Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
62.8%
Date receivership started
1930-04-01
Date receivership terminated
1938-06-15
Share of assets assessed as good
35.1%
Share of assets assessed as doubtful
61.1%
Share of assets assessed as worthless
3.8%
Description
Multiple contemporaneous articles describe an initial February scare (cash flown in by airplane to avert withdrawals), a heavy depositor run precipitated by the suicide of a bank officer on March 28, 1930, the bank's failure to open March 29, and appointment of a receiver in early April. The sequence is: run(s) → suspension/closure → receivership, so classified as run_suspension_closure. OCR errors in articles corrected (e.g., Arnold J. Johnson spelled variously as Johnson/Johnson; dates inferred from publication dates).
Events (6)
1.April 21, 1903Chartered
Source
historical_nic
2.February 6, 1930Run
Cause
Local Banks
Cause Details
Runs and recent closings of nearby state banks (Schuyler, Nokomis, Rosamond) and general regional banking distress led to nervous withdrawals in early February; cash was flown from Chicago to bolster the bank.
Measures
Several hundred thousand dollars (reports vary) were flown by airplane from Chicago and transferred to the bank to meet withdrawals.
Newspaper Excerpt
plane ... was reported enroute here ... to avert run on the Pana National bank
Source
newspapers
3.March 28, 1930Run
Cause
Bank Specific Adverse Info
Cause Details
News of the suicide of Arnold J. (Arnold O.) Johnson, second vice-president and heavy stockholder, precipitated panic withdrawals and a heavy run.
Measures
Bank honored checks through closing hour; urgent messages sent to Chicago for money; national bank examiners called for examination.
Newspaper Excerpt
heavy run on the bank which followed the suicide of Arnold O. Johnson ... Hundreds of depositors hurried to the bank
Source
newspapers
4.March 28, 1930Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors decided to halt payments and keep the bank closed following exhaustion of cash due to the March 28 run triggered by the suicide; examiners were notified and the bank did not open the next day.
Newspaper Excerpt
the bank failed to re-open Saturday morning after a heavy run had been made on it by depositors Friday ... bank has been placed in the hands [of] national bank examiner for examination
Source
newspapers
5.April 1, 1930Receivership
Source
historical_nic
6.April 4, 1930Receivership
Newspaper Excerpt
E. T. Martin of Macomb ... was appointed receiver for the Pana National Bank which closed its doors March 28, after a heavy run by the depositors brought about by the suicide of Arnold J. Johnson, vice president.
Source
newspapers
Newspaper Articles (21)
1.February 7, 1930The Daily ChronicleDe Kalb, IL
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COIN TO SAVE A BANK
Airplane Is Used To Take Large Sum of Money To The Pana National
Pana, III., Feb. airplane, carrying amount several hundred dollars, was reported enroute here from cago today avert run on the Pana National bank. threatened result suspension here Schuyler State yesterday Bank. and the closing the Nokomis State Bank Nokomis day. Both banks were closed because assets, due to decreased frozen farm lands on which values institutions were said to have both loans. The airplane made heavy the Federal Rewas sent here bank Chicago. Word the dispatching of the plane was announced by Parthe National president Parish said there was bank. the bank but that slight run worry about and nothing the Reserve bank that the action of sending cash via the air measure.
Good Shape said was sound He depositfull. State bank which The today by the voluntary the eighth action region the last to last report showsix months. Its capital of had and deposits totalling second time an This the called to aid banks plane has been faced the Federal Several hundred Reserve dollars Taylorville thousand on bank plane to relieve there. Taylorville, and Sheriff Dunbar. arrived here several while the morning transferred from being money to the bank. the plane
2.February 7, 1930The PantagraphBloomington, IL
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Farm Board Will Meet Monat Capital to Conday sider Grain Surplus.
