4571. Saybrook Bank (Saybrook, IL)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
state
Start Date
October 6, 1931
Location
Saybrook, Illinois (40.427, -88.526)

Metadata

Model
gpt-5-mini
Short Digest
0293a9da5ac6e732

Response Measures

None

Description

Contemporary articles state the Saybrook Bank closed its doors October 6 (1931) and a receiver (Thomas E. Freed) was appointed; there is no mention of a depositor run prior to the closure. The closure was permanent (receivership, petitions from depositors, no dividends). Bank type not specified in articles.

Events (3)

1. October 6, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed its doors Oct. 6, 1931; deposits frozen and bank placed in receivership indicating insolvency/financial failure rather than a rumor-driven run.
Newspaper Excerpt
Thos. Freed...has been appointed receiver for the Saybrook Bank, which closed its doors October 6.
Source
newspapers
2. December 10, 1931 Receivership
Newspaper Excerpt
Thos Freed Has Been Appointed Bank Receiver...Mr. Freed has about a week's preliminary work, after which he will be ready to meet the former customers of the bank.
Source
newspapers
3. December 3, 1933 Other
Newspaper Excerpt
Saybrook Depositor Sends Letter of Complaint to State Auditor...Miss Collins asserted she had her life savings of $2,100 tied up in the bank when it closed in October, 1931...complaint about receiver's fees and lack of dividends.
Source
newspapers

Newspaper Articles (10)

Article from The Saybrook Gazette and Arrowsmith News, December 10, 1931

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Thos Freed Has Been Appointed Bank Receiver Thos. Freed, of Gridley, has been appointed receiver for the Saybrook Bank, which closed its doors October 6. Mr. Freed has about a week's preliminary work, after which he will be ready to meet the former customers of the bank. Another bit of bank news is that a petition has been circulated the past week, to engage a law firm to take whatever legal action is necessary against the stockholders of the bank to protect the interests of the depositors.


Article from The Pantagraph, December 12, 1931

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Saybrook Bank Receiver Is Thomas Freed. Gridley of Gridley has been appointed receiver of the which closed Oct. Mr. Freed here this week with take over the and will be ready to meet the for mer customers of the bank after the work is finished. This will take about he


Article from Gibson City Courier, December 17, 1931

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Saybrook (From the Gazette, Dec. 10.) Miss Mary McNulty of Lincoln, Neb. is visiting at the home of Mrs. W W Henderson. -Gretchen Thompson of Tipton, Ind., is visiting at the home of her -Mr. and Mrs. H. P. Porney and Mr. and Mrs. P. Stevens and two daughters of Decatur spent Sunday with Mrs. Mary Owens Butler has to leave for school about 6:30 m. He is driving to the U. of each day He and E. F. Ring and Herman Anderson are making the trip every day. Mr. and Mrs Chas. Lowry attended the funeral of the latter's Mrs. Frank Lewis, at DecaTuesday. The remains were laid to rest in the cemetery at Shelby- Mrs. H. R. Coole has been appointed collector of special pavement ments and is getting the first notices ready for mailing. These asments are due January 2 of each but all payments can be made time. few public spirited citizens, headed by Dr. C. B. Cline, placed a tmas tree in the park to-day. The tree will be lighted and shine forth the glad tidings to all. It is a ommendable act and will spread theer to the people of this ity About the nicest hristmas seaon The Courier could ask for would not be gifts, but the renewal payments of all subscribers who are now in arrears. Now you know what will make the publishers happy. Do it now! big electric sign of the C. I. P. S. Co., has finally been lighted. Many months ago the sign was placed in position, but from some cause the sign was never lighted until this week. It certainly helps the appearance of Lincoln street at night. Floyd Evans, the son of Mr. and Mrs. Wayne Evans, won second honors in the McLean county spelling contest at Bloomington, Saturday Floyd-missed two words out of 126. Vonne Marsh. of Arrowsmith, won first place, spelling each word correctly -Mr. and Mrs. Joy Goff. of Farmer City and Mr. and Mrs. Roy Able and son. of Bellflow gathered at the home of Mr. and Mrs. Luther Weaver. southwest of Saybrook, Tuesday evening and spent the eve- ning playing music. A good time was enjoyed by all present. Bank Receiver. Thos Freed of Gridley has been appointed receiver for the Saybrook bank. which closed its doors October 6. Mr. Freed has about week's preliminary work, after which he will be ready to meet the former customers of the bank. Another bit of bank news is that a petition has been circulated the past week, to engage a law firm to take whatever legal action is necessary against the stockholders of the depositors. goods and clothing stores brook and Piper City for years and enjoyed good business his overhead was big, and big credit business. Of late of his customers were unable to payments, and as a consequente gations. was unable to take care of We understand Mr. Means been offered positions with wholesale establishments, doubt will accept one of them and Thos. Freed Has Been displaying Christmas greeting City with envelopes, priced from to 10 cents. Also boxed assortment at bargain prices. Shop early get good selections.- The Booken O. E. Means' Store Closed. The O. E. Means stores in Saybrook and Piper City were closed Tuesday when Mr. Means filed bankruptey. There can be no triumph Mr. Means has conducted dry you have difficulties to triumph


