4801. Citizens State Bank (Edinburg, IL)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: October 18, 1929
Location: Edinburg, Illinois (39.657, -89.390)

Metadata

Model: gpt-5-mini
Short Digest: 53a5a252

Response Measures

Full suspension, Books examined

Other: Federal Reserve flew cash to nearby Farmers' National Bank to stem countywide runs; Citizens State Bank (Edinburg) closed its doors (failed to open) to protect depositors and awaited examiners.

Description

Articles (Oct 18-19, 1929) report Citizens State Bank of Edinburg closed its doors after depositors ran on it following the failure of the John B. Colegrove State Bank in Taylorville. The closure is reported as a protective shutdown; no explicit reopening is reported for Citizens State Bank in the provided clips, so final status is uncertain.

Events (2)

1. October 18, 1929 Run

Cause: Correspondent
Cause Details: Run triggered by failure of the John B. Colegrove State Bank (a correspondent), causing depositor panic and heavy withdrawals from Citizens State Bank.
Measures: Directors closed the bank's doors to protect depositors (protective suspension); state auditor/examiners called to audit books.
Newspaper Excerpt: A sudden fear on the part of the depositors of the Bulpitt State Bank and the Citizens State Bank of Edinburg, correspondents of the Colegrove Bank, caused a run on these banks that necessitated the closing of their doors.
Source: newspapers

2. October 18, 1929 Suspension

Cause: Correspondent
Cause Details: Bank failed to open (closed) in response to runs precipitated by the failure of Colegrove State Bank and related local panic; described as a protective measure to safeguard depositors.
Newspaper Excerpt: The Citizens State bank at Edinburg closed its doors yesterday leaving that town without any banks open for business.
Source: newspapers

Newspaper Articles (11)

1. October 18, 1929 Decatur Herald Decatur, IL

Article from Decatur Herald, October 18, 1929

Click image to open full size in new tab

Article Text

Plane Breaks on Taylorville Bank Farmers' National Remains Open After Two Other Banks in City Close to Protect DepositorsPlans for Reorganization Staff Representative) Oct. financial passed safely early afternoon. THEATERS SOLD An airplane dropped down near Taylorville with supply money for the Farmer's FOX Bank of Taylorville, ample meet demands of depositors. other banks in the town closed. Friday morning The Oct. National Bank of Taylorville and theaters the Frascini chain the Taylorville National Bank closed erating throughout Central Illinois, their doors in an attempt to check the Fox Film Co. was completed run which had developed following Friday morning. The purchase closing of Colegrove State said to have been $700,000. bank in Taylorville week ago. Either directly or indirectly The Turner State Bank of Edin- inick Frascini, burgh also failed to open Friday the following theaters which are morning making total of six banks cluded the sale: Mattoon, Christian county which have clos- leston, within the past Pana, Decision close the two Taylorville banks was reached special meeting the boards directors WATER HITS the two institutions Thursday The condition of the banks believed to be sound. One Bank Operating Friday only one bank in the Farmers' National, operating. Flagship for President HoovAdams, president of the Farmers' National, said that his bank Proposed Visit Is ample reserves of cash on hand would meet all withdrawals Stranded Crisis Brought Closing of the banks Friday brought the financial situation county to crisis. Since of the John B. Colegrove Taylorville week have to open. bank closed Thursday, Oct. The following Bulpitt State bank, the Colegrove bank closed. following day the Citizen's State in Edinburg closed. Friday morning three others closed. Coal Co. Helps turn in the panic which has swept the county evident Friday. Several prominent business in made deposits the offsetting by example the effects of steady withdrawals. The Peabody Coal Co. Friday morning deposited $90,000 the State bank to protect against run from depositors. Plan Reorganization Meanwhile plans for reorganizaand possible merger of the Taylorville banks were being discussed. Little progress can be made until national bank examiners arrive. Two of national banking department expected before night. The decision of the two Taylorville national banks to close taken in Interests of the positors officials said. Many small depositors became terrified at ruand rushed to the bank withdraw their funds. check the the directors decided close the bank. Roy Johnson president of the National bank and Troy Long. president the TaylorNational bank. Dorris Shumpresident of the Turner State bank Edinburg which of Friday. Business Slow The situation attributed present slow conditions the Christian county community. Coal mining has unsteady for period of farming conditions have not the best. factors have (Continued on Page

