4831. Fairbury Bank (Fairbury, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 23, 1927
Location
Fairbury, Illinois (40.747, -88.515)

Metadata

Model
gpt-5-mini
Short Digest
aa833f9e

Response Measures

None

Description

OCR errors in Article 1 corrected. Articles report the Fairbury bank closed several weeks before June 23, 1927 after the death of its cashier; a receiver/transfer to the State Bank of Pontiac is described and a receiver later obtains a judgment (Sep 1927). No run is mentioned — this is a suspension followed by receivership/closure.

Events (2)
1. June 23, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed several weeks following death of the cashier (internal distress/administrative failure) leading to suspension and turn-over of assets to State Bank of Pontiac
Newspaper Excerpt
Claudon State bank, which has been closed several weeks, following the death of Claudon, cashier ... Representatives of the state auditor ... Assets the Fairbury bank will ... turned the State bank of Pontiac today
Source
newspapers
2. September 22, 1927 Receivership
Newspaper Excerpt
Receiver of Fairbury Bank Awarded Judgment of $4,557 ... Pontiac, Sept. ... Receiver of bank was awarded judgment against Schmerheim amount $4,557 ... James Selotti has filed bill ... (article referencing receiver actions).
Source
newspapers

Newspaper Articles (2)
1. June 23, 1927 The Paxton Record Paxton, IL
Article from The Paxton Record, June 23, 1927

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Article Text

RESEIVER NAMED FOR Fairbury, June of the persons Claudon State bank, which has been closed several weeks, following the their death of Claudon, cashier, Grain were turned the State bank of Pontiac today, reRepresentatives of the state audimade statement on condition the bank's afafter Pontine bank officials have time over the Assets the Fairbury bank will liqui- page dated stockholders and deposiwill know just where they stand and much will be paid on the This action of naming the Ponbank after and in which the could found. Depositors of the bank have been for ment have grown more and more no decision was reached. Efforts gather ready reopen were to and the was expected that the will have affairs shape report to depositors in short time.

2. September 22, 1927 The Pantagraph Bloomington, IL
Article from The Pantagraph, September 22, 1927

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Article Text

Receiver of Fairbury Bank Awarded Judgment of $4,557 Pontiac, Sept. for bank, was judgment by against Schmerheim amount$4,557 James Selotti has filed bill for divorce in the circuit court on statutory grounds. The bill asks custody son. Opening by the defense and the were afternoon the People against Harry Fairbury, violation the prohibition act, in Judge court. Witnesses presented by the state were Sheriff R. Scarratt, M. Shugart, M. Jones. Leron Kring, Russell Lange. Garber, and Defense defendant and father, H. Foster, and Loren W.