4663. Venice State Bank (Venice, IL)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
November 9, 1929
Location
Venice, Illinois (38.672, -90.170)

Metadata

Model
gpt-5-mini
Short Digest
677033897f6c1da4

Response Measures

None

Description

State examiners were ordered to take charge and the bank was closed for examination/adjustment in November 1929; directors requested action after large withdrawals and the auditor said the bank had been in precarious condition. Later coverage (Dec 1930) describes the bank as suspended (Sept 1930 referenced), with large loan losses and embezzlement, and legal/receivership/liquidation actions underway, indicating permanent closure.

Events (4)

1. November 9, 1929 Suspension
Cause
Government Action
Cause Details
State bank examiners took charge and bank was closed for examination and adjustment at the request of the directors and State Auditor due to precarious financial condition and recent large withdrawals.
Newspaper Excerpt
The Venice State Bank of Venice, closed its doors this morning according to State Bank Examiner W. R. Rodenberger, who arrived this morning to take charge of the bank.
Source
newspapers
2. November 10, 1929 Other
Newspaper Excerpt
State bank examiners took charge of the Venice State Bank...posted on the door a brief notice, 'Closed for examination and adjustment.' Deposits totaling about $87,000 were tied up by the action, which was ordered by State Auditor Oscar Nelson at the request of the bank's directors.
Source
newspapers
3. September 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Auditors later found large loan losses and alleged embezzlement by a former cashier; financial deterioration led to suspension of operations in Sept. 1930.
Newspaper Excerpt
There were 1801 depositors when the bank suspended on September 1930.
Source
newspapers
4. December 8, 1930 Receivership
Newspaper Excerpt
Order Is Asked To Get $50,000 For Closed Bank...the defunct bank...assets...losses...R. B. Studebaker, former cashier, with embezzlement...owns 32 shares of stock in the defunct bank. The bank has 1800 creditors.
Source
newspapers

Newspaper Articles (3)

Article from The Edwardsville Intelligencer, November 9, 1929

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Article Text

TEN FARMERS ON BUREAU PROGRAM STATE BANK AT VENICE CLOSED Details Completed for Annual Action Taken By Directors; InSession to Be Held Here stitution Is Believed to Next Thursday. Be Solvent. Acceptances for the dinner to be served next Thursday in connection with the annual membership meeting of the Madison County Farm Bureau were nearing the 300 mark today with indications of a largely attended and interested session. Many others who will not attend the dinner will be here for the afternoon meeting. Farm Adviser T. W. May has details completed today for the meeting. This is the first time that separate programs nie being arranged for the farmer and their wives. While the men transact business and hear questions in the morning that would not be entertaining to the women another program will be rendered for wives of bureau members. A joint general session will be held at St. John's M. E. Chuich, opening at 9 o'clock. It will be followed with separate meeting: at the same place until noon. Then the and their wives will assemble at Eden Evangelical Church for dinner. Returning to St. John's Church in the afternoon a joint meeting will be held. At the conclusion of the Farm Bureau a short session of the Cahokia Mutual Benefit Association will be held. The general meeting will be opened with invocation asked by Rev. J. G. Tucker of St. John's M. E. Church. The Farm Bureau Trio will sing, followed by announcements and then a division of the meeting. Mrs. Burl Hornbeck of Winchester who has done a great deal of. work among women living on farms, and Mrs. Fred J. Wagner of Marissa district chairman of Illinois Federation of Wemen's Clubs will speak on "American Homes." During the morning ten members of the bureau will have short discussions on subjects assigned to them. Following are subjects and those who will speak for only a few minutes: Farm Bureau Insurance-Stanley Castle, Wood River. Farm Accounting-John H. Schafer, Marine Horseradish Situation-John W. (Continued on page three). The Venice State Bank of Venice, closed its doors this morning according to State Bank Examiner W. R. Rodenberger, who arrived this morning to take charge of the bank. Rodenberger stated that he could make no statement RS to the cause of bank closing until he had made an investigation He stated that this would take two or three days. The bank was closed by action of the directors. The bank is believed to be solvent It was stated that there had been some withdrawals from the bank, but no run. The bank was the scene of an attempted holdup Sept 28, when one of the robbers was shot and seriously wounded. His companions escaped without obtaining thing. The Venice State Bank lists its capital at $25,000 and the surplus at $3500. Thomas F. Maher is president of the organization.


Article from St. Louis Post-Dispatch, November 10, 1929

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Article Text

VENICE STATE BANK IN EXAMINER'S HANDS Likely to Be Reorganized or Liquidated Deposits Only $87,000. State bank examiners took charge of the Venice State Bank, Third street and Broadway. Venice, III., yesterday and posted on the door a brief notice, "Closed for examination and adjustment." Deposits totaling about $87,000 were tied up by the action, which was ordered by State Auditor Oscar Nelson at the request of the bank's directors. At Springfield. Nelson said the bank had been In a precarious financial condition for some time and that reorganization or liquidation by sale to another bank prob. ably would result from the examination. The directors made their decision at a meeting Friday night. he said, after several large withdrawals had been made. The Venice State Bank. organized in April. 1924. recently reported to. tal assets of 123,000 including capital of $25,000 and surplus of $3500. Thomas F. Maher is president of the bank; Dr. J. E. Lee. Mayor of Venice. vice-president. When the bank was three


Article from The Edwardsville Intelligencer, December 8, 1930

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Article Text

Order Is Asked To Get $50,000 For Closed Bank (Continued from page One.) owned by the 56 named in the bill, from one held by majority to as high as 20 to 50 for few. They must pay an additional $100 for each smale of stock held. was said today that few are not able to make payments and have no property against which judgment can be taken. R. B. Studebaker, former cashier, with embezzlement of 900 from the bank and who has leged discrepancies of $31,000 in his accounts as city tieasnier, according to an auditors report, owns 32 shares of stock in the defunct bank. His assessment would be $3200. Riley, now of Chama, formerly connected with the Venice State Bank which suspended operation, owns ten shares of stock. state that the bank endebted to rach of the four repiesenting the depositors. Following are amounts claimed by each: Fred Wagne, John F. Lindsey, John Glenville, R. Skeen, $31.39. The bill states that the bank has 1800 creditors. There were 1801 depositors when the bank suspended ou September 1930. The papers set forth that the bank carassets of $323,511.08 on its books but that the amount will not exceed $199,905.26. According to the papers the commercial loans amounted to 90 on which there be loss of approximately $100,000. Real estate loans amount to 47 with loss of $15,635.47. Other real estate is listed at $7,381.05 on which there will be loss of $2500 and the bank fixtures were listed on the books $6500 on which the loss will be $5500.