Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Date receivership started
1929-10-18
OCC cause of failure
Other
Description
October 18, 1929: heavy withdrawals following failure of the Colegrove State Bank and related frozen assets prompted directors to close the Taylorville National voluntarily to protect depositors. Federal Reserve rushed cash to the remaining open Farmers' National to stop a run in town. A receiver was appointed in early November 1929; by January–February 1930 the receiver recommended reopening and the bank was slated to reopen by end of January/early February 1930. Cause of the initial run is local_banks (failure of Colegrove and related local contagion) and stressed by frozen assets/crop decline.
Events (9)
1.November 11, 1907Chartered
Source
historical_nic
2.October 18, 1929Receivership
Source
historical_nic
3.October 18, 1929Run
Cause
Local Banks
Cause Details
Run and heavy withdrawals triggered by failure of the Colegrove State Bank and contagion to its correspondents; reports of frozen assets and crop losses exacerbated panic.
Measures
Directors voluntarily closed the bank; called national bank examiners; receiver later appointed; reorganization/merger discussions.
Newspaper Excerpt
the directors of the two banks felt would eventually threaten the safety of their depositors if they continued to remain open and they closed their doors this morning until this chaotic situation can be cleared up.
Source
newspapers
4.October 18, 1929Suspension
Cause
Local Banks
Cause Details
Voluntary closure to protect depositors from heavy runs caused by failure of Colegrove State Bank and related county bank failures ('frozen assets').
Newspaper Excerpt
Directors of First National, Taylorville National and Turner State Banks Decide to Close Doors to Protect Their Depositors From Heavy Runs
Source
newspapers
5.November 4, 1929Receivership
Newspaper Excerpt
M. E. Jensen ... was appointed receiver for the First National Bank of Taylorville and the Taylorville National bank. He checked in Monday afternoon and preparing to assume duties in connection with the two banks closed two weeks ago.
Source
newspapers
6.February 1, 1930Reopening
Newspaper Excerpt
Recommendation that the Taylorville National bank, closed voluntarily by its officers Oct. 18, be re-opened has been made to the state comptroller of currency by the bank's receiver ... It is believed that the bank will be open for business again by the end of the month.
Source
newspapers
7.February 3, 1930Restored To Solvency
Source
historical_nic
8.December 16, 1931Voluntary Liquidation
Source
historical_nic
9.March 19, 1934Receivership
Source
historical_nic
Newspaper Articles (19)
1.October 18, 1929The Taylorville Daily Breeze CourierTaylorville, IL
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Best Interests of Depositors Given as Reason for Closing 2 Local, and Edinburg Banks
Directors of First National, Taylorville National and Turner State Banks Decide to Close Doors to Protect Their Depositors From Heavy Runs Being Made Upon Them as a Result of the Failure of the Colegrove State Bank Last Week
A financial situation never before equalled in Christian county has been brought about by the failure of the Colegrove State Bank one week ago today. A sudden fear on the part of the depositors of the Bulpitt State Bank and the Citizens State Bank of Edinburg, correspondents of the Colegrove Bank, caused a run on these banks that necessitated the elosing of their doors. This situation alarmed the depositors of the First National and the Taylorville National Banks caus* ting a run on them yesterday that the directors of the two banks felt would eventually threaten the safety of their depositors if they continued to remain open and they closed their doors this morning until this chaotic situation can be cleared up. The directors of the banks called for the national bank examiners to come and audit their books preparatory to the complete reorganization as soon as the conditions warrant. The Farmers National Bank was the only bank in the city to remain open and a large number of their depositors drew their money from the bank today but J. A. Adams, president of the bank. stated there was no cause for worry with them as they have a sufficient amount on hand to pay off all their depositors if necessary. Oscar Nelson, state auditor, is in the city today working in connection with the affairs of the Colegrove State Bank, and he stated that the people should not get unduly excited about these conditions as they can be adjusted much more readily if the depositors will remain orderly and not get nervous. When some of the depositors of the Farmers National Bank were cheerfulty given their money this morning became reassured and put their money back into the bank. Clifford Stokes, eashier of the First National Bank, and Troy Long president of the Taylorville National bank, had no statement to make except that the lack of confidence on the part of many depositors and their withdrawal of deposits had brought on a condition that might eventually jeopardize the security of the other depositors and they deemed it best to close their doors. The directors of the Turner State Bank of Edinburg took similar action and their doors were also closed this morning and State Auditor Nelson notified.
