United States Bank - Crystal Lake, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 1, 1931*
Location: Crystal Lake, Illinois (42.241, -88.316)

Metadata

Model: gpt-5-mini
Short Digest: accb543a

Response Measures

None

Description

The bank is repeatedly described as a closed bank (closed May 1931) under a receiver (Frank J. Green). Articles discuss liquidation, lawsuits over misappropriated funds (Rupert case) and dividends to depositors. There is no mention of a depositor run; the bank remains in receivership and appears permanently closed.

Events (3)

1. May 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed following internal problems including misappropriation of funds (Rupert case) and large liabilities; depositors' funds were on deposit in the closed bank and suits arose to recover funds.
Newspaper Excerpt: Mr. Green, for the United State Bank which closed May 1931.
Source: newspapers

2. July 22, 1933 Other

Newspaper Excerpt: effort on the part of the city to force forfeiture of the $50,000 bond to recover municipal funds approximating $60,000 on deposit in the closed United States bank of Crystal Lake.
Source: newspapers

3. December 28, 1933 Receivership

Newspaper Excerpt: Frank J. Green, Receiver United State Bank of Crystal Lake...has been in charge of Mr. Green for liquidation for the past two and one half years. ... has called on Frank J. Green to resign as receiver of the closed United State Bank of Crystal Lake, which has been in charge of Mr. Green for liquidation for the past two and one half years. (Dec. 28, 1933).
Source: newspapers

Newspaper Articles (5)

1. February 23, 1933 The Herald Crystal Lake, IL

Article from The Herald, February 23, 1933

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Firing Bank Receivers Unwelcome Wholesale firing of bank receivers started by State Auditor Edward Barrett Cook county and downstate counties caused deep concern Crystal Lake. reported that Wm. O'Connell, prominent democratic political leader, over the work of the receivers. Republicans charge that the move being made to build up fees paid for by positors in closed banks and rendered especially because an expensive audit would be needed each time receiver changed. Frank Green, receiver of the United State bank, told The Herald yesterday that he knew of change concerning his status here. Mr. Green made an enviable record and him would bring about financial catastrophe that would mean disastrous results here, those familiar the work he has done believe. Local people earnestly hoping that continue as receiver. Suffers Stroke Joe Dietrich suffered paralytic stroke while iting with friends at Gumprecht's Blacksmith Shop. He removed to the home of Fred Dietrich, route 19, where his condition mains

2. July 22, 1933 Belvidere Daily Republican Belvidere, IL

Article from Belvidere Daily Republican, July 22, 1933

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Crystal Lake Suit Draws to an End Friday marked the close of the trial of the $50.000 debt on bond suit of the city of Crystal Lake against Mrs. Florence Gilbert, former city treasurer. and her bondsmen. one of the longest cases heard in circuit court at Wood stock Judge E. D. Shurtleff presided. The trial has continued at Intervals since the suit was brought in December. 1931. in an effort on the part of the city to force forfeiture of the $50,000 bond to recover municipal funds approximating $60.000 on deposit in the closed United States bank of Crystal Lake. Attorney W. L. Pierce of this city and L. D. Lowell of Crystal Lake represented the plaintiff and Attorneys Charles P. Barnes of Woodstock and Hamilton O. Hale of Crystal Lake defended Mrs. Gilbert and her bondsmen.

3. December 28, 1933 The Herald Crystal Lake, IL

Article from The Herald, December 28, 1933

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Resignation Requested by the Auditor of State Stewart T. Oliver of Woodstock Said to Be Slated for the Job State of Illinois OFFICE OF THE AUDITOR OF PUBLIC ACCOUNTS Edward Barrett Auditor Public Accounts Springfield 20, 1933 "Mr. Frank J. Green, Receiver "United State Bank of Crystal Lake, "Crystal Lake, Illinois. "Dear Sir: the desire of the Auditor of Public Accounts to consolidate in McHENRY COUNTY and, order carry out his program, it will necessary for us to have your resignation, for the UNITED BANK CRYSTAL LAKE, Crystal Lake, Illinois. have, therefore, been quested by the Auditor to forward said resignation earliest convenience, to take effect as you can conveniently be checked out and released. truly yours, "Auditor in charge of Receiverships.' ARD:EM The above letter asking for his resignation was last Thursday Frank Green, for the United State Bank which closed May 1931. Mr. Green forwarded his ation to the state auditor's of fice Tuesday. While had been made up to the time of going press, are the effect that Oliver of Woodstock, of McHenry county's leading Democrats, named succeed Mr. Green. also said Mr. that Oliver will be named of the Citizens' State Bank of McHenry; placing Theo. Hamer, the Spring Grove Bank, replacing Frank nell. Mr. Green will end his duties today. Served 30 Months Mr. Green had served receiver 30 months and made enviable an record in preserving the for assets benefit of the which has, it is believed, been un-

