4814. Elizabeth Exchange Bank (Elizabeth, IL)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1932*
Location: Elizabeth, Illinois (42.318, -90.222)

Metadata

Model: gpt-5-mini
Short Digest: 1c99d29c

Response Measures

None

Description

All articles refer to the Elizabeth Exchange Bank already closed and in receivership under L. C. Lundgren. Receiver appointment occurred about five months before Dec 16, 1932 (around July 1932). Multiple articles describe receiver activities (dividend payments, foreclosure actions, sale of safe-deposit boxes, proposed change of receivership administration). No article describes a depositor run prior to suspension or reopening; the bank remained closed and in liquidation.

Events (5)

1. July 1, 1932* Receivership

Newspaper Excerpt: L. C. Lundgren, receiver for the closed Elizabeth Exchange bank, announced today that he would pay a ten per cent pre-Christmas dividend to the depositors of the bank next week.
Source: newspapers

2. July 1, 1932* Suspension

Cause: Government Action
Cause Details: State-appointed receiver (L. C. Lundgren) took charge of the closed bank around July 1932; bank placed in receivership by authorities.
Newspaper Excerpt: Mr. Lundgren received his appointment as receiver about five months ago, the bank then having total assets of about $670,000.
Source: newspapers

3. December 16, 1932 Other

Newspaper Excerpt: TEN PER CENT DIVIDEND TO BE PAID BY CLOSED ELIZABETH EXCHANGE BANK ...Mr. Lundgren, receiver for the closed Elizabeth Exchange bank, announced today that he would pay a ten per cent pre-Christmas dividend to the depositors of the bank next week.
Source: newspapers

4. March 21, 1933 Other

Newspaper Excerpt: March Lundgren, for the Elizabeth Exchange Bank this city, placed the mail today dividend checks totaling ... This payment makes the second dividend issued by the receiver since he took charge of the bank here July.
Source: newspapers

5. October 3, 1934 Other

Newspaper Excerpt: Safe Deposit Boxes Sold ... The boxes had been removed from the building by William Shullsburg, receiver, to be disposed to neighboring banks.
Source: newspapers

Newspaper Articles (7)

1. December 16, 1932 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, December 16, 1932

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TEN PER CENT DIVIDEND TO BE PAID BY CLOSED ELIZABETH EXCHANGE BANK Elizabeth, Ill., Dec. 16-L. C. Lundgren, receiver for the closed Elizabeth Exchange bank, announced today that he would pay a ten per cent pre-Christmas dividend to the depositors of the bank next week. The ten per cent dividend will amount to $44,814.04 and will be distributed to approximately 650 depositors. It is understood that the checks have already been returned with the approval of the auditor of public accounts at Springfield and will be placed in the mail next Monday, December 19. The checks are now being signed and prepared for mailing so that no one will have to go to the bank for their payment, the checks reaching them by Tuesday. Mr. Lundgren received his appointment as receiver about five months ago, the bank then having total assets of about $670,000. Since that time the has paid preferred claims amounting to $72,827.06. has paid bills payable of $34,674.44 and with the dividend to be distributed next week will make an outlay of almost $152,000 in five months. This dividend Is being paid in accordance with a request that all bank receivers pay a dividend during the pre-holiday season by the state auditor. The payment is ex-

2. March 21, 1933 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, March 21, 1933

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ELIZABETH DIVIDENDS March Lundgren, for the Elizabeth Exchange Bank this city, placed the mail today dividend checks totaling nine cent of the claims the bank's creditors. Between and 1,400 checks were mailed and the total amount represented them approximately The funds secured for this dividend from the stockholders' assessment and from the liquidation of the bank's assets. This payment makes the second dividend issued by the receiver since he took charge of the bank here July. Mr. Lundgren 10 per cent the total to date nineteen per cent. special effort was made issue these checks that creditors might have funds to meet their tax payments each year season and the work the receiver and his associates in this respect be appreciated those who the dividend payments. Other News Notes With the exception of the interruption lighting during the hours Sunday morning, this city has electric service plant constantly during the snow and sleet storm. Travel state highways has been lessened by the storm the roads always have been open condition. Telephone service has been kept up but was badly crippled result of the additionice on the wires. Arthur Ehredt who has been in Minnesota the Dakotas to horses for of this home Monday. He went by but was obliged car in Minn., and return by train when the travel became dangerous.

