4605. Sangamon Loan & Trust Company (Springfield, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
May 7, 1910
Location
Springfield, Illinois (39.802, -89.644)

Metadata

Model
gpt-5-mini
Short Digest
49b96c87532ffb22

Response Measures

None

Description

Articles (May 7–14, 1910) report the bank closed and that the Sangamon Loan & Trust Company was made/named receiver for Lee Kincaid's properties; event appears to be a suspension followed by receivership due to bank-specific adverse information (owner's failed mining ventures). OCR variant 'Sangomon' corrected to 'Sangamon'.

Events (2)
1. May 7, 1910 Receivership
Newspaper Excerpt
The Sangomon Loan & Trust company was made receiver. / The Sangamon Loan and Trust Company of Springfield was named by Judge Humphrey as receiver for his properties.
Source
newspapers
2. May 7, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure followed the failure/bankruptcy of Lee Kincaid stemming from bad mining investments and other losses; creditors forced him into bankruptcy leading to the bank's closing.
Newspaper Excerpt
Mr. Kincaid's bank closed Friday night.
Source
newspapers

Newspaper Articles (2)
1. May 8, 1910 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, May 8, 1910

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Article Text

PROMINENT BANKER OF SPRINGFIELD FAILS By Leased Wire to The Tribune. SPRINGFIELD, May 7.-Lee Kaincaid, a well known Republican politician, private banker and coal mine operator, failed today. Creditors forced him into bankruptey, his liabilities being about $180,000 and assets $130,000. Mr. Kincaid's bank closed Friday night. His failure is due to accidents which occurred at his mine several years ago and to bad investments recently. The Sangomon Loan & Trust company was made receiver.

2. May 14, 1910 Chicago Eagle Chicago, IL
Article from Chicago Eagle, May 14, 1910

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Article Text

BANKER FAILS FOR $180,000. Lee Kineaid of Athens Embarrassed by Mining Ventures. Lee Kincaid, banker, mine owner and Republican politician of Athens, was placed in bankruptcy in the United States District Court in Springfield. The Sangamon Loan and Trust Company of Springfield was named by Judge Humphrey as receiver for his properties. The liabilities are estimated at $180,000 and the assets may not exceed $135,000. Unprofitable mining ventures in Mexico are said to have caused the financial embarrass. nent of Kincaid. He was formeriy a State mine examiner.