4391. Jefferson State Bank (Mount Vernon, IL)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
December 19, 1930
Location
Mount Vernon, Illinois (38.317, -88.903)

Metadata

Model
gpt-5-mini
Short Digest
8177c8e37be9c61e

Response Measures

None

Description

Newspaper articles (Dec 19, 1930) report heavy withdrawals (a run) at Jefferson State Bank, Mt. Vernon, IL, and that the bank closed its doors and the state auditor/ banking authority was asked to take charge. No article reports a reopening; closure appears to be regulatory (receiver) action following the run.

Events (3)

1. December 19, 1930 Other
Newspaper Excerpt
the bank its report time and call deposits of Heavy withdrawals in few weeks caused the bank Withdrawals yesterday to $40,000. ... It had deposits $741,000 (approx.) at time of last call were $741,151.33 per statement listed deposits of $741,153.33 in deposits at time of last call were $741,151, Withdrawals of $40,000 in One Day. MT. VERNON, ILL ... Jefferson State Bank failed doors this morning, ... the state auditor had been asked to take charge of the institution for protection of depositors. (AP item).
Source
newspapers
2. December 19, 1930 Run
Cause Details
Large, sustained heavy withdrawals/loss of depositor confidence (no specific rumor or solvency scandal described).
Measures
Depositors' heavy withdrawals; bank sought protection from state auditor (regulatory intervention).
Newspaper Excerpt
Heavy withdrawals in few weeks caused the bank ... Withdrawals yesterday to $40,000.
Source
newspapers
3. December 19, 1930 Suspension
Cause
Government Action
Cause Details
Bank closed and state auditor/ banking department asked to take charge following heavy withdrawals; regulatory takeover rather than voluntary reorganization reported in the articles.
Newspaper Excerpt
Jefferson State Bank of this city failed its doors this morning and open notice posted on the door said that because of continued heavy withdrawals the state auditor had been asked to take charge of the institution for protection of depositors.
Source
newspapers

Newspaper Articles (3)

Article from St. Louis Post-Dispatch, December 19, 1930

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Article Text

EAVY RUN CAUSES CLOSING OF BANK MT. VERNON, ILL eposits at Time of Last Call Were $741,151 Withdrawals of $40,000 in One Day. to Dec. MOUNT The Jefferson State Bank failed doors this morning, but thought it will be able to Sept. 30, the bank its report time and call deposits of Heavy withdrawals in few weeks caused the bank Withdrawals yesterday to $40,000. Missouri Failure in Last Two Days. Dec. Bank of Canton, at Canton, in County with total resources was closed today by its and placed in of directors of the State Finance Defollow ing heavy and conwithdrawals, it was anlast statement to the showed deposits of partment of which $12,696 were $196,632; capi$13,000; bills payL. Martin is presG. and F. Hoerer cashier. Union Savings Bank at MonMonroe County, with resources was the first to Itsnotice to the Finance Deartment was followed by a notice the Bank of Osage County. at and the State Bank of Collins, County. Bank of Osage had $244,155 stock surplus $10,000 and J. Pull Jones T. A. Dubrouillet, No reason for the closgiven State Bank of Collins had $60,910 stock $1200 sur$209 undivided profits and bills payable. W. J. Bard and O. E. Simms cashNo reason for the closing was Finance Department has not an xaminer for either the bank or Collins bank. given as reason for the closing of the City bank. bank's last statement listed By loans, $60,000 capital $6000 surplus, $8504 undibils payable and $14,397 liabilities. T. D. Robey was and G. E. Chipman at Keithsburg. III., Fails With itizens State Bank of Keithswith deposits of $430,000 yesterday. It was the only Banks Fail in Northwest Arkansas: 13 in Two Days. ROCK Dec. banks in Northwest and one nationyesterday, bringing the of depositories which have that section the past Commissioner Taylor announced that at and and Merchants' Bank with which A. T. failed to and had been takcharge the Banking Deliquidation. National Bank at Green losed and has been of Federal examof the two instituForest without Bank at Berryville approximately ling to its report to Department Sept. 24, Forest State Bank's on date totaled $158,since Nov. American Exchange Little Rock closed, was cause for closing the Hudspeth was direcRock bank. O. Butt is presiPeople's Bank at BerIndspeth is vice presi- With Deposits of $1,117,000 at Canastota, N. Y. N. Y., Dec. Broderick, State SuperBanks, today antaken possession Bank of Canasiota. to result of what he said be unsound financial losses on loans and incondition of the bank advisable that this in order to conserve the interests of deSept. 24, the bank gross deposits of $1,117,- N. C., Bank, With $1,Liabilities, Closes. C., Dec. Bank and Trust Co. of N. C., failed to open business today. Fuwould be governed by Board of Bank Examinwas said. Officials said the