CORPORATION PLANNED federal farm board into Monday deal its first emerwheat for which market Other of rescuing wheat farmer failed cause the surplus the board consider of the authority by to organize grain Prompt steps to create the wheat committee the Farmers' National Grain tion meeting with Chairman Legge the board Chicago The would steady the price the grain buying up surplus and holding off the market, that could be in the market. Authority take this action rests entirely the farm board. Board to Be Given Plans. Legge expected return Friday lay the situation before the Whether board will take the measures provided congress be forecast. congressional farm leaders expect the formation of million stabilization few days. The million would come the 150 million dollars fund appropriated by congress. The corporation would involve government greater magnitude than tempted before in this country peace time. The board faces an important cision the first real of the Hoover farm program. Congress provided the groups, the grain stabilization crops and steady the with the farm
Bank shutdowns Illinois FriMcKilvie Making Tour. mounted five in the day How seriously the board considwhen four institutions closed. wheat shown The first shut down the conferences Chicago Schuyler State bank Pana departure of Samuel Thursday afternoon Friday instiboard, tutions Nokomis, and Rosatrip through the wheat era. mond. both near Pana. and others facilities for wheat Milford and Cornell closed their "quite according the agriculture Export demand has dropped steadily with PLANE TAKES AID. Feb. Visible of wheat in the brought amount United States on Feb. several 168,bushels nearly 40 million here bushels more the Pana National bank. two more Wheat United States keeping demand CORNELL CLOSES. and the crop the the 570 Cornell, Ill., bank will be found about the as in 1928. story on Page Farmers Are Warned. The board warned farm added bank suspensions were repeatedly reduce their the list of those that day wheat acreage in an effort closed in this vicinity in the been reduce the supply about the six level the market. the Following on the closing The lack demand, export Schuyler State here Thurscoupled from the Auditor Oscar Nelson day, federal board that had not closed the Nokomis State bank would Nokomis, and the State higher in the has resulted here, bank Rosamond, both near decline of cents bushel for Friday. No. spring wheat in Closing Is Asked. Closing of the banks situation aggrarequest of their directors vated by the grain Their the closing of with the farm here Thursday were board's policies. They claim the buted frozen assets, to government competing with pricreased values farm lands vate business.
3.February 8, 1930Herald and ReviewDecatur, IL
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ARRANGE MINERS DESPITE BANK CLOSINGS
Confident Depositors Fail to Make Run on Pana National
PLANE BRINGS CASH
PANA, Feb. nouncement Friday night that rangements had been made to meet the miners' payroll here on Feb. brought to an end what little excitement existed during the day due to the closing of the Rosamond and Nokomis State banks Friday. the Pana National bank where feared run might made during only few persons to demand their and while they drawing out funds, Pana's business men making deposits. Plane Brings Cash So certain was Parish, ident of the bank, that no could his bank closed, he did not call the Federal Reserve bank Chicago that he feared He call from however, and told that plane bearing thousand dollars had for Pana 12:10 An hour and 40 minutes later the plane roarPana, and landed in by field. Sheriff Dunbar and squad of heavily armed deputies guarded the automobile that ported the money from the plane the bank. When sibility that National bank would close its shifted back to the the H. Schuyler State bank's closing. Although Schuyler, who 86 years declared that every depositor would receive his full deposit, there others close to the bank's fairs who optimistic. One them said that efforts had been made the last weeks to straighten out the tangle, but the they able to raise did money not meet requirements. Schuyler Teaviest Owner Of the 2,000 shares stock in bank, Mr. Schuyler the owner 1,805, stockholders owning from five 30 shares. The bank's failure paralelled (Continued on Page
4.March 29, 1930The Edwardsville IntelligencerEdwardsville, IL
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Institution Suspends Business After Official Is Found Dead in Home.
Pana. III., Mar. examIners scruntinized books of the Pana National Bank today result of that institutions suspending business yesterday when depositors' ced directors to call halt on
The iun the alleged of John-on, second president. He was found dead In the pasement of his home here yesterday from the effects of double charge from shotgun. Johnson, cording to and bank dircehad been despondent because of health. Despite the bank's suspension rectors declare it Is in sound condition and will reopen. This is the ond run on the Pana National Bank this year. On February met mands ot depositors with the aid of several hundred thousand dollars rushed horo from Chicago by plane. The temporary closing of the Pana National Bank leaves this city without financial clearing house. The Schuylet State Bank closed last month. ten banks have been closed in this region in the last twelve months. Practically all suspensions been due to depletion of cash caused by loans on decreased farm values.