2. October 18, 1929 The Taylorville Daily Breeze Courier Taylorville, IL

Article from The Taylorville Daily Breeze Courier, October 18, 1929

Click image to open full size in new tab

Article Text

Best Interests of Depositors Given as Reason for Closing 2 Local, and Edinburg Banks Directors of First National, Taylorville National and Turner State Banks Decide to Close Doors to Protect Their Depositors From Heavy Runs Being Made Upon Them as a Result of the Failure of the Colegrove State Bank Last Week A financial situation never before equalled in Christian county has been brought about by the failure of the Colegrove State Bank one week ago today. A sudden fear on the part of the depositors of the Bulpitt State Bank and the Citizens State Bank of Edinburg, correspondents of the Colegrove Bank, caused a run on these banks that necessitated the elosing of their doors. This situation alarmed the depositors of the First National and the Taylorville National Banks caus* ting a run on them yesterday that the directors of the two banks felt would eventually threaten the safety of their depositors if they continued to remain open and they closed their doors this morning until this chaotic situation can be cleared up. The directors of the banks called for the national bank examiners to come and audit their books preparatory to the complete reorganization as soon as the conditions warrant. The Farmers National Bank was the only bank in the city to remain open and a large number of their depositors drew their money from the bank today but J. A. Adams, president of the bank. stated there was no cause for worry with them as they have a sufficient amount on hand to pay off all their depositors if necessary. Oscar Nelson, state auditor, is in the city today working in connection with the affairs of the Colegrove State Bank, and he stated that the people should not get unduly excited about these conditions as they can be adjusted much more readily if the depositors will remain orderly and not get nervous. When some of the depositors of the Farmers National Bank were cheerfulty given their money this morning became reassured and put their money back into the bank. Clifford Stokes, eashier of the First National Bank, and Troy Long president of the Taylorville National bank, had no statement to make except that the lack of confidence on the part of many depositors and their withdrawal of deposits had brought on a condition that might eventually jeopardize the security of the other depositors and they deemed it best to close their doors. The directors of the Turner State Bank of Edinburg took similar action and their doors were also closed this morning and State Auditor Nelson notified.

3. October 19, 1929 Alton Evening Telegraph Alton, IL

Article from Alton Evening Telegraph, October 19, 1929

Click image to open full size in new tab

Article Text

Planes Rush Cash To Taylorville To Stop Bank Run Confidence Renews As Money Arrives From Federal Reserve Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults nt the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers National Bank need have no fears of not getting their money. Almost like magic the line faded away and another formed-custimers redepositing the money they earlier had withdrawn. Relief was rushed by airplane to the Farmers Bank by Chicago Federal Reserve officials as soon as they learned that Taylorville's other three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and Co., State Bank; the Taylorville National Bank. and the First National Bank. all of Taylorville; the Citizens State Bank and the Turner State Banks both of Edinburg, and the State Bank of Taylorville merchants confident that the banks' conditions were sound, basically advertised today that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 per cent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, Is expected to ease the situation.

4. October 19, 1929 New Britain Herald New Britain, CT

Article from New Britain Herald, October 19, 1929

Click image to open full size in new tab

Article Text

AIRPLANE BRINGS MONEY TO BANKS Arrival of Cash Turns Run Into Depositors' Rush Taylorville, 111., Oct. 19 (A)--Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers' National bank need have no fears of not getting their money. Almost like magic the line faded away and another formed--customers redepositing the money they earlier had withdrawn. Relief was rushed by airplane to the Farmers' bank by Chicago federal reserve officials as soon as they learned that Taylorville's other three banks had been closed. Today bank examiners were scanning the books of the three closed banks and banks in three other nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have been closed are: John B. Colegrove & Company, State Bank, the Taylorville National bank, and the First National bank. all of Taylorville; the Citizens' State bank and the Turner State banks, both of Edinburg, the State bank of Bulpitt.

