4264. Citizens State Bank (Keithsburg, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 17, 1930
Location
Keithsburg, Illinois (41.099, -90.943)

Metadata

Model
gpt-5-mini
Short Digest
85411df84d8e2cf8

Response Measures

None

Description

The articles describe the Citizens State Bank of Keithsburg having closed Dec. 17, 1930 and a receiver (J. M. Connors) appointed by the state auditor; subsequent items describe receiver actions (dividend) and court cases. No run or depositor run is mentioned, and the bank remained closed with a receiver — fits suspension_closure.

Events (4)
1. December 17, 1930 Suspension
Cause
Government Action
Cause Details
Bank closed and receiver appointed by the state auditor (Oscar Nelson); closure recorded Dec. 17, 1930.
Newspaper Excerpt
The bank closed Dec. 17, 1930. ... Connors, receiver appointed by Oscar Nelson, state auditor public accounts.
Source
newspapers
2. April 2, 1932 Receivership
Newspaper Excerpt
Installment of Five Per Cent ... mailed out today ... Connors, receiver appointed by Oscar Nelson, state auditor public accounts. The bank closed Dec. 17, 1930.
Source
newspapers
3. May 13, 1932 Other
Newspaper Excerpt
Verdict in favor of the defendant was brought in by jury in Mercer county court yesterday in the case of the school trustees Keithsburg Township VS. J. M. Conners, receiver of the closed Citizens State Bank of Keithsburg.
Source
newspapers
4. July 8, 1932 Other
Newspaper Excerpt
Directors of Defunct Keithsburg Bank Suit Is Sustained. ... demurrer suit brought Connors, receiver the Citizens State bank of Keithsburg ... Directors of the bank were charged ... demurrer denying the charge filed answer ... demurrer sustained by Judge Leonard.
Source
newspapers

Newspaper Articles (3)
1. April 2, 1932 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, April 2, 1932

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Article Text

BANK RECEIVER KEITHSBURG PAYS DIVIDEND Installment of Five Per Cent clared and 793 Checks Mailed Account Holders. (Special The Aledo, April the second dividend holders accounts the closed Citizens bank of Keithsburg announced today Connors, receiver appointed by Oscar Nelson, state auditor public accounts. The bank closed Dec. 17, 1930. Seven hundred ninety checks approximately representing cent dividend, mailed out today, Constated. Declaration of the first dividend amounting last October. the receiver said. He announced that against the bank now total

2. May 13, 1932 The Daily Times Davenport, IA
Article from The Daily Times, May 13, 1932

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Article Text

BANK RECEIVER IS FAVORED IN COURT DECISION AT ALEDO verdict in favor of the defendant was brought in by jury in Mercer county court yesterday in the case of the school trustees Keithsburg Township VS. J. M. Conners, receiver of the closed Citizens State Bank of Keithsburg. The suit was based on approximately 2,000 bushels of corn owned by Geo. L. Hartgrove of Keithsburg on which both the defendant and plaintiff claimed lien. The bank through the receiver secured a judgment on the corn after which the trustees filed notice with the sheriff not to sell pending the court hearing as to right of property. The trustees claimed according to the testimony that the corn had been transferred to them to satisfy an indebtedness of Hartgrove's following the expiration of a chattel mortgage on the property. The jury found in favor of the receiver. Members of the jury were W. S. Butcher, Christian Muhlenburg, Bert Holten, J. E.

3. July 8, 1932 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, July 8, 1932

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Article Text

BANK OFFICERS UPHELD FILED ALEDO Directors of Defunct Keithsburg Bank Sult Is Sustained. (Special to The Argus.) Aledo, III., July demurrer suit brought Connors, receiver the Citizens State bank of Keithsburg, Charles Anderson, Alex Anderson, Robert Gaylor and Frank Willits against the directors the bank the time closed, and former tained by Judge Leonard circuit court Aledo Directors of the bank were charged with violation of section the state banking act which limits the which may loaned to 15 per cent of the capstock and 15 per cent the unimpaired surplus fund. The ficers also charged with lowing capital of the bank to become impaired and with makexcess loans. was filed April term court. The demurrer denying the charge filed answer to the suit Attorneys Paul Califf and Virgil Duvall Aledo. Attorney Brian represented the receiver and the depositors bringing the action.