4479. First National Bank (Peoria, IL)

View Charter #176 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
176
Charter Number
176
Start Date
October 9, 1905
Location
Peoria, Illinois (40.694, -89.589)

Metadata

Model
gpt-5-mini
Short Digest
2ba8ca5f9641697a

Response Measures

None

Description

Articles report First National Bank of Peoria closed its doors Oct 9, 1905 pending appointment of a receiver by the Comptroller as a result of the Dougherty investigation. Although depositors appeared at the bank that morning, the closure is described as government action related to the investigation, and the bank was placed in receivership and paying dividends thereafter. No clear independent, misinformation-driven run is described, so classify as a suspension leading to permanent closure/receivership.

Events (3)
1. December 28, 1863 Chartered
Source
historical_nic
2. October 9, 1905 Receivership
Newspaper Excerpt
they would not be opened again until a receiver had been appointed by the comptroller. Also: To 525 depositors... a dividend was paid... The receiver expects to pay thirty per cent. more before Christmas. (Nov. 28, 1905).
Source
newspapers
3. October 9, 1905 Suspension
Cause
Government Action
Cause Details
Bank closed by directors pending appointment of a receiver by the Comptroller as result of the Dougherty investigation.
Newspaper Excerpt
Early in the day large numbers of depositors appeared at the bank, but the doors were closed and it was announced that they would not be opened again until a receiver had been appointed by the comptroller.
Source
newspapers

Newspaper Articles (2)
1. October 9, 1905 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, October 9, 1905

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Article Text

DEPOSITORS WILL BE PAID. First National Bank of Peoria, III., Closes Its Doors. Peoria, Ill., Oct. 9. -"We have several offers from banks who wished to take over our business, but our directors, after carefully considering the matter, decided that the best thing to do would be to liquidate under the law. Every depositor will be paid in full and I am confident that the stockholders will receive a good return." This is the statement of S. O. Spring, cashier of the Peoria National bank, which closed its doors as the result of the Dougherty investigation. Early in the day large numbers of depositors appeared at the bank, but the doors were closed and it was announced that they would not be opened again until a receiver had been appointed by the comptroller. The Dime Savings bank, in which Dougherty is a large stockholder, experienced a small run, but paid all depositors as they asked for their money. The officers announce that they have plenty of funds to meet all demands.

2. November 29, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, November 29, 1905

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Article Text

PAYING OFF DEPOSITORS. Peoria, III., Nov. 28.-To 525 de positors of the First National bank who filed claims before November 16. a dividend was paid this afternoon and another will be paid Wednesday, the total being thirty per cent. Other depositors will be pa'd a like amount December 10. The receiver expects to pay thirty per cent. more before Christmas.