5. October 19, 1929 Evening Star Washington, DC

Article from Evening Star, October 19, 1929

Click image to open full size in new tab

Article Text

FUNDS DROP FROM SKY TO STOP BANK RUN AS 3 OTHERS CLOSE Plane Motor's Drone Saves Day and Customers Redeposit Withdrawn Money. By the Associated Press. tomers redepositing the money they earlier had withdrawn. TAYLORVILLE, Ill., October 19.Relief was rushed by airplane to the Out of the sky yesterday dropped money Farmers' Bank by Chicago Federal Rebags to bring renewed faith to a panicserve officials as soon as they learned stricken town and stave off a bank run that Taylorville's other three banks had been closed. which would almost certainly have reToday bank examiners were scanning sulted in empty, vaults at the only bank the books of the closed banks. Thus which remained open. far, "frozen assets" have been unofficially blamed for the shutdown. The drone of an airplane motor was The banks that have been closed are: the signal that the day was saved and John B. Colegrove & Co., State Bank, that the line of 250 depositors in front the Taylorville National Bank and the of the Farmers' National Bank need First National Bank, all of Taylorville; the Citizens' State Bank and the Turhave no fears of not getting their money. Almost like magic the line ner State Bank, both of Edinburg; the faded away and another formed-cusState Bank of Bulpitt.

6. October 19, 1929 News-Press Fort Myers, FL

Article from News-Press, October 19, 1929

Click image to open full size in new tab

Article Text

Plane Drops Money Bags To Stop Run On Illinois Bank (By The Associated Press) Out of the sky yesterday dropped money bags to bring renewed faith to a panic stricken town and stave off a bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone of an airplane motor was the signal that the day was saved and that the line of 250 depositors in front of the Farmers National bank need have no fears of not getting their money. Almost like magic the line faded away and another formed customers redepositing their money they earlier had withdrawn. Relief was rushed by airplane to the Farmers bank by Chicago Federal Reserve officials as soon as they learned that Taylorville's other three banks had been closed. Today bank examiners were scanning the books of the three closed banks and banks in three other nearby towns Thus far. "frozen assets" have been unofficially blamed for the shutdowns. The banks that have been clos ed are: John B. Colegrove and Company, state bank, the Taylor ville National bank, and the First National bank, all of Taylorville the Citizens State bank and the Turner State bank both of Edinburg. and the State Bank of Bulpitt.

7. October 19, 1929 The Daily Times Davenport, IA

Article from The Daily Times, October 19, 1929

Click image to open full size in new tab

Article Text

CITY, rated the underdog today's homecoming game with Illinois, jumped into an early lead when Capt. Glassgow raced 78 yards for touchdown on the first play after the kickoff. Eluding Peters. Illini safety man the 15-yard line. the Iowa star made desperate lunge to pierce the invaders' goal. Glassgow made the extra point, the ball striking cross bar before going over. The Hawkeyes threatened again few minutes later when Glassgow punted from close behind goal line, catching the Illini flatfooted, with Rogge downing the punt barely foot from the enemy goal, but the kick was called back and Illinois penalized yards for Iowa taking ball on the line. plays through the line by Glassgow and Sansen, replaced Thomas full, carried the ball to the three yard line before Iowa lost the ball on downs. Illinois, given the ball on their five-yard line, made eight yards on two plays through the line before punting to midfield. penalty forced Iowa back the 35-yard line. from where Glassgow punted to Peters on the Illinois line. Both teams were forced to to sever leaving Illinois the ball their from which point Yanuskus and Timm made first down for Illinois, takthe ball their 45-yard line the quarter in Iowa's favor. 40,000 Present King Football ascended his throne today before crowd 40,000 who braved intermittent drizzle to see the University of Illinois open its Western conference season against University of Iowa. Sprightly blotches of cloth hastimprovised to protect against the bursts of rain which drenched the spectators at intervals dotted the stands. brief talk preceding opening kick-off, Williams, chairman of the Iowa board control of athletics, formally dedicated the new half million dollar Hawkeye stadium. Glassgow in Game Iowa's squad was first on the field. Captain Glassgow, who had previously announced would be kept out of the tilt by juries sustained weeks ago, appeared in the Hawkeye lineup, his injured face protected by specially designed mask. Coach Zuppke's Illini took the field to begin their campaign for their third consecutive Western conference title. Footing appeared fairly secure despite the frequent showers. The was slippery, players both squads fumbling repeatedly during the warming up drill. The sun was fighting seeminglosing battle with clouds forenoon. short shower last night and longer one early Institution Kept Open at Taylorville After Others Close Oct. (Associated of the sky yesterday dropped money bags to bring renewed faith to panic stricken town and stave off bank which would almost certainly have resulted in empty vaults the only bank which remained open. The drone of an airplane motor the signal that the day was saved and that the line of 250 depositors front of the Farmers National Bank need have fears not getting their money. Almost like magic line faded away and another depositing the money they earlier withdrawn. Relief was by airplane the Farmers Bank by Chicago federal reserve officials as soon they learned that Taylorville's oththree banks had been closed and that dangerous run had started. Today bank were the books of the three scanning closed banks and three others towns. Thus "frozen nearby assets" have been unofficially blamed for the shutdowns. The banks that have been closed are: John B. Colegrove State Bank, the Taylorville National Bank, and the First tional all of Taylorville: the Citizens' State Bank and the TurnState Bank both of Edinburg, and the State Bank of Bulpitt. merchants confident that the banks' conditions were sound, basically advertised today that they checks paythe banks merchandise. both blamed for the Crops were difficulty and looked to for relief. Failure approximately 50 per cent of the corn was believed crop have caused the frozen assets, while the bean crop, now beharvested, is expected to ease the situation.

