4837. John Weedman National Bank (Farmer City, IL)

View Charter #3407 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3407
Charter Number
3407
Start Date
January 20, 1932
Location
Farmer City, Illinois (40.243, -88.643)

Metadata

Model
gpt-5-mini
Short Digest
de7aa970

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-02-19
Date receivership terminated
1937-03-13
Share of assets assessed as good
43.7%
Share of assets assessed as doubtful
41.1%
Share of assets assessed as worthless
15.2%

Description

Bank closed/suspended Jan 20, 1932 and placed in receivership. Receiver H. O. (H.) Feldmann administered the estate, made multiple dividend payments to creditors over 1932–1934. No contemporaneous run is reported in the articles; the cause appears to be bank-specific insolvency leading to suspension and receivership.

Events (8)
1. November 6, 1885 Chartered
Source
historical_nic
2. January 20, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended due to insolvency/financial failure (receivership and large unpaid liabilities shown in receivers' statements).
Newspaper Excerpt
Date of Suspension January 20, 1932.
Source
newspapers
3. February 19, 1932 Receivership
Source
historical_nic
4. February 22, 1932 Receivership
Newspaper Excerpt
Mr. Feldmann was sent to the John Weedman National Bank February 22, 1932, shortly after the closing of the bank's doors.
Source
newspapers
5. July 21, 1932 Other
Newspaper Excerpt
STATE OF THE CONDITION OF THE JOHN WEEDMAN NATIONAL BANK OF FARMER CITY, ILLINOIS AS OF JUNE 1932 ... Collections Have Been Very Good Considering The Present Times.
Source
newspapers
6. August 24, 1932 Other
Newspaper Excerpt
the distribution of the 40 per cent dividend will be started this morning... H. Feldmann, Receiver of the John Weedman National Bank ... the distribution of the 40 per cent dividend will be started this morning.
Source
newspapers
7. March 31, 1933 Other
Newspaper Excerpt
Statement of Condition The John Weedman National Bank, Farmer City, Illinois as of QuarEnded March 31, 1933. Date of Suspension January 20, 1932.
Source
newspapers
8. January 11, 1934 Other
Newspaper Excerpt
H. O. Feldmann, Receiver for The John Weedman National Bank, announced Tuesday that in the near future a dividend payment amounting to 20 per cent of the creditors claims against the bank will be made.
Source
newspapers

Newspaper Articles (7)
1. March 3, 1932 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, March 3, 1932

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Article Text

Late News To Opening of Bank has been common for the peoof the community to inquire during the past week, the bank going to for business in two open If their desires and wishes alone could the John Weedman reopen National Bank, it would have opened several weeks ago. But does take time for such an undertaking, and any date one might in his mind for reopening date, just as good the other guess fellows. At present, H. Feldmann, cently appointed as receiver of the bank, and staff of assistants are busily engaged in setting up the books, preparatory to transacting the financial affairs of the bank, receiver. From all indications will probably be nearly two weeks fore Feldmann will be ready transact the affairs with depositors general business routine.

2. July 21, 1932 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, July 21, 1932

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Article Text

Report Indicates Good Collections by Total of Has Been Collected By Feldmann, Receiver. Collections Have Been Very Good Considering The Present Times. Displayed in the window of the John Weedman National Bank, this city, is the following statement of the condition of the closed bank, as of June 30, 1932. The statement is the quarterly one of H. mann, Receiver of the bank. STATE OF THE CONDITION OF THE JOHN WEEDMAN NATIONAL BANK OF FARMER CITY, ILLINOIS AS OF JUNE 1932 ASSETS Bills Receivable $340,081.38 Cash on Hand 2,178.16 Assets other than Bills Receivable and Cash on Hand Additional Assets quired Stock Assessment 134,919.31 107,778.43 75,000.00 Total of all Assets com- ing into the hands of the Receiver REMAINING ASSETS LECTED Bills Receivable Assets Other than Bills Receivable Additional Assets Acquired Stock Assessment $258,722.46 72,185.30 105,431.40 44,131.79 Total Assets uncollected Total claims unsecured liabilities Total unseunproven cured claims Total secured liabilities outstanding unpaid Total Rediscounts un- paid Total Bills Payable un- paid Total Additional Liabilities Proven 18,428.86 236.81 Total of all Liabilities Dividends paid during last quarter Dividends paid prior thereto Total Dividends paid to date CASH ON HAND H. Feldmann, Receiver In making comparison with the figures of the previous statement, some very exceptional changes can be noted. Bills receivable were on June 1932, $258,722.46, whereas they $340,081.38 when the bank closed its doors January 20. The difference of 81,358.92 can be à ken to represent money collected from loans of the bank by the ceiver. With 100 per cent stock sessment recently made, collection of $75,000 would sible. Under remaining assets collected, it is noted that $44,131.79 uncollected on the assessment. The difference of $30,868.21 represents that amount already collected the stock assessment which considered to be real good (Please turn to page column

