4564. Rosamond State Bank (Rosamond, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 7, 1930
Location
Rosamond, Illinois (39.380, -89.160)

Metadata

Model
gpt-5-mini
Short Digest
1294f7a1496887a9

Response Measures

None

Description

Multiple contemporaneous newspaper articles (dated 1930-02-07/08) report the Rosamond State Bank (Rosamond, IL) had a notice posted that it was closed for examination/readjustment because of frozen assets. Articles describe state examiners closing the bank; no article mentions a depositor run on Rosamond itself nor a receivership or permanent takeover, and the closure is repeatedly described as for investigation/readjustment (suggesting a temporary suspension). No reopening date is provided in these clippings, but there is no explicit evidence of permanent failure or receivership, so I classify this as a suspension with no clear run and presumed temporary (suspension_reopening).

Events (1)
1. February 7, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
State bank examiners ordered the bank closed for examination and readjustment due to frozen assets (insolvency/illiquid assets).
Newspaper Excerpt
Rosamond State bank ... notice posted on the door of the institution said that the bank was closed for examination and readjustment.
Source
newspapers

Newspaper Articles (10)
1. February 7, 1930 The Pantagraph Bloomington, IL
Article from The Pantagraph, February 7, 1930

Click image to open full size in new tab

Article Text

Farm Board Will Meet Monat Capital to Conday sider Grain Surplus. CORPORATION PLANNED federal farm board into Monday deal its first emerwheat for which market Other of rescuing wheat farmer failed cause the surplus the board consider of the authority by to organize grain Prompt steps to create the wheat committee the Farmers' National Grain tion meeting with Chairman Legge the board Chicago The would steady the price the grain buying up surplus and holding off the market, that could be in the market. Authority take this action rests entirely the farm board. Board to Be Given Plans. Legge expected return Friday lay the situation before the Whether board will take the measures provided congress be forecast. congressional farm leaders expect the formation of million stabilization few days. The million would come the 150 million dollars fund appropriated by congress. The corporation would involve government greater magnitude than tempted before in this country peace time. The board faces an important cision the first real of the Hoover farm program. Congress provided the groups, the grain stabilization crops and steady the with the farm Bank shutdowns Illinois FriMcKilvie Making Tour. mounted five in the day How seriously the board considwhen four institutions closed. wheat shown The first shut down the conferences Chicago Schuyler State bank Pana departure of Samuel Thursday afternoon Friday instiboard, tutions Nokomis, and Rosatrip through the wheat era. mond. both near Pana. and others facilities for wheat Milford and Cornell closed their "quite according the agriculture Export demand has dropped steadily with PLANE TAKES AID. Feb. Visible of wheat in the brought amount United States on Feb. several 168,bushels nearly 40 million here bushels more the Pana National bank. two more Wheat United States keeping demand CORNELL CLOSES. and the crop the the 570 Cornell, Ill., bank will be found about the as in 1928. story on Page Farmers Are Warned. The board warned farm added bank suspensions were repeatedly reduce their the list of those that day wheat acreage in an effort closed in this vicinity in the been reduce the supply about the six level the market. the Following on the closing The lack demand, export Schuyler State here Thurscoupled from the Auditor Oscar Nelson day, federal board that had not closed the Nokomis State bank would Nokomis, and the State higher in the has resulted here, bank Rosamond, both near decline of cents bushel for Friday. No. spring wheat in Closing Is Asked. Closing of the banks situation aggrarequest of their directors vated by the grain Their the closing of with the farm here Thursday were board's policies. They claim the buted frozen assets, to government competing with pricreased values farm lands vate business.

2. February 7, 1930 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 7, 1930

Click image to open full size in new tab

Article Text

PANA VICINITY Nokomis Institutions Close Doors After Schuyler State Suffers From Frozen Assets. Feb. Rosamond State Bank of four miles with capital stock surplus $2500 failed to its doors morning. door the institution said that the bank was closed for examination and This the second bank vicinity to close within the past hours. Schuyler State Bank Pana deposits closed yesterday because of frozen assets. Fears Dispelled Fears of heavy run on the Pana National Bank, only other bank this city dispelled this with an by President Parish that although there had been steady withdrawal about o'clock there was not any time more than 25 people line. He stated that there had been more depositors tnat hours than people withdrawing money. As precautionary measure under William McGinley are guarding the Pana National bank against demonstration. At meeting called shortly after the closing the Schuyler bank than 500 citizens Pana their confidence Schuyler State bank capital account $200,000 and surplus $30,000. deposthe time the bank closed taled The and held by the bank amounted $2,076,340. An airplane said to be from the Federal bank Chicago for the Pana tional bank here this The plane left shortly before Sheriff with heavily armed with shotguns will meet the plane and transport the money shipment to the bank.

