Article Text
Appointed Receiver Central Illinois Service. CLINTON F. Smith. local attorney. has appointed closed its doors recently. A receiver has not been appointed for the State bank of Clinton.
4745. State Bank (Clinton, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- January 7, 1932
- Location
- Clinton, Illinois (40.154, -88.965)
Metadata
- Model
- gpt-5-mini
- Short Digest
e06afba3
Response Measures
None
Description
The State Bank of Clinton closed on Jan. 7, 1932 and was placed in receivership; it is repeatedly called defunct and a receiver administered assets and paid dividends in subsequent years. Article Jan. 26–27, 1932 appoints Grover W. Watson receiver. A Jan. 1932 brief piece says the receiver opened the office to hear claims, but the bank did not resume banking operations. Cause is classified as bank-specific adverse information (insolvency/closure implied by 'defunct' and litigation over withdrawals by directors).
Events (6)
1.
January 7, 1932
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank closed (insolvent/defunct) on Jan. 7, 1932; examiners finished work and bank was described as defunct; subsequent litigation alleges directors withdrew funds knowing bank was closed, indicating bank-specific failure or insolvency.
- Newspaper Excerpt
- the State bank of Clinton... January 7, 1932, the day the bank closed
- Source
- newspapers
2.
January 26, 1932
Receivership
- Newspaper Excerpt
- Grover Watson, attorney ... had been appointed bank receiver for the defunct State Bank of Clinton. The auditors finished up their work at the State Bank late Saturday evening. Mr. Watson ... will assist in straightening the affairs of the bank.
- Source
- newspapers
3.
February 4, 1932
Other
- Newspaper Excerpt
- he had completed his work and the bank now open and all claims will [be] heard against the bank. Likewise, Receiver Watson [is] ready to accept payment on all debts owed the bank.
- Source
- newspapers
4.
December 28, 1932
Other
- Newspaper Excerpt
- Receiver Sues Depositor ... the suit was brought to recover funds withdrawn by Mr. Walden from his own account on the day the bank closed, with knowledge that the bank was closed.
- Source
- newspapers
5.
June 5, 1933
Other
- Newspaper Excerpt
- $6,300 in Dividends Paid Out by Clinton State Bank Receiver ... paid out by Receiver Grover W. Watson.
- Source
- newspapers
6.
October 23, 1933
Other
- Newspaper Excerpt
- Permanent Clinton Bank Receiver Named ... Grover W. Watson ... was named permanent receiver for the defunct State bank of Clinton.
- Source
- newspapers
Newspaper Articles (14)
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Article Text
Grover State Bank Receiver State Auditor Oscar Nelson yesterday announced that Grover Watson, attorney of Clinton and Farmer City, and master in chancery of Dewitt county had been appointed bank receiver for the defunct State Bank of Clinton. The auditors finished up their work at the State Bank late Saturday evening. Mr. Watson yesterday stated that the bank will remain closed for the week before the bank is ready to acrept any claims May Watson also stated that Ralph Parker, former vice president of the bank would sist him in straightening the affairs of the bank.
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Grover Watson Named Clinton Bank Receiver Clinton-Grover C. Watson of Clinton and Farmer City was Monday named by State Auditor Oscar Nelson as receiver for the defunct State Bank of Clinton which closed its doors two weeks ago. Bank examiners finished their work Saturday and Mr. Watson. who will immediate charge expects to be able to claims within the next week. He will be assisted by Ralph Parker, former vice-president of the bank. Stonington Bank Closes. Stonington The Stonington State Bank remained closed Tuesday. This and the National Bank of Stonington merged year ago. Charles Moore was president. butchers asking steady on others: packers 25c indications lambs. and and medium 90-150 medium to choice. $1.50 2.00. BBUFFALO LIVESTOCK East 150 160 210 220 to Cattle 125 ket steady down. CINCINNATI LIVESTOCK ncluding 595 held over steady on 230 pounds down: heavier better grade pounds. mostly 260 310 150 Cattle calves 325: slow about steady: and better finished to beef and Sheep- 25c grades. and dium. plainer throwouts sheep steady: down. NEW YORK OIL New York York and Curb changes include: Delaware Indiana Kansas Standard Kentucky
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All Ready State Grover receiver of the defunct State Bank of Clintone announced yesterday that he had completed his work and the bank now open and all claims will heard against the bank. Likewise, Receiver Watson ready to accept payment on all debts owed the bank Mr. Watson, who finished up his work at the local bank late Tuesday evening. after working for the past 10 asks all who are interested bank to assure quicker service. By all who owe the bank money asked to pay soon as possible Mr Watson also wants all bank books of depositors brought in once so the bank employees will be able work on them.