4. December 28, 1933 The Daily Sentinel Woodstock, IL

Article from The Daily Sentinel, December 28, 1933

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GREEN TO RESIGN AS BANK RECEIVER S. T. Oliver To Be Appointed Edward J. Barrett, state auditor of public accounts, who has charge of all state banks in Illinois, both those which are open and those which are closed, has called on Frank J. Green to resign as receiver of the closed United State Bank of Crystal Lake, which has been in charge of Mr. Green for liquidation for the past two and one half years. It is currently reported that Stewart T. Oliver of Woodstock will be appointed to succeed Mr. Green. Mr. Oliver is manager of the Ridgefield Sheep Feeding Yards and during the past two years has been quite active in Democratic politics in McHenry county as a member of the county central committee representing the Second Dorr precinct in Woodstock. He affiliated with the Barrett faction of Illinois politics. Green Served 30 Months Mr. Green had served as receiver for 80 months and made an enviable record in preserving the assets for the benefit of the depositors, a record which has, it is believed, been unequaled in the state of Illinois, considering the condition of the bank when closed says the Crystal Lake Herald. When he took over the affairs of the bank as receiver, there was a depositors liability, outside of preferred claims and offsets of $454,692.66. There was approximately $10,000.00 cash on hand and bills payable of $71,234.32. Mr. Green collected during his term as receiver $234,926.34 from the assets of the bank. He paid off $71,234.32 in bills payable, $41,913.02 in preferred claims and paid 12 per cent from assets of the bank. In his capacity as receiver, he collected $53.666.51 from the stockholders liability without a lawsuit. From this amount he paid a dividend of per cent. The three dividends totaled $95,485.45 or 21 per cent. He has also paid out a large amount in taxes, assessments, and the like to protect mortgages and real estate acquired, which will be returned to the bank when final settlements are made, and had on hand on Dec. 1, $35,230.57. Rupert Case Upheld Following almost on the heels of the request for Mr. Green's resignation came word that the Supreme Court had upheld the Appellate Court decision sustaining the decision rendered by Circuit Judge Edward D. Shurtleff in 'the Wm. H. Rupert case holding that funds misappropriated should be classified as preferred claim as to principal. It will be remembered that the Rupert Estate received an insurance check for $10,000 which was turned over to the cashier of the bank but was never paid to the heirs. The Supreme Court decision will mean no to the but will make It possible to pay an additional dividend of about 5%, due to the fact that there is still a balance of about $10,000 due from the W. S. Fidelity & Guarantee Co. bond covering the officers of the bank. The bond was originally for $25,000 of which about $15,000 has been paid on other claims. Mr. Green has been forced to hold $21,777.50 in reserve until the Rupert and other cases in Court have been settled. The decision in the Rupert case releases about $8000 from this fund, leaving $13,777.59 still to be held pending decisions on other cases now in the courts and making available at this time for a dividend to the depositors of $21,452.98 or slightly less than 5%. Operated Economically Mr. Green, as shown by his reports and audits. operated the closed bank most economically for the benefit of the depositors. The income for the 30 months he was in charge exceeded the administrative expense $100 a month. Administrative expense includes the receiver's salary, clerk hire, and attorney's fees, exclusive of foreclosures