3. June 1, 1933 The Thomson Review Thomson, IL

Article from The Thomson Review, June 1, 1933

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Sand Burs Fos. have been Interesting figures week which light this brought to of liquidthat the procedure show to the is quite costly bank ating community; and also quite producwho have an opportive to those tunity of partaking of the same. The figures given below are taken from Saturday's issue of the Rockford Daily Journal, and give in our territory instances of banks been in receivers have where charge. State Bank. Receiver, Hanover John C. McKenzie, total fees and $750.00. Attorney to date salary Tear, Galena, receiver, Harry for fees not yet amount of attorney's decided. Leaf River State Bank Receiver, Geo. B. Banning, total fees and Attorsalary to date, D. D. Madden, for receiver, ney Rockford, amount of attorney's fees not decided. yet Lyndon First State Bank. Receiver, Glenn Craddock, total fees and salary to date $1,450.00. AtJohn A Riorfor receiver, torney dan, Morrison, total attorney's fees date, $800.00. to State Milledgeville. Shumway Bank. Receiver, W. R. Clough, total fees and salary to date, $2,554.73. Attorney for receiver, Chas. E. Stuart, Mt. Carroll, amount of attorney's fees not yet decided. Elizabeth Exchange Bank. Receiver, L. C. Lundgren, total fees and to date, $1,446.00. Attorney salary for receiver, Louis A. Nack, Galena, total attorney's fees to date $646.25. (Louis A. Nack member of the District Democratic Executive Committee, supporting Mr. Shaw's campaign). Forreston. Comm. State Bank. Receiver, H. H. Baldwin, total fees and salary to date, $350.00. Attorney for receiver. Seyster Fearer, Oregon, amount of afterney's fees not yet decided. Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00. Fulton. Whiteside County State Bank. Receiver. John C. Kadyk. total fees and salary to date $6.616.48. Attorney for receiver, A. M. Blodgett, Fulton, total attorney's fees to date. $6,747.65. Morrison State Bank. Receiver, W. total fees and Chas. salary to date. $2,300.00. Attorney for receiver, W. D. Little. Morrison. total attorney's fees to date, Orangeville. State Bank of Orangeville. Receiver. Wilbur P. Cooper, total fees and salary to date. $2,672.60. Attorney for receiver. Louis H. Burreli, Freeport. amount of attorney's fees not yet decided. Polo State Bank. Receiver, W. T. total fees and salary to Schell, datefi $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00. Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul total fees and D. Carlson. to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00. Stockton. Peoples State Bank of Stockton. Receiver. Jas. C. Fesler. total fees and salary to date. for receiver. Attorney Democratic ComLouis A. Nack, of Galena,

4. October 20, 1933 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 20, 1933

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METHOD OF BANK RECEIVERSHIP ACT AS AGENT MAN TO ONE FOR SEVERAL CLOSED INSTITUTIONS Oct. is understood that the method of liquidating closed banks in Jo Daviess county may soon be changed of in with the revised plan keeping central receiver for all closed banks certain section save expense. receiver for the Lundgren. Elizabeth Exchange bank in this city has received notification that his resignation will soon be desired and that other bank of the county are to tender their resignations in the near future. Under the plan of handling closed bank assets by the new administration the work will be done collective basis with possibly one man agent for several liquidating closed and have centrally located office from which all business will be transacted. Of the eight banks under active receivership in this county at the present time were appointed for seven of these institutions under the Republican regime. No news has been received to exactthe situation will be worked how out in this section of the state but believed the change will possibly be completed before January