3. August 25, 1932 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, August 25, 1932

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Article Text

Plans Are Made By Business Men To Cash All Checks In The Old First National Bank Building THE ANNOUNCEMENT Farmer City, Aug. 24, m. have completed our work checks to be given creditors of the bank, so at any time after o'clock and before 4 o'clock, beginning tomorrow (Thursday) creditors can receive their checks by calling at the bank." Those words came from H. Feldmann, Receiver of the John Weedman National Bank late last evening, to The Journal for publication, which means the distribution of the 40 per cent dividend will be started this morning. "In order to expedite the distribution, all creditors seeking their check should have the receipt, signed when they filed the proof of claim, in their hand to show the doorman upon visiting the bank. The distribution does require quite some time, and the showing of the receipt will necessarily hasten the work along. We will hand out the government checks rapidly as Mr. Feldmann stated.

4. August 25, 1932 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, August 25, 1932

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Article Text

State Police, County Deputies And Extra Officers To Handle Crowd. Must Be Orderly All Who Come For Check Should Bring Claim Receipt. By the action of A. E. Lowman, president of the Chamber of Commerce, and the business men of this city, the cashing here of all dividend checks to be issued by H. O. Feldmann, Receiver of the John Weedman National Bank, has been made certainty. Just when the checks will be handed out is not known as yet, although the receiver has stated he is fast getting his affairs in shape for the checks distribution. Monday night the local business and professional men held meeting here, at which time they took the action necessary for the securing of loan of sufficient size to handle the checks. In as much as the money is to come from a bank in a nearby city, the keeping of large sum here is not necessary. Negotiations for the transfer of all money will be handled by the nearby city bank, although the money for the most part will be handled direct from reserve depository. As well as making plans for the cashing of the checks, those in charge have taken all steps necessary for the protection of the money and those handling it. Sheriff Fred Callison will be on hand with large number of armed deputies and plain clothes men, some of whom will be here at all times day and night. Special city police will also be on duty. Tuesday the committee was in Springfield where they were told by Chief Moody, of the Illinois Highway Patrol, and Sergeant C. W. "Shug" Roth, that a number of highway patrolmen will also be here to help handle any situation. If it is necessary to hand'e any money overland, an armed escort, will accompany the money transfer cars at all times. The building formerly occupied by the Old First National Bank will be used as the check cashing institution. Only those having the government dividend check will be admitted into the check cashing headquarters. No checks can be cashed in the John Weedman Bank, where all creditors must go to secure their check. Guards will be stationed in the latter bank also to prevent any disturbances. H. Feldmann, Receiver of the closed bank, which is making the first dividend payment amounting to 40 per cent, is doing so just seven months after the bank closed, and less than five months after he arrived here and started accepting claims. On every hand in this city one can hear none but words of respect and congratulations for the receiver is to out $125,000 in who able pay short Feldmann himsuch self, has stated on numerous that the former stockholdcasions merchants and public in generers, with have cooperated splendidly his the duties him since assuming here, which has enabled the collection and payment of nearly ereditors total claims half of the at this time.

5. October 6, 1932 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, October 6, 1932

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Article Text

Feldmann Pays at Feldmann, Receiver of the First National Bank of LeRoy, well as of the John Weedman tional Bank, this city and the First National Bank of Foosland, has announced 35 per cent dividend payment, to be made at the LeRoy bank beginning on Friday morning. The 35 per cent payment will release approximately $60,000. Feldmann made 40 per cent dividend at the local bank on August 20, that payment putting nearly $125,000 into the hands creditors of the John Weedman Bank.

