gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1be839d20dd3ebc7
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Capital injected, Full suspension, Books examined
Other: Bank was later placed in receivership; receiver carried on collections and suits to recover funds.
Receivership Details
Depositor recovery rate
52.6%
Date receivership started
1930-12-05
Date receivership terminated
1939-12-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
57.9%
Share of assets assessed as doubtful
39.5%
Share of assets assessed as worthless
2.6%
Description
April panic was met with armed guards; bank later failed to open Dec 1 and a receiver was appointed.
Events (5)
1.January 16, 1891Chartered
Source
historical_nic
2.April 14, 1930Run
Cause
Local Banks
Cause Details
Panic driven by failures/closures of several Williamson County banks earlier that day, producing heavy withdrawals at Marion.
Measures
Machine guns mounted by sheriff as precaution; armored truck shipment of currency; large merchant deposit to bolster cash.
Newspaper Excerpt
Panicky citizens Williamson county... were met to-day by machine guns they started the National Bank of Marion
Source
newspapers
3.December 1, 1930Suspension
Cause
Local Banks
Cause Details
A run following the closing of the Benton First National and other county banks, plus steady withdrawals and frozen county anticipation warrants reduced cash below requirements.
Newspaper Excerpt
The First National Bank... failed to open today... The board of directors blamed steady withdrawals and frozen assets for the closing. A run on the bank occurred Saturday, following closing of the First National Bank at Benton.
Source
newspapers
4.December 5, 1930Receivership
Source
historical_nic
5.December 18, 1930Receivership
Newspaper Excerpt
R. C. Sulivan of Chicago has arrived in Marion to take charge of the First National Bank as receiver... examiners who have been in charge of the bank since it failed to open for business on the morning of December 1 are still checking the records of the bank.
Source
newspapers
Newspaper Articles (22)
1.April 15, 1930The Modesto BeeModesto, CA
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MACHINE GUNS HALT RUN ON ILLINOIS BANK
Citizens Of Williamson County Become Panic Stricken As Institutions Fail
Panicky citizens Williamson County. frightened by failure of all banks in the county, were met to-day by machine guns they started the National Bank of Marion The machine protect $100,000 in three other banks failed earlier in the day seven banks have closed in In Sheriff Oren Coleman said the machine guns mounted simply precautionary measure that no efforts be made keep depositors from their savings if they desired closed with deposits of more than their doors because of decline value mortgaged farm large amounts of tax anticipation warrants funds coal mining activity officials said
2.April 15, 1930The Long Beach SunLong Beach, CA
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Run Illinois on Bank Is Checked Machine Guns
MARION, April 14 Panicky citizens Williamson county, frightened by failure seven county, were met today by guns they on the First tional bank of Marion. The chine mounted tect $100,000 currency hurried from St. Louis. Sheriff Oren Coleman said the machine guns were mounted simply that efforts would be from with their savings. The closed banks, aggregate deposits of more than were forced shut their doors cause decline in value of mort, farm lands, large amounts anticipation warrants county funds and lack goal mining activity, officials
3.April 16, 1930Chicago TribuneChicago, IL
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SURVIVING BANKS GET WILLIAMSON COUNTY SUPPORT
Few Deposits Withdrawn Despite Failures.
Confidence in Williamson county banking where seven banks were closed within week's time was virtually restored today with practically no of deposits in any of the six remaining It was not for the First National bank of Marion to use received by armored truck from St. Louis. The bank paid out $90,000 but Monday, gained in deposits today. Edward B. Clark, representative of the Franklin American Trust company of St. Louis, after an investigation of the Marion Trust and Savings bank as counts stated today. am sure that this bank will not only be able to pay its depositors tull, but believe it can be re-organized and re-opened for with in week after the state bank exam iners their work.' Owing to the closing of many banks at one time the bank examiners will not be able to complete their work as rapidly as usual. Two of the banks remaining open are state banks, The Johnston City State bank and the citizen's state at Creal Springs. The other four are the City National at Herrin and the Forest Nationals at Marion, Herrin and Carterville. Cashier Misuses $143,000.