5. August 16, 1934 The Herald Crystal Lake, IL

Article from The Herald, August 16, 1934

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Depositors of the United State Bank Would Like (Continued From Page One) it necessary the receivers to hold sufficient funds to cover them if the held them to be common courts claims. Only statement has been issued receivers since they took by the the affairs the closed bank December; eight months ago. last This published July 12, much more than those formerly issued, but total of in cash, an sufficient to pay per cent dividend of and cash balance of $15,400.75 with the Depositors realize that it necessary for bank to keep some funds on hand but cannot of this $38,000 why fund has been distributed to cash not the past eight months. them during Green Has $7096.72 Green still reFormer the Stockholders' Liability ceiver of in his $7096.fund 72, for dividend purposes, an amount cent dividend sufficient pay per of $4546.92 in his possession balance $2449.80. suits covering $13,000 pending neare receivers to hold cessary both back sufficient funds to cover their liability should courts finally hold valid claims against the these be closed bank. Mr. Green has not distributed the on account the expense inper cent in issuing checks for the small volved amounts, but it said he stands ready to combine per cent dividend from the stockholders liability fund with dividend from the bank receivers at any time Fixtures Being Sold Quite bit equipment the old bank has been sold during the past months. The City of Crystal Lake purchased for $77.50 an electric adding machine, typewriter, beautiful desk, and Adding machines, desks, two chairs. chairs and other office equipment have also been disposed of at low figures considering the 50 Per Cent Expected hen Green resigned as he was questioned as to what the bank should eventually pay out but declined make definite statement. was generally believed at that time, howthose who had been in close ever, touch with him and with the affairs of closed bank and who had the died the made up to that time, that the and economical which he gave, the out to the depositors bank pay between 50 and 60 per cent. Inasmuch as the new receivers have had in their for eight months from $35,000 to $38,000 have as yet out nothing, deposiwondering just what they are tors are to expect. Lawn Party at Stephans Is Huge one hundred and Tuesday evening fifty people Oriole Trail for Stephan on and refreshments. Admission bridge was the proceeds of the afSt. Thomas Bazaar fair going to the Fund. Michael renowned Irish Player, appearing in Woodwho was to have giv. en during the Attend he under doctor's in that and could not attend. Mr. MacDespite the absence the party social and financial viewfrom both a point Mrs. Fred Rudat to Be Hostess to Aurum Bridge ClubClub members "Aurum" Bridge entertained Wednesday the home of Mrs. Walter ternoon McHenry Two tables Meier on of bridge and Club honMrs. Fred Rudat Mrs. Albert Guest Louis Mrs. H. merited Mrs. also Club was the the At the lunch the small tables. the The party Fred Auxiliary Unit Holds Pot Luck Supper With Edith they Auxiliary for American Legion Miss on Oriole Trail. after Edith Purvey which the regular business meeting held. This was the last the Unit was Auxiliary year and inmeeting of the will be held at the next stallation to be announced later. meeting, date Following the business session the guests gathered at the home of Mrs. Roy Schneider on Grant street where cards were played. Honors in 500 Amelia Eibisch, while went to Mrs. D. M. Ewing received the bridge award. Scouts Return From Camp Boy Scouts returned Saturday afternoon from stay Camp Rotary near Cherry Valley. All were enthusiastic over the camp and many more local scouts are anticipating next year's outing. Those who went this year were: Douglas and Elmer Etling, Charles Hauswirth, Mitchell Pearson, Lowell Walkup, Robert Abbott, Clifford and Robert Lippold, Clarke and Curtiss Dufield, Lee Works, Scott Colby, Ray Martin, and Warren Stange. Mrs. Entertains for Mrs. GraffMrs. Fred Peterson enterained few friends Tuesday afternoon at her home on in of Florence Graff of Seattle, Wash. The afternoon was spent in playing bridge, and the hostess served tasty lunch. Guests were: Mrs. Charles Allen of Cary; Mrs. Rose Austin of Woodstock; Mrs. Rose Sullivan and Miss Margaret Sullivan of