Article from The Evening Sun, December 19, 1930

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Article Text

Business "Planted," Store Buyer STATES Two In N. Carolina, Three In Indiana, One In Y., Illinois, Virginia, Arkansas Elizabeth City, Dec. The Savings Bank and Trust Company failed to open its doors for business today. Future action will be governed the Board Bank Examinwas said. Williams president of the institution. Officials said the bank was solvent and gave frozen assets and gradual withdrawal of funds as the reason for closing. The bank, which is capitalized $100,000. has liabilities of $1,094,225 Loans amount $925,630 and borrowed money amounts to $193,750, State officials said. And One At Lenoir Lenoir. N. C., Dec. 19 First National Bank of Lenoir did not open for business today. The bank capitalized at $50,000 and its officers said it had deposit indebtedness of approximately 000 when it closed. One Closed In N. Y. State Dec. 19 Joseph Broderick, State Superintendent Banks, today announced that he has taken of the State Bank of Canastota result he said appears to be its unsound condition. "On the date of the last quarterly statement submitted by the bank to the banking department, September 1930. the figures reported as folcapital, $60,000: surplus and divided profits, $9,676: gross deposits, said Broderick. Virginia One Fails To Open Alta Vista. Dec. 19 Farmers and Merchants Bank of Alta Vista failed to open for business today. The bank capital stock of 000, surplus of $3,500 and deposits $105,661.52 in its last statement. Frank Hammer president of the stitution. An examiner has been sent here Bristow, Commissioner Insurance and Banking, to take over the bank's affairs. Three Close Indiana Indianapolis, Dec. Indiana banks failed open their doors today. the State Banking Department notified. They The American Trust and Savings $100,000: the Central State Bank of Whiting, capitalized and the State Bank of Brook, capitalized $55,000. The State Department issued statement regarding the closings. The Richmond bank had deposits the Whiting bank the State Bank of Brook, 000. Customers Who Bought Lavishly As Prospective Purchaser By Owner Another In Illinois Newark, Dec. Mount Vernon, III., Dec. 19 said William Schachat, prospec- Jefferson State Bank closed today tive buyer of delicatessen shop, protect depositors. It had deposits David Fishman said he took $741,000. week. Arkansas Bank Shuts Door "All right. Stick around and Little Ark., Dec. 19 next week." replied Fish your eyes The Clark County Bank Gurdon. deposits of closed watched customers spend doors today under the five-day bank grand total of $325. But suspension law. after he bought the store, he the first week's receipts only $100. Nevada Birds Top Market Court testified Reno, Nev., Dec. Chancery Fishman distributed money prices for the holiday market the that his friends to spend his were received by Nevada turkey among make the week' producers this year for the second consecutive season.


Article from Daily American Republic, December 19, 1930

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Article Text

BANK CLOSES The Associated Press. Mt. Vernon, III., Dec. Jefferson State Bank of this city failed its doors this morning and open notice posted on the door said that because of continued heavy withdrawals the state auditor had been asked to take charge of the institution for protection of depositors. The last statement of the bank showed total of $741,153.33 in posits.