Edwardsville, Ill., April George W. Meyer, president of the Bank of Edwardsville, announced today that the cashier, Frank B Sanders had misappropriated
$143,000 of bank funds, using the money to finance several motion pic. ture theaters and other private business ventures. Myers said no charges would be made against Sanders has reimbursed the bank for part of the loss, Meyer said, and the directors have raised a fund to make up the balance, under Sanders' promise to raise the money to pay back in full. He has been discharged as cashier. The announcement was made. according to Meyer, to restore public confidence during slight run on the bank this morning.
Fisher Bank Closes. Fisher, Ill., April State bank examiners today took possession of the Fisher State bank and
4.April 16, 1930Belleville Daily AdvocateBelleville, IL
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$49,000 DEPOSIT HALTS RUN UPON BANK AT MARION
$200,000 Reserve Cash Not Needed: Another Institution, Closed, Is Expected To Open For Business.
With the deposit of $49,000 in the First National Bank here by Marion business men and merchants to offset $90,000 in withdrawals Monday. caused when the Marion Trust & Savings failed to open for business, a shipment of approximately $200,000 in currency from the Federal Reserve Bank of St. Louis was not needed yesterday. The bank also made payment of payrolls of five Williamson county coal mines in cash yesterday. and according to bank officials confidence has been restored in the institutions now open. which includes two state and four federal banks Besides the Marion Trust & Savings, three other Williamson county state banks failed to open Monday and three others closed their doors last week. Edward B Clark former assistant to the president of the National City Bank of St Louis, and now with the Franklin- -American Trust company of St. Louis, which merged with the National City Bank. declared yesterday. "I found conditions of the Marion Trust & Savings Bank the best of any bank that I have seen which was not open for business. am sure it will not only be able to pay the depositors in full but believe it can be reorganized and reopened for business within a week after the examination is completed The bank had $225,000 cash in its vaults when it was closed by the directors as a means to protecting its depositors. Gus James and H. L. Nelson. state bank examiners, refused to comment on the bank's condition. They could not say when their work would be completed
5.December 1, 1930The Anniston StarAnniston, AL
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Article Text
Warren K. Billings Is Denied Pardon
The Supreme Court today declined to pardon for Warren K. convicted charges of complicity in the on Preparedness Day bombing here July 1916.
ILLINOIS BANK FAILS First National Bank, with resources approximately $2,000,000 failed open today leaving Marion, city of more than 11,000 population, without banking institution. The board of directors blamed steady and "frozen assets" for the closing. A on the bank curred following closing of the First National Bank Ben-
6.December 1, 1930The Daily IndependentMurphysboro, IL
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Bank At Marion Fails To Open
MARION, ILL., Dec. The First National Bank, with re. sources of approximately $2,000,000 failed to open today, leaving city of more than 11,000 population, without a banking institution. The board of directors blamed steady withdrawals and "frozen as. sets" for the closing. A run on the bank occurred Sat urday, following closing of the First National Bank at Benton. The First National had on deposit hundreds of accounts of persons who had withdrawn funds from other banks in Williamson county, previous to their closings. Plans had been for reopening of due of the closed Institutions, the Marion State and Savings Bank. SPRINGFIELD. ILL., Dec. state banks in sep. arate parts of the state failed to open today, it was announced by the State Auditor's office here. The banks the Johnston City State Bank. Johnston City: Rock Grove State Bank, Rock Grove: and the Marine Trust Company, Carthage. No reason for the been: received here: aminers have been sent amine and andit books of stitution.
7.December 1, 1930The St. Louis Star and TimesSt. Louis, MO
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Article Text
Death Toll in Mine Blast Is 15.
LUTIE, OKLA., Dec. 1.-(By I. S. -With the deaths of Lon Swindlay, 35, and Burl Boyd, 20, the toll of the Haileyville mine explosion of Saturday reached fifteen.
