First National Bank - Coal City, IL

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 10132
Charter Number: 10132
Start Date: March 19, 1932
Location: Coal City, Illinois (41.288, -88.286)

Metadata

Model: gpt-5-mini
Short Digest: 44dae7ea

Response Measures

Full suspension

Other: Moratorium (3-day) declared by mayor to halt withdrawals; depositors signed pledges not to withdraw more than 8% monthly.

Description

Newspaper reports a three-day moratorium (declared by the mayor) to halt withdrawals after a run; at the end of the moratorium the bank reopened and depositors signed pledges limiting withdrawals (8% per month). No specific cause for the run is given in the article.

Events (4)

1. January 27, 1912 Chartered

Source: historical_nic

2. March 19, 1932 Run

Cause Details: Unspecified heavy withdrawals/run by depositors prompting emergency measures; article does not name a specific rumor, bank insolvency, or outside trigger.
Measures: Three-day moratorium declared by the mayor; pledges by 95% of depositors to limit withdrawals to 8% per month.
Newspaper Excerpt: to halt withdrawals from the First National Bank. Ninety-five per cent. of the 1,400 depositors signed pledges not to withdraw more than 8 per cent. of their deposits during any one month. Lines of depositors awaited the re-opening of the bank today
Source: newspapers

3. March 19, 1932 Suspension

Cause Details: Moratorium (temporary suspension of withdrawals/payments) was declared by the mayor to stop the run.
Newspaper Excerpt: at the end of a three-day moratorium declared by Mayor Edward Pierard to halt withdrawals from the First National Bank.
Source: newspapers

4. March 22, 1932 Reopening

Newspaper Excerpt: Business as usual was the word in Coal City, Ill., today at the end of a three-day moratorium ... Lines of depositors awaited the re-opening of the bank today with money in hand.
Source: newspapers

Newspaper Articles (2)

1. March 23, 1932 Daily News New York, NY

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Article Text

3-DAY MORATORIUM STOPS RUN ON BANK Morris, Ill., March 22 (P)."Business as usual" was the word in Coal City, Ill., today at the end of a three-day moratorium declared by Mayor Edward Pierard to halt withdrawals from the First National Bank. Ninety-five per cent. of the 1,400 depositors signed pledges not to withdraw more than 8 per cent. of their deposits during any one month. Lines of depositors awaited the re-opening of the bank today with money in hand.

2. March 23, 1932 Daily News New York, NY

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Article Text

3-DAY MORATORIUM STOPS RUN ON BANK Morris, Ill., March 22 (P)."Business as usual" was the word in Coal City, III., today at the end of a three-day moratorium declared by Mayor Edward Pierard to halt withdrawals from the First National Bank. Ninety-five per cent. of the 1,400 depositors signed pledges not to withdraw more than 8 per cent. of their deposits during any one month. Lines of depositors awaited the re-opening of the bank today with money in hand.