3. February 7, 1930 Sterling Daily Gazette Sterling, IL
Article from Sterling Daily Gazette, February 7, 1930

Click image to open full size in new tab

Article Text

BANK FAILED TO OPEN Nokomis Bank Closed Also As Result of Run RosaState bank of Rosamond. miles west of here. with stock $25,000 surplus $2.500 failed to open its doors morning. notice posted on door the institution said that the closed for examination and This the second bank in this vicinity to close within past hours. The State bank of Pana, with deposits approximately $2,000,000 was closed yesterday because of froassets No At Pana Fears heavy run on the Pana National bank, other bank this were dispelled this morning President Parish that although there had been steady withdrawal to about o'clock there were any time more than 25 peoline. He stated that there had been depositors up to that hour than people money. As precautionary measure six under Police Chief William McGinley, guarding the possible demonstration. At meeting called shortly after the closing the Schuyler bank than 500 citizens of Pana pledged their confidence in the bank. The Schuyler state bank had capital of $200,000 and surplus of $30,000. The deposits time bank closed totaled The loans and held by the bank amounted to RUN STARTED NOKOMIS. stop occasioned by the failure bank 13 miles of here. the Nokomis state this morning closed its doors. Although bank large amount frozen according the state bank examiner, officials institution announced that they expect to pay deposit liabilities full. Deposits in the bank amounted to while assets totaled on January Capital stock that time listed at $50,000.

4. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

Click image to open full size in new tab

Article Text

Schuyler Bank at Pana and The Rosamond State Bank Close Their Doors The Closing of the Rosamond Bank Today Is the Ninth Bank in County to Be Closed Since October 10th of Last Year. The posting of notice on the doors of the H. N. Schuyler State Bank of Christian county to be closed since October 10th of last year. State bank examiners closed the bank at 6 o'clock last night. The posting of the order closing the oldest bank of that city, came as the completion of an examination of the books after the bank's regular closing hour at 4 o'clock. Frozen assets was given as the cause of the institution's closing. Assets and liabilities totaled $2,381,087 on December 1. The bank has many farm loans outstanding." As soon as the news of the close spread, a meeting of the business men of called by C. R. Parthe town was of the Pana National rish. president bank, in an effort to maintain confidence of the depositors to prevent a the National bank Friday. run on More than 500 men attended the meeting in the Community bouse. Mr. Parrish read a report of the bank's condition. He told depositors that they could have their money at anydeposits in time. He showed would be safe. money No Excitement Reported When the Pana National Bank opened this morning there were a numof officers there to prevent any ber should it arise and undue excitement there were more than fifty of the influencial business men of Pana at the bank assure the depositors that they had no cause to be worried. Shortly before noon today the deposits at be larger this bank were reported than the withdrawals. Schuyler Assures Depositors H. N. Schuyler, presid of the closed institution, went down to the bank this morning and cheerfully greeted a number of people gathered |around the bank and assured them that he would personally see that the depositors did not lose at his bank.

5. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

Click image to open full size in new tab

Article Text

(Turn to Page 3. Please) The Resamond State Bank at Rosamond, III., 4 miles west of Pana with notice posted on the door of the institution said that the bank was closed for examination and readjustment. This is the second bank in this county to close within the last 24 The State Bank of homis. Schuyler Pana, with deposits of approximately $2,000,000 was closed late yesterday because of frozen assets. Bonnell is the president of the Rosamond bank. He holds 38 shares of the stock in this institution and the other principal stockholders are: W. O. Wileox, C. A. Wilcox, W Bonnell and William Grimes.

6. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

Click image to open full size in new tab

Article Text

NOKOMIS STATE BANK CLOSED THIS MORNING Closing of Pana and Rosamond Banks Causes Heavy Run On this Bank. The closing of the Schuyler State bank at Pana and the Rosamond State bank, caused an early run on the Nokomis State bank this morning that caused the officers to immediately close the doors of the bank in the interest of the depositors. amount of frozen assets, according to the state bank examiners, officials of the institution announced that they expect to pay deposit liabilities in full. Deposits in the bank amount to $375,000 while assets totalled $467,000 on January 6. Capital stock that time was listed at $50,000. Charles Kerr is president of bank and Victor Singer is the eashier. National banks at Nokomis consolidated some time and this bank ago strongest institutions in Montgomery county.

7. February 8, 1930 Joplin Globe Joplin, MO
Article from Joplin Globe, February 8, 1930

Click image to open full size in new tab

Article Text

ILLINOIS Failure of One Depository Is Followed by Two Is Staged. Pana. Feb. banks in this vicinity have closed their doors within the twentyfour hours. The Schuyler bank of Pana, with deposits more than $2,000,000, was the first to close. The Schuyler bank ordered closed late yesterday because frozen assets. The Rosamond State bank, four miles west of here, was closed this morning for investigation and readjustment, while the Nokomis State bank, thirteen miles west of Pana. was closed thirty minutes after had opened today, following heavy brought about by the closing the Schuyler bank. Crowd Rushes Tellers. large number of people gathered about the Nokomis State bank before the doors were opened today. As soon the bank opened for business, there was rush the tellers' cages withdraw deposits. Bank officials, fearing that they would not be able to meet the demands the run continued, called meeting of the board directors. The directors voted for immediate closing of the institution protect depositors. President Charles Keer instructed notify State Auditor Nelson Springfield of the board's action, and the board requested that aminers sent to take charge. Deposits of the Nokomis State bank with assets listed at The Nokomis National bank experienced slight remained open for busithroughout The Rosamond State bank listed capital stock $25,000 and of $25,000. Although there was rush to withdraw deposits from the Pana National bank during the morning, officials of the institution said there was no alarm, and before the day was over many deposits had been made.

