4231. First National Bank (Herrin, IL)

View Charter #5303 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5303
Charter Number
5303
Start Date
December 31, 1932
Location
Herrin, Illinois (37.803, -89.028)

Metadata

Model
gpt-5-mini
Short Digest
05986a4743df1ad3

Response Measures

None

Receivership Details

Depositor recovery rate
60.2%
Date receivership started
1932-12-31
Date receivership terminated
1938-11-30
Share of assets assessed as good
25.9%
Share of assets assessed as doubtful
58.9%
Share of assets assessed as worthless
15.2%

Description

Articles (Dec 31, 1932) report the First National Bank of Herrin was closed by order of the Comptroller of the Currency and a receiver (Ben Sneeden) placed in charge. No article describes a depositor run prior to the closure; the action appears to be government-ordered suspension leading to receivership. OCR errors in the texts (missing numbers/words) were corrected where obvious.

Events (4)
1. April 24, 1900 Chartered
Source
historical_nic
2. December 31, 1932 Receivership
Source
historical_nic
3. December 31, 1932 Receivership
Newspaper Excerpt
Ben Sneeden, receiver for the City National Bank here, was placed in charge of the First National Bank
Source
newspapers
4. December 31, 1932 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency; receiver Ben Sneeden placed in charge.
Newspaper Excerpt
The First National Bank was ... closed today by order the Comptroller of Currency. Ben Sneeden, receiver ... was placed in charge
Source
newspapers

Newspaper Articles (5)
1. December 31, 1932 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 31, 1932

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Article Text

FIRST ONLY BANK HERRIN, CLOSED Comptroller of Currency Puts Receiver for City National Charge Also. the Associated HERRIN, National, the only bank here, closed today by order the Comptroller of Currency. Ben Sneeden, receiver for the City National Bank here, was placed in charge of the First National Bank The First National Bank was, at time, considered the strongest in Southern Illinois. The last statement shows had time deposits demand deposits $112,141, capital $50,000 and surplus 000. John Herrin cashier. Directors were Harrison, Elles and Bart Colombo. QUINCY, Ill., Dec. Savings Loan Trust Co. did not open for business today. Directors voted to close the bank to conserve assets depositors. Withdrawals had the cash The bank reorganized after being closed in November, 1930, and opened again in April, 1931. The last statement, issued Sept. listed total resources of demand of and time deposits of $912,891.

2. December 31, 1932 Alton Evening Telegraph Alton, IL
Article from Alton Evening Telegraph, December 31, 1932

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Article Text

Bank, Last National Closes At Herrin, One Dec. Herrin's National Bank, today by order was closed the Comptroller for the receiver here, was National Bank City the First in charge of at one time was in southern strongest shows The last of time deposits capital demand deposits surplus cashier. Herrin was were

3. April 27, 1933 Jacksonville Journal Courier Jacksonville, IL
Article from Jacksonville Journal Courier, April 27, 1933

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Article Text

PUBLIC FUNDS IN BANKS ARE NOT PREFERRED, RULE Chicago, April pracgiving prefered status public funds deposited in banks was declared ruling today the United States circuit of appeals. Two judges the tri-member court upheld the of Herrin, national bank receiver that securities by bank guarantee the be for the benefit doctrine the guaranty of bank deposits has its advocates wrote Judge Sparks, the ruling hear any voluntary advocacy the general depositors to the that by pledge of the bank's Judge Sparks. the concurrence District Judge Walter Lindley sitting in the court. suggested sanctioning deposit would be for the bank advertise it enin Presiding Judge Samuel Alschuler federal district court Judge Wham had ruled in favor of the city of Marion. the Receiver Ben Sneeden for the City National Bank to recover the protect on deposit Judge Wham was

4. April 28, 1933 Evening Star Washington, DC
Article from Evening Star, April 28, 1933

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Article Text

DEPOSITORS HELD EQUAL CHICAGO, April 28 (AP).-The practice of giving a preferred status to public funds deposited in banks was declared improper in a majority ruling Wednesday of the United States Circuit Court of Appeals. Two judges of the tri-member court upheld the contention of a Herrin, Ill., National Bank receiver that securities set aside by the bank to guarantee deposits by the City of Marion, Ill., should be recovered for the benefit of depositors generally.

5. April 28, 1933 Evening star Washington, DC
Article from Evening star, April 28, 1933

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Article Text

DEPOSITORS HELD EQUAL CHICAGO, April 28 (P).-The practice of giving preferred status to public funds deposited in banks was declared improper in majority ruling Wednesday of the United States Circuit Court of Appeals Two judges of the tri-member court upheld the contention of a Herrin, Ill., National Bank receiver that securities set aside by the bank to guarantee deposits by the City of Marion. III., should be recovered for the benefit of depositors generally.