8. October 19, 1929 The Dispatch Moline, IL

Article from The Dispatch, October 19, 1929

Click image to open full size in new tab

Article Text

Moline Will Have Large Radio Station. Dispatch Special Service Washington, D. C., Oct. 19.-It has been definitely decided to include Moline among the 110 cities in which commercial radio stations for communication will be constructed by the Universal Wireless Communication company before 1932, officials of the Chicago concern stated here today. The Moline station is expected to serve Rock Island and other municipalities. The federal radio commission has just granted adequate channels to the company, and has been informed that work on ten stations will be under way at once. The station at Moline is not included among the first ten, but will be in one of the early quotas, officials believe. It was also announced that the first public showing of the apparatus to be used in the 110 stations will be made at the Chicago radio show. Cities in the first program are New York, Chicago, Buffalo, Cincinnati, Cleveland, Akron, Dayton, Columbus, Detroit, Trenton, New Brunswick, Milwaukee, Peoria, Springfield, Ill., Baltimore, Boston, Memphis, Norfolk, Providence and Washington. eral reserve officials as soon as they learned that Taylorville's other C. three banks had been closed and that a dangerous run had started. Today bank examiners were scanning books of the three closed banks and three others in nearby towns. Thus far, "frozen assets" have been unofficially blamed for the shutdowns. The banks that have closed are: John B. Colgrove and company, State bank, the Taylorville National bank and the First National bank, all of Taylorville: the Citizens State bank and the Turner State bank, both of Edinburg, and the State bank of Bulpitt. Taylorville merchants. confident that the banks' conditions were sound, basically advertised today dy. that they would accept checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure of approximately 50 percent of the corn crop was believed to have caused the frozen assets, while the soy bean crop, now being harvested, is expected to ease the situation.

9. October 19, 1929 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, October 19, 1929

Click image to open full size in new tab

Article Text

AIRPLANE USED TO PREVENT BANK RUN Money Is Rushed by Air to Institution in Taylorville, Taylorville, III., Oct. the Associated of the sky yesterday dropped bags to bring faith to panicstricken town stave off bank run which would almost certainly have resulted in empty vaults at the only bank which remained open. The drone an airplane motor the signal that the day was saved, and that the line of 250 depositors front of the Farmers National bank need have no fears not getting their money. Almost like magic the line faded away and another redepositing the money they earlier Relief rushed by airplane to the farmers bank by Chicago federal reserve officials soon as they learned that Taylorville's other three banks had been closed and that dangerous run had started. Today bank examiners were scanning the books the three closed banks and three others nearby towns. Thus far, "frozen assets" have been unofficially blamed for shut downs. The banks that have been closed John Colegrove Co., State bank, the Taylorville National bank the First National bank, all of Taylorville; the Citizens State bank and the Turner State banks, both Edinburg, and the State bank of Bulpitt. Taylorville merchants, confident that the banks' conditions were sound. basically advertised today that they would checks payable on any of the banks for merchandise. Crops were both blamed for the difficulty and looked to for relief. Failure per cent of corn crop was believed have caused the frozen assets, while the bean now being harvested, is expected ease the situation.