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Bank Receiver Sues Depositor Walden Is Defendant in Clinton Case. W. Watson, ceiver of the State Bank of Clinton, Walden, the caption against damage suit filed to the January term of Dewitt county circuit Tuesday. Attorney Ingham Mr. According to the bill, the suit was brought funds withdrawn by Mr. Walden from his own account on the day the bank closed. with knowledge that the bank was closed. Mr. Walden director of the State bank Clinton. Court Thursday. Wamsley will Judge here from Tuscola on Thursday hold brief session of circuit Property of Mrs. Daisy Parker in the block on West South street, will be sold by the sheriff Thursday of this week to satisfy on claim the Coe-Bradford Goods company. Sheriff Fred lison will conduct the sale at the east door of the court house at
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Receiver Sues Bank Director at Clinton Pantagraph Central Illinois Service. damage was January term of the filed to the court by Grover W. circuit and for the State bank of of against prominent DeWitt county and director of the bank. According to the Mr. with knowledge that the bank was closed. alleged to have to withdrawn all funds from his personal account. The is brought to recover these funds.
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BANK RECEIVER SUES DEPOSITOR A. C. Walden Is Defendant in Clinton Case Clinton-Grover W. Watson, receiver of the State Bank of Clinton, against A. C. Walden, is the caption of a damage suit filed to the Jan uary term of Dewitt county circuit court. Tuesday. Attorney L. W. Ingham represents Mr. Watson. According to the bill, the suit was brought to recover funds withdrawn by Mr. Walden from his own account on the day the bank closed. with knowledge that the bank was closed. Mr. Walden was a director of the State bank of Clinton. Court Thursday. Judge D. H. Wamsley will be here from Tuscola on Thursday to hold brief session of circuit court. Property of Mrs. Daisy Parker in the 100 block on West South street, will be sold by the sheriff on Thursday of this week to satisfy a claim of the Coe-Bradford Dry Goods company. Sheriff Fred Callison will conduct the sale at the east door of the court house at 10 a. m.
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$6,300 in Dividends Paid Out by Clinton State Bank Receiver Pantagraph Central Illinois of defunct State bank of Clinton ceived totalling $6,310.31 which day. Receiver Grover W paid out by Watson. This is the second dend since January this the first amounting percent. were paid out of the stockholders liability fund. According to Mr no pay ments have as yet made of the general assets of the to suit of the City of Clinton due against the bank which pending The suit is one in which the city asking to have its of $70,000 made preferred. If the city fails in attempt to have the claim made preferred one another dividend will be paid depositors immediately
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City's Claim Against State Bank Approved Special William F. Smith yesterday found the city of Clinton's claim against the State bank of Clinton should be allowed The suit to make the claim of the city preferred one has been hanging fire for the past seven months and evidence has been heard during the past seven months until Master William F. Smith made his deyesterday The claim against the State bank of Clinton involves of the city's money which was on deposit at the State bank of Clinton January 7. 1932. the day the bank closed Smith's decision. render yesterday. means that the claim must be paid in full providing the decision is approved by the Dewitt county circuit court. The decision will be turned over to the circuit court for approval within the next few weeks. City Attorney Rayburn II. Wilson acted for the city while Attorney W. Ingham acted for Grover W. Watson, State bank receiver.
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Permanent Clinton Bank Receiver Named W. Watson, who acting temporary the defunct State bank of Clinwas named permanent by Judge McLaughlin in court here Saturday. The only other case taken Saturday was that George Anderson Millie Anderson for The defendant had asked for $25 for solicitors fees and $20 alimony which was granted by the court. Adjournment was taken until Nov. jury trials will
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Permanent Clinton Bank Receiver Named By Staff Clinton-Grover W. Watson, who has been acting temporary receiver of the defunct State bank of Clinton, was named permanent receiver by Judge J. L. McLaughlin in circuit court here Saturday. The only other case taken up Saturday that of George Anderson vs. Millie Anderson for divorce. The defendant had asked for $25 for solicitors fees and $20 alimony which was granted by the court. Adjournment was taken until Nov. 6 when jury trials will begin.
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Feldmann Says Checks Totalling Watson Also Pays Dividend Depositors Have Received 34% At Clinton Bank Receiver Expects To Return More to Bank Claimants Coincident with the announcement of third dividend from the John Weedman National Bank, the announcement made by Grover W. Watson, Receiver for the State Bank of Clinton, to the effect that $372,427.50 dividend is being paid from the assets of the bank proper beginning at 2 o'clock last Monday afternoon. This dividend was full 25 per cent of depositor's claims and with previous dividends brings the total payment to 34 per cent. According to Mr. Watson it is timated that very substantial sum will still be collected and that in the not distant future another good sized dividend will be ready for disbursement.
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Lyle Crum Aids Bank Receiver at Clinton By Staff Correspondent. L. Crum of Clinton has bookkeeper and clerk with Grover W. Watson, receiver of the defunct State Bank of Clinton. He takes the place of Ralph Parker who has resigned to become deputy under County Treasurer-Elect J. B. Trowbridge.
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Lyle Crum Aids Bank Receiver at Clinton By Staff CLINTON-Lyle L. Crum of Clinton has become bookkeeper and clerk with Grover W. Watson, receiver of the defunct State Bank of Clinton. He takes the place of Ralph Parker who has resigned to become deputy under County Treasurer Elect J. B. Trowbridge.