4290. First National Bank (Le Roy, IL)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
6586
Charter Number
6586
Start Date
January 19, 1932
Location
Le Roy, Illinois (40.352, -88.764)

Metadata

Model
gpt-5-mini
Short Digest
985998a85c3e8878

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-02-19
Date receivership terminated
1938-06-23
Share of assets assessed as good
38.7%
Share of assets assessed as doubtful
47.0%
Share of assets assessed as worthless
14.3%

Description

The First National Bank of LeRoy experienced a slight run and directors closed the bank about noon Jan 19, 1932 to protect depositors. A bank examiner took charge and the institution went into receivership (H. O. Feldmann). The bank did not resume normal banking operations; the receiver opened the building for claims (Mar 18, 1932) and paid dividends over subsequent years, indicating permanent closure as a functioning bank. Cause of the run/suspension is attributed in the articles to the local depression and withdrawals (local_shock). Dates are from newspaper publication context (suspension reported Jan 20, 1932; closure stated as Jan. 19, 1932).

Events (8)

1. January 17, 1903 Chartered
Source
historical_nic
2. January 19, 1932 Run
Cause
Local Shock
Cause Details
Depression in the community led to withdrawals and a lessening of cash reserves; described as a slight run preceding the closing.
Measures
Directors closed the bank at noon to protect depositors; bank examiner took charge.
Newspaper Excerpt
H Crumbaugh, president ... said while slight run had been experienced, the closing effected protect depositors.
Source
newspapers
3. January 19, 1932 Suspension
Cause
Local Shock
Cause Details
Directors closed the bank after withdrawals reduced cash reserves amid the local depression; closure ordered to protect depositors.
Newspaper Excerpt
The LeRoy First National Bank suspended business about noon last Tuesday ... closed by the orders of the directors for the protection of the depositors.
Source
newspapers
4. February 19, 1932 Receivership
Source
historical_nic
5. March 18, 1932 Receivership
Newspaper Excerpt
The First National Bank of LeRoy ... now in the hands of H. O. Receiver ... is now open, giving an opportunity for depositors to present claims and for borrowers to make settlements. Those who have safety deposit boxes may now have access to them.
Source
newspapers
6. October 6, 1932 Other
Newspaper Excerpt
Feldmann ... has announced 35 per cent dividend payment, to be made at the LeRoy bank beginning on Friday morning. The 35 percent payment will release approximately $60,000.
Source
newspapers
7. September 7, 1933 Other
Newspaper Excerpt
Leroy Bank Pay to Depositors $18,000 ... second dividend ... Receiver H. Feldman ... amounts $18,000 from proceeds of government ... previous dividend of 35 percent paid depositors Oct. 1932.
Source
newspapers
8. February 23, 1934 Other
Newspaper Excerpt
Approximately $32,000 in dividends checks will be paid out to creditors of the First National Bank ... This dividend of 20% makes a total of 65% of the depositors' claims to be paid.
Source
newspapers

Newspaper Articles (13)

Article from The Pantagraph, January 20, 1932

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Article Text

Leroy First National Bank Suspends--Formed in 1907 The Pantagraph. Leroy First Na. tional bank suspended business noon Tuesday. bank examiner took charge at once expects make report few days. H Crumbaugh, president of the institution. said while slight run had been experienced, the closing effected protect depositors. The National bank was ganized in 1907 and capitalized at Mr. Crumbaugh said plans for reorganization had been contemplated Tuesday night. Other officers of the bank are: George Dooley, vice president: HumR. E. cashier: Crumbaugh, cashier, and Julia Townes bookkeeper.


Article from The LeRoy Journal, January 22, 1932

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FIRST NATIONAL BANK CLOSED BY DIRECTORS The LeRoy First National Bank suspended business about noon last Tuesday, when the door was closed and a notice posted on the window stating that the bank was closed by the orders of the directors for the protection of the depositors. S. A. Sandy, assistant bank examiner arrived Tuesday evening and took charge pending the appointment of a receiver which may be expected not later than two weeks. Mr. Sandy stated that no statement of the condition of the bank was available at this time. The First National Bank was organized in 1907, supplanting the Crumbaugh Bank which was established in 1884. The First National Bank had a capitalization of $50,000 and its last made December 31, had $185,745 deposits and bills payable of $42,000. Its resources included loans and discounts of $230,595 and $24,000 cash. The officers of the bank are: H. H. Crumbaugh, president; Geo. E. Dooley and F. B. Humphrey, vice presidents; R. E. Kimler, cashier; C. C. Crumbaugh, Asst. cashier; Julia Townes, bookkeeper. The directors are: H. H. Crumbaugh, Geo. E. Dooley, F. B. Humphrey, H. B. Kline, C. L. Crumbaugh, R. E. Kimler.