Frozen Assets Also Contributed to First National's Condition, Directors Say.
By a Special Correspondent. MARION, ILL, Dec. The First National Bank of Marion, one of the largest and oldest banks in the coal mining section of southern IIlinois, failed to open today, leaving this county seat town of 12,000 persons without bank. The institution had deposits of more than Decision to close was made Saturday night by the board of directors. W. L. Dunston, a director, said steady withdrawals during the last few days had reduced the bank's cash on hand below federal requirements. Dunston said $60,000 was withdrawn Saturday. Frozen assets, including anticipation warrants of schools of Marion and Williamson County on which ready cash cannot be realized, were assigned as another cause of the bank's condition. The Marion Township High School may be forced to close, as its funds are exhausted and there is no market for its anticipation warrants. The Marion State Savings Bank, one of six Williamson County banks to close last April, has completed plans for reopening, but indications today were its opening would be postponed. Benton, county seat of Franklin County. is also without a bank, its last financial institution having closed its doors last week. Two banks in Murphysboro, another large town in this section, known as "Little Egypt. consolidated last week, and the First National Bank at Geff, in Wayne County, closed Saturday.
Johnston City Bank Closed. JOHNSTON CITY, ILL., Dec. 1. (By I. N. -Anticipating a run following closing of the First National Bank at Marion and the First National Bank at Benton, the Johnston City State Bank was closed here today by the board of directors. It was closed for examination and adjustment and for pro-
8.December 1, 1930St. Cloud TimesSaint Cloud, MN
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Marion, Illinois, Bank Is Closed by Director Order
Marion, II., Dec 1. The First National bank, with resources of ap proximately $2,000,000 failed to open today, leaving Marion. city of more than 11,000 population, without The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday, following closing of the First Na. tional bank at Benton, III.
9.December 1, 1930The TimesHammond, IN
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MARION, ILL., BANK CLOSED
MARION, First National $2,000,000 failed to open today, leaving Marion, city more than 11,000 population, withinstitution. The board directors blamed "frozen for the closing. the bank Saturday, following closing of the First National bank at Benton III.
10.December 1, 1930Pittsburgh Sun-TelegraphPittsburgh, PA
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Steady Run Closes Bank in Illinois
MARION III. Dec. One of the oldest banks in Southeastern Illinois, the Marion First National Bank. will not open its doors today. W. L. Dunston. director announced. The institution had deposits totaling more than $2,000,000 before steady run of withdrawals placed the bank's cash on hand below federal requirements. Director Dunston
CITY HAS NO BANK
Closed
By United Press MARION Ill-The First National Bank, with resources of approximately $2,000,000 failed to open today. leaving Marion, city of more than 11,000 population, without a banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. run the bank occurred Saturday. following closing of the First National Bank at Benton, III.
12.December 1, 1930The Monticello JournalMonticello, IN
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Illinois Bank Fails
MARION, L-The First National Bank with resources of approximately $2,000,000, failed to open today, leaving Marion, a city of more than 1,000 population, without a banking institution. A run on the bank OCcurred Saturday, following closing of the First National Bank at Benton,
13.December 1, 1930The Elk City Daily NewsElk City, OK
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ILLINOIS BANK CLOSES MARION, III., Dec. 1. (U.P.)-The First National bank with resources of approximately $2,000,000 failed to open today, leaving Marion, a city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and frozen assets for the closing. A run on the bank occurred Saturday, following closing of the First National bank at Benton, Illinois.
LIVE STOCK
United States Department of Agriculture. CHICAGO, Dec. 000 to head, including direct; closed below weights shippers 10,000; estimated Light choice, 140 160 200 250 350 pounds, $8.00 Packing 500 pounds, slaughter good and choice, 100 130 pounds, $8.00 fed 25c to mostly 25c lower better generous proportion comprise selling downward 900 to 1,300 600 pounds, choice, 550 comcommon and Bulls yearlings good choice (beef), cutter to medium. (milk common, Sheep- head: killclasses mostly lower; some lamb sales off fat pounds down. and 150 pounds choice, feeding and to pounds, 500 head; active: steady close last Best others. $4.50 steady heavies nominally down 800 steady: 300 mostly hogs 300 pounds best lambs bid absent
Butter, Eggs and Poultry.
