First National Bank

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 6951
Charter Number: 6951
Start Date: October 3, 1931
Location: Erie, Illinois (41.656, -90.079)

Metadata

Model: gpt-5-mini
Short Digest: 92088e0b

Response Measures

Full suspension, Books examined

Other: Examiners expected; cashier stated depositors would be paid in full.

Receivership Details

Depositor recovery rate: 67.2%
Date receivership started: 1931-10-19
Date receivership terminated: 1939-01-17
OCC cause of failure: Economic conditions
Share of assets assessed as good: 58.1%
Share of assets assessed as doubtful: 40.5%
Share of assets assessed as worthless: 1.4%

Description

Article reports a heavy run over the prior three or four days and that the bank failed to open Oct 6 and was closed for examination. No receivership or reopening is mentioned, so it's classified as a run leading to suspension with ultimate outcome unclear.

Events (4)

1. September 10, 1903 Chartered

Source: historical_nic

2. October 3, 1931 Run

Cause Details: Heavy withdrawals over the prior three to four days; article does not specify trigger or rumors.
Measures: None listed beyond closing for examination; bankers expected examiners to arrive.
Newspaper Excerpt: According to R. C. Burchell, cashier, the institution has been closed for examination following a heavy run. have taken place rapidly during the last three or four days
Source: newspapers

3. October 6, 1931 Suspension

Cause Details: Bank failed to open Oct. 6 and was closed for examination after the heavy run; examiners expected to arrive.
Newspaper Excerpt: First National bank Erie failed to open its doors. Institution ... closed for examination following a heavy run.
Source: newspapers

4. October 19, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 6, 1931 The Dispatch Moline, IL

Article from The Dispatch, October 6, 1931

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Article Text

BANK AT ERIE FAILS TO OPEN Institution Is Says Cashier Closed for Examination Following Run. Erie, Oct. 6.-First National bank Erie failed to open its doors statement this According to morning. by R. C. Burchell, cashier, the institution has been closed for examination following a heavy run. have taken place rapidly during the last three or four days' Mr. Burchell said. He added that examiners were expected to arrive today and that he believes that depositors will be paid in full. The bank was organized in 1903. surplus and unhas capital, It divided profits amounting to $80,000. Officers of the institution are as follows: President-R. L. Burchell of Erie. Cashier-R. Burchell. Assistant-R. E. Potter and Elsie Burchell. Stockholders-O. A. Wilson of Morrison, F. G. Vogt of Davenport, W. C. Dirckes of Franklin Grove, the McLane estate, G. H. Fadden, R. C. Burchell, L. C. Burchell, H. A. Hunnington and R. L. Burchell of Erie.