2.October 19, 1929Alton Evening TelegraphAlton, IL
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Planes Rush Cash To Taylorville To Stop Bank Run
Confidence Renews As Money Arrives From Federal Reserve
Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults nt the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers National Bank need have no fears of not getting their money. Almost like magic the line faded away and another formed-custimers redepositing the money they earlier had withdrawn. Relief was rushed by airplane to the Farmers Bank by Chicago Federal Reserve officials as soon as they learned that Taylorville's other three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and Co., State Bank; the Taylorville National Bank. and the First National Bank. all of Taylorville; the Citizens State Bank and the Turner State Banks both of Edinburg, and the State Bank of Taylorville merchants confident that the banks' conditions were sound, basically advertised today that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 per cent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, Is expected to ease the situation.
3.October 19, 1929The St. Louis Star and TimesSt. Louis, MO
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TAYLORVILLE MERGERS MAY BAR LOSSES IN CLOSING
Depositors Heartened by RuHalted by Airplane Remittance.
By Staff question minds this today what their prospective losses be of the closing three of the town's four banks. Miners, chants and others stood in front of the banks gazing the typed notices pasted and talking about of regaining their deposits. general opinion seems to be would be some loss depositors, but report that the Taylorville National Bank and the First National Bank merge and reopen heartened most of depositors. was pointed that similar year ago Shelby County, which adjoins Christian County, seven banks and that the banks reopened that reduced the loss of depositors to virtually Chief State Bank Examiner Nicholson, on the scene staff told reporter for The Star his investigation had not far the status of the closed Tried "Ride Out Deflation." Inability the banks collect examiner the loans were made the said that lands 1926 when land farm high that the bankers preferred out the deflation period" that followed rather than foreclose on their mortgages. just business judghe asserted. all. six Christian County banks closed They First all pany Turner Bank Edinburg. Farmers' State State The the first to This was last Friday. run started the after was rumored the wealthiest citizens of Illinois loan John Colgrove, head of the stitution. This and many other rumors were heard today wherever the reporter went. In barber hotels, the chief question much did have Deposits Total $2,900,000. The three Taylorville banks closed deposits Under Illinois, are liable for an amount twice stock. banks section of Christian County The of when Farmers' National here had died down today. $600,000, the bank open here When opened yesterday morning crowd 400 depositors rushed the doors. cried their bank books they pushed shoved line that passed the tellers' cages. Bank employes and shoutfor quiet they dealt out sheafs bank notes to the frantic deposThe was stopped in spectacular Adams, telephoned Springbank in an automobile The money rushed through and heaped in tellers' view of crowd. This, quiet them, Adams telephoned Federal officials Chicago rushed here airplane guarded by federal agents. The plane arrived hour and minutes after money was transferred guarded by deputy sheriffs policemen. the swept front the bank, guards, crowd. and their walked the building and the cages. The quiet two hours dispersed. withdrawn funds them. The Bank and this saved the The bank amount of bonds hand and borrow them. Colegrove attributed the condition bank to frozen assets. He that farm declined that the four of the Peabody Coal only one day during the because of in demand, throwing many men out work.
4.October 19, 1929Decatur HeraldDecatur, IL
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TAYLORVILLE BANK STOPPED
Reorganization Discussions Is Resumed
AIR OF CONFIDENCE
TAYLORVILLE Oct. ville abounded with signs of returning confidence Saturday following three day panic which precipitated bank run which left Taylorville with only one bank operating Withdrawals which fell off day afternoon did not resume when the Farmers National, the only bank in Taylorville remaining open, opened for business. There crowd the bank all morning but the majority of the customers depositors or men making rangements to continue until ganization of the banks in Taylorville is completed. Check Run Friday
There is still discussion of ganization plans which may result the merger the First National and Taylorville National which were stacks closed Friday to check withdrawals As yet no plan has been perfected which has received serious consideron the ation. Announcement of three stores Taylorville that they would accept checks on national bank the any city acted stabilizing influence the community. marked the beginning of return of business the stores. Friday's crisis stopped business completely plague. Arrival of shipment of money Find airplane from Chicago Friday checked the run on the Farmers tional Friday. New Rumor Squashed
Rumors of run on the First National bank in Morrisonville which started Friday around Taylorville, were denied by officials of the risonville bank. There were no usual withdrawals from the Morrisonville bank, officials said, in fact talk of run of the bank was surprise to Morrisonville residents.
Nelson Urges Calm Oscar Nelson, state bank examiner, who came here Friday to take charge of the Colgrove State bank, which closed on Thursday of last week, pointed out the futility of belief in any the rumors now afloat and urged that depositors of all banks the county remain calm and do nothing in anticipation of official action.