NEW YORK, receipts. 4,457 firmer higher than packing stock current make. No. 24@ No. Eggs. receipts. cases: steady mixed colored packed selected 45@46c medium refrigerator extra firsts, seconds 18@20c medium firsts, hennery do. extra nearby western hennery selected. 44@46c average 41@42c Patreated do extra firsts Poultry, steady: chickens. by freight. express. 19@26c freight. 19@20c: express. 19@26c turkeys. freight. by express, 30c; by 16@18c dressed chickens. fresh, western ducks, CHICAGO. -Butter. 31c; 30@31c; firsts, steady: extra fresh firsts, current refrigerator future refrigerator standards. January,
Rice.
NEW YORK. Rough Clean rice, receipts, 2.670 bags
Bank Suspensions.
NORWALK Conn., Dec. (A).-The Central Fairfield Trust company of this city was suspended by State Bank E. Shippee The bank is forbidden to pay out funds or receive deposits until a court hearing held. Christmas club checks to the amount of $30,000 which were to be received by depositors today have been held up. The bank's are the result heavy in commercial deposits.
BLYTHEVILLE, Ark., Dec. The First National bank here did not open this morning and announcement was in posted that the bank had closed pending the Farmers Bank and Trust company Coincident with the announcement officers the two institutions went into session behind closed doors. The First National and the Farmers Bank Trust company are the only banking institutions in Blytheville.
STEPHENS Dec. The Peoples bank here suspended today for a five-day period. Officials said the closing was for reorganization possible consolidation with the Bank of Stephens. for the proposed merger are in progress, it was announced.
Illinois banks were closed today, two of them as an apparent outgrowth the failure week of the Benton First National bank, of Marion, and the State closed their doors, leaving both without banking facilities other banks that failed to open today in widely separated communities were the State bank, of Rock Grove, and the Marine bank, of Carthage
HARDY Ark., Dec. Farmers bank tonight announced suspension of payments for the five-day period alby Arkansas law. President A. M. Metcalfe said he hoped to reopen. The bank here. is capitalized at statement showed deposits of $106,000
15.December 18, 1930Marion Weekly LeaderMarion, IL
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RECEIVER TAKES CHARGE OF FIRST NATIONAL BANK
Examiners Continue Work Of Checking Books of Bank
R. C. Sulivan of Chicago has ar rived in Marion to take charge of the First National Bank as receiver, it was learned Thursday. The examiners who have been in charge of the bank since it failed to open for business on the morning of December are still checking the records fthe bank They expect to finish their work in the near future and will leave after turning complete charge of the bank and its accounts over to the reeciver. The naming of received in the case ofa national bank not mean necessarily that the bank will liquidate as in the case state banks, but national bank may go ahead and re-organize and adjust its affairs under the administration of receiv. it was said by bank officials on Thursday afternoon. The arrival of the receiver will enable the bank to proceed with collections and to carry on the necessary business for the protection of its accounts the same as states banks are permitted to do when an examiner is left in charge after the audting of account is comleted.
