4753. Crete State Bank (Crete, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 6, 1909
Location
Crete, Illinois (41.444, -87.631)

Metadata

Model
gpt-5-mini
Short Digest
7e85cce0

Response Measures

None

Description

Multiple newspapers (Feb 6-8, 1909) report the Crete State Bank placed in hands of a receiver after the state examiner found the president and cashier indebted for large amounts. Articles describe insolvency and a receiver appointed; no mention of a depositor run or later reopening.

Events (2)
1. February 6, 1909 Receivership
Newspaper Excerpt
The Crete, Ill., State bank is in the hands of Receiver William H. Rohe; a bill filed ... declares the bank insolvent.
Source
newspapers
2. February 6, 1909 Suspension
Cause
Government Action
Cause Details
State examiner found officers indebted and declared the bank insolvent leading to receivership/official suspension.
Newspaper Excerpt
The Crete, Ill., State bank is in the hands of a receiver. State Examiner W. G. Howes has found that President Ernest W. Balgeman and Cashier W. F. Koelling are indebted for large amounts.
Source
newspapers

Newspaper Articles (6)
1. February 6, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, February 6, 1909

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Article Text

Crete, III., Bank Insolvent. Joliet, Ill., Feb. 6.-The Crete. Ill., State Bank is in the hands of Receiver William H. Rohe, State Examiner Bowes has found that President Ernest W. Balgeman, and Cashier W. F. Koelling are indebted for large amounts. A bill filed here today against Balgeman and the stockholders, declares the bank insolvent. The resources are stated to be $76,000, and liabilities the same.

2. February 7, 1909 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, February 7, 1909

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Article Text

ILLINOIS BANK BROKE. Joliet, III., Feb. 6-The Crete, Ill., state bank is in the hands of a receiver. State Examiner W. G. Howes has found that President Ernest W. Balgeman and Cashier W. F. Koelling are indebted for large amounts. The resources of the bank are stated to be $76,288; liabilities the same. Balgeman made a strenuous effort a year ago to be elected to the legislature and is said to have spent a large sum.

3. February 7, 1909 The Morning Examiner Ogden, UT
Article from The Morning Examiner, February 7, 1909

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Article Text

ILLINOIS STATE BANK IN HANDS OF RECEIVER Joliet, Feb. 6.-The Crete, Illinois State bank is in the hands of a receiver. State Examiner W. G. Howes has found that President Ernest W. Balgeman and Cashier W. F. Koelling are indebted for large amounts. The resources of the bank are stated to be $76,288; liabilities the same. Balgeman made a strenuous effort a year ago to be elected to the legislature and is said to have spent a large sum.

4. February 8, 1909 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, February 8, 1909

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Article Text

Receiver for Illinois Bank. Joliet, III., Feb. 8.--The Crete (III.) State bank is in the hands of a rereiver, William H. Rohex. State Examiner W. G. Howes has found that President Ernest W. Balgeman and Cashier W. F. Koelling are indebted for large amounts. A bill filed here against Balgeman and the stockholders declares that the bank is insolvent.

5. February 8, 1909 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, February 8, 1909

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Article Text

Receiver for Illinois Bank. Joliet, III., Feb. 8.-The Crete (Ill.) State bank is in the hands of a receiver, William H. Rohex. State Examiner W. G. Howes has found that President Ernest W. Balgeman and Cashier W. F. Koelling are indebted for large amounts. A bill filed here Against Balgeman and the stockholders declares that the bank is insolvent.

6. February 9, 1909 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, February 9, 1909

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Article Text

Receiver for Illinois Bank. Joliet, III., Feb. 8.--The Crete (III.) State bank is in the hands of a rereiver, William H. Rohex. State Examiner W. G. Howes has found that President Ernest W. Balgeman and Cashier W. F. Koelling are indebted for large amounts. A bill filed here against Balgeman and the stockholders declares that the bank is insolvent.