Chicago; and Mrs. Emma Dezell of this city. Crystal Lake Garden Club to Meet with Mrs. Pomeroyregular meeting of the Crystal Lake Garden Club be held Tuesthe home Edward Pomeroy, Pomeroy avenue, 2:15 please notice change from last Mr. and Mrs. R. Ocock Celebrate 60th AnniversaryMr. and Mrs. Frank R. Ocock their 60th wedMarengo celebrated yesterday. Open ding house was held at their home 329 Elm avenue, from to o'clock and from to in the evening. Mr. Ocock 80 years of age and retired from business only three years and 55 in the leather after years ago in Marengo. was 1854, near Janesville, born June 1, children and the of ten born the United the only and sisters havStates, his brothers England. He the been in ing Ocoek this city. The uncle of latter's parents their 59th wedding anniversary last October. of and Mrs. years age on June 11, born England at the 1855, coming to this country She too was one age of one year. ten children and has five sisters living. married Aug 15, The Ococks were In spite of their 1874 at Woodstock. active in the advanced years, both Church and in Marengo Baptist social affairs of the and interesting thing to note It an of the Ocock brothers celethat three 50th wedding anniverbrated their which is reachsaries, an ed by only few. Are Wed At St. Thomas Church MorningMiss Alice Ostdick of 375 Mrs. Anna bride of ArElgin, thur Maloney, of Mrs. Katherine Maloney Laurel street, Batavia, Wednesday Aug 15. The mass clock by Rev. McCormick in St Thomas Church, the single ring ceremony being used. The bride was attractive in an semble brown crepe and wore of Her sister, Miss felt hat brown. Adelaide Ostick, attended her and was also in gown of brown moss lovely crepe with to match. Both of talisman Clarence Maloney served his brothbest man. after the ceremony wedding breakfast was served at the home of Rev. the bridal and the bride and party groom's mother guests. Mr. and Mrs. short and upon their return make home Batavia. The groom is employed in the office at Seventy Attend Benefit Dinner at Huling benefit dinner Seventy the and bridge Friday spahome Mr. and Mrs John cious the south shore of the lake, ing on members the Tuesday Club. Guests included members of the club and their husbands and guests. The Huling prettily dechome was orated with garden and low filled flowers the three large tables which the guests served deli dinner Guests were Father Beatty Rev. E. priest of St. and Church Father Ridgeway of and Honors bridge awarded to Kuehnert, Jack Housten, Mrs M. Norris, H. This and was and the gracious Mrs. Huling appreciated by the members of the Club. Wedding of Miss Wanda Henry Dunker, Mr and Mrs. Mary Miss and Wilber, Miss Anderson of this city and Harvey who attended the wedding Miss Wanda Ritt, daughMrs. William Ritt of ter Mr. and Schuett of AlAlgonquin, The gonquin, Saturday held of the wedding was Mrs. Schuett is Mrs. bride's parents Mary Dunker' followed the wedding. reception G. H. Pflueger to Be Mrs. Monday Bridge Club hostess MonMrs. Osborn was members the Monday day the Bridge her home Three tables and for bridge Chas. and the playing the At be held the Mrs. H. Pflueger, Monday, Aug. 20. Friends G. Lockwood Surprise on Birthday surprised Glen Lockfew Sunday when they gathwood Woodstock street ered at his on him celebrate his birthday anto help niversary. enjoyed, after which Pinochle refreshments, brought by the guests, were served. Those present were: Mr. and Mrs. George Krause, Mr. and Henry and Mr. and Mrs. Albert Buchert, Kammin. Miss Elizabeth Miller to Wed Floyd Boyer Sunday Miller will become Miss the bride of Floyd Boyer, Sunday, Aug. 19, at pretty wedding the bride's parents, Mr. the home and Mrs. Robert Miller, of near Crystal Lake. The single ring service o'clock by the bride's to be read Willard Purdy, D. of cousin, Mr. Boyer is the son of Mr. and Mrs. James Boyer. Guests include the immediate famiwill only lies. Former Crystal Lake Youth to Wed Chicago Girlbeen of the Word has of William proaching marriage Miss Mabel Shields of Chipert and will take place on Tuescago, which Ruppert well Sept. Mr. known day, here having lived here for of with his mother number years the late Dr. Wm. Ruppert father, Mrs. Ruppert, and graduate high the Crystal Lake Community school. Appear On Personal in appear contest at Personal This evening. of of the last personal those talent, and program Cobb will with saxophone.