5.March 29, 1930Chicago TribuneChicago, IL
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Pana Bank Survives a Run, but Reports Cash Exhausted
Pana, m., March 28.-[Special] The National was without ready funds tonight and unable to honor pay checks result of heavy run on the bank which fol. lowed the of Arnold O. John. son, 55 old, heavy holder and second vice president of the institution. C. B. Parrish, president, announced that an urgent message had been sent to Chicago for money and that the banl was solvent, but close Sat urday for examination for national bank Denies Financial Trouble.
While Johnson's suicide was believed to be the result of despondficials and friends said that his sulcide had no connection with bank affairs. There was a heavy withdrawal of deposits throughout the day, but the bank remained open until o'clock, the regular closing hour. At the closing time a large crowd of depositors of the Penwell Coal and Mining was still standing in line. Every depositor's check and pay roll check was honored up to closing time, but after the doors had closed Guy L. Smith, the bank's attorney, that the bank was out of funds. He said, how. ever, the bank was solvent and depositors would not lose.
Withstood Previous Run.
The uneasiness in local banking has increasing since the H N. Schuyler State bank closed on Feb. by State Auditor Oscar Nelson for and adjustment. The Pana National withstood run at that time with the aid of money rushed here by airplane from During the last few days, with. drawals had been stendly growing and when employes of the mining company appeared at the bank with their pay checks today, two days before the usual pay day, the run started The run was still comparatively light, when news that Johnson had shot himself to death in the basement of his home was circulated. Hundreds of depositors hurried to the bank and joined the already long queue which had formed at the
Bank Closed: $285,000 Short Northampton, March 28 The Hampshire County Trust com pany. suffering shortage of approxclosed its doors today less than two weeks after Harold R Newcomb, manager of its savings department, was charged with theft of its funds. Newcomb, who of nights was the leader of popular jazz orchestra, was arrested on March 17, specifically charged with the theft of $15,000. He was held in default of $30,000 bail. The resulted in heavy with. drawals of deposits, to the proportions of run, which resulted in the state banking department tak ing over the bank's affairs. Coolidge Among Depositors. Former President Calvin Coolidge and Mrs. Coolidge have accounts at the bank, but were not disturbed over the conditions at the institution. A statement from the office of the for. mer President said that Mr. and Mrs. Coolidge had not withdrawn their money and felt that it was perfectly safe. Arthur Guy, state bank examiner, said the company has deposits of $600,000 in its depart ment and $1,575,000 in its savings department, capital of $150,000 and un. divided profits, including surety coverage, of $312,000.
6.March 29, 1930Daily Republican-RegisterMount Carmel, IL
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BANK CLOSED RUN MADE BY DEPOSITORS
Say It is Sound and Will Open For Business Again.
March scrutinized books of Pana National bank today of that pending yesterday when run forced directors call halt on The the alleged suicide of second He was found dead the basement of home here yesterday from the effects of double charge from shotgun. his wife directors, had been desponill Despite the bank's directors in sound condition and will This the second run on the Pana National bank this year On Febmet of positors with the aid of several hundred dollars rushed here from Chicago by airplane.
7.March 29, 1930The Muscatine JournalMuscatine, IA
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Suicide of Bank Official Cause Failure of Bank
Pana. III., March national bank examiner arrived here today to begin work at once on examination the accounts, assets and condition the Pana National bank which was closed today following heavy run yesterday. brought about part by the suicide of Arnold Johnson. second vice president and one of heaviest stockholders President Parrish and Cashier John A. Werner said today they had no statement to make at this time except that the depositors simply "gutted the bank" Friday afternoon following death of Johnson. Members of Johnson's family accredited his to despondency over ill health.
