4502. Home State Bank (Princeville, IL)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
April 1, 1929*
Location
Princeville, Illinois (40.930, -89.758)

Metadata

Model
gpt-5-mini
Short Digest
e7d38cf433face8f

Response Measures

None

Description

Articles report heavy withdrawals triggered by rumors about the Auten brothers (officers/directors), leading directors to close the bank and State Auditor Oscar Nelson to formally close it. The press expresses hope it will reopen, but no reopening is documented, so outcome is unsure. OCR errors in articles corrected (e.g., names and phrasing).

Events (2)
1. April 1, 1929* Run
Cause
Rumor Or Misinformation
Cause Details
Rumors about the private affairs/land investments of the Auten brothers (officers/directors) prompted heavy withdrawals.
Measures
Directors decided to close the bank to protect depositors; closure arranged with State Auditor.
Newspaper Excerpt
rumors started run the bank causing directors act close the bank
Source
newspapers
2. April 25, 1929 Suspension
Cause
Government Action
Cause Details
Closed by State Auditor Oscar Nelson at the suggestion of the bank's directors after heavy withdrawals due to rumors about officers.
Newspaper Excerpt
State Auditor Oscar Nelson this morning closed the Home State bank this city
Source
newspapers

Newspaper Articles (2)
1. April 25, 1929 The Daily Chronicle De Kalb, IL
Article from The Daily Chronicle, April 25, 1929

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Article Text

State Bank At Princeville Closed Today State Auditor Oscar Nelson this morning closed the Home State bank this city The bank was established in Peter Auten president, Cox president and Edward Auten. cashier. The Auten brothers' private affairs rumors started run the bank causing directors act close the bank protect denied the Auten private financial troubles effectthe bank any way and made that will probably reopen in few days.

2. May 10, 1929 Bureau County Tribune Princeton, IL
Article from Bureau County Tribune, May 10, 1929

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Article Text

Princeville Bank Closed Last Week The Home State Bank at Princeville closed last Thursday by State Auditor Oscar Nelson. at the suggestion of the Board of Directors of the bank. Rumors the Auten Bros. two of whom are offic ers and directors of the bank. President and Cashier brought about the closing Heavy investments in land by the Autens is said to have brought about the trouble and depositors. fearing that the bank would be connected. started withdrawal funds. It was this that made the Directors decide to close the bank is said that none of the Auten fairs are connected with the bank. and for that reason hope is expressed that the bank will again open its doors soon.