8. February 8, 1930 St. Joseph Gazette St. Joseph, MO
Article from St. Joseph Gazette, February 8, 1930

Click image to open full size in new tab

Article Text

Two More Illinois Banks Close; Run on One Staged banks in this vicinity have closed their doors within the last twentyfour hours. The Rosamond State Bank, four west of here, closed this morning for investigaand while the State Bank, miles west of Pana, was closed thirty utes after had opened lowing heavy The Schuyler Bank of Pana. deposits of more than $2,000,000. was closed because of frozen assets.

9. February 8, 1930 The Daily Illini Urbana, IL
Article from The Daily Illini, February 8, 1930

Click image to open full size in new tab

Article Text

Flashes Late News SOUTHERN BANKS SHUT DOORS 24 HOURS Feb. vicinity have their within the last hours. The bank of Pana, with deposits than the first The bank was late yesterday because frozen assets. Rosamond State bank, four west of here, was closed this morning for investigation readwhile the Nokomis State bank, miles southwest of Pana, closed 30 minutes after had opened today, following heavy brought by the closing of the large number of people gathabout the Nokomis State bank the doors were opened today. the bank opened for busithere was rush to the tellers' withdraw deposits. Bank officials, fearing that they would not be able to meet the decontinued, called of the board of directors. directors voted for immediate closing of the institution protect President Charles H. depositors. instructed notify State Auditor Nelson Springfield board's action. and the board that examiners be sent to charge. Indicted for Auto Thefts Feb. Victor Reining, head the Commercial Finance company of Bloomington, today was named in dictments, reciting 75 charges, charging possession and automobiles. He was named indictment which charged tempted bribery of members of the grand George Smith, accused of being agent Reining the attempt bribe, was named indictments. James Bundy, Wilbur Wyckoff, King, charged with being associates of Reining in the operaautomobile theft ring, indicted. The men under bonds since last Novemwhen investigators charged the sold automowhich Indicted for Holdup Feb. persons arraigned today Watseka on charges robbing the Hogue state bank noon terday The four held the action of the grand bonds of and were jailed default bail. Those under arrest Clarence Lanter, Georgetown, miner: Tatman, Onarga: George Burns and Squires, both of Dan- Police said Lanter had admitted the robbery and said brother's automobile in the robbery. Burns was by Sheriff Curtis Paxton Burns furnished formation resulting in the arrests of Squires and Authoripractically all the loot Chicago Bucks Crime Feb. Chibusiness staked and against crime Listening to the story the situation told behind doors closed Attorney John Swanand William Russell, police the executive commitChicago association resolved that "the time and took the first two own campaign to bombing and racketeering. reward of posted and conviction of the Philip wounded by gunfire while Wednesday. Eaton Buy Rubber Company Feb. Eaton, Ohio's newest wizard dipped his hands into the today, and with his company took Goodyear Tire RubLess month steel the third largest the United States. Fraternity Head Dropped been the University of part student fight Nicholson announced former students, who while school were active the fraternity, alumni national office of the removal from the organiparticipants injured have been beset Names withheld.

10. February 8, 1930 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, February 8, 1930

Click image to open full size in new tab

Article Text

BANKS IN PANA Pana, III, Feb. quarter of million dollars was brought here airplane from Chicago today to protect the Pana National bank from withdrawals that began this morning in the wake of the closing here yesterday of the H. N. Schoyler bank. Although there small run on the National bank early in the day, arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this district closed today. They the Rosamond State bank, Rosamond, four miles west of here, and the Nokomis State bank, Nokomis, thirteen miles east. The Rosamond bank had capital of $25,000, and surplus of $2,500. notice posted on the door said the bank was closed for exabina tion and readjustment. The Nokomis bank, state officials said, has frozen assets, but expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began the Pana National bank this morning, President Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 eash by airplane. hours plane with guards aboard arrived with the money. Sheiff Dunbar armed deputies transported the money to the bank's vault. Citizens mass meeting yesterday had declared their confidence in the National bank and President Parris said today that obtaining funds from Chicago was only precautionary number of business houses, includall the meat markets went cash and basis. Heretofore these carry merchants had carried their customers for indefinite periods. Late today the volume of business was declared virtually normal. number of business, fraternal social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations the present volume. Milford Bank Closed. Watseka, III., Feb. First National bank of Milford, twelve miles south of here, closed today. notice on the door said that the tion was taken for the protection of depositors. Officers said that the bank solvent, but that run had been feared the result of rumor in circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends. Bloomington, III., Feb. Farmers State bank of Cornell, Livingston county, was closed today.