Article from The LeRoy Journal, January 22, 1932

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GOOD JUDGMENT BY CITIZENS OF LEROY The people of LeRoy can well be complimented on their good judgment and composure, that, on the closing of the First National Bank last Tuesday, they did not precipitate run on the LeRoy State Bank, the remaining bank in the city. The depression which has fallen heavily on this community, as well as others, was felt to a greater extent at The First National Bank in the lessening of their cash reserves by withdrawals, leading the directors to close the bank for readjustment and as a protection to their depositors. While this was the case with The First National Bank, circumstances have intervened whereby The LeRoy State Bank has been strengthened in its financial standing, especially since December 31st, when its last report was published in The Journal, and it is authoritively stated that the bank has no money borrowed at this time. This has merited the confidence of the depositors and avoided a crisis and the complete paralysing of the busines interest of the community. On such confidence depends the stability and future of this community.


Article from The LeRoy Journal, January 22, 1932

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Eastern Star School Of Instruction Mrs. Bess Lidell of Springfield is holding a school of instruction this (Friday) faternoon and evening of the Empire Chapter No. 580 Order of Eastern Star. A pot luck supper in the evening is a part of the schedule. Mrs. J. W. Cusey In Hospital Mrs. J. W. Cusey has been a medical patient at Mennonite hospital since last Tuesday. She had an attack of pneumonia and will submit to an appendix operation as soon as she is strong enough. At St. Joseph Hospital Mrs. Lyle Morgan underwent a major operation at St. Joseph hospital last Tuesday morning. Her condition is reported satisfactory. CARD OF THANKS We wish to express our sincere thanks to the neighbors and friends who assisted us in any way during our deep bereavement, the sudden death of our darling daughter and sister, Louise Lowe, and for the many beautiful floral offerings. Mrs. Golden Lowe Raymond Lowe ATTENTION Any check issued by Kennett-Murray, LeRoy Stock Yards, which have been returned on account closing of LeRoy First National Bank, will be paid by Kennett-Murray & Company, Bloomington Stock Yards, Bloomington, III. Save For A Rainy Day! An investment of $7.50 per month will amount to $1000 in little over eight years. New series open now! Start today! LEROY HOME BUILDING ASS'N. Mary L. Chubtuck, Secretary.


Article from The LeRoy Journal, March 18, 1932

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DOORS OF THE FIRST NATIONAL BANK OPEN Receiver Ready to Accept Claims and Transact Other Business In Bank's Affairs The First National Bank of LeRoy, which was closed by order of the directors, and now in the hands of H. O. Receiver, and his assistant, G. W. Alexander, is now open, giving an opportunity for depositors to present claims and for borrowers to make settlements. Those who have safety deposit boxes may now have access to them. Elsewhere in The Journal will be found'a notice by F. G. Awalt, Assistant Comptroller of the Currency that all persons who have claims against the bank must present them to H. O. Feldmann, Receiver, with the legal proof thereof within three months from this date or they may be disallowed. The bank's doors are open this morning and will be until further notice.


Article from The Pantagraph, March 19, 1932

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Leroy Bank Opens Doors for Claims, Settlements Pantagraph Central Illinois Service. First National bank of Leroy, closed since Jan. 19 opened its doors Friday morning give depositors an opportunity present claims and borrowers settlements. Also, owners deposit boxes given them. Since its order of the the bank been hands of Receiver Feldmann and Alexander, assistant.


Article from Farmer City Journal, October 6, 1932

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Feldmann Pays at Feldmann, Receiver of the First National Bank of LeRoy, well as of the John Weedman tional Bank, this city and the First National Bank of Foosland, has announced 35 per cent dividend payment, to be made at the LeRoy bank beginning on Friday morning. The 35 per cent payment will release approximately $60,000. Feldmann made 40 per cent dividend at the local bank on August 20, that payment putting nearly $125,000 into the hands creditors of the John Weedman Bank.