May Reorganize
Meanwhile, plans for reorganization and possible merger of the two Taylorville national banks was discussed. These were believed be solvent, but after the present situation generally believed that merging of their strength would be the wisest move. Oscar Nelson, state auditor, as soon as he has completed examina(Continued on Page
BANK
Depositors At Taylorville, III., Grow Wary As Three Other Institutions Close
FROZEN ASSETS BLAMED
Associated Press TAYLORVILLE Ill., Oct. 19. Out of the sky yesterday dropped money bags to bring renewed panic and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. drone of an airplane motor was the signal the day was the 250 itors the National bank no fears of getting their Deposit Money Again Almost like magic line the money they earlier had withdrawn. Relief was rushed by airplane the Farmers bank Chicago federofficials they learned Taylorville's other three banks had Other Books Today ning the the three and nearby Thus sets" been unofficially blamed for the shutdowns. The banks that have been closed John Colegrove state bank, Taylorville National bank and the First National bank, the Citizens State bank and Edinburg, the State Bank of Bulpitt
6.October 19, 1929The Daily TimesDavenport, IA
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CITY, rated the underdog today's homecoming game with Illinois, jumped into an early lead when Capt. Glassgow raced 78 yards for touchdown on the first play after the kickoff. Eluding Peters. Illini safety man the 15-yard line. the Iowa star made desperate lunge to pierce the invaders' goal. Glassgow made the extra point, the ball striking cross bar before going over. The Hawkeyes threatened again few minutes later when Glassgow punted from close behind goal line, catching the Illini flatfooted, with Rogge downing the punt barely foot from the enemy goal, but the kick was called back and Illinois penalized yards for Iowa taking ball on the line. plays through the line by Glassgow and Sansen, replaced Thomas full, carried the ball to the three yard line before Iowa lost the ball on downs. Illinois, given the ball on their five-yard line, made eight yards on two plays through the line before punting to midfield. penalty forced Iowa back the 35-yard line. from where Glassgow punted to Peters on the Illinois line. Both teams were forced to to sever leaving Illinois the ball their from which point Yanuskus and Timm made first down for Illinois, takthe ball their 45-yard line the quarter in Iowa's favor.
40,000 Present King Football ascended his throne today before crowd 40,000 who braved intermittent drizzle to see the University of Illinois open its Western conference season against University of Iowa. Sprightly blotches of cloth hastimprovised to protect against the bursts of rain which drenched the spectators at intervals dotted the stands. brief talk preceding opening kick-off, Williams, chairman of the Iowa board control of athletics, formally dedicated the new half million dollar Hawkeye stadium. Glassgow in Game Iowa's squad was first on the field. Captain Glassgow, who had previously announced would be kept out of the tilt by juries sustained weeks ago, appeared in the Hawkeye lineup, his injured face protected by specially designed mask. Coach Zuppke's Illini took the field to begin their campaign for their third consecutive Western conference title. Footing appeared fairly secure despite the frequent showers. The was slippery, players both squads fumbling repeatedly during the warming up drill. The sun was fighting seeminglosing battle with clouds forenoon. short shower last night and longer one early
Institution Kept Open at Taylorville After Others Close
Oct. (Associated of the sky yesterday dropped money bags to bring renewed faith to panic stricken town and stave off bank which would almost certainly have resulted in empty vaults the only bank which remained open. The drone of an airplane motor the signal that the day was saved and that the line of 250 depositors front of the Farmers National Bank need have fears not getting their money. Almost like magic line faded away and another depositing the money they earlier withdrawn. Relief was by airplane the Farmers Bank by Chicago federal reserve officials as soon they learned that Taylorville's oththree banks had been closed and that dangerous run had started. Today bank were the books of the three scanning closed banks and three others towns. Thus "frozen nearby assets" have been unofficially blamed for the shutdowns. The banks that have been closed are: John B. Colegrove State Bank, the Taylorville National Bank, and the First tional all of Taylorville: the Citizens' State Bank and the TurnState Bank both of Edinburg, and the State Bank of Bulpitt. merchants confident that the banks' conditions were sound, basically advertised today that they checks paythe banks merchandise. both blamed for the Crops were difficulty and looked to for relief. Failure approximately 50 per cent of the corn was believed crop have caused the frozen assets, while the bean crop, now beharvested, is expected to ease the situation.
