4370. State Savings Bank & Trust Company (Moline, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
September 8, 1933
Location
Moline, Illinois (41.507, -90.515)

Metadata

Model
gpt-5-mini
Short Digest
2ef7c10d4134721c

Response Measures

None

Description

Articles (1933–1934) describe petitions for receivership, appointment of a receiver/deputy receiver, and liquidation actions (exchanging mortgages for HOLC bonds). There is no mention of a depositor run; the bank was closed and placed in receivership and undergoing liquidation/reorganization. I corrected minor OCR in names (e.g., O'Connell) where context made them clear.

Events (4)
1. September 8, 1933 Suspension
Cause
Government Action
Cause Details
Petition filed in Rock Island County circuit court seeking appointment of a receiver for the bank; bank placed in receivership proceedings.
Newspaper Excerpt
Petition has been filed in the court for the estate of Charles trustee Moline to replace the State Savings Bank and Trust company; petition ... asks appointment of receiver.
Source
newspapers
2. November 21, 1933 Receivership
Newspaper Excerpt
Fred W. Allen, deputy receiver for the Moline State Savings Bank & Trust company under William L. O'Connell of Chicago as receiver, was appointed by Judge J. Paul Califf ... to serve as receiver for collection of stockholders liability for the bank. His bond was fixed at $50,000. (Rock Island Argus, 1933-11-21).
Source
newspapers
3. February 23, 1934 Other
Newspaper Excerpt
Judge Leonard E. Telleen ... entered an order authorizing the receiver for the Moline State Savings Bank & Trust company to turn over to the federal Home Owners Loan corporation 45 real estate mortgages ... in exchange for HOLC bonds. ... first step in the proposed liquidation of $1,000,000 of real estate mortgages held by the bank, ... proposed reorganization of the bank, in which stock for new bank has been subscribed. (1934-02-23).
Source
newspapers
4. April 25, 1934 Other
Newspaper Excerpt
Exchange of 40 real estate mortgages held by the Moline State Savings Bank and Trust company for bonds of the federal Home Owners Loan corporation was approved ... The exchange of a total of 258 real estate mortgages representing a total of $590,190 for bonds of the federal HOLC has been approved. (1934-04-25).
Source
newspapers

Newspaper Articles (4)
1. September 8, 1933 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, September 8, 1933

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Article Text

SOUGHT Receiver Asks Removal of Execution. receiver for Harry Farmers bank. Reynhas filed suit in the Rock land county circuit court against Crompton and Anna Frank Bowling township. Crompton to remove realty transseeking the grounds that the action in aid an execuThe transfer involves farm tion. tract. bill; filed by Huber Reidy for the receiver, that obtained cites 1933, for against July and Frank issued July 12. charged of title third and then to person sham and intended defraud creditors. North Star Benefit associaThe foreclosure suit tion Mrs. Edith Johnson and against M. Johnson, former cashReynold the Commercial Savings bank Moline, now serving prison term. The foreclosure Rock Island property mortgage on part of lot and lot described block Spencer's addiRock Island. The mortgage tion to Aug. 1925, and given for five years in the newed bill states. that Aug. 25, 1931, terest $162650, was defaulted. but subpayments in 1932 and 1933 sequent listed. of taxes and inclaimed paid by the and that the sum of company together with $5,000 and taxes and insurance interest due. payments, the is asked in the property Petition has been filed in the court for the estate of Charles trustee Moline to replace the State Savings Bank and Trust line now receivership. The company, petition, filed through Attorney Rallsback, is presented by Mae, Leigh. Edson and Allen William O'Connell, asks appointment of ceiver. other trustee to act with Edson West.

2. November 21, 1933 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, November 21, 1933

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Article Text

ALLEN CHOSEN BANK RECEIVER ON STOCK ITEMS Deputy in Charge of Moline State Savings Appointed by Judge J. Paul Califf. Fred W. Allen, deputy receiver for the Moline State Savings Bank & Trust company under William L. O'Connell of Chicago as receiver, was appointed by Judge J. Paul Califf in the Reck Island county circuit court yesterday afternoon, to serve as receiver for collection of stockholders liability for the bank. His bond was fixed at $50,000. Suit for collection of the stockholders liability has been pending in the circuit court since February, but no appointment of a receiver had been made. C. K. Churchill of Oakleaf & Churchill of Moline, appearing for individual complaints in the stockholders liability suit, yesterday requested the appointment by the court. Mr. Allen was designated as deputy receiver for closed Rock Island county banks when G. Herbert Pemberton, formerly deputy receiver. became president of the Rock Island Bank and Trust company. Capital stock of the Moline State bank was $1,000,000. The receiver is authorized only to collect payments on liability, and hold the sums received until distribution is ordered by the court.

3. February 23, 1934 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, February 23, 1934

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Article Text

BANK RECEIVER GETS APPROVAL OF BOND TRADES Judge Telleen Authorizes Exchange of Mortgages for Home Loan Securities. Judge Leonard E. Telleen in the Rock Island county circuit court this morning entered an order authorizing the receiver for the Moline State Savings Bank & Trust company to turn over to the federal Home Owners Loan corporation 45 real estate mortgages representing approximately $100,000 in exchange for HOLC bonds. The petition for the exchange of the mortgages was presented by William O'Conue receiver for the bank, through J. Hays Britton, attorney This is the first step in the proposed liquidation of $1,000,000 of real estate mortgages held by the bank, through the Home Owners Loan corporation. The liquidation is one of the elements in the proposed reorganization of the bank, in with which stock for new bank has been subscribed. As rapidly as the preliminary steps exchange can be completed petitions be filed with the court to obtain authority for turning over other real estate mortgages and acceptance of bonds. Bonds are accepted representing the face value of the amount due on the mortgages and these bonds of the federal corporation have market and are liquid. The remaining mortgages of the group which is proposed to liquidate through the federal corporation are now process of examination, preparatory to exchange.

4. April 25, 1934 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, April 25, 1934

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Article Text

THREE GROUPS OF MORTGAGES WILL BE TRADED Court Approves Exchange by Bank Receiver for Bonds of Home Loan Corporation. Exchange of 40 real estate mortgages held by the Moline State Savings Bank and Trust company, for bonds of the federal Home Owners Loan corporation. Was approved yesterday by Judge Leonard E. Telleen in the Rock Island county circuit court, on petit on of the receiver for the bank. William L. O'Connell. The mortgages involved represent a total of $34,854.53. Three groups of securities were involved in the court proceedings. No. 12, of 20 mortgages involving $24,012.99. group No. 13, of three mortgages representing $2,182.49, including one for correction of previously considered item, and No. 4. with 27 mortgages representing $8,659.05 To date. the exchange of a total of 258 real estate mortgages representing a total of $590,190, for bonds the federal HOLC, has been approved.