10. October 19, 1929 The Birmingham News Birmingham, AL

Article from The Birmingham News, October 19, 1929

Click image to open full size in new tab

Article Text

Money Bags Drop From Skies And Halt Run On Bank Out Friday money bags bring faith to town and stave off bank run which would almost certainly have resulted empty vaults at the only bank which remained open. The drone an airplane motor was the signal that the day saved and that the line of 250 depositors in front of the Farmers Na. tional Bank need have no fears of not getting Almost like magle faded and other formed redepositing the money they had Relief rushed by airplane to the Farmers Bank by Chicago Federal officials they learned that Taylorville other three banks had been closed Saturday bank examiners were scanning the three closed and banks three other nearby Thus "frozen assets have been unofficially blamed for the The banks that have closed John B. Colegrove Company. National Bank First National Bank, all of Taylorville the Citizens State Bank and Turner State Bank, both of Edinburg: the State Bank

11. October 19, 1929 Effingham Daily Record Effingham, IL

Article from Effingham Daily Record, October 19, 1929

Click image to open full size in new tab

Article Text

CHRISTIAN Chicago Sends Cash Taylorville, Oct., run the Farmers' National bank here sided at two o'clock this atfernoon and many depositors, who were re-depositing. Floyd Baughman, cashier of the Farmers' National baik, telephone the Federal Reserve Bank in Chicago ten o'clock this morning for funds with which to relieve the local situation. Within four minutes after the call received the Federal bank had the funds aboard an airplane, which flew from Chicago to Taylorville in hour and minutes. The Taylorville Telephone Exchange, on account of the bank here, answered total of ten thousand within five hours this morning. Taylorville, Oct., First National and the Taylorville National banks and the Turner State bank Edinburg failed to open their doors today making total of six Christian county banks that have closed during the past week. Taylorville now has but one bank The Farmers' National bank. The Citizens' State bank at Edinburg closed its doors yesterday leaving that town without any banks open for business. The bank struck Taylorville last B. Colegrove failed to open its door. "Runs" and frozen Assets Since that time there has been more less of "run" on all banks in the country. "Frozen assets" was given the reason for the closings. Directors of the closed banks have stated that all depositors will be paid in full. was stated today by director of the First National bank that that stitution and the Taylorville National National bank which failed to open this morning, probably will merge into one strong bank after examiners have andbooks of the two institutions. Runs Cause Close Taylorville, Oct., ville, III., Oct. close of the three banks, the Taylorville National, the First National of Taylorville and the Turner State bank of Edinburgh, enacted by united agreement between the Boards of Directors of those institutions at meetings held on Thursday evening. There had been continuous runs all three banks ever since the closing of the John B. Colegrove State bank here and the State Bank of Bulpitt one week ago. These "runs" were all tak care of, but it was fared that the three banks could hold against continued heavy run after the ran ure on of the Citizens State Thursday bank at Edinburg and Directors then decided to hold joint meeting and decide upon some ed action. That was the decision close all three banks. The Taylorville two National banks have wired the Comtroner of the Curreney at Washington to send Bank Examiner to adult the books of the banks, while the books, cash and cords of the Turner State bank Edinburgh Friday turned State Auditor Oscar Nelson of Spring field. It appears certain that this bank will reopen afer examination and ad justment by the State Auditor. There of the also certainty merger of the two Taylorville Nationbanks into one larger and stranger Pays All Depositors Closing of the two National banks this morning caused heavy the Farmers' National bank, the only bank is still in existence and doing business here, Every depositors promtly paid in full. Depoitors were lined up at this bank early o'clock this morning eight ready that they could open so withdraw their funds. The line positors all the out Into the was way