4699. First State & Savings Bank (Wood River, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
November 3, 1922
Location
Wood River, Illinois (38.861, -90.098)

Metadata

Model
gpt-5-mini
Short Digest
def0095b9504dab4

Response Measures

None

Description

Newspaper accounts report the cashier's resignation about two weeks before Nov 17, 1922, which is said to have started a run; the State Auditor closed the bank Nov 17, 1922 pending examination and a receiver later administered the estate (1925 and final-report references in 1927). This sequence indicates a run that led to suspension and permanent closure/receivership.

Events (4)
1. November 3, 1922 Run
Cause
Bank Specific Adverse Info
Cause Details
Resignation of the cashier (F. H. Partridge) triggered depositor panic and heavy withdrawals.
Measures
Directors raised their own credit and attempted to bridge the crisis by advancing funds; efforts to save the bank were unsuccessful.
Newspaper Excerpt
the resignation of F. H. Partridge, cashier, two weeks ago, is said to have started a run on it.
Source
newspapers
2. November 17, 1922 Suspension
Cause
Government Action
Cause Details
State Auditor Russell closed the bank and restrained it from doing business pending examination of its affairs.
Newspaper Excerpt
The First State and Savings bank of Wood River ... was closed today by State Auditor Russel and will be restrained from doing business, 'pending investigation and adjustment of its affairs.'
Source
newspapers
3. June 4, 1925 Other
Newspaper Excerpt
Compromise on director defunct bank ... The receiver will proceed with the payment of the dividend which will be completed July ... the claim of the receiver against the directors of the First State Savings Bank Wood River clears the way for the settlement of the affairs of the bank.
Source
newspapers
4. * Receivership
Newspaper Excerpt
Approval by Circuit Judge Gillham settlement of the claim of the receiver against the directors of the First State Savings Bank Wood River... The filing of the final report of the receiver of the bank revives memories of days that were filled with anxiety. Nearly five years ago the Wood River First State and Savings bank closed its doors, run by depositors and futile efforts to save it.
Source
newspapers

Newspaper Articles (4)
1. November 17, 1922 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, November 17, 1922

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Article Text

WOOD RIVER BANK IS CLOSED BY AUDITOR ALTON III.-The first State and Savings bank of Wood River, near here, was closed today by State Auditor Rus. sell and will be restrained from doing business, "pending investigation and adjustment of its affairs. The bank's cap. ital is listed at $100.000 and its surplus at $75,000. It was organized in 1909 and is a state institution. The bank's latest reports show depos. its of $900,000 but the resignation of I. C. Hatridge, cashier, two weeks ago, is said to have started a run on it.

2. November 17, 1922 The Rock Island Argus and Daily Union Rock Island, IL
Article from The Rock Island Argus and Daily Union, November 17, 1922

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Article Text

BANK CLOSED AT WOOD RIVER, ILL. State Auritor Russel Shuts Doors Pending Examination and Adjustment". Alton, Ill., Nov. 17.-The First State and Savings bank of Wood River, near here, was closed today by State Auditor Russel, who stated the institution would refrain from doing business "pending examination and adjustment" of its affairs. The bank's capital is listed. at $100,000 and its surplus at $75,000. It was organized in 1959 and H. H. Clark is president. It is a state institution and is not connected with the federal reserve system. The bank's latest report showed deposits of $900,000 but #the resignation of f. H. Partridge, cashier, two weeks ago, is said to have started a run on it.

3. June 4, 1925 Alton Evening Telegraph Alton, IL
Article from Alton Evening Telegraph, June 4, 1925

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Article Text

COMPROMISE ON DIRECTOR DEFUNCT BANK Means That Earlier Settlement of Affairs of Wood River Institution May Be Made. NEXT DIVIDEND BEFORE JULY Will be at Least Seven and Half Percent and May Reach Affairs Soon. Approval by Circuit Judge Gillham settlement compromise of the claim of the receiver against the rectors the First State Savings Bank Wood River. clears the way for the settlement the fairs the bank. The receiver will proceed the payment of the dividend which will be completed July The dividend will be least 11/2 cent may be per cent. settlement and compro+ mise of the claim the direct tors for the Verlic, and his attorney. Baker. return for dropping the against the defuned institution, they waive all claims $8000 paid the bank, on which they paid into the institue tion when taken over by state auditor, and $50,000 notes hwere for their This action will facilitate greatly the work clearing up the affairs the bank. The claim against the rectors made by the receiver and attorney general claim which probably would taken consider able time for settlement. and the of which doubtful. The ent action will mean earlier clear4 affairs the bank and quicker the dividend. will recalled that when the Wood River bank about to fail the on being apprised of the and on raised their own credit the hope that this money would bridge the crisis and keep the bank This hope was These directors afterward filed claims for reimbursement credHors the bank. and claim still was pending. this claim the rectors further creases directors who also stockholders in the institu. tion. means that the creditors the bank will much better pleased with their share the salvage from the bank, directors losses The greater. course the bank directors this claim they have done is one that should There $5,000 due to de positors the bank file sworn claims the amounts them. They did not under stand the court order requiring claims. said today that Receiv. sworn will court modify the order and allow those people, whom money due, their and the distribut the bank So far those the depositors who failed to claims have not been

4. August 6, 1927 Alton Evening Telegraph Alton, IL
Article from Alton Evening Telegraph, August 6, 1927

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Article Text

LOST CHANCE Nearly five years ago the Wood River First State and Savings bank closed its doors, run by depositors and futile efforts to save it. The filing of the final report of the receiver of the bank re. vives memories days that were filled with anxiety. is recalled that there was very hopeful chance to save the bank's creditors from loss through a proposition that had been made to save it, but the proposition was rejected. Then followed the Inevitable heavy expense of receivership proceedings and winding up the affairs of the bank. The receiver, E. Verlie, rendered good service, keep the expenses down as low as he could, but it was costly business. Receiverships at the best are expensive. Bankruptcy proceedings are ruinous for the creditors as rule. Somehow there should be and usually is a way to avoid either receivership or bankruptcy proceedings, and such a way would always be better for those who have something comIng out of the wreck.