Article from The Gridley Advance, February 18, 1932

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RECEIVER OF TWO BANKS Thomas Freed, of Gridley, who of the Saybrook bank time ago, the cipient of has been tendered the position up the affairs the Bellflower Exchange Bank, which suspended business Jonuary 20. Saybrook are located near each other, Mr. Freed can take receiverships very conveniently. already started his work on second job.


Article from Gibson City Courier, March 23, 1933

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the town Friday afternoon, which time ticket was named with M. Sutton as president, and Chas. Winn, M. Ring and H. Stine as members of the board. Mr. Sutton mayor at the present time, but refused accept the nomination. Several were approached for mayor, but no one care for the job. Late Tuesday afternoon Dr. Cline relentlong enough have his name placed the ballot as president of the board. This thing of having to argue with men get them run the lage ticket Saybrook perience. When the Saybrook Bank trying control every penny the village, Schureman always had ticket ready (in fact, was candidate every opportunity himself). And how he did dictate to how the town was to be run. Someone the bank was usually selected village treasurer, and that was the when the bank closed, Mr. Chethe president of the bank, holdthat informthat the village money that Mr. Cheney handled, and the funct bank which president, has never been repaid the lage. see, Mr. Schureman and Francis LaTeer, cashier of the funct bank, are Mr. Cheney's bondsmen, apparen. that the lage money will not be available someone starts suit to make these come across. Anyway nicely arranged to have brother ficers of defunct bank as your bondsmen like this. took about fifty for all years our people wake up to what Schureman and his doing to gang folks, we'll make guess that everyone connected will be made to pay before the matter cleared


Article from The Pantagraph, August 22, 1933

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Suit on Note Asks Naming of Receiver bill to foreclose and appoint receiver concerning $15,000 promissory note was filed circuit court Tuesday by Fred Wasman. Minnie Folson, Max Kehr. Mabel Frances low, Emma B. Nelson. Gussie Balz. Alice Hartson, Etta B. Haase and Marie Mueller against Alma. Albert and Florence the Corn Belt bank. Thomas Freed who the Saybrook bank Charles Maurice H. Crosbie, John M. Pheme Intyre and Stanley Pruitt.


Article from The Pantagraph, December 3, 1933

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ATTACKS BANK RECEIVERSHIP Saybrook Depositor Sends Letter of Complaint to State Auditor. Pantagraph Central Illinois Service. Lille C. Collins, Saybrook citizen, has filed complaint with the state banking department declaring "local people have lost confidence in the present receiver" of the Saybrook bank and calling attention to large amounts of money which she claims have been paid to the receiver and others depositors have not recelved any dividends from their frozen deposits. Miss Cellins asserted she had her life savings of $2,100 tied up in the bank when It closed in October, 1931. Her complaint to the state auditor was made In registered letter sent him under date of Nov. 24, copy of which was made available to The Pantagraph, as follows: Nov. Mr. Edward J. Barrett. Auditor for State of Illinois, The Saybrook bank closed here in October, 1931. and short time later a receiver was appointed to administer the affairs of the bank in the interests of the creditors and depositors. To date no dividends have been paid and none are promised. At the same time the receiver is pur ported to receive salary of $150 month. all of which taken from the assets of the bank It also believed that the receiver administers the affairs of two other banks for which he collects like amount Fees paid attorneys in settling claims seem to be entirely out of proportion to the volume and type of business carried on by the Tocal bank When the bank closed. money had on deposit. representing life's savinge was tied up and seems to be lost entirely There are capable business men would be willing to administer the affairs of the bank for practically nothing Local people have lost confidence in the pres. ent receiver and on the face of the matter. It would seem that he has not acted in good faith. Thanking you for any consideration request may have I beg to remain. Yours (Signed:) LILIE C. COLLINS A statement of the bank receiver. Thomas E. Freed. published as of Sept. 30. carried several Items which Miss Collins said depositors objected to. Among these were er's $461 attorney's fees. $1.710: legal expense $151 clerk and stenographer miscellaneous expense miscellaneous Mr. Freed was appointed receiver under Oscar Nelson as state audistration at Springfield. At the time the bank was closed the deposits were reported to be $130 000 and the capital $30,000.