16.July 9, 1931Brownsville HeraldBrownsville, TX
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Deeds Filed July 6th, 1931 Dolores Garza, by Constable to Ewing Securities Co. Lot 10, Blk. 65, Townsite of Harlingen, Cd'n: $286.30. E. S. Thrush. to The American Land Co. Lots I, J, K, L. M. N. O, P and Q. out of a re-subdivision of lots 17. 18, 27 and 28, Surveys 137 and 297. Stuart Place Subd., cont. 19.35 acres, Cd'n: $24,087.00. Valley Orchards Realty Co. to McLeod-Hood Co. East 10 acres of Blk. 41. McLeod-Hood Properties No. 1, Cd'n: $3,510.00. W. H. Bardwell to J. H. Hadden Lot No. 5, in Blk. 13. Townsite of La Feria, Cd'n: $1,510.00. The American Land Co. to Edward E. Etz. 5 acres out of the E. 18.97 acres of Lot E. a re-subdivision of Blks. 2 and 3. Survey 139. Stuart Place Subd., Cd'n: $7,500.00. The American Land Co. to Edward E. Etz. S 1-2 of lot C. of a re-subdivision of Blk: a --- 3. Survey 139, Stuart Place Subd., Cd' $4.750.00. Port Isabel Irrigation Co. to J. V. Markley. Middle 2.32 acres of Blk. 36. Bayview Citrus Groves Subd. Unit No. 2. Cd'n: $10.00 & c. Peoples Gin Co. to L. W. Weber. Lot 12, Blk. 2. Original townsite of Harlingen, Cd'n: $10.00 & C. Will T. Holland to J. W. White. as Receiver of The First National Bank of Marion, Ill., 27.34 acres of Blk. 31. Survey 293. Dougherty & Paillet Subd., Cd'n: $1.00. Port Isabel Co. to Pablo Valente. Lot 21. Blk. 10-A, in the city of Port Isabel. Cd'n: $125.00. W. Roy Smith. et al, to Walter G. Ahlgrim. S. 10 acres of lot 26, cut of Blk. 6. Citrus Gardens Subd., Sh. 27, E. S. Gt., Cd'n: $10.00 & c. Mrs. Minnie Kelley to C. J. Ratcliffe. Lot 9. Blk 16. city of Port Isabel. Cd'n: $1,500.00.
17.July 9, 1931Brownsville HeraldBrownsville, TX
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Deeds Filed July 6th, 1931 Dolores Garza, by Constable to Ewing Securities Co. Lot 10, Blk. 65, Townsite of Harlingen, Cd'n: $286.30. E. S. Thrush, to The American Land Co. Lots I, J, K, L. M. N, O, P and Q. out of a re-subdivision of lots 17. 18. 27 and 28, Surveys 137 and 297. Stuart Place Subd., cont. 19.35 acres, Cd'n: $24,087.00. Valley Orchards Realty Co. to McLeod-Hood Co. East 10 acres of Blk. 41. McLeod-Hood Properties No. 1. Cd'n: $3,510.00. W. H. Bardwell to J. H. Hadden Lot No. 5, in Blk. 13. Townsite of La Feria, Cd'n: $1,510.00. The American Land Co. to Edward E. Etz. 5 acres out of the E. 18.97 acres of Lot E. a re-subdivision of Blks. 2 and 3. Survey 139. Stuart Place Subd., Cd'n: $7,500.00. The American Land Co. to Edward E. Etz. S 1-2 of lot C. of a re-subdivision of Blk: n and 3. Survey 139, Stuart Place Subd., Cd' $4,750.00. Port Isabel Irrigation Co. to J. V. Markley. Middle 2.32 acres of Blk. 36, Bayview Citrus Groves Subd. Unit No. 2. Cd'n: $10.00 & c. Peoples Gin Co. to L. W. Weber. Lot 12, Blk. 2. Original townsite. of Harlingen. Cd'n: $10.00 & c. Will T. Holland to J. W. White, as Receiver of The First National Bank of Marion, Ill., 27.34 acres of Blk. 31. Survey 293. Dougherty & Paillet Subd., Cd'n: $1.00. Port Isabel Co. to Pablo Valente. Lot 21, Blk. 10-A, in the city of Port Isabel. Cd'n: $125.00. W. Roy Smith. et al. to Walter G. Ahlgrim. S. 10 acres of lot 26, out of Blk. 6, Citrus Gardens Subd., Sh. 27, E. S. Gt., Cd'n: $10.00 & c. Mrs. Minnie Kelley to C. J. Ratcliffe. Lot 9. Blk. 16. city of Port Isabel. Cd'n: $1,500.00.
