4466. First National Bank (Paxton, IL)

View Charter #2926 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
2926
Charter Number
2926
Start Date
August 25, 1893
Location
Paxton, Illinois (40.460, -88.095)

Metadata

Model
gpt-5-mini
Short Digest
8cf45ed07404c12c

Response Measures

None

Description

On Aug 25, 1893 the First National Bank of Paxton briefly 'closed its doors by order of the board of directors' but reopened minutes later after a directors' meeting; no run is described. The nearby Ford County Bank assigned (failed), which prompted the directors' consultation — classified as a suspension with reopening driven by local bank failure news.

Events (3)
1. April 14, 1883 Chartered
Source
historical_nic
2. August 25, 1893 Suspension
Cause
Local Banks
Cause Details
Closure followed the assignment/failure of the Ford County Bank in Paxton, prompting the First National's board to briefly close for consultation before reopening.
Newspaper Excerpt
The First National also closed its doors by order of the board of directors. The doors only remained closed a few minutes for consultation. They were then reopened and business resumed.
Source
newspapers
3. October 23, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (5)
1. August 26, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, August 26, 1893

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Article Text

trouble over the Seymours' bank culminated to-day in the arrest of Assistant Cashier John Maxiner on a charge of taking money collected on depositors' claims. Maxiner gave bonds. A warrant has also been issued for the arrest of Cashier W. L. Seymour. but has not been served. Maxiner is a member of the city Board of Aldermen and of the Board of Supervisors. PAXTON, 111., Aug. 25. - The Ford County Bank failed this morning. Assets, $154,000; liabilities, $100,000. The First National also closed its doors by order of the board of directors. The doors only remained closed a few minutes for consultation. They were then reopened and business resumed. Deposits are being now freely made. Los ANGELES, Aug. 25. - Receiver Brodtbeck of the defunct City Bank and his attorney handed in their resignations to Judge Shaw this morning, but the Judge would not receive them. The Judge highly eulogized the receiver and said that because of his truthful statement of the bank's condition the depositors were dissatisfied. Application was made by the Clearing-house to have $31,000 in securities now in possession of the receiver given to the Clearing-house as security for the deposit of County Treasurer J. de Barth Shorb. The matter was continued.

2. August 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 26, 1893

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Article Text

ASSIGNMENT OF AN ILLINOIS BANK. THREE WESTERN INSTITUTIONS RESUME BUSINESS AFTER SUSPENSION. Paxton, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment was the failure to realize on notes and other paper due. The securities are said to be ample, and with proper management the assignees hope to realize sufficient money to meet all liabilities. Owing to the suspension of the Ford County Bank, the First National Bank closed its doors for a few, minutes only to hold a meeting of its Board of Directors and citizens, who determined that it should instantly resume business. The bank is now open as usual. People deposited freely to-day. Milwaukee, Aug. 25.-A dispatch from River Falls, Wis., says: The Bank of River Falls, which suspended one week ago, resumed business yesterday. San Bernardino, Cal., Aug. 25.-The Farmers' Exchange Bank reopened yesterday. Washington, Aug. 25.-The First National Bank of the Dalles, Ore., suspended payment on July 31. Having complied with the conditions imposed by the Controller of the Currency, and its capital stock being unimpaired, it was to-day permitted to reopen its doors to business.

3. August 26, 1893 The Sun New York, NY
Article from The Sun, August 26, 1893

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Article Text

Banking Troubles. PAXTON. III.. Aug. 25.-The Ford County Bank. with liabilities of $99,500 and assets of $154,000. assigned this morning to J. H. Moffet and C. H. Yeomans. The First National Bank also closed its doors by order of its Board of Directors. but reopened them after a meeting of the directors. NEW ORLEANS, Aug. 25.-The New Orleans Clearing House decided yesterday to issue Clearing House certificates for small sums to persons having money on deposit. payable to themselves or beforer in sums of $5. $10. $20, or more.

4. August 30, 1893 Watertown Republican Watertown, WI
Article from Watertown Republican, August 30, 1893

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Article Text

Two Illinois Banks Fail. PAXTON, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and J. H. Yeomans. The First National Bank has also closed its doors by order of the board of directors.

5. September 2, 1893 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, September 2, 1893

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Article Text

PAXTON BANKS CLOSED. Ford County Bank Assigns and the First National Suspends. PAXTON, Ill., Aug. 26.-The Ford county bank, with liabilities of $99,500 and assets of $154,000. assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment is the failure to realize on notes and other paper due. The securities are said to be ample and with proper management the assignees hope to realize sufficient to meet all liabil ties. The First national bank has also closed its doors by order of its board of directors.