State Bank - Weldon, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 1, 1931*
Location: Weldon, Illinois (40.121, -88.745)

Metadata

Model: gpt-5-mini
Short Digest: 365a10689d1acd4e

Response Measures

None

Description

Article (Pantagraph, 1932-01-14) reports the Weldon State Bank was closed and a receiver (T. Swigart) appointed; depositors' attempt to elect trustees (late Dec 1931) was ruled illegal by the state auditor. No run or depositor panic is described.

Events (2)

1. December 1, 1931* Suspension

Cause: Government Action
Cause Details: Bank was closed and state auditor intervened; receiver later appointed.
Newspaper Excerpt: In the last week of December the depositors of the bank elected trustees to handle the affairs of the closed bank, but the state auditor ruled the procedure was illegal.
Source: newspapers

2. January 14, 1932 Receivership

Newspaper Excerpt: T. Swigart ... was appointed recently as receiver of the Weldon State bank.
Source: newspapers

Newspaper Articles (1)

1. January 14, 1932 The Pantagraph Bloomington, IL

Article from The Pantagraph, January 14, 1932

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Article Text

Weldon Bank Receiver Formerly Its Cashier Pantagraph Central Illinois Service. WELDON.- T. Swigart of Clinton, banker of more than 30 years experience, who was appointed recently as receiver of the Weldon State bank, is a former cashier here for 20 years. The bank was first owned by his grandfather and was known as the Jacob Swigart and Sons bank. It was organized in 1888. In 1891 it was incorporated under the name of Jacob and Carl Swigart, the latter, father of Mr. Swigart. The name was changed to the Weldon State in 1906 H. Swigart served as cashier until 1920 when he moved to Clinton. In the last week of December the depositors of the bank elected trustees to handle the affairs of the closed bank, but the state auditor ruled the procedure was illegal.