4503. Citizens State Bank (Prophetstown, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 14, 1931
Location
Prophetstown, Illinois (41.671, -89.936)

Metadata

Model
gpt-5-mini
Short Digest
191bd50d0356cd79

Response Measures

None

Description

Articles state the Citizens' State Bank of Prophetstown was closed Dec. 14, 1931, a receiver (Paul D. Carlson) was appointed and handled collections/payments to creditors. No mention of a depositor run or reopening; the bank remained in receivership and was being wound up, so classify as suspension leading to closure. The articles do not specify the immediate cause of the closure (insolvency, fraud, or panic), so cause is listed as 'other'. OCR errors corrected (e.g., dates and names normalized).

Events (5)
1. December 14, 1931 Suspension
Cause Details
Bank was closed on Dec. 14, 1931; articles do not state specific trigger (insolvency or other).
Newspaper Excerpt
the Citizen's State bank Prophetstown, which was closed on Dec. 14, 1931
Source
newspapers
2. January 5, 1932 Receivership
Newspaper Excerpt
Paul Carlson, receiver of the closed Citizens' State bank of Prophetstown, began duties this ... John M. Stager, county lawyer, appointed as the receiver's attorney. Taber, cashier of the closed bank, as his assistant. The building will be opened in week or ten days, Mr. Carlson said, so that persons having valuables in deposit boxes may access to them.
Source
newspapers
3. April 20, 1933 Other
Newspaper Excerpt
Amount Due to Creditors Prophetstown Bank Set ... the Citizen's State bank Prophetstown, which was closed on Dec. 14, 1931, has made [report] by Paul Carlson, receiver for the closed bank. The report shows the resources and lists the balance due to creditors
Source
newspapers
4. June 1, 1933 Other
Newspaper Excerpt
Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul D. Carlson. total fees and to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00.
Source
newspapers
5. October 19, 1933 Other
Newspaper Excerpt
The receivers Paul Carlson, Citizens' State bank Prophetstown ... request to consolidate receiverships in the county ... belief that Mr. Ruckman of Sterling will be appointed receiver for all banks
Source
newspapers

Newspaper Articles (4)
1. January 6, 1932 The Dispatch Moline, IL
Article from The Dispatch, January 6, 1932

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Article Text

BANK Man to Settle Affairs of Closed Prophetstown Institution. Prophetstown, Jan. receiver of the closed Citizens' State bank of yesterday Paul of hotel there, began duties this John M. Stager, county lawyer, appointed as the receiver's torney. Mr. Carlson has been secretary republican central committee Whiteside county the last two years. He also has been member the county board of review two years. He selected Taber, cashof the closed bank, as his sistant. The building will opened in week or ten days, Mr. Carlson said, so that persons having valuables in deposit boxes may access to Depositors of the bank have pointed to act them in working with the receiver. Greene, Ralph McGrady and Zschiesche.

2. April 20, 1933 The Dispatch Moline, IL
Article from The Dispatch, April 20, 1933

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Article Text

Amount Due to Creditors Prophetstown Bank Set Prophetstown, April receipts disbursements the Citizen's State bank Prophetstown, which was closed on Dec. 14, 1931, has made by Paul Carlson, receiver for the closed bank. The report shows the resources and lists the balance due to creditors The report follows: Total colleections notes, interest, Loss in conversion of 28,214.67 Preferred claims paid Secured claims paid 42,500.00 Receiver's salary 2,400.00 Attorney fees Clerk and stenographer hire Miscellaneous Total resources (book at closing of bank) due to The listed interest give rents and as $1300.01, and balance in hands The miscellaneous inexpense cludes auditor's expense of closing the bank, the receiver's bond, taxes, insurance, interest farm loans, coal, light and incidentals. lived here with her sister, Mrs. Elizabeth Warren, for some time. Prophetstown high school track team will go Hillsdale tomorrow to participate the Two Rivers conference track meet. Schools to represented include Erie, Lyndon, Port Hillsdale and Prophetstown. Mummart track coach the local school. dual meet held in Tampico Tuesday afternoon. Johnson and Roy Moore tended for oil station tendants in Princeton Tuesday ning. Burroughs and Mrs. Luella Warner returned their home after spent the winter here with Mrs. Burroughs.

