4253. First National Bank (Joliet, IL)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
512
Charter Number
512
Start Date
March 1, 1933*
Location
Joliet, Illinois (41.525, -88.082)

Metadata

Model
gpt-5-mini
Short Digest
849ef2b9be4ad7c3

Response Measures

None

Receivership Details

Depositor recovery rate
98.0%
Date receivership started
1933-11-10
Share of assets assessed as good
73.5%
Share of assets assessed as doubtful
25.5%
Share of assets assessed as worthless
1.0%

Description

The articles describe the First National Bank of Joliet having been closed under the bank moratorium and operated under a conservator, then obtaining a new charter and reopening in June 1933. There is no description of a depositor run; the closure is due to the bank moratorium/government action and conservatorship. The new institution pays depositors 40% and is capitalized with RFC help.

Events (4)

1. September 6, 1864 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed under the statewide bank moratorium and placed under a conservator (operating under conservatorship until reorganization/charter).
Newspaper Excerpt
successor to a bank of the same title, which has been operating under the direction of a conservator for months since the bank moratorium was effect.
Source
newspapers
3. June 21, 1933 Reopening
Newspaper Excerpt
Joliet Opens Bank Closed for Months. A charter came late last week for the opening of the new First National Bank of Joliet, successor to a bank of the same title. Depositors of the old bank will soon receive 40 per cent of their money ... The new institution is capitalized at $400,000 ... and the remainder by the Reconstruction Finance Corporation.
Source
newspapers
4. November 10, 1933 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from Waukegan News-Sun, April 25, 1933

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Article Text

WORD THURSDAY Steele Waits On Sick Chief Bank Examiner: Hopes For Conference This Week. The earliest possible that Leyburn, chief national bank aminer. grant Charles Steele, the National president Thursday to word receivby Steele The reason the delay Leyburn's illness. was feared that his attack of influenza turn but today his was reported more favorable. Even with that, Steele's position three advance the First National bank of Joliet which haponly bank that pens according the Joliet national bank examinan examination of the ers completed Joliet "Upon completion of the examination," the Herald-News states, basis for reopening the bank for normal business outlined aminers and recommendations which prepared for Leyburn. of Chicago, chief national bank examiner for this district, to cago yesterday by president of the bank." From there, seen from the experience the plan will forwarded for approval disapproval, and then sent back Leyburn. BAN RUSSIAN PRODUCTS LONDON, April ain's almost complete embargo against Russian imports becomes effective No word has PLAN BANK REFORMS been received in London about the likelihood the Soviet WASHINGTON, April commuting the of A far-reaching bank reform bill, with British in prison provision for deposits fednow after having convicted of reserve member banks, probably espionage. will be reported the senate bankOfficials here said the Soviet committee within the next week government's complete Brit- which has been ish trade became effective today. studying the problem for two years.


Article from The True Republican, June 21, 1933

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Article Text

Joliet Opens Bank Closed for Months A charter came late last week for the opening of the new First National Bank of Joliet. successor to a bank of the same title. which has been operating under the direction of a conservator for months since the bank moratorium was effect. President F. W. Woodruff confirmed the charter. Depositors of the old bank will soon received 40 per cent of their money or total of $1,300.000. The new institution is capitalized at $400,000. half the money having been subscribed by President Woodruff. president of the old bank. and the remainedr by the Reconstruction Finance Corporation.