Article from Ford County Press, December 15, 1933

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Was No Asset J. C. Lange, of Wonewoc, Wis., sends in an account of what is supposed to have happened when government appraiser visited a farm in order to list all the property and put a valuation on it. The appraiser had a little book of instructions telling how to estimate on all the different classes of animals and articles. Finally he something which failed to register in any of the classes covered, although he thought the thing was a goat. So he sent to Washington for special instructions. He wrote: "Have found animal with a forIorn face, a long beard, a skinny body and a bare rump. What is its name and what valuation shall I set upon it"? A few hours later he received this reply from headquarters: "The animal you describe is farmer and has no value. finder. SAYBROOK.-Miss Lillie C. Collins, a depositor, is seeking the signatures. of more than 150 other depositors of the Saybrook bank to support her cent complaint the state banking department concerning the administration of the bank's receivership. The petition sets forth the grounds for dissatisfaction with the present receiver and demands that the costs of the receivership be returned into the assets of the bank. It is addressed to the state auditΓ³r. Near the $2,000,000 Mark Revenue derived by the state from the Malt and Vinous beverage control law was almost at the $2,000,000 mark, it has been announced by the Finance Departmnt. Railroad Sends Big Check The Illinois Central Railroad has paid to State Treasurer John C. Martin the sum of $811,590.98 as its semi-annual payment to the State under its charter for the period ending Oct. 81. The previous semiannual payment was only $682,484.39. Pneumonia on the Increase Announcing that pneumonia prevalence in Illinois is now almost exactly twice as great as it was a month ago, with approximately 300 new cases occurring weekly, Dr. Frank J. Jirka, State health director, points to this fact as indicating that the shift from hot to cold weather health problems is now almost complete in the State.


Article from The Pantagraph, December 22, 1933

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ASKS OUSTER OF RECEIVER Saybrook Bank Depositors Forward Petition to State Auditor. Pantagraph Central Illinois Service. deposibank have tors of the signed petition addressed to the state auditor. Edward Barrett. seeking the removal of the present receiver and asking the return of the costs of the receivership. extending over period of approximately two years, into the assets of the bank The petition was sponsored by Miss Lillie C. Collins, who declares she had her life savings, $2,100. in the bank and no depositors' dividends It the petition that courts have forced the return recosts where they have been shown be though they covered legal expenditures. Petition Carries Charges. The petition addressed to the state auditor after enumerating four charges against the receiver concludes this request: "Therefore: We that the present receiver of the bank be removed and that he be ordered to return into the assets of the bank the total costs of the date, aggregating $11,000, as being orbitant and confiscatory charges. wantenly violating social if not legal statutes.' statement of the bank receiver Thomas E. Freed. published as Sept. 30 carried several Items which the petitioners and depositors object Among were "receiver's attorreceiver's neys' legal clerk and stenographer pense (administrative) miscellaneous expense Mr. Freed was appointed receiver under Oscar Nelson as auditor the L. administration at Springfield. At the time the bank was closed deposits were reported be $130,000 and the cap- Letter Cites Ethics. A copy of the registered letter to the state the petition furnished The graph follows: Dec. Dear find the Because liability many about taching petition like attention code fees devoted the ethics, article reads lawyers avoid charges their dervalue ability charge excess may fees should the and money There current property would concerning would healtate that changer the (Signed) LILLIE