7.October 19, 1929The DispatchMoline, IL
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Moline Will Have Large Radio Station.
Dispatch Special Service Washington, D. C., Oct. 19.-It has been definitely decided to include Moline among the 110 cities in which commercial radio stations for communication will be constructed by the Universal Wireless Communication company before 1932, officials of the Chicago concern stated here today. The Moline station is expected to serve Rock Island and other municipalities. The federal radio commission has just granted adequate channels to the company, and has been informed that work on ten stations will be under way at once. The station at Moline is not included among the first ten, but will be in one of the early quotas, officials believe. It was also announced that the first public showing of the apparatus to be used in the 110 stations will be made at the Chicago radio show. Cities in the first program are New York, Chicago, Buffalo, Cincinnati, Cleveland, Akron, Dayton, Columbus, Detroit, Trenton, New Brunswick, Milwaukee, Peoria, Springfield, Ill., Baltimore, Boston, Memphis, Norfolk, Providence and Washington. eral reserve officials as soon as they learned that Taylorville's other C. three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and company, State bank, the Taylorville National bank and the First National bank, all of Taylorville: the Citizens State bank and the Turner State bank, both of Edinburg, and the State bank of Bulpitt. Taylorville merchants. confident that the banks' conditions were sound, basically advertised today dy. that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 percent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, is expected to ease the situation.
8.October 19, 1929The JournalMeriden, CT
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MONEY FALLS OUT THE CLOUDS
Panic Is Replaced By Confidence as Plane Drops Cash
Taylorville, III., Oct. of the sky dropped money bags bring renewed faith to panic stricken town and stave off bank run which would almost certainly have resuted empty vaults at the open. The drone airplane motor was the signal that the day was saved and line 250 depositors front of the Farmers' National bank need have fears not getting money. Almost like magic the line faded forme? redepositing the money they earlier had Relief rushed airplane to the Farmers' bank Chicago Federal Reserve officials they learned that other three banks had closed. Today bank examiners were scanning the books of the three closed banks and banks in three others nearby Thus "frozen have been unofficially blamed for the shutdowns. The banks that have been closed John Colegrove state bank; the Taylorville National bank, the First Natinal Taylorville; Citizens' State bank and the Turner State Banks, Edinburg, the State Bank of Bulpitt.
9.October 19, 1929Evansville PressEvansville, IN
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PLANE RUSHES GOLD CARGO SAVE BANK
Worst Run in History of Central Illinois Is Stemmed
United Press TAYLORVILLE, III., Oct. The rcar of an arriving airplane from Chicago with cargo of money, $500,000. halted an all-day run on the Farmers' National bank and is believed to have broken the back of the worst money scare in history of central Illinois. Friday morning the First National, Taylorville National and the Turner State banks posted notices that they were voluntarily closing doors to protect depositors. Immediately the run started on the Farmers' bank, the only maining bank open in Taylorville. Officials worked desperately allay the fears to stem the tide of depositors demanding their Finally in desperation. after appeared sure the bank would have to close under the pressure. Adams, phoned Chicago banks for help. Rush Order His plea was granted and the money placed special plane with orders rush the money to Taylorville bank. Fifty minutes after its departure from Chicago the big roared down the landing field and the pilot with his rich cargo was escorted to the bank by squad deputy sheriffs As word carried thru the city that money been asked for and that plane had arrived with the long line waiting to draw their savings melted away and the bank run over. All during the day business was standstill and in most establishments large signs announced checks cashed here Today the First National and the Taylorville National were considering merger. Failure the banks was blamed on decline farm values and slump in business.
10.October 19, 1929Effingham Daily RecordEffingham, IL
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CHRISTIAN
Chicago Sends Cash Taylorville, Oct., run the Farmers' National bank here sided at two o'clock this atfernoon and many depositors, who were re-depositing.
Floyd Baughman, cashier of the Farmers' National baik, telephone the Federal Reserve Bank in Chicago ten o'clock this morning for funds with which to relieve the local situation. Within four minutes after the call received the Federal bank had the funds aboard an airplane, which flew from Chicago to Taylorville in hour and minutes. The Taylorville Telephone Exchange, on account of the bank here, answered total of ten thousand within five hours this morning. Taylorville, Oct., First National and the Taylorville National banks and the Turner State bank Edinburg failed to open their doors today making total of six Christian county banks that have closed during the past week. Taylorville now has but one bank The Farmers' National bank. The Citizens' State bank at Edinburg closed its doors yesterday leaving that town without any banks open for business. The bank struck Taylorville last B. Colegrove failed to open its door.
