4384. American National Bank (Mount Carmel, IL)

View Charter #5782 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
5782
Charter Number
5782
Start Date
January 25, 1933
Location
Mount Carmel, Illinois (38.411, -87.761)

Metadata

Model
gpt-5-mini
Short Digest
12c8dd6e32010fe4

Response Measures

Accommodated withdrawals, Capital injected, Full suspension

Receivership Details

Depositor recovery rate
50.0%
Date receivership started
1934-05-31
Share of assets assessed as good
38.1%
Share of assets assessed as doubtful
55.4%
Share of assets assessed as worthless
6.5%

Description

Newspapers (Feb 5, 1933) report heavy withdrawals that threatened the bank; the mayor declared a 10-day business holiday to save the city's bank. The bank suspended operations (business holiday) for 10 days and then reopened on a limited basis. Cause of the run is not specified beyond continued withdrawals; no insolvency, receivership, or permanent closure is reported.

Events (5)
1. April 18, 1901 Chartered
Source
historical_nic
2. January 25, 1933 Run
Cause Details
Sustained heavy withdrawals by depositors threatened the bank; article does not specify a triggering rumor, scandal, or correspondent failure.
Measures
Citizens obtained pledges from depositors not to withdraw and to deposit new funds; mayor declared a business holiday to stem withdrawals.
Newspaper Excerpt
Directors of the bank said it was hopeless to try and keep it open in the face of continued withdrawals.
Source
newspapers
3. January 26, 1933 Suspension
Cause Details
Mayor proclaimed a 10-day business holiday after directors said continued withdrawals made it hopeless to keep the bank open; suspension was a civic measure to protect the bank.
Newspaper Excerpt
10-day suspension of business—a suspension declared by edict of the mayor to save the city's bank from closing.
Source
newspapers
4. February 4, 1933 Reopening
Newspaper Excerpt
The American-National Bank had reopened its doors. Officers happily greeted the rush of patrons with the word that the threat of closing was past. The town's only bank, the American National, resuming business on limited basis.
Source
newspapers
5. May 31, 1934 Receivership
Source
historical_nic

Newspaper Articles (2)
1. February 5, 1933 The Oklahoma News Oklahoma City, OK
Article from The Oklahoma News, February 5, 1933

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Article Text

TOWN IS THRONGED AS STORES REOPEN 10-Day Business Suspension Saves Illinois Bank MOUNT United CARMEL Ill., Feb. Mount Carmel's merchants chuckled in high spirits Saturday as they watched the Saturday night throng of farmers and citizens of this southern Illinois countryside pour into town. The crowds jostled on the sidewalks and loitered front of brightly-lighted movie houses and confectionery stores where soda fountains did a rush business Stores along the main street were open for trade and crowded with customers. It was just the normal Saturday night scene repeated in thousands of small American towns every week but for Mount Carmel the evening held special significance Saturday this town of 4000 population celebrated its release from 10-day suspension of business-a suspension declared by edict of the mayor to save the city's bank from closing It was real celebration for the American- National Bank had reopened its doors. Officers happily greeted the rush of patrons with the word that the threat of closing was past.

2. February 5, 1933 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, February 5, 1933

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Article Text

BUSINESS HOLIDAY OFF. Mt. Carmel, III., February business holiday of week and two days ended here today with all business places opening their doors and the town's only bank, the American National, resuming business on limited basis. The business holiday was declared by proclamation of Mayor T. B. Wright after the Directors of the bank said it was hopeless to try and keep it open in the face of continued withdrawals. Closing all business except food and drug stores, transportation and other business offices, the citizens of Mount Carmel set about to obtain pledges from all bank depositors not to withdraw their money and to deposit new money to keep the bank from closing.