4254. Joliet National Bank (Joliet, IL)

View Charter #4520 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4520
Charter Number
4520
Start Date
January 1, 1932*
Location
Joliet, Illinois (41.525, -88.082)

Metadata

Model
gpt-5-mini
Short Digest
150a486bdb280c92

Response Measures

None

Receivership Details

Depositor recovery rate
65.0%
Date receivership started
1932-02-10
Share of assets assessed as good
22.0%
Share of assets assessed as doubtful
77.7%
Share of assets assessed as worthless
0.3%

Description

Article (Jan 20, 1932) reports the Joliet National Bank 'closed'. A later article (Sep 16, 1932) states Shell R. Smith was appointed receiver and that the Joliet National Bank is being liquidated (not reorganized). No mention of a depositor run in the texts provided. Closure appears permanent with a receiver appointed by the Comptroller, so classify as suspension leading to closure/receivership. The January article lacks explicit cause; the receivership was government-appointed.

Events (4)
1. February 16, 1891 Chartered
Source
historical_nic
2. January 1, 1932* Suspension
Cause Details
Article states the bank was closed in January 1932 but gives no explicit cause for the closure.
Newspaper Excerpt
JOLIET BANK CLOSED Jan. Joliet National largest only the city, banking bank had deposits capital of $700,000 surplus of $400,000.
Source
newspapers
3. February 10, 1932 Receivership
Source
historical_nic
4. September 16, 1932 Receivership
Newspaper Excerpt
Smith Is Named As Receiver of 2 Joliet Banks Shell R. Smith...has been appointed receiver for the Joliet National bank and the Will county National bank...Mr. Smith states that neither of the Joliet banks are being reorganized but are being liquidated.
Source
newspapers

Newspaper Articles (2)
1. January 20, 1932 The Minneapolis Star Minneapolis, MN
Article from The Minneapolis Star, January 20, 1932

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Article Text

BRIGHT SPOTS IN NATION'S TRADE By United Press Service Corporation of Jersey income for 1931 against trial groups increased per cent 1931 0.3 the labor department. Detroit Motor the any week and there were orders on York New Lackawanna and placed orders .000 rails with the Bethlehem Steel nounced. Webster, works of Slater hand Sons, employed for five reported. Manufacturing Co., Rubber increased day force organized night force mounting reported sales the New than any national show history, up about 140 per cent JOLIET BANK CLOSED Jan. Joliet National largest only the city, banking bank had deposits capital of $700,000 surplus of $400,000.

2. September 16, 1932 The Daily Illini Urbana, IL
Article from The Daily Illini, September 16, 1932

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Article Text

Smith Is Named As Receiver of 2 Joliet Banks Shell R. Smith, receiver for the First National bank of Champaign, received word yesterday that he has been appointed receiver for the Joliet National bank and the Will county National bank, both in Joliet. The comptroller of currency at Washington ordered Smith to proceed immediately to Joliet to assume his duties there. Smith's appointment was made to fill a vacancy left by the death of J. W. Turner, National bank receiver. The two banks at Joliet, the First National bank of Champaign and a National bank at Richland Center, Wisconsin are under supervision of Mr. Smith. Mr. Smith states that neither of the Joliet banks are being reorganized but are being liquidated. Depositors of the First National bank of Champaign will not suffer because of Mr. Smith's new appointment, he stated yesterday. The taking of proofs of claims and issuance of receiver's certificates will continue under his announced plans. He will divide his time between Joliet and Champaign.