4438. State Bank (Orangeville, IL)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
January 23, 1931
Location
Orangeville, Illinois (42.468, -89.644)

Metadata

Model
gpt-5-mini
Short Digest
87ab6ad4e3b6681d

Response Measures

None

Description

Articles report steady withdrawals and depressed bond values forcing the State Bank of Orangeville to close by board order (suspension) in late January 1931; the bank reopened in mid-March 1931. The withdrawal activity is reported as steady over months and led to suspension, so classified as a run leading to suspension and later reopening.

Events (3)
1. January 23, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawal of deposits over past six months and depression of bond values (business slump) eroded liquidity.
Measures
Board of directors ordered the bank closed for examination and adjustment; requested state auditor examination.
Newspaper Excerpt
Steady withdrawal of deposits and a depression of bond values was given as the cause of the failure of the State Bank of Orangeville to open its doors Saturday morning.
Source
newspapers
2. January 23, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board-ordered suspension due to steady withdrawals and depression of bond values; directors requested state auditor to examine and adjust affairs.
Newspaper Excerpt
This bank is closed for examination and adjustment by order of the board of directors of the State Bank of Orangeville.
Source
newspapers
3. March 16, 1931 Reopening
Newspaper Excerpt
The State Bank of Orangeville reopened its doors Monday morning after being closed since January 23. ... The bank opens under happy circumstances and all Orangeville is rejoicing over the resumption of business again.
Source
newspapers

Newspaper Articles (3)
1. January 29, 1931 The Davis Leader Davis, IL
Article from The Davis Leader, January 29, 1931

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Article Text

ORANGEVILLE BANK CLOSED Steady withdrawal of deposits and a depression of bond values was given as the cause of the failure of the State Bank of Orangeville to open its doors Saturday morning. Business at the Orangeville bank was suspended following an order issued by the board of directors who have requested that an examination and adjustment of the affairs of the institution be made by the state auditor. The following notice was posted on the door of the bank: "This bank is closed for examination and adjustment by order of the board of directors of the State Bank of Orangeville. E. M. Reeser, cash- Depression of bond values due to the business slump and the steady withdrawal of deposits during the past six months compelled the bank to take this action, according to a statement issued this morning by one of the officials. The bank was capitalized for $35,000, the last financial report indicating that there was surplus and profits amounting to $22,000. According to the last report the deposits amounted to $295,782. The State Bank of Orangeville is a merger of the People's State bank and the Orangeville State bank, the two having consolidated on July 1, 1925, under the present name. This is the only bank in Orangeville.

2. March 19, 1931 The Stephenson Farmer Lena, IL
Article from The Stephenson Farmer, March 19, 1931

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Article Text

ORANGEVILLE STATE BANK IS REOPENED MONDAY The State Bank of Orangeville reopened its doors Monday morning after being closed since January 23. The officers were re-instated: same President, Ivan E. Rote; vice presiM. cashier, E. M. dent, H. Seidel; Reeser. The directors are Rote, Sofores Rote, H. M. Seidel, L. H. Burrell, of Freeport, E. M. Reeser, W. M. Hartman, the latter also of Freeport. The bank has been in charge of C. C. Lund, state bank extminer, of Oscar Nelson, representative auditor of public accounts, since closed its doors. It reopened with capital of $35,000; surplus and undivided profits, $21,000, and deposits, $250,000. The bank opens under happy circumstances and all Orangeville is rejoicing over the resumption of business again.

3. June 1, 1933 The Thomson Review Thomson, IL
Article from The Thomson Review, June 1, 1933

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Article Text

Sand Burs Fos. have been Interesting figures week which light this brought to of liquidthat the procedure show to the is quite costly bank ating community; and also quite producwho have an opportive to those tunity of partaking of the same. The figures given below are taken from Saturday's issue of the Rockford Daily Journal, and give in our territory instances of banks been in receivers have where charge. State Bank. Receiver, Hanover John C. McKenzie, total fees and $750.00. Attorney to date salary Tear, Galena, receiver, Harry for fees not yet amount of attorney's decided. Leaf River State Bank Receiver, Geo. B. Banning, total fees and Attorsalary to date, D. D. Madden, for receiver, ney Rockford, amount of attorney's fees not decided. yet Lyndon First State Bank. Receiver, Glenn Craddock, total fees and salary to date $1,450.00. AtJohn A Riorfor receiver, torney dan, Morrison, total attorney's fees date, $800.00. to State Milledgeville. Shumway Bank. Receiver, W. R. Clough, total fees and salary to date, $2,554.73. Attorney for receiver, Chas. E. Stuart, Mt. Carroll, amount of attorney's fees not yet decided. Elizabeth Exchange Bank. Receiver, L. C. Lundgren, total fees and to date, $1,446.00. Attorney salary for receiver, Louis A. Nack, Galena, total attorney's fees to date $646.25. (Louis A. Nack member of the District Democratic Executive Committee, supporting Mr. Shaw's campaign). Forreston. Comm. State Bank. Receiver, H. H. Baldwin, total fees and salary to date, $350.00. Attorney for receiver. Seyster Fearer, Oregon, amount of afterney's fees not yet decided. Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00. Fulton. Whiteside County State Bank. Receiver. John C. Kadyk. total fees and salary to date $6.616.48. Attorney for receiver, A. M. Blodgett, Fulton, total attorney's fees to date. $6,747.65. Morrison State Bank. Receiver, W. total fees and Chas. salary to date. $2,300.00. Attorney for receiver, W. D. Little. Morrison. total attorney's fees to date, Orangeville. State Bank of Orangeville. Receiver. Wilbur P. Cooper, total fees and salary to date. $2,672.60. Attorney for receiver. Louis H. Burreli, Freeport. amount of attorney's fees not yet decided. Polo State Bank. Receiver, W. T. total fees and salary to Schell, datefi $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00. Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul total fees and D. Carlson. to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00. Stockton. Peoples State Bank of Stockton. Receiver. Jas. C. Fesler. total fees and salary to date. for receiver. Attorney Democratic ComLouis A. Nack, of Galena,