3. June 1, 1933 The Thomson Review Thomson, IL
Article from The Thomson Review, June 1, 1933

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Article Text

Sand Burs Fos. have been Interesting figures week which light this brought to of liquidthat the procedure show to the is quite costly bank ating community; and also quite producwho have an opportive to those tunity of partaking of the same. The figures given below are taken from Saturday's issue of the Rockford Daily Journal, and give in our territory instances of banks been in receivers have where charge. State Bank. Receiver, Hanover John C. McKenzie, total fees and $750.00. Attorney to date salary Tear, Galena, receiver, Harry for fees not yet amount of attorney's decided. Leaf River State Bank Receiver, Geo. B. Banning, total fees and Attorsalary to date, D. D. Madden, for receiver, ney Rockford, amount of attorney's fees not decided. yet Lyndon First State Bank. Receiver, Glenn Craddock, total fees and salary to date $1,450.00. AtJohn A Riorfor receiver, torney dan, Morrison, total attorney's fees date, $800.00. to State Milledgeville. Shumway Bank. Receiver, W. R. Clough, total fees and salary to date, $2,554.73. Attorney for receiver, Chas. E. Stuart, Mt. Carroll, amount of attorney's fees not yet decided. Elizabeth Exchange Bank. Receiver, L. C. Lundgren, total fees and to date, $1,446.00. Attorney salary for receiver, Louis A. Nack, Galena, total attorney's fees to date $646.25. (Louis A. Nack member of the District Democratic Executive Committee, supporting Mr. Shaw's campaign). Forreston. Comm. State Bank. Receiver, H. H. Baldwin, total fees and salary to date, $350.00. Attorney for receiver. Seyster Fearer, Oregon, amount of afterney's fees not yet decided. Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00. Fulton. Whiteside County State Bank. Receiver. John C. Kadyk. total fees and salary to date $6.616.48. Attorney for receiver, A. M. Blodgett, Fulton, total attorney's fees to date. $6,747.65. Morrison State Bank. Receiver, W. total fees and Chas. salary to date. $2,300.00. Attorney for receiver, W. D. Little. Morrison. total attorney's fees to date, Orangeville. State Bank of Orangeville. Receiver. Wilbur P. Cooper, total fees and salary to date. $2,672.60. Attorney for receiver. Louis H. Burreli, Freeport. amount of attorney's fees not yet decided. Polo State Bank. Receiver, W. T. total fees and salary to Schell, datefi $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00. Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul total fees and D. Carlson. to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00. Stockton. Peoples State Bank of Stockton. Receiver. Jas. C. Fesler. total fees and salary to date. for receiver. Attorney Democratic ComLouis A. Nack, of Galena,

4. October 19, 1933 The Dispatch Moline, IL
Article from The Dispatch, October 19, 1933

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Article Text

Five Whiteside County Men Get Letters from State Official. Prophetstown, Oct. all closed banks in Whiteside county, with exception of Ruckman of First Trust and Savings bank Sterling. asked resign in sent to them this week Ray Drennan, auditor charge of working from the of the state auditor of public accounts. The receivers Paul Carlson, Citizens' State bank Prophetstown. Albert Brown, Tampico State bank. Glenn Craddock, Lyndon State bank. McCall. Morrison State bank. John Kadyk, Whiteside CounState bank at Fulton. The letter received Mr. Carlwhich derstood to similar to those sent the other men, that the object of the request to consolidate receiverships the county der man. that Carlresignation become effective October tomorrow. Belief that Mr. Ruckman of Sterling will be appointed receiver for all banks strengthener the fact that he not asked to preparation rooms, and public system large crowds, when all can not be seated.