Article from The Dispatch, October 22, 1932

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Almost Billion Dollars Sent Out into Channels of nance and Relief. Oct. billion dollars has flowed from into the channels and relief. loans authorized September alone amounting As shown today in the third port from the corporation to congress, over in vances have been made. This braces nearly to banks and trust companies and $218,railroads, and does include loans that have been paid. The report showed that the cash balance of the corporation on September During September the third series of the percent issued sold to the This brings the total amount debentures sold to the treasury which with the capital the total outto in authorized loans had not been disbursed. yet The secretary of agriculture had left with the corporation of September 30th the allocated production fund. Loans authorized during September to banks and trust companies "exclusive of amounts canceled" during the month, were listed to include the following Illinois: First National bank of Altamont, State bank, $7500; City National bank of Centralia, Chicago, Side Savings bank, Chicago, Halsted State bank, South Ashland National bank of Chicago National Bank Clayton State bank, State Bank of ColState Bank of $7000; Crossville, First National bank, $8000; DeKalb. Trust bank, First National Bank of Downers Grove (receiver), $45,000; First State Savings bank of Galena, Hopedale, Hopedale tional bank (receiver), $18,000; Ayers National bank JacksonFirst National bank Leroy (receiver), First National bank Mendota (receiv$76,000; Mendota, Mendota National bank (recelver), Mt. Carmel, National bank, First National bank of Newton, Olney, First bank, First National bank Oneida (receiver), National City bank (receiver), Secor, First National bank, Smithshire, Smithshire State bank, Other authorized during September included: (III.), Lawrenceville Loan association, Wheaton Home Building and Loan association, $8764. Nearly 175 foreign firms have taken sites or factories in England this year.


Article from The LeRoy Journal, January 6, 1933

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first for restaurant. Some of former tauranteurs were Charles Kimler, Claude Gilmore and Skillman. Next door east what known the Wilcox building and taurant of Jimmie Poindexter, time the location of the undertaking establishment of Hallowell, George Patterson; and Michael Son's harware stores. The grocery store of Gerald Bock next in the Bratton building, comes where Bratton for years harness maker. Fay Sartain clerk. The undertaking parlors of the Iden He has been comes located here for about and his Delmar is now years son, him. Then there is the Gillock sisting barber shop, with his son, George, his father. Mr. Gillock sisting cupied this building for many years. The pierce Beauty shop occupies part of the room. The next is the hardware store of R. Stevens, who succeeded George Strayer, about two years sors of Birney Hefling, Guard Bishop, Cline and Crumbaugh in the hardware business. Son, Next comes the drug Williams. This has been of drug store for many years since of Dr. Buckworth and his the days Dana, to be followed by Henry son, Peters. Mr. Williams veteran the business men having come mong here in 1921 to clerk for Deventer. He also has the Varitey next door, which managed by his wife and his daughter, Bonna Pickard. Mr. Pickard works in the drug store. Next comes an old land mark, the location of the clothing store of later the store of St. Elmo Young, the Schumacher dry Murray, goods store and now that of his son, John H. Schumacher. There we find Mrs. Grace Underwood and Gertrude McCracken, as clerks. Rices next was the location bakery of Elmo Ed. Beckham and Murray, restaurant. David King built building in the 1870 and the the postoffice was located here at one time. Next door the Watt building the cleaning of Dewey Here located the first Holderly. was picture house run by Harry moving VanAtta, later Harry Clarey had jewelry store here. On the in the Watt building corner the meat market of Markland, location of the old King Parks the and later that of Barngrocery store Sarver and Barnum. um Across East street, the old location of The Journal, is the Princess Theatre built Marcus West, and now under by of Chas. Lewis. the management VanAtta ran the theatre for Harry number of years before going/to Callfornia. In the same building is the Radio Shop, Oscar Kirchner, proprieJust east is the office of the tor. Power Light Company, with nois Russell Brown local manager, Lloyd electrician and Miss Maude Kindig The last business Cline, secretary the street that of place on Whitecraft in the hardware pump business Whitecraft LeRoy business men having here in work for come Morris in the South Center Street Going to the south of the street and coming back west you will find the office of Dr. Berneice McConnell, recently the office of Dr. R. May. Next is the office of veterinarian. the ing are the plumping shop Kelley and the and the Jones shop with proprifather, Jones. in the next block the pool Ray Keys, time been Donald long having Buckles. Then the restaurant of VerLand, in the building. Next the location of the stores of grocery Wm. Keys, Martin Bros., Rees & Arrowsmith, now the Kroger Grocery manager and Mr. store, and Mrs. Francis Dawson, clerks. Then the double front of The comes How, of and R. Humphrey, the location of the Morris once hardware store. Kenneth Humphrey and Kelley Schultz are store salesmen. The next building that built by Dickinson and remodeled by where he had butcher Corbin, for several years and now shop cupied by Mayfield store and by the Hurley meat grocery It is known as the Eskew market. The the post building. built by Dr. John Haig office building 1897, and where the postoffice has been located ever since. Then comes Owen building built by Leslie the Owen, law office, later the of and now that of fice McKay Arlo E. On the corcer the imposing Roy State Bank building, the old locaof the Keenan building which cation and which had been built in 1872, Reynolds Dry Goods store, the hotel. Miles Keenan bank LaMar Moore, Grizzelle is the Miss Alice Russell Clyde Killion and employed. The First NaAcross the corner in 1884, the tional bank home of the Citizen's bank for and later the First Naber of years under the receivership of tional now The next door west Feldman. store, which for the Rutledge drug half was the Vannearly century Deventer drug store. store is next, The Clothing new location of the to the soon Phares is the postand the store conducted. master Pearl Lawson Bishop.. Next the vacant store room formby Harry Buckles for erly occupied store. Robt. Murray was grocery cated here for number of years. The corner building that occupied Dean Bros., garage and filling in the Crumbaugh building built tion 1911. Along Chestnut Street south from the old MethoWalking dist church, now Masonic Temple, to The Journal office; the come frame building, fomerly the vacant blacksmith shop and later Harrington the Tire the Harrington brick office building Sam Rutledge, and in the same building the office of Dr. Schulhof. Crossing the alley the vacant in the VanAtta which had building, many years been butcher shop. Next is the Morrow shoe repair shop where Patterson doing all the find Warren work, while Mr. Morrow recovering from illness. In is the tinshop Tice of George Schuler comes next, with The and Mrs. Morrell Cragn manager, Lucas Rubio Reynolds, Jess Minnie had for years been the clerks. the location of the harness shop. north Barley buildIn the the barber Lyle Brown, ing Dr. Bontime latter the Barley corner and Passing First National Bank building on the to the office


