First Trust & Savings Bank - East Moline, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: September 1, 1925*
Location: East Moline, Illinois (41.501, -90.444)

Metadata

Model: gpt-5-mini
Short Digest: d3285b62

Response Measures

None

Description

Article reports the bank suspended business 'last fall' and is in liquidation with a receiver (John Delaney) after large embezzlements by officials. No run is mentioned. Closure is permanent with receiver and asset liquidation.

Events (2)

1. September 1, 1925* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended after discovery of large embezzlements by cashier Henry B. Setzer and assistant cashier Joseph VanHoe (over $100,000).
Newspaper Excerpt: the board has adopted resolution... the bank, which suspended business last fall,
Source: newspapers

2. October 5, 1926 Receivership

Newspaper Excerpt: Liquidation of the assets of the bank has proceeded ... John Delaney, receiver, told the directors they will receive at least $25,000 ... Liquidating Assets. Liquidation of the assets of the bank has proceeded to such degree that John Delaney, receiver, told the directors ... the directors levied three assessments upon themselves.
Source: newspapers

Newspaper Articles (1)

1. October 5, 1926 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, October 5, 1926

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Article Text

DEFUNCT BANK MOVES PAIR IN PRISON Resolution of East Moline Institution Warns Against Pardon (Special Moline Service.) Henry B. Setzer, former cashier the First Trust & Savings bank of East Moline, and Joseph VanHoe, former assistant cashier of the same/ institution, each now serving one to ten years in the Illinois state penitentiary for embezzling over $100,000 from the bank, will freed until they serve their full term, if the plea of the board of directors of the bank. which suspended business last fal,1 is carried out. The board has adopted resolution urging the state board of pardons and paroles not to free the two former officials before their terms expire. The resolution asks the board to take into account the gravity of the offenses committed by the two men and the thousands of dollars lost by depositors through their manipulations. Setzer was sentenced in the summer of 1924. The bank continued to operate with VanHoe assuming Setzer's duties, and in June, 1925, he was arrested for embezzlement, pleading guilty. The loss due to VanHoe's actions was approximately Liquidating Assets. Liquidation of the assets of the bank has proceeded to such degree that John Delaney, receiver, told the directors they will receive at least $25,000 of the sum they themselves to safeguard the depositors from losses. The directors levied three assessments upon themselves. Two of the sums were counted as losses absorbed to make good the deficits caused by the defalcation of the two former officials, but the <hird assessment of $25,000 will be paid to the directors, Mr. Delaney said.