18.August 13, 1931St. Louis Globe-DemocratSt. Louis, MO
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$148,000 IN BOND CHECKS DISTRIBUTED BY MARION
MARION, August 12. Checks for $148,000, derived from the sale of bonds voted one ago by the of Marion for $148,000 were brought to Marion, today by City Treasurer William Burkhart and corporation counsel, John M. Hay, to be creditors of the of on outstanding C. Speer and Sons Company of Chicago, of the bonds. obtained $11, 000 as discount on the dolthe Central Illinois Public and $2400 to Mark Woodley as trustee for indicreditors. The largest goes to A. James, receiver Trust Savings Bank for $58,000, to take up warrants by the bank, while W. White, receiver of the First National Bank received $22,000. and J. of special for the City of Marion, $30,000.
19.November 29, 1931The Evansville JournalEvansville, IN
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MARION BANK RECEIVER SUES COUNTY FOR $20,000
Spires, receiver the First National has filed for mandamus Williamson writ court, seeking to colcounty lect from Williamson county on two warrants held the anticipation bank for $10,000 each similar in Danville suit dismissed prior to filing the one here
States Attorney Roy Browning has suit set off against approximately the county had on debank closed.
20.December 29, 1931St. Louis Globe-DemocratSt. Louis, MO
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WILLIAMSON COUNTY, ILL., TO PAY BANK $20,000
MARION, ILL., December 28.-A writ of mandamus has been issued in Williamson County Circuit Court ordering County Treasurer J. A. Burkitt pay to A. Spires, receiver of First National Bank, $20,000 to redeem anticipation warrants issued by county and purchased by the bank prior to its closing December 1, 1930. The treasurer had held up the money order from Board which instructed him not to pay it over unless the bank paid the county $22,000 which had been deposited by Grant Cruse, former County Treasurer, at the time the bank suspended. A suit has been filed in Federal Court by State's Attorney Roy Browning seeking to make this preferred claim. Browning consented to the mandamus because the county will be saved $100 month interest.
21.December 7, 1933Marion Weekly LeaderMarion, IL
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Attorneys For City Go to Washington
Attorneys H. Ferrell and John Hay left Sunday for Washington for the appear Tuesday as before the United city of Marion States Suprome Court in suit volving approximitely in city funds caught in the closing the City National Bank decided in favor of The case once the city and onco against the city reached the supreme court along similar case arising in the PhilipIslands in which the same pincs involved. The city's deposit protected by an insurance comindemnity bond which was pany secured by the pledging of further certain assets of the bank. The ceiver of the bank now contends former bank officials had no right pledge the assets of the bank any particular
22.August 23, 1934Marion Weekly LeaderMarion, IL
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WARDER STREET CHURCH SOLD
Congregation Has 15 Months to Redeem Church Building Bought By Bank Receivers.
At a sale held by Laura Belle Warder, master in chancery, Wednesday, John Spires, receiver for the First National Bank and Joe P. Benson, deputy receiver for the Marion Trust and Savings Bank, bought the Warder Street Baptist church
Thursday it was stated authoritatively that neither of the bank receivers plans to hold church services in their newly acquired church building and it appeared likely that the present congregation of which Rev. J. W. McKinney is pastor, will continue to occupy the church property for the present. The congregation has 15 months in which to redeem the property which was sold under foreclosure of a joint mortgage held by the two banks. The receivers are empowered to ask for a receiver to collect rents and control the property during the period provided for redemp tion, but no such appointment has as yet been requested by either Benson or Spires Thetwo bank receivers bid on the property to protect the joint mortgage for $10,000 held by their institions. There were no other bidders The First National Bank held $4000 of the $10,000 mortgage, and the Marion Trust and Savings Bank held $6000, of which $2000 was acquired from the Citizens Trust and Banking Company at the time of the consoldations of the two institutions.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