8.March 29, 1930Decatur HeraldDecatur, IL
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FAIL OPEN SATURDAY FOLLOWING RUN
Future of Institution Will Not Be Determined Until Monday
HOLD JOHNSON INQUEST
PANA, March bank examiners were closeted with officials of the Pana National bank Saturday morning. The bank failed to re-open Saturday morning after a heavy run had been made on it by depositors Friday. The withdrawals heightened news of the suicide of Johnsecond vice president and heavy stockholder the bank. Officials Silent The decision of directors to remain closed Saturday was announced Friday evening by Parrish, president of the bank. None of the officers of the bank nor the would make any statement regardthe future of the bank Saturday morning. It was indicated that statement would be issued Monday. The decision to remain came directors meeting after the close business at o'clock. Miners Cash Checks The run began the news of the death of Mr. Johnson spread, and continued throughout the afternoon. number of targe depositors reported to have withdrawn their accounts. In addition, miners who received theri checks from the Penwell Coal Mining made heavy drain on the bank supply of cash. At the close business Friday about lined before the bank's windows. manner when Senator Guy Smith, attorney for the bank, told them the bank out of money and could not pay any more checks. Senator Smith said that the bank was solvent and would open for business the next day. The decision to remain closed came later.
Pana Without A Bank at the time of the failure of the H. Schuyler State bank here on Feb. were greatiy instrumental in exhaustion of the bank's resources. At that time was sent by airplane from Chicago to the National bank, but the was returned later. Pana money left without bank. now The Schuyler bank with assets of closed because of $2,000,000 was The institution is now frozen assets. in process of re-organization. Dehave agreed to waiver positors their deposits that the half of bank may re-open. Ninth County The National bank the ninth inbe closed in Christian stitution to since Oct. 10, 1929. Other county closed during this period were State bank, Oct. 10: Colegrove bank, Oct. 11; Citizens Bulpitt State bank, Oct. TurState State bank, Oct. National bank, Oct. Taylorville National bank, Taylorville, Oct. First H. N. Schuyler State Feb. 6; Rosamond State Pana, verdict of suicide was returned morning by coroner's Saturday which conducted an inquest jury the of Johnson. Funbody eral will be conducted in the home Sunday afternoon at o'clock Rev. H. H. Wintermeyer, pastor by the German Evangelical Lutheran Burial will be in Linwood church. cemetery.
9.March 29, 1930The Idaho StatesmanBoise, ID
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BLAMED MAN'S SUICIDE RUN ON BANK FOR HEAVY suicide PANA, III. Johnson, 55, heavy of Arnold O. stockholder and second vice president Friday Pana National of the bank which left run on the started empty. its coffers Without funds at closing time, it whether declared its was doors would open in the morning, was reported to be although the bank loan under negotiation solvent and in Chicago. suicide was brought on Johnson's but not related to by despondency officials stated. Long bank affairs, lines formed at the cashier windows sudden death, and news of his upon still in full swing withdrawals were at closing time. genuine Exide $7.95 buys
10.March 29, 1930The Belleville News-DemocratBelleville, IL
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Examiners Probe Bank Suicide
Johnson, Second Vice President, Found Dead Home and Run on Bank Ensues.
Pana, Mar examiners scrutinized books of the Pana National Bank today result of that suspendbusiness yesterday when positors' run forced directors to halt withdrawals. The run followed the alleged cide Johnson, second president. He was found dead the basement of his home here terday from the effects of double charge from shotgun. Johnson, according to his wife and bank rectors, had been despondent of health. Despite the bank's suspension rectors declare in sound dition and will reopen. This the second run on the Pana National Bank this year. On February sixth met demands of depositors with the aid of several hundred thousand dollars rushed here from Chicago airplane. The temporary closing of the Pana National Bank leaves this without financial clearing house The Schuyler State Bank closed month. Approximately banks have been closed in this region the last twelve Practically suspensions have been due to pletion of cash caused loans on decreased farm values.
11.March 29, 1930The Taylorville Daily Breeze CourierTaylorville, IL
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Suicide of Officer Friday Afternoon Causes Heavy Run on this Institution
Uncalled for Run During the Afternoon Causes Funds of Bank to Become Exhausted and Directors Decide to Leave Bank Closed. Pana Now Without a Bank.