5. February 1, 1934 The Sentinel-Leader Warren, IL

Article from The Sentinel-Leader, February 1, 1934

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ITEMS OF INTEREST From Here and There Mr. and Mrs. Thos. Nelson of Winslow, last week, observed their 30th wedding anniversary known as the pearl anniversary John Maricle of Winslow has sold his stock of hardware to Charles Schramm. who has been in the implement business in Winslow. Louis Divan, a former Monroe resident. passed away last week at his home in Wilmot. S. D., and was brought to Monroe for burial. Observance of the Lenten season will begin this year on Ash Wednesday, Feb. 14th, slightly more than six weeks before Easter Sunday Palm Sunday will be observed on March 25th and Easter comes one week later Designating Winnebago county as an urban county, state CWA officials last week ordered all local civil works employes onto a uniform twenty-four hour working week regardless of whether they reside in Rockford or in suburban and rural sections of the Walter Murphy of Apple River was a business caller in Warren Wednesday. The bar docket for the February term of Clrcuit Court has gone to the printer and will be ready by Feb. 5, the time the Grand Jury will convene A foreclosure case was filed in the Circuit Clerk's office this afternoon by the Elizabeth Exchange Bank by Receiver VS. Roy J. Hess et al. Mt. Carroll H S. basketball team defeated Stockton at Mt. Carroll Tuesday night, 23 to 11 The Rockford paper says: Roy Mills, 119 N. Horsman St., has filed a bankruptcy petition in federal court at Freeport, listing assets of $119 and liabilities of The Chicago papers tell of a Texas fruit grower getting a patent on a pink grapefruit. We bought a couple of these at a Warren store yesterday

6. October 3, 1934 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 3, 1934

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MADE AT MEETING DECISION ELIZAOF BETH NEWS BRIEFS Oct. meeting of the cided the regular Tuesday evening council here should be taken to use that steps of the Illinois the city's share funds for the improvement tax Catlin street long the weather While the remained be undertaken tire cannot available the with now will be under way project put Catlin street was soon possible. street by municimade an arterial months ago and action west of Main street the section to under the will be the first come improvement program. according to taken Tuesday night. Mayor action Long was instructed the necessary approval cure early possible. Safe Deposit Boxes Sold dismantling the Further Elizabeth Exchange bank former made Tuesday when building of the deposit boxes section The boxes had been by William bank Shullsburg. ceiver, to removed from the were building Tuesday furniture and fixtures were neighboring banks disposed to last winter. Farm Board Meets The regular meeting of the Jo Daviess county farm bureau board of directors year was held farm bureau. office Tuesday Plans were made at that time for the annual meetthe members which October 23 and when take place directors will be chosen for the term. It likely that the coming regular meeting of the board organize the newly elected directors. Elizabeth Club Elects At the annual meeting the members of the Elizabeth Belgian Colt held at the town hall the following officers were elected the coming term: President, Christian Atz; Schnitzler; secretray, August Beyer directors, Joseph Berlage, Carl Reusch and Herman Wacker. The reports of the various officers were read during the meeting and plans outlined for the coming year. Elizabeth Defeats Hanover The Elizabeth high school scored their defent of the Hanover high school kittenball team Monday afternoon by score of The high school team also won over an alumni tenm Tuesday by score giving them clear record for the season beginning with the opening school Sept. News Briefs Miss Joyce Kevern, the daughter of Mr. and Francis Kevern. celebrated her fifth with party at her home last Friday noon. After the games and other entertainment light refreshments were served by Mrs. Kevern. present included: Barbara Jane Graves, Mildred Lucille Breed, Verdene and Belva Leonard, Beth Bailey. Clifford Kevern, Schmidt and Velda Wilcox. Mrs. Grant Mrs. K. Hancock, Mrs. Frank Rowley and Rowley motored Rockford Friday where they attended missionary meeting. Mr. Mrs. Haig and daughter have returned their home Cedar Rapids, Iowa, spending the at the John Haig home Mr. and Mrs. Orville Rodden have moved from the Frank Fraser residence on Catlin street the Mrs. Helen property by Rev. and Mrs. H. Montanus. and Mrs. Wilcox, Mr. and Mrs. Howarth Harlan and Mrs. Margaret Holland visited Sunday home of and Mrs. Harvey Holland Mrs. Sadie Frazier has returned her home Mt. visit the home of Mrs. Eva McDougall here. was born to Mr. and Paul Protratz their home Monday evening. Mr. and Lawrence Mitchell the parents daughter born Sunday in Freeport Mrs. Mabel Williams, who been spending vacation with Mrs Nona her work Chicago Monday accompanied the city Earl Williams ter. Miss Cora M Bryson has returned home from visit with relatives The Young Women's "500" have their regular parties for the coming season, the current entertainment being the Mrs. Leland Davey the last Mrs Lewis May honors evening and Marshall took high prize. Light by hostess following the Justice Unger busicaller in Freeport Monday The stage plays business each evening and presented by and Brooks Stock company are popular public theatre packed the Monday evening and the audience will present the program Monday The plays presented Monday indefinite time has been announced

