4174. Citizens State Bank (Franklin Grove, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1931*
Location
Franklin Grove, Illinois (41.842, -89.300)

Metadata

Model
gpt-5-mini
Short Digest
46de5327a63916d4

Response Measures

None

Description

The articles show Citizens State Bank of Franklin Grove closed (suspended) in October 1931 and was placed in receivership (receiver U. Weyant). A 15% dividend to depositors was being paid in December 1934, indicating the bank remained closed and in receivership rather than having reopened. No explicit cause for the suspension is given in the texts, so cause is classified as 'other'. OCR errors in Article 1 (spacing, punctuation) were corrected where obvious; dates are taken from article text and publication metadata.

Events (3)
1. October 1, 1931* Suspension
Cause Details
Article states only that the bank closed in October 1931; no reason provided.
Newspaper Excerpt
The bank closed October 1931.
Source
newspapers
2. June 1, 1933 Receivership
Newspaper Excerpt
Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00.
Source
newspapers
3. December 13, 1934 Other
Newspaper Excerpt
Citizens Bank Depositors Will Get A 15% Dividend ... The dividend, approximating $19,000, will be paid during the next ten days. ... The bank closed October 1931.
Source
newspapers

Newspaper Articles (2)
1. June 1, 1933 The Thomson Review Thomson, IL
Article from The Thomson Review, June 1, 1933

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Article Text

Sand Burs Fos. have been Interesting figures week which light this brought to of liquidthat the procedure show to the is quite costly bank ating community; and also quite producwho have an opportive to those tunity of partaking of the same. The figures given below are taken from Saturday's issue of the Rockford Daily Journal, and give in our territory instances of banks been in receivers have where charge. State Bank. Receiver, Hanover John C. McKenzie, total fees and $750.00. Attorney to date salary Tear, Galena, receiver, Harry for fees not yet amount of attorney's decided. Leaf River State Bank Receiver, Geo. B. Banning, total fees and Attorsalary to date, D. D. Madden, for receiver, ney Rockford, amount of attorney's fees not decided. yet Lyndon First State Bank. Receiver, Glenn Craddock, total fees and salary to date $1,450.00. AtJohn A Riorfor receiver, torney dan, Morrison, total attorney's fees date, $800.00. to State Milledgeville. Shumway Bank. Receiver, W. R. Clough, total fees and salary to date, $2,554.73. Attorney for receiver, Chas. E. Stuart, Mt. Carroll, amount of attorney's fees not yet decided. Elizabeth Exchange Bank. Receiver, L. C. Lundgren, total fees and to date, $1,446.00. Attorney salary for receiver, Louis A. Nack, Galena, total attorney's fees to date $646.25. (Louis A. Nack member of the District Democratic Executive Committee, supporting Mr. Shaw's campaign). Forreston. Comm. State Bank. Receiver, H. H. Baldwin, total fees and salary to date, $350.00. Attorney for receiver. Seyster Fearer, Oregon, amount of afterney's fees not yet decided. Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00. Fulton. Whiteside County State Bank. Receiver. John C. Kadyk. total fees and salary to date $6.616.48. Attorney for receiver, A. M. Blodgett, Fulton, total attorney's fees to date. $6,747.65. Morrison State Bank. Receiver, W. total fees and Chas. salary to date. $2,300.00. Attorney for receiver, W. D. Little. Morrison. total attorney's fees to date, Orangeville. State Bank of Orangeville. Receiver. Wilbur P. Cooper, total fees and salary to date. $2,672.60. Attorney for receiver. Louis H. Burreli, Freeport. amount of attorney's fees not yet decided. Polo State Bank. Receiver, W. T. total fees and salary to Schell, datefi $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00. Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul total fees and D. Carlson. to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00. Stockton. Peoples State Bank of Stockton. Receiver. Jas. C. Fesler. total fees and salary to date. for receiver. Attorney Democratic ComLouis A. Nack, of Galena,

2. December 13, 1934 The Ashton Gazette Ashton, IL
Article from The Ashton Gazette, December 13, 1934

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Article Text

Citizens Bank Depositors Will Get A 15% Dividend Circuit Judge Harry Edwards of Dixon has authorized the payment of per cent dividend to the depositors of the closed Citizens State Bank of Franklin Grove. it was announced Tuesday by George Dixon. counsel for the bank receiver. The dividend. approximating $19.000. will be paid during the next ten days. The date the deputy Weyant. has paid total of 43 of the deposits to the creditors in general dividends. The bank closed October 1931.