000; State bank, $75,000 and $308,000 (two loans); Halsted Street State bank $126,450; Lawndale National bank (two loans), $75,000 and $50,000; South Chicago Savings bank, Terminal National bank, $130,000; Cicero, First National bank of Cicero, $56,000; DeKalb, DeKalb Trust Savings bank, $81,000; Highland Park, Highland Park State bank LaGrange, State Trust Savings bank, $63,400; Mundelein, State bank Mundelein, $18,000; Oak Park, Avenue State bank, $230,000; Oak Park, Oak Park Trust Savings bank, $240,000; Pekin, the Farmers National bank of Pekin (receiver) five per cent, Pontine, National bank of Pontiac, Rockford, the Rockford National bank (receiver), $400,000 five per cent; West Chicago, West Chicago State bank, $75,000. Building and Loan Associations The following included among the loans to building and loan Illinois: Chicago, Jungman Building Loan Lublin Building Loan (x); Roseland Standard Building Loan Ass'n., $90,000; the Swedish Home Building Ass'n., $42,000; Trigla Building Loan Ass'n., Vytauto Building Loan Ass'n., $35,000; Cicero, West Town Building Loan Ass'n., $30,000.

22. October 7, 1932 Times Union Brooklyn, NY

Article from Times Union, October 7, 1932

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$122,277,641 MADE PUBLIC Trimble Gives Out Figures of August Transactions in Face of Protests. $85,057,605 TO BANKS Railroads Get $12,798,333; Repayments to Corporation Total $35,241,799. United Washington, Oct. 7.-New Reconstruction Finance Corporation loans aggregating $111,596,631.90 were authorized in August, it was disclosed today in the report of the corporation made public by Clerk of the House South Trimble. Previously authorized loans were increased during August by $10,681,010. the report said, making an aggregate of $122,277,641.90. The report was made public by Trimble over protest of the Finance Corporation. Chairman Atlee Pomerene of the corporation on Sept. 29 protested to Trimble that publication was interfering with operation of the relief project and should be stopped. Explains His Position Trimble issued printed statement explaining his position and saying does not give me any discretion to withhold these reports.' In the summary of loan operations made public today. gregate divided follows: Banks and trust companies, $85.057,605.43. including to aid in reorganization or liquidation of closed Building and loan associations, Railroads, $12,798,383. including to railroad receivers. Insurance companies, $3,708,700. Mortgage companies, $2,101,720. Federal Land Bank, Joint Stock Land Bank, $55.Agricultural credit corporations, Livestock credit corporations, Repaid The number of new loans totaled 1,110 and during the August period the corporation received loan applications. The corporation made $13,931,669 available for relief work during August. Repayments to the corporation during the month of August totaled $35,241,799.47. The corporation allocated $10,000,000 during August to the Secretary of Agriculture. The statement of loans authorized in August included the following: (Asterisks denote that no part of the loan had been disbursed up to Sept. 21.) Alabama: Birmingham, change Bank. Arizona: Phoenix, Valley Bank Trust Company, California Glendale, First Na. tional Bank, $75,000: Huntington City tional Long Beach, Seaside National Bank (receiver) Marysville, Bank, MaFirst National Bank, $27, Pasadena, Citizens. CommerBank, County Trust and Savings Bank, Santa Farmers Merchants Savings Bank, Colorado: Boulder tional Pueblo, Southern Colorado Bank, City Trust Company, West Side Bank, loans, $25,000, $200,000 and Georgia: Valdosta, First National Bank, Falls, Twin Falls Illinois: Bloomington, American State Bank, Liberty State Bank, Champaign, the First National Bank Champaign (receiver), Chi$103,000; Austin State Bank (two loans), and State Bank, $75,000 and (two Halsted Street State Bank, $126,450; Bank (two South Chicago Savings Bank, Terminal National Bank, $130,000 Cicero, First National Bank Cicero, DeKalb, DeKalb Trust Savings Bank, Highland Highland Park State Lagrange State Trust Savings (Continued Following Page)

23. October 7, 1932 Times Union Brooklyn, NY

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$122,277,641 LOANS MADE PUBLIC Trimble Gives Out Figures of August Transactions in Face of Protests. $85,057,605 TO BANKS Railroads Get $12,798,333: Repayments to Corporation Total $35,241,799. By United Press Washington, Oct. 7.-New Reconstruction Finance Corporation loans aggregating $111,596,631.90 were authorized in August, it was disclosed today in the report of the corporation made public by Clerk of the House South Trimble. Previously authorized loans were increased during August by $10,681,010. the report said, making an aggregate of $122,277,641.90. The report was made public by Trimble over protest of the Flnance Corporation. Chairman Atlee Pomerone of the corporation on Sept. 29 protested to Trimble that publication was interfering with operation of the relief project and should be stopped. Explains His Position Trimble issued printed statement explaining his position and saying "The law does not give me discretion to withhold these In the summary of loan operations made public today the aggregate of $122,277. was divided as follows: Banks and trust companies. $85.including to aid in reorganization or liquidation of closed banks. Building and loan associations, Railroads, $12,798,383. including $5,696,449 to railroad receivers. Insurance companies, $3,708,700. Mortgage loan companies, Federal Land Bank. $3,000,000. Joint Stock Land Bank, $55.- Agricultural credit corporations, $394,021.62 Livestock credit $35,241,799 Repaid The number of new loans totaled 1,110 and during the August period the corporation received 1,151 loan applications, The corporation made $13,931,669 available for relief work during August. Repayments to the corporation during the of August totaled $35,241,799.47. The corporation allocated $10,000,000 during August to the Secretary of Agriculture. The statement of loans authorized in August included the following: Asterisks denote that no part of the loan had been disbursed up to Sept. 21.) Alabama: Birmingham. Exchange Bank $9.40. Arizona Phoenix, Valley Bank and Trust Company, $280,000. California: Glendale First Na. tional Bank, Huntington Park. Huntington Park City National Bank, Long Beach, Seaside National Bank (receiver) $165,000, per cent.: Marysville, Bank, $40,000 Madera, First National Bank, $27. cial Trust and Savings Bank, $225.000: Monterey County Trust and Savings Bank. Santa Ana, Farmers and Merchants Savings Bank, $84,000. Boulder Na. Southern Colorado Bank. $45,000 Connecticut: Bridgeport, BridgeCity Trust Company, $200. three loans, $25,000. $200,000 and $40,000. Georgia: Valdosta, First National Idaho: Twin Falls, Twin Falls Bank Trust Co., Illinois: Bloomington, American State Bank. $72,450 Bloomington Liberty State Bank, $40,000: Champaign, the First National Bank Champaign (receiver) Aetna State Bank, two loans, $37.000 and $108,000; Austin State Bank (two and $75,000: Cosmopiltan State Bank $75,000 and $308,000 (two loans): Halsted Street State Bank $126.450: National Bank (two loans), $75,000 and South Chicago Savings Bank, $125,000 Terminal National Bank, $130,000 Cicero, First National Bank Cicero, $56,000 DeKalb, DeKalb Trust & Savings Highland Park, Highland Park State Lagrange, Lagrange State Trust & Savings (Continued on Following Page)

24. May 6, 1933 The Urbana Daily Courier Urbana, IL

Article from The Urbana Daily Courier, May 6, 1933

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Bank Receiver Sues Notes on Two Courts receiver for the Shell R. as First National bank of Champaign, today filed in circuit court confession of judgment against C. Nellie and W. Gilmore, claiming note for damages payable in six months, July 1931. He also filed in county court confession judgment for $669.16 against H. and Gilmore and Mrs. Agnes Rime, on note given and due in six September 1931, months.