7. October 27, 1934 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 27, 1934

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HAFEMANN SUCCEEDS DONNER VICE PRESIDENT Rockford, Oct. Hafemann, principal of the Savanua high school, was elected president northwestern division of the Illinois State Teachsucceed M. Stephan, Stockton school superintendent, the closing the annual convention of the yesterday. Donner Freeport WAS elected vice president, Mensenkamp of named secretary. and Paul Conklin, sistant principal Rockford senior high school, WAS re-elected treasurer. James Blue, principal of Rockford senior high school named chairman the executive committee. Members of the group include Stutzman Hanover and Leonard Wierson Lanark, year terms; H. Hoff edgeville and Dorothy Winnebago, year Eliza Harvey Belvidere Ida Voight of Freeport three year terms. The new governing committee will be made of Shafer Freeport, legislative, year term; Grove Mount lutions, two year term, and Keller, Belvidere, three year term. Illinois' lendership fields education and its respect stressed by Dr. Simeon Leland of the Chicago, member of the state commission, the principal addresses the convention yesterday afternoon. Illinois, he said, is fourth among the states in amount of third the value of farm third the value of products, third the number persons employed, but 37th amount money spent per person education. The association endorsed the proposal call state convention. The teachers also manded more adequate financial support schools and condemned "curtailment of educational opportunities through elimination activities." Delegates To State Meeting Fifteen delegates the state sociation this winter were named. The delegates Winnebago Griffith, director public tions for the Rockford school tem; Sarah Louise Herrick, head the general science department Roosevelt junior high school; Leta Fern Hicks; Maude Johnson, mentary school County Schools Ellison, principal the Consolidated school, and Luther Hester, principal New Milford school. Stephenson Corl Lena, school and Paul Crawford, of Freeport. Carroll Jo countiesLeonard Wierson, Lanark school Frank Burns Galena, Jo county superIntendent schools, and Elsie Gwezinger of Stockton. Boone McAlister Belvidere, assistant superintendent of schools and W. Mong, of Belvidere. Alternates Alternates will Winnebago NichoMaude Lundberg and Dorothy Mandeville, all of Rockford; John Light, assistant county schools; Elliott, principal of the Durschool, and George principal of ConsolidStephenson county Telene Dunn, of Lena, Ruth Red Oak and Mary O'Connor Carroll and Jo Daviess countlesKathrwn of Milledgeville, number of the debtors of the bank been interviewed. understood that be paid the receiver depositors the former Elizabeth bank in the future nothing definite ready for Dubuque Student Elizabeth Speaker Walter native Eskimo of Alaska and student the University Dubuque, will speak the First church here day evening, according an nouncement by the local pastor, Rev. Soboloff will tell of the life and of the people and show the results which the work Christian had upon the country its people.