Chaliapin Ill
The Pana National bank did not open for business this morning. The suicide of A. J. Johnson, second vice president Friday noon, precipitated a Leavy run on the institution, which the bank was unable to withstand only until closing time. The decision to remain closed came a' a directors' meeting after the close of business at 4 'clock yesterday. National bank examiners were notified and a check of the bank's eondition will be started at once. The bank apparently is solvent, it is said.
Miners Cash Checks The run began as soon as the news of the death of Mr. Johnson spread and continued throughout the afternoon. A number of large depositors are reported to have withdrawn their accounts. In addition, miners who received their checks from the Penwell Coal & Mining company made & Heavy drain on the bank's supply of cosh. At the close of business Friday aftrnoon about 25 customers were still lined up before the bank's windows. They left in an orderly manner when Senator Guy L. Smith, attorney for the bank, told them the bank was out of money and could not pay any more checks. Senator Smith said that the bank was solvent and would be open for business the next day. The decision to remain closed came later. In a telephone conversation with Senator Smith this morning he stated that the run on the bank there late yesterday put their business in a paralyzed condition and the scare was all uncalled for as Mr. Johnson only had 17 shares in the bank and he is said to be worth at least $250,000.
Pana Without a Bank Withdrawals at the time of the failure of the H. N. Schuyler State bank of that city on February 6, were greatly instrumental in the exhaustion of the bank's resources, At that time $250,000 was sent by airplane from Chicago to the National bank, but the money was returned later. Pana is now left without a bank. The Schuyler bank with assets of $2,000,000, was closed because of frozen assets. The institution is now in process of reorganization. Depositors have agreed to waiver one half of their deposits so that the bank may reopen.
Ninth in County The National bank is the ninth institution to be closed Christian county since Oct. 10, 1929, Other banks closed during this period were the Colegrove State bank, Oct. 10; Bulpitt State bank, Oct. 11; Citizens State hank, Edinburg, Oct. 17; Turncr State bank, Edinburg, Oct. 18; Taylorville National bank, Oct. 18; First National bank, Oct. 18; N. Schuyler State bank, Pana, Feb. 6; Rosamond State bank, Feb. 7.
Plan New Bank It was understood from very reliable sources this morning that a definite plan has already been inaugurated in Pana for the organization of new bank there at the earliest possible convenience. A waiver of 50 por cent of the deposits of the Schuyler bank was recently voted and it hoped that plans can be made to merge the assets of the two organizations into a new bank.
12.March 30, 1930The PantagraphBloomington, IL
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Pana Without Banking Facilities Thru Failure
March first time than Pana is without banking cilities. The Pana National closed Saturday following run depositors, failed open doors. despite Saturday that there were ample funds to meet all Posted on the door of the bank today was notice "Owing to the tragic death of president, bank has been placed the hands national bank examiner for examination and number depositors appeared the bank Saturday mornand throughout the Many farmers who had not heard that the bank had closed: there and little comment.
13.March 30, 1930The Daily IlliniUrbana, IL
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Flashes of Late
BANKS CLOSED; CITY WITHOUT FUNDS
Mar. 29-For the first time than years, Pana is withbanking facilities. The Pana National bank, closed Friday afternoon, following run by depositors, failed doors, despite announcelate Friday that had ample meet all requirements. Business in Pana, which quiet, proceeded today, but merchants were handicapped for money to cash checks and change.
Marooned FRANCISCO, Mar chaperoned UniCalifornia co-eds and an number of men students, spend the night on the south of here by fog which mishaps to two ocean returned gaily from their today aboard the launch
Return Suicide Verdict Mar. verdict returned today in the Forbeck, near here, whose body found hanging from rafter in
Fears Gang, Suicide ROCKFORD, Mar. terror death the hand of gangsters, Bellone, 45, father nine chilswallowed poison yesterday today. He left note tellfear of but he named denied any him.