Article from The Fairbury Blade, December 29, 1933

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Interesting Items From Around Home Last Sunday the handsome new Mennonite church Waldo township northeast of Gridley was formally dedicated. The edifice replaces the one burned the last week in August and cost $8,000. The main building by 56 feet with basement under the entire building. The auditorium by 40 feet with two wings for Sunday school junior and intermediate departments. The mothers' room, cloak and rest rooms are located in the basement The building commitwas Joseph Orendorff, Jacob Dellenbach, D. Augsburger, S. Albrecht and William Schertz. Rev. D. Hartzler is the pastor. El Paso Journal. An inspector from the state fire marshal's office came to town weeks ago and informed Mayor Siemer that he was here to make thorough of conditions. This did. The report now back Mayor Siemer who made public the Colfax Business Men's club meeting last Tuesday evening. we city do not stand very high and unless tions are complied with pronto, will "feel it" in an of surance rates up 55 per cent. Colfax Press. depositors of the Saybrook bank signed petition to the state auditor, Edward J. Barrett, seeking the removal the present receiver and asking the return of the costs of the receivership, extending over period of two years, into the assets of the bank. The petition sponsored by Miss Lillie C. Collins, who declares she had her life savings, $2,100, in the bank and no depositors' have been paid. asserted in the petition that the courts have forced return of receivership costs where they have been shown be excessive, although they covered legal expentiures. The petition addressed to the state auditor after enumerating four against the receiver concludes with request: "Therefore, we demand that the present receiver of the Saybrook bank be removed immeditaely, and that he ordered to return into the assets of the bank the total costs of the receivership to date, aggregating $11,000, as being exorbitant and confiscatory charges, wantonly violating social not legal statutes. statement of the bank receiver, Freed, published as of September 30, carried several items which the petitioners object to. Among these were receiver's salary, $2,606.60; receivci's expense, $461.07; attorney's fees $1,710; legal expense, $151.90; clerk and stenographers hire, $1,147.50; miscellaneous expense (administrative), pense Known on the screen as Baroness Fern Andra von Weicks, name acquired by marriage when she was movie queen of Germany, and remembered in Watseka where her childhood was spent as Fern Andrews, Mrs. Ian Keith has filed suit in Los Angeles, Calif., for separate maintenance against her screen star husband, whose real name is McCauley Ross. She alleges that Keith deserted her November 23, and asks reasonable sum for her support, attorney's fees and court costs, saying that her husband earns around $20,000 year. -Watseka Times. Although his auto was badly damaged in the front end and turned pletely around in collision with limited Alton train at Towanda last Friday afternoon about two o'clock, James Donahoe, of ton, escaped injury. his sion was obstructed at the Mr. Donahoe could not stop in time and his car crashed into the second coach. The impact tore off the front wheels and radiator the car and mashed the fenders. The car itself was whirled around and landed upright between the double tracks. The Century of Progress Chicago has closed until next summer; and the "lost and found" some 3,000 articles left in its possession. Among these are gloves, umbrellas, cameras, coats, shoes, hats, etc. The department has given them all to the Salvation Army for distribution among the poor the city. Miss Murray, who charge of the department, says that among the odd things left in her care fifteen sets of false teeth, of whisky and a glass eye. She might drink the whisky and gnash the teech but we can't advise about the glass Leader. The Phil Patnaude farm home near Watseka was the scene of considerable excitement night recently, when one of their horses went crazy. broke through three wire fences and ran into the house. jumpcd the porch and broke the floor. Another lunge took through window into the house. The animal then turned and ran into the yard where fell dead. number farmers around Watseka have been losing horses recently, and one theory that it caused by the animals eating stalks. They are advised to feed the horses little each morning and night and to give them plenty salt when they are running in the stalk fields. Central Illinois Public Service men have finished removing bulbs from every other street light in the village under orders from the village board reduce the electric light bill. Chatsworth was one of the best lighted towns along Route between Peoria and the state line before the slaughter. Now there are dark and uninviting places after nightfall and people have just cause for complaint. The village has been paying $193.37 per month for street lighting, $20.38 per light, $2,320.44 per year. They will pay $105.47, saving $87.90 per month. There were 113 lights, 50 were discontinued, leaving at present. Chatsworth Plaindealer. Albert Jacobs, one and half year old son of Mr. and Mrs. Hans Jacobs, was badly scalded on his abdomen and thighs Tuesday when he loosened plug in washing Journal. During the warm spring rain last Friday was on the sidewalk in the 300 block North Melvin street, leisurely and