6. April 20, 1933 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, April 20, 1933

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Article Text

Is By Bank Receiver The following quarterly report of the closed John Weedman National Bank deserves much consideration by the public: Statement of Condition The John Weedman National Bank, Farmer City, Illinois as of QuarEnded March 31, 1933. Date of Suspension January 20, 1932. Assets Assets at date of pension (book value, not actual) $477178.85 Additional Assets quired since suspension book value, not actual) 115029.02 Stock Assessment 100 cent 75000.00 Total Assets To Be counted For: Cash collected from Assets $161364.84 Cash collected from Additional Assets 3079.79 Cash collected from Stock Assessment 38943.46 Total Cash Collected from Assets and Stock Assessment Offsets allowed Ason sets 34458.91 Losses charged off: On Assets On Stock Assessment 2250.00 Total Losses Charged off $19030.47 Remaining Assets: Uncollected Assets 271372.39 Uncollected Additional Assets 105151.47 Uncollected Stock Assessment 33806.54 $410330.40 Total Remaining Uncollected Assets Total Assets Accounted For: $667207.87 Liabilities Secured Liabilities at date of Suspension 19000.00 Unsecured Liabilities at date of Suspension 354992.58 Additional Liabilities tablished 809.13 34950.18 314691.58 Total Liabilities Accounted For: Collections and Disbursements Collections From All Sources: Cash collected from and stock assessment Cash collected from terest, Premium, and Rents 11006.14 Cash collected by ceiver, and held Trustee for Owners 1726.25 Reconstruction Finance Corporation Loans Received 40100.00 Total Collections To Be Accounted For: Disbursements of Every Character: Secured and Preferred Liabilities Paid (Including Dividends) Advanced protection of Assets, Taxes, surance, Etc.) 170.12 Expenses of Receivership 8647.41 Dividends Paid to Unsecured Creditors (65 cent) 204549.51 per Reconstruction Finance Corporation Loans Repaid 20000.00 Cash in hands of ceiver and Comptroller 3443.47 Total Collections Accounted For: 256220.48 H. Feldmann, Receiver Thelma Bailes and Stokes were taken to the county Wednesday afternoon ges of robbing the Homer Vance home $42.50 on Sunday. They pleaded not guilty in Justice Horr's court, and were placed bond until Monday.

7. January 11, 1934 Farmer City Journal Farmer City, IL
Article from Farmer City Journal, January 11, 1934

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Article Text

20% Dividend To Be Paid Soon Total Now R. C. Aids In Weedman Depositors Large Returns Bringing the total percentage dividends paid depositors to H. O. Feldmann, Receiver for The John Weedman National Bank, nounced Tuesday that in the near future a dividend payment amounting to 20 per cent of the creditors claims against the bank will made. Mr. Feldmann states that claims, schedules and checks for dividend payment have been warded to Washington and that the dividend will be paid as soon as the checks and schedules have compared at the comptroller's and the checks signed and returned to the bank. Mr. Feldmann was sent to the John Weedman National Bank February 22, 1932, shortly after the closing of the bank's doors., August of the same year he nounced dividend payment of per cent. This payment was as a result of good collections careful handling of the bank's sets. January 16, 1933, the Receiver announced a second dividend ment of 25 issued per cent, collections partially on loan. Under the rulings applicable R. F. C. loans, it was necessary that this loan be retired before third dividend could be allowed. the bank's quarterly report, issued June 30, 1933, it was shown this loan had been completely off and plans were laid for a dividend. The third dividend, announced this time, is made possible through further collections and a second C. loan. It will be necessary for this second loan to be completely retired before further dividend disbursements can be made, according to Mr. Feldmann. The Receiver stated that as the past no cash will be handled by his office in the payment of the dividend. The Receiver of the Weedman National Bank is not lowed to cash checks in payment the dividend, which will amount to approximately $70,000.00. Notification of the of receipt the dividend checks by the Receiver will be made The through Checks must be called for by the Those absent from the city may however make the transaction through the mails.