"Runs" and frozen Assets Since that time there has been more less of "run" on all banks in the country. "Frozen assets" was given the reason for the closings. Directors of the closed banks have stated that all depositors will be paid in full. was stated today by director of the First National bank that that stitution and the Taylorville National National bank which failed to open this morning, probably will merge into one strong bank after examiners have andbooks of the two institutions.
Runs Cause Close Taylorville, Oct., ville, III., Oct. close of the three banks, the Taylorville National, the First National of Taylorville and the Turner State bank of Edinburgh, enacted by united agreement between the Boards of Directors of those institutions at meetings held on Thursday evening. There had been continuous runs all three banks ever since the closing of the John B. Colegrove State bank here and the State Bank of Bulpitt one week ago. These "runs" were all tak care of, but it was fared that the three banks could hold against continued heavy run after the ran ure on of the Citizens State Thursday bank at Edinburg and Directors then decided to hold joint meeting and decide upon some ed action. That was the decision close all three banks. The Taylorville two National banks have wired the Comtroner of the Curreney at Washington to send Bank Examiner to adult the books of the banks, while the books, cash and cords of the Turner State bank Edinburgh Friday turned State Auditor Oscar Nelson of Spring field. It appears certain that this bank will reopen afer examination and ad justment by the State Auditor. There of the also certainty merger of the two Taylorville Nationbanks into one larger and stranger
Pays All Depositors Closing of the two National banks this morning caused heavy the Farmers' National bank, the only bank is still in existence and doing business here, Every depositors promtly paid in full. Depoitors were lined up at this bank early o'clock this morning eight ready that they could open so withdraw their funds. The line positors all the out Into the was way
11.October 25, 1929The Ripon RecordRipon, CA
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Money From Sky Halts Run Bank on
Out of the sky Friday dropped money bags to bring rénewed faith stricken town off bank run which would almost certainly have resulted in empty vaults at the only bank which mained open. The drone of airplane motor was the signal that the day saved and that the line of 250 front of the Farmers' positors National Bank need have no fears of not getting their money. Almost like magic the line faded another redethe money they earlier positing withdrawn. Relief was rushed by airplane the Farmers' Bank by Chicago eral Reserve officials they learned that three banks had been closed. Today bank examiners the books of the three scanning banks and three others closed nearby towns also closed. Thus far, assets" have been unoffi"frozen cially blamed for the shutdowns. banks that have been closed The John Colegrove are: the Taylorville NationState bank; the First National al Bank and of the CitiBank, all State Bank and the Turner zens' State Bank, both of Edinburg. and the State Bank of Bulpitt.
12.November 4, 1929Decatur HeraldDecatur, IL
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NEBRASKA MAN BANK RECEIVER
M. E. Jensen Checked in, Assumes Duties in Taylorville
Nov. Jensen, Plainview, Neb., Monday was appointed receiver for the First tional Bank of Taylorville and the Taylorville National bank. He checked in Monday afternoon and preparing to assume duties in connection with the two banks closed two weeks ago. Mrs. Jensen declined to make any statement regarding the financial condition of the two banks. Mr. Jenhas had five years' experience National bank receiver.
13.November 5, 1929Herald and ReviewDecatur, IL
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RECEIVERS OF THREE BANKS
Two Nationals and One State in Taylorville Are Taken Over
Nov. Jensen, Plainview, Neb., Monday was appointed receiver for the First tional Bank of Taylorville and the Taylorville National bank. He was checked in Monday afternoon and preparing to assume duties connection the two banks closed two weeks ago. Mr. Jensen declined to make any statement regarding the financial condition the two banks. Mr. Jenhas had five years' experience as National bank receiver. Colgrove Bank Receiver Late Monday was announced that Robert G. Early, prominent torney of Geneva, has been appointed receiver the John B. Colgrove state bank here. The Colgrove bank was closed about three weeks ago because of frozen assets. was the first of six banks in Christian county to be closed. Mr. Early is expected here Tuesday to take over management and reorganization of the bank. He has been the state banking department under State Auditor Oscar Nelson for some time.