Article from The Pantagraph, September 7, 1933

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Leroy Bank Pay to Depositors $18,000 Pantagraph second dividend percent deposits to depositors the First National of Leroy beginning Friday. Signed checks were celved the government Bank Receiver H. Feldman Thursday together with authority The amounts $18,000. money according Receiver Feldman was collection of accounts due the previous dividend of 35 percent paid depositors Oct. 1932 from proceeds of government which been redeemed. Depositors required present Certificates given them the time they celved their first dividend checks before the second dividend checks be issued them.


Article from The Pantagraph, January 28, 1934

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Third Dividend Ordered by Leroy Bank Receiver Pantagraph Central Illinois Service. LEROY Feldmann. ceived of the closed First National bank, announces another payment of percent will be made soon to This will be the third dividend to making 65 percent since the bank closed two years ago. The 20 percent dividend paid as soon the checks are signed and returned from the comptroller's office at Washington, Mr. Feldmann said.


Article from The Champaign and Urbana Citizen, February 2, 1934

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BANK RECEIVER PAYS DIVIDENDS A 20 percent dividend is to be paid soon by the First National Bank of LeRoy, which closed January 19, 1932. This makes 65 percent of the deposits already paid and the depositors hope to get their full 100 percent.


Article from The LeRoy Journal, February 23, 1934

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CHECKS ARE NOW AVAILABLE; PAYMENT OF THIRD DIVIDEND TO CLAIMANTS OF IST NATIONAL BANK Receiver Urges That All Past Dividend Checks Be Called For Promptly. Approximately $32,000 in dividends checks will be paid out to creditors of the First National Bank beginning today, Feb. 23rd, as announced by the Receiver, H. 0. Feldmann. He earnestly requests that every-one call for their dividend checks, adding that several uncalled checks of previous dividends are now held at the bank and that the Federal Comptroller in charge of closed banks, has urged that all checks be handed out. No funds will be held at the bank for the cashing of the checks. This dividend of 20% makes a total of 65% of the depositors' claims to be paid, leaving 35% still due, which is approximately $57,000.