Article Text
BIG JOLIET BANK CLOSED July Will County National Bank, third larg. est in failed to open today Directors said frozen assets caused the suspension. The capitalized at and had deposits of on June
4255. Will County National Bank (Joliet, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 1882
- Charter Number
- 1882
- Start Date
- July 13, 1931
- Location
- Joliet, Illinois (41.525, -88.082)
Metadata
- Model
- gpt-5-mini
- Short Digest
595e34e689853237
Response Measures
None
Receivership Details
- Depositor recovery rate
- 66.0%
- Date receivership started
- 1931-07-15
- OCC cause of failure
- Economic conditions
- Share of assets assessed as good
- 24.2%
- Share of assets assessed as doubtful
- 72.5%
- Share of assets assessed as worthless
- 3.3%
Description
Multiple July 13, 1931 articles report the Will County National Bank in Joliet failed to open / closed with directors blaming frozen assets and farm loans. Federal examiners audited the books. A later article (1932-09-16) reports a receiver appointed and liquidation. No contemporaneous article describes a depositor run, so this is classified as a suspension that led to permanent closure/receivership.
Events (4)
1.
September 29, 1871
Chartered
- Source
- historical_nic
2.
July 13, 1931
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors blamed frozen assets and elsewhere closing said to have been caused by farm loans; the bank failed to open on July 13, 1931 and was closed for examination/settlement.
- Newspaper Excerpt
- Joliet, Ill., July 13 - The Will County National bank ... failed to open today. Directors blamed frozen assets.
- Source
- newspapers
3.
July 15, 1931
Receivership
- Source
- historical_nic
4.
September 16, 1932
Receivership
- Newspaper Excerpt
- Smith ... has been appointed receiver for the ... Will county National bank, both in Joliet. ... are being liquidated.
- Source
- newspapers
Newspaper Articles (7)
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Article Text
Large Joliet Bank Closes JOLIET July County National Bank, thrd largest in Joliet, failed to Directors blamed frozen The bank deposits 750,000 on June 30. Seek Year Franchise Illinois Service seeking year Hurst. requested chise recently turned downby the authorities
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Cherry Harvest on Local Pickers Go The annual cherry harvest in the Door county cherry country started today, with indications of a satisfactory crop. Twenty-five local girls and young women left Stevens Point to assist in the picking at the Dagneau Brothers' orchards at Sturgeon Bay. The orchards are owned and operated by William and Ben Dagneau of Stevens Point and Henry Dagneau of Conrath. The cherries will be brought to the city the end of this week for market. ADVERTISE FOR BIDS Washington, July 13-(P)-Designs for 11 new destroyers have been completed and the navy department will advertise for bids on Wednesday. TREASURY REPORT Washington, July 13-(P)-Treasury receipts July 10 were $4,757,796.82; expenditures $16,867,200.67; balance $382,336,848.55. Customs receipts for the month to the close of business July 10 were $9,468,523.96. JOLIET BANK CLOSES Joliet, III., July 13-The Will County National bank, third largest in Joliet, failed to open today. Directors blamed frozen assets. The bank was capitalized $200,000 and had deposits of $2,750,000 on June 30.
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General Bank Moratorium Seen as Need of Germany Head of Fallen Institution Says Move Should Have Been Taken Weeks Ago. BERLIN Jacob schmidt. head of the Darmstaedter und National which has suspended said Monday that general moratorium by all the banks in Germany should be declared immediately He said such move should have been taken weeks The storm of short term credit withdrawals abroad in recent weeks, concentrating on his bank and culminating in its collapse, he characterized as "the result of mad. unreasoning panic among foreign lenders. The disaster which befell his bank had a three origin he said: political campaign of rumors against the bank (the National Socialist press has been active in this respect recently) 2. A worldwide psychological crisis, particularly in connection with Germany. 3. Collapse of the Nordwolle at Bremen. Germany's largest wool combing firm. in which the bank lost heavily strong position, but no bank in the world could withstand such concentrated fury of foreign credit withdrawals. Our bank was the target of more than one-third of all those withdrawals. pate in credit bloc which would guarantee Darmstaedter und Na tional as well as themselves, but the government could make no headway until Darmstaedter was thrown overboard "Hoped Hoped." "There is country in the world whose credit structure is strong that could withstand very long such hurricane of withdrawals the bank head said When the storm concentrated on single bank. the outcome is inevitable Still hoped and hoped and among other hopes the hope of eign "But the foreign lenders did not seem to realize that the credits they had poured Into Germany period of years and which. although of short term nature. gradually had be come so as to sume long term could not be jerked out of Germany in few weeks without "Our hope now that some way will be found to keep this disaster from spreading and that the world will learn something from this experience. Directors Held Hope "That there such tration against one bank was due of course to politically inspired rumors which tended to all vague fears into one cific our bank un- Although they realized sev- CLAIRE The eral days ago the bank was Eau Claire Savings near the end of its rope, Herr closed Monday by the state bank said. the di- at the request of rectors hoped to the very last board of directors of the the that credit bloc of all Germany's banks could be ranged that they might JOLIET BANK CLOSES present united front. JOLIET that County National bank third "there nothing left for us in to open was day Directors blamed frozen The cabinet The capitalized Sunday night in effort had deposits of suade the other banks to
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Joliet, III., Bank Fails To Open Doors Today JOLIET. July Will County National third largest in Joliet, failed to open day Directors blamed frozen The bank capitalized and had deposits of on June 30.
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Remains Gravely dition Iorado Chicago sculptor continued critical Memorial hospital here today, sicians reported. Taft, who taken the pital after suffering heart attack during lecture. relapse yesterday and passed restless night, hospital attaches said. JOLIET BANK CLOSES July County National Bank Joliet closed today and federal bank examiners began auditing the books. The closing said to have been caused by farm loans. The had in deposits. ADMITTED TO BAIL Carrie Jackson, negress, held County for today admitted to $3,000 bond by Circuit Judge Louis Bernreuter. She the bond and was liberated from marks this time would crisis, especially since the Hoover plan not generally adopted. The French that payment the Young maintain feature these negotiawhich they have insisted fundamental. FRANCE GUARDS BORDER Paris, military authorities frontier garrisons and posts closest vigilance because the uncertain situation many, particular avoid any clash of hotheads extremists. GONE Mills, secretary told treasury, morning United States government far could relieving Germany's nancial distress. United Mills put Germany's disposal through president's debt policy anything As outlined by Acting Secretary State Castle last night, the ministration that present problem bankers. Castle said that credit would presumably from the York Federal Reserve Bank, European banks devise relief program. Mills asked the treasury any credit the System might choose extend He replied there legal authority such guarantee. Mills refused opinion what the Federal Reserve might do, he had authority speak Soon after President Hoover turned from his Rapidian telephoned the asking Mills to the House.
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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.