14.January 11, 1930Decatur Evening HeraldDecatur, IL
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Receiver's 0. Expected Soon to Reopen Taylorville National Bank
(Special to The Herald)
TAYLORVILLE, Jan. Recommendation that the Taylorville National bank, closed voluntarily by its officers Oct. 18, be re-opened has been made to the state comptroller of currency by the bank's receiver, it was learned through reliable sources Open by End of Month It is believed that the bank will be open for business again the end of the month. period of ten days probably would have to elapse before the institution could be opened. should eopening be the det of the state comptroller A. when asked were true the had made such recommendation, declined to make definite statement. "Insofai as the matter is of confidential nature at present, am unable to confirm the report," he said, "but hope to be able make definite announcement to the people of Taylorville within two or three days.' Officers
Reopening of the National bank will bring joy to thousands of Taylorville people. It will put back Into circulation some $700,000 on deposit at the time the bank was closed. It also will help materially in the liquidation of the First National bank which was closed the same date. It is understood that new officers for the bank virtually have been agreed upon but their names have yet been made public,
15.January 12, 1930Decatur HeraldDecatur, IL
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Receiver's 0. K. Expected Soon to Reopen Taylorville National Bank
(Special to The Herald) TAYLORVILLE, Jan. Recommendation that the Taylorville National bank, closed voluntarily by its officers on Oct. 18, be re-opened has been made to the state comptroller of currency by che bank's receiver, it was learned through reliable sources Saturday. Open by End of Month It is believed that the bank will be open for business again by the end of the month. A period of ten days probably would have to elapse before the institution could be reopened, should reopening be the or der of the state comptroller. W. A. Cutler, receiver, when asked If It were true he had made such recommendation, declined to make a definite statement. "Insofar as the matter is of a confidential nature at present, I am unable to confirm the report," he said, "but I hope to be able to make a definite announcement to the people of Taylorville within two or three days' It is understood that new officers for the bank virtually have been rates are ralsed. More than 9,000 agreed upon but their names have residential phones escape increases. not yet been made public.
16.January 12, 1930Herald and ReviewDecatur, IL
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Receiver's 0. K. Expected Soon to Reopen Taylorville National Bank
(Special to The Herald)
TAYLORVILLE, Jan. 11 Recommendation that the Taylorville National bank, closed voluntarily by its officers on Oct. 18, be re-opened has been made to the state comptroller of currency by the bank's receiver, it was learned through reliable sources Saturday. Open by End of Month It is believed that the bank will be open for business again by the rates are raised. More than 9,000 residential phones escape Increases. end of the month. A period of ten days probably would have to elapse before the institution could be reopened, should reopening be the order of the state comptroller. W. A. Cutler, receiver, when asked if it were true he had made such recommendation, declined to make a definite statement. "Insofar as the matter is of a confidential nature at present, I am unable to confirm the report," he said, "but I hope to be able to make a definite announcement to the people of Taylorville within two or three days." It is understood that new officers for the bank virtually have been agreed upon but their names have not yet been made public.
17.January 13, 1930JG-TC: Journal Gazette and Times-CourierMattoon, IL
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BANK TO BE REOPENED
Taylorville, Jan. dation that Taylorville National Bank, closed voluntarily by its officers October 18, be has been on made to the state comptroller of currency the bank's receiver, learned through reliable sources Saturday. believed that the bank will for business again by the end open the month.
18.January 13, 1930The Taylorville Daily Breeze CourierTaylorville, IL
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ANOTHER BANK FOR TAYLORVILLE
The definite announcement that the Taylorville National bank is soon to reopen its doors comes as great news to the people of this community. It has been known from the time this bank closed last October that the directors' motive in closing the bank was to protect the depositors from a possible run on the bank that was inevitable because of the failure of other banks to withstand the runs upon them. This bank could not have withstood a run because it carried at that time a large number of loans that it could not immediately turn into cash and there would not have been enough available cash to pay all the depositors that would probably have withdrawn their funds. Few people in the community realize the task the stockholders have had in reorganizing the affairs of this bank in a manner that will be agreeable to the national department of banking.. Before the comptroller of currency will allow an institution of this kind to reopen be must know beyond ail reasonable doubt that it is financially sound enough to operate with absolute safety to all depositors and any notes that the department considers doubtful are removed from the bank's and the loss absorbed by the stockholders through an assess-
19.February 1, 1930Herald and ReviewDecatur, IL
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Taylorville to Reopen
(Special The Herald) Feb. October 18 in the Christian county bank the Taylorville National panic, bank with officers Monday, Cutler, bank exampresident, will Troy Long, of the bank but holds be Shrout formerly president county will head list of urer, Aull, former the Kincaid Trust and Savings Other company Den. Senator bach, Hay, District Walter Provine. ney announced bank's his from Washingopening on submitted the bank's ton, where he bank officials. books to national of the bank The junior personnel will remain the