Polish Government Changed Mar. two difficult negotiations and feeling between the supporters of Marshal Pilsudski, "strong Polish government formed tonight by Slawek, succeeding the which resigned
Ratify Young Plan French chamber of deputies, answering appeal by Premier Andre tonight ratified the Young vote of 530 to
Oppose "Star Spangled Banner" Mar. Music Supervisors National conference resolution today protesting bill by Congress making Spangled Banner" the naanthem of the United States.
Charges Fraud Mar. 29 John Murphy. assistant state's attorney. charged that Cook county has defrauded of from $150,000 of court clerks scheme to pad
Entombed by Blast reported entombed, gas explosion, late mine near here belonging Pioneer Coal company. Dethe blast were meager, and reports said the men cut No bodies had
Duel Over Man Mex., Mar. between women man within three early this morncabaret pistols under street lonely suburb. The duel womens' affair. Each young woman friend duel became when seconds jumped fray with knives. All wounded before policeending the battle and
14.March 30, 1930Omaha World-HeraldOmaha, NE
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Depositors Strip Bank as Official Kills
Pana. III., March tional bank examiner arrived here today begin work once amining of condition the Pana National bank, was closed today lowing run brought about by suicide Arnold Johnson, second vice president one of the heaviest stockholders. President D. Parrish and Cash John Werner said today they had no statement make this time except that the depositors simply the bank' Friday afternoon following the death Johnson. Members of Johnson's family credited his act to despondency over ill health.
15.April 4, 1930Waukegan News-SunWaukegan, IL
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DEATHS
Albert Clarke The remains of Albert Clarke will lie state at the White and Tobin funeral home until time of the funeral service which will be Saturday at p. m. from the Christ church chapel. Rev. H. Ganster will officiate Interment will be made later at Kansas City, Mo.
Jay Eddy The body of Jay Eddy will lie in state at the White and Tobin funeral home until time of service which will be Saturday at 10:30 m. Rev. W. Chidester. pastor the Presbyterian church will officiate Interment will be at Oakwood cemetery.
Mrs. Katherina Beckman Funeral services for Mrs. Katherina Beckman were held this morning at 10 o'clock from the St. Joseph church. Interment was made at the St. Mary's cemetery.
Mary Orr Wilson Funeral services for Mary Orr Wilson, beloved wife of Thomas Wilson, of 29 Washington circle, Lake Forest, will be held Saturday at 2:30 p. m. from the home. Interment will be in the Lake Forest cemetery.
Mrs. Louise Brown Mrs. Louise Brown, colored, of 220 Belvidere street passed away at her home this morning. She was 70 years of age A daughter, Mrs. Viola Payne of the same address and one son, John H. Payne. Funeral arrangements will be announced later.
DIES AT PRAYER KETTLE ISLAND, Ky., April H. Engle, coal miner on week days and Baptist preacher on Sundays, died kneeling in prayer after the terrific explosion in the Pioneer Coal company mine here last Saturday that killed 16 men. One the rescue workers who helped bring out the bodies told today of how Engle had been found, dead from the volume of poisonous gas that followed the blast Engle regularly condueted services on Sunday among his fellow workers in this little mine community.
NAME BANK RECEIVER PANA Ill., Apr. Martin of Macomb, Ill., today was appointed receiver for the Pana National bank which closed its doors March 28, after heavy run by the depositors brought about by the suicide of Arnold J. Johnson, vice president.
12 MINERS KILLED BRUSSELS. Belgium, April (UP)-Twelve miners were burned death and 9 seriously injured today by an explosion of firedamp in the Elouges mines, near Mons.
16.April 4, 1930Belleville Daily AdvocateBelleville, IL
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BANK RECEIVER NAMED PANA, ILL., April T. Martin of Macomb. III., today was appointed receiver for the Pana National Bank which closed its doors March 28, after a heavy run by the depositors brought about by the suicide of Arnold J. Johnson, vice president.
17.April 4, 1930The Taylorville Daily Breeze CourierTaylorville, IL
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NAME RECEIVER FOR PANA BANK
Pana, III., April 4. (A.P.)-E. T. Martin of Macomb, III., today was appointed receiver for the Pana National Bank, which closed its doors March 28, after a heavy run by depositors, brought about by the suicide of Arnold J. Johnson. vice president.