meditatively journeying towards the south. That same the same worm easily identified by his friendly countenance, was seen in front of the Lutheran church, over two blocks south, where he had paused to cast contemplative eye that religious ifice. No further reports of his travels have come The Courier, but hoped reached warmer clime before the freeze of last City Courier Louis Kereszturi, who has been making his home with the Carl Strubhar family near Melvin since April when he injured one of his legs while attempting to alight from moving freight train, recently received word from the Hungarian consul America that considerable properhad been left to him by his parents, who were former residents that country. Louis, who visited the Hungarian vice-consul Chicago, was furnished with an inventory his parents' estate, of which he is the sole heir. Louis is making arrangements to leave for Hungary in near future to visit the town of Voyovo, which but hundred and fifty miles from Budapest. His property consists of 20-acre farm, which quite large tract in that country, 10,000 which equal $2,840.64 in American money. The lad, who was born in America, and who was six years of age when his parents died, became charge Illinois Children's Home and Aid Society Chicago. He hopes to leave the first part of January for Hungary. Talbot, of Long Point, died last Saturday morning at St. Mary's hospital in Streator, having suffered injuries when his oil truck, damaged in collision with fence post, overturned and pitched into the ditch. The accident occurred mile west of Long Point. A short time preceding he had driven into the barnyard at the Art Leutnan farm to make delivery. His truck hit post, damaging the front wheel. The truck was still capable of under its own power and Talbot started home. Apparently drove too fast and the damaged wheel buckled, causing the truck to overturn several times. He was born March 24, 1881, at Dana, the son of Daniel and Sarah Talbot. On March 1915, he married Grace Outram. are his widow and children, Marjorie, Ralph and Ray, all at home. Brown, of Cullom, and Miss Zillah Jump, Bloomington, wele married last Friday evening at the home of her brother in For the last six years she has been teaching at Piper City. The groom attended the schools of Cullom. He employed as salesman for an oil After short wedding trip company. the couple will be at home to friends in Cullom. Fred Immke, farmer residing southwest of Saunemin, was badly cut and bruised about five o'clock last Friday evening when the Ford automobile in which he was riding, was struck by Packard car at the intera section of Routes 116 and 47, just west of Saunemin. The Packard traveling northwest, struck Immke's car drove it west from Saunemin. Both left the pavement and went into the ditch, coming stop against telephone pole. Immke badly cut by flying glass and bruised about the body. The car which collided with the Immke car was large Packard, the property of H. Eickelkraup, an Ottawa contractor. No the Packard was injured. family which startabout milking time last evening on the farm east of resulted morning in the fatal shooting George Koepke, 48, by his wife, Stella, saved herself from assault with butcher knife. Death was due wound in the abdomen, single bulfired by Mrs. Koepke passthrough his body and punctured the intestine seven places. Her to State's Attorney Jesse Willis and Sheriff James Reeder, McLean county, was that Mr. Koepke was drinking Saturday evening and was necessary to summon neighbor boys to quiet him. At about Sunday, she said, while the breakfast table became violent again and drove her into the bedroom, threatening her with butcher knife. She said she obtained 32-calibre pistol from the canopy of nearby folding bed and fired shot. After the shooting, Mis. Koepke went to nearest neighbor's home to summon doctor the sheriff. Before his death Mr. Koepke was questioned at the hospital by authorities. He acknowledged had been drinking but said he did threaten his wife with knife and that she "blazed away' with the revolver without warning him. Mrs. Koepke was exonerated from any blame by coroner's jury, who that she be not held to the action of the grand jury. MELVIN 12, STATE SPELLING CHAMPION Bobby Thompson, aged 12, of Melvin, champion speller of Ford county, now state champion, winning distinction at Springfield on Tuesday when he defeated 58 others from many counties. Second place went James Wilson, of Canton, also 12 years third place to Wilma Davis, Clark county, with George Rhoades, Piatt county, fourth. The finalists, Thempson and Wilson, each spelled 245 words with the champion missing eight and the runnerup nine. Of the 50 contestants were girls. A gold medal is awardthe champion, silver medal to second place winner, bronze medal to third place, while fourth, fifth, sixth, seventh and eighth places ceive honorable mention. "Jawbreaker" and "trick" words mowed down all but nine contestants the first of the contest held high under the auspices of the State Teachers' association The nine who missed the fewest words for final honors and the right to participate in the na tional contest for state winners. The new missed only two the first 150 words, and the next highest missed three. Crouch, of Texas. brother, Robert Caughey, lives at Forrest. The funeral was held at the Methodist church at Chatsworth yesterday afternoon at o'clock. The Rev. Warlock officiated and burial was Forrest cemetery.