4819. Elmwood State Bank (Elmwood, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 24, 1898
Location
Elmwood, Illinois (40.778, -89.968)

Metadata

Model
gpt-5-mini
Short Digest
ef5face5

Response Measures

None

Description

Articles (Mar 24–25, 1898) report the Elmwood State Bank as defunct; the Illinois Auditor refused stockholders' committee request and will appoint a receiver and wind up the bank's business. No run is described in the sources; closure is by receiver/government action.

Events (2)

1. March 24, 1898 Suspension
Cause
Government Action
Cause Details
Auditor of Public Accounts refused stockholders' committee request and will institute proceedings in state court to have a receiver appointed and wind up the bank's business.
Newspaper Excerpt
The Defunct Elmwood Bank. Springfield, Ills. March 24.-The committee appointed by stockholders of the defunct Elmwood State bank called on Auditor of Public Accounts McCullough yesterday and asked him to turn over the assets to the committee. McCullough refused to do so, and will institute proceedings in the state courts to have a receiver appointed for the bank.
Source
newspapers
2. March 25, 1898 Receivership
Newspaper Excerpt
The auditor of public accounts has denied the request of the committee selected by the stockholders of the Elmwood State bank, in Peoria county, for leave to settle up the bank's affairs and reorganize. According to law he will proceed to appoint a receiver and wind up the bank's business. This will not interfere with the reorganization of the bank, however, if the assets are repaired so as to insure its solvency.
Source
newspapers

Newspaper Articles (6)

Article from Rock Island Argus, March 24, 1898

Click image to open full size in new tab

Article Text

The Defunet Elmwood Bank. Springfield, Ills. March 24.-The committee appointed by stockholders of the defunct Eimwood State bank called on Auditor of Public Accounts McCullough yesterday and asked him to turn over the assets to the committee. McCullough refused to do so, and willinstitute proceedings in the state courts to havea receiver appointed for the bank. It is believed the assets will be sufficient to pay all indebtedness.


Article from Iowa State Bystander, April 15, 1898

Click image to open full size in new tab

Article Text

will Wind Up Bank's &ffairs. Springfield, Ill., March 25.-The auditor of public accounts has denied the request of the committee selected by the stockholders of the Elmwood State bank, in Peoria county, for leave to settle up the bank's affairs and reorganize. According to law he will proceed to appoint a receiver and wind up the bank's business. This will not interfere with the reorganization of the ank, however, if the assets are reaired so as to insure its solvency.


Article from Iowa State Bystander, August 19, 1898

Click image to open full size in new tab

Article Text

will Wind Up Bank's Affairs. Springfield, Ill., March 25.-The auditor of public accounts has denied the request of the committee selected by the stockholders of the Elmwood State bank, in Peoria county, for leave to settle up the bank's affairs and reorganize. According to law he will proceed to appoint a receiver and wind up the bank's business. This will not interfere with the reorganization of the bank, however, if the assets are repaired so as to insure its solvency.


Article from The Cape Girardeau Democrat, January 7, 1899

Click image to open full size in new tab

Article Text

BANK FAILURES. Jan. 17-State, Elmwood, III $60,000. 24-National, Paola, Kan., suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 21-Bank of Southern Baltimore, $170. 000. Mar. 16-Home savings, Sioux City, Ia., $60, 000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. 20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, Ia. $59,474 Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suspended). Aug. -Bank of Waverly, Ill., $150,000. 27-Fillmore county, Preston, Minn., $150, 000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich, $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. Nov. 5-First national, of Flushing_2., suspends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. 30-Second national, of Teledo O., goesinto voluntary liquidation.


Article from The Holly Chieftain, January 13, 1899

Click image to open full size in new tab

Article Text

BANK FAILURES. Jan. 17-State, Elmwood, III., $60,000. 24 -National, Paola, Kan., suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170, 000. Mar. 16-Home savings, Sioux City, Ia., $60, 000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. .20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, 1a., $59,474 Northern, Lexington, Ky. (suspended) 23-Tawas savings, Tawas City, Mich. (sus pended) Aug. 11-Bank of Waverly, III., $150,000. 27 -Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Aia., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., lia bilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon. O., capital 350,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, 0, goes into liquidation. Nov. 5-First national, of Flushing., O., suy. pends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doora with liabilities of $75,000. 30-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.


Article from The Jasper Weekly Courier, January 13, 1899

Click image to open full size in new tab

Article Text

BANK FAILURES. Jan. 17-State, Elmwood, III., $60,000. 24 National, Paola, Kan. suspended. 31 - First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170, 000 Mar 16-Home savings, Sioux City, Ia., $00,000 Benson savings, Waterford, Pa., $40,000. 21-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guaranters' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan, $283,000. 0-Commercial state, Marshalltown, Ia. 2--German savings, Doon, 1a., $59,474 Northern, Lexington, Ky. (suspended) 23-Tawas savings, Tawas City, Mich. (suspended). Aug II-Bank of Waverly, III $150,000. 27- - Fillmore county. Preston, Minn, $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich. $100,000. 15-Jasper. Ala., bank, $65,000. 26- Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswege. N. Y., closed. 19 First national of Neligh, Neb., liabilities $108,000 German national of Pitts burgh, Pa., liabiliteis, $2,000,000. 21 - First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29- Second national, of Springfield, O., goes into liquidation. Nov. 5 First national, of Flushing., o., suapends 16 First national, of Emporia, Kan., closed. 28. Bank of Hornersville. N. Y., closes doors with liabilities of $75,000. 30 Second national, of Toledo, O., goes into voluntary liquidation.