18.April 5, 1930The PantagraphBloomington, IL
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Lenninger Again Wins Model Plane Trophy John Lenninger, member of The Pantagraph Model Airplane club, the silver trophy cup again at the Friday night meeting. He not only everyone else the M. gym but bettered his last week's floor mark by seven points, making flight of 85 seconds. Ralph Leubbers made the next best record when his small plane flew 62 secSeveral af the boys tried their luck with letting them take off from the balcony of the gym. R. N. Fletcher, boys' secretary of the Y. M. C. A., was in charge.
Pana Receiver Named
Martin of Macomb, III., Friday was appointed receiver for the Pana National bank which closed its doors March 28, after heavy run by the about the suicide of Arnold J. Johnson, vice president.
19.April 5, 1930JG-TC: Journal Gazette and Times-CourierMattoon, IL
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RECEIVER APPOINTED FOR CLOSED PANA BANK
Pana, III., April 5.-E. T. Martin of Macomb has been appointed receiver for the Pana National Bank. "The bank will be given the usual opportunity to reorganize, in accordance with national bank laws," Mr. Martin said. W. A. Cutler, national bank examiner, who has been making an audit. turned the bank over to the receiver Friday. The bank closed its doors on March 28, after a heavy run brought on by the suicide of Arnold Johnson, vice-president, and a heavy stockholder.
KD-1 with Engineer Swanson displacing Syl Roy. Fireman Hicks is off duty on account of the illness of his wife. Charles Thornton, engine wiper, is off duty on account of the illness of his mother. Three men have been cut off the Mattoon firemen's extra board, the men losing out being Harry Prentice, Roy Cheever and Charles Bulla. Brakeman F. O. Crume has been assigned to the Mattoon extra board. Brakeman Welch has reported for service on the transfer job. The Livingston mine run has been discontinued for the present. Brakeman Dalton is off duty because of the illness of his mother Brakeman R. F. Guinee has reported for service on the Mattoon extra board. Brakeman P. G. Cox is off duty on account of illness. Brakeman Welch has reported for work after being relieved to attend the division safety meeting. Brakeman Dailey has been assigned to the head end of OS-1 and NY-6 with Conductor O. Hill. Brakeman L. C. Knight is off duty on account of illness.
20.April 5, 1930Herald and ReviewDecatur, IL
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MAYREORGANIZE;
Martin, Macomb, Appointed to Direct Affairs as Examiner Reports
CUTLER FINISHES AUDIT
Specia] to The Herald PANA, April Martin of Macomb Friday morning was appointed receiver for the Pana National bank, and took charge of the bank's affairs immediately. bank will be given the usual opportunity reorganize, in accordwith national bank laws," Martin told Herald representative. Cutler Finishes Audit Cutler, national bank iner, has audit, turned the bank to the receiver Friday The bank closed its doors March 28, after heavy run brought by the suicide Arnold Johnson, president, and heavy stockholder, who blew off head with shotgun. Only indication of the bank's dition which revealed was last report, dated December showed institution to have liabilities of $1,040,385.94, and assets which totaled $409 more. Expect Announcement Soon Since the National bank closed. Pana has been ithout any banking facilities; the H. Schuyler bank having closed about months after run. Business has been bolstered by Decatur and Vandalia banks. Officers the Pana National have announced they have statement make, presumably in regard reorganization, within few days. Depositors the Schuyler bank are also working out a reorganization plan.
21.October 22, 1930St. Louis Globe-DemocratSt. Louis, MO
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PANA BANK RECEIVER TO PAY DIVIDEND
PANA, ILL, October 21.-Receiver A. E. Martin of the Pana National Bank tonight that he had accumulated sufficient assets for the payment of the first 25 dividend and that checks made out in form and mailed within sixty days to those who proved their claims. took charge the bank few after it suspended and taken by the troller of currency March 28 last, following a run by depositors.
