4892. Marbold State Bank (Greenview, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: March 7, 1927
Location: Greenview, Illinois (40.083, -89.738)

Metadata

Model: gpt-5-mini
Short Digest: 13e75a9b

Response Measures

Full suspension, Books examined

Other: Bank examiners placed in charge after suspension; no receiver explicitly mentioned in articles.

Description

Multiple AP stories report a run beginning March 7, 1927 (run started yesterday) based on a rumor about heavy holdings in the North Side Bank of Springfield; the bank was closed March 8 with bank examiners in charge. No reopening is mentioned.

Events (2)

1. March 7, 1927 Run

Cause: Local Banks
Cause Details: A rumor that Marbold State Bank had heavy holdings in the North Side Bank of Springfield (which had closed the prior week) triggered large withdrawals.
Measures: None reported to stop the run prior to suspension; heavy withdrawals led to closure.
Newspaper Excerpt: was closed today after a run started yesterday when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield
Source: newspapers

2. March 8, 1927 Suspension

Cause: Local Banks
Cause Details: Suspended/closed following the run caused by rumors of heavy connections to the failed North Side Bank of Springfield.
Newspaper Excerpt: The Marbold State Bank at Greenview was closed today after a run started yesterday ... Bank examiners were in charge today.
Source: newspapers

Newspaper Articles (14)

1. March 8, 1927 Jackson Citizen Patriot Jackson, MI

Article from Jackson Citizen Patriot, March 8, 1927

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Jail Sentence Will Be Asked By Government In Case Of H. F. Sinclair March the lessee of 13 men in the court decide whether he contempt of the Senate in refusin questions in the Teapot Dome inquiry District Attorney Gordon open promised to evidence that would the court in imattorney explained to answer Senate committee not the would tend to because the naval oil matters then had been referred to special Government counsel by the Senate itself Negotiations Reviewed. The opening address also included a review of the negotiations leasing of the "Shortly after leases were executed the the attention of the Senate, Gordon said, "it being represented that they were not made in good faith The six questions Sinclair rethe read to the jury. They asked for information on these Liberal military Gensubjects eral at Muy Muy An alleged contract regarding to the Liberal presi the Sinclair dent Puerto Juan at and F. G. the Denver pub- quick sponse he alleged contract also dealing report from general. Sacasa with the Dome requested send frequent to in and the Oil interior as to his position Fall Involved. A reputed agreement between TWO ILLINOIS STATE Interior Secretary Fall, by which John C. Schaffer BANKS CLOSE DOORS the publisher, was to be a part of Teapot Dome place be March and in NovemThe Arlington State and bank at Arlington, near here, Whether Sinclair was prepared today by the closed to produce the books of the Hyva awaiting examination Corporation, another Sinclair combooks by the state Frozen assets assigned for the closWhether Sinclair or any of his ing of the bank. which had farmhad loaned anything ers mainly The record was produced to show The Marbold State Bank that instead of answering these Greenview, closed today after questions Sinclair made statestarted ment to the committee the was rumored that the bank matters under discussion already heavy North Side had been referred by the Senate the courts and that he would "re- Bank of Springfield, which closed be able last Bank examiners any to give for those in charge today.

2. March 8, 1927 The News Journal Wilmington, DE

Article from The News Journal, March 8, 1927

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PATRONS CLOSED, BESIEGE OTHERS Continued from page morning showed Loans discounts, cash in vault, cash in other $553.American officers it had be of following the failof three Palm Beach banks last June, the the continued depression real estate, the heaval in the city the First Bank and Trust Lake Worth. continued large by depositors past few More Than Withdrawn. More than has been withdrawn from bank from peak $13,500,000 deposits, few months directors said The First Bank and Trust Co. of Palm Beach as surplus and divided profits No reason the closing, but lieved that the bank closed in order to run. The Northwood which serves West Palm to closed for Worth Failure Started Run. Closing First Bank and Trust Co. at Lake inspired here withdraw Assets" Close III. Bank. Mendota. Ill., March Arlington State Bank, only bank Arlingnear here. closed today by awaiting amination the books by the state Frozen assigned for the closing of the bank which had State Bank Succumbs March Marbold Bank at Greenview today after run started yesterday that the bank heavy in North Side Bank Springfield, which closed last week.

3. March 8, 1927 New Britain Herald New Britain, CT

Article from New Britain Herald, March 8, 1927

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Police Keep Order Police took charge of the crowds that gathered in front of the institutions, and maintained order. Officials of the Citizens Bank announced that an armored car had left Miami for West Palm Beach bearing a large sum of currency for the Citizens Bank and the Farmers Bank and Trust Company. Directors of the First American Bank and Trust Company stated that the bank is solvent and would be opened after a re-organization. The directors stated that they have c more than a legal reserve on hand. e The First American was capitalized at $300,000 and a statement issuo ed this morning showed: I Loans and discounts $3,416,503.42; cash in vault $58,255.35; cash in , other banks $553,730.85; liabilities, bills payable $1,140,000; deposits, $2,982,787.67. : The First American Bank's officers said it had to be closed because I of general conditions following the failure of three Palm Beach banks : last June, the hurricanes, the continued depression in real estate, the upheaval in the city affairs. the failure of the First Bank and Trust , Company a few weeks ago in Lake 1 Worth, and continued large withdrawals by depositors in the past few weeks. More than $10,500,000 has been withdrawn from the bank from a peak of $13,500,000 deposits a few months ago, directors said. The First Bank and Trust Company of Palm Beach is capitalized , at $50,000 and has $100,000 as a surplus and undivided profits. No reason was announced for the closing but it is believed that the bank closed in order to forestall a run. The Northwood Bank. which serv. 1 ed the northern part of West Palm Beach, is believed to have closed for the same reason. Closing of the re-organized First Bank and Trust Company of Lake Worth a few weeks ago had appar) ently inspired depositors here to withdraw their accounts in large sums. ) Illinois Failures. 3 I Mendota, III., March 8 (AP) The Arlington State Bank, at Arlington, t near here, was closed today by the S directors. Frozen assets were asL signed for the closing of the bank which had farmers mainly as clients, ) Springfield, Ill., March 8 (AP)-The S Marbold State Bank at Greenview, S was closed today after a run started yesterday when it was rumored that 1 the bank had heavy holdings in the North Side Bank of Springfield, I which closed last week

4. March 8, 1927 New Britain Herald New Britain, CT

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Springfield, Ill., March 8 (AP)-The Marbold State Bank at Greenview, was closed today after a run started yesterday when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week.

5. March 8, 1927 Evening Star Washington, DC

Article from Evening Star, March 8, 1927

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THREE BANKS SHUT DOORS IN FLORIDA Two State Institutions in Illinois Also Suspend Business. By the Associated Press. WEST PALM BEACH, Fla., March 8.-Two banks here and one in Palm Beach failed to open for business today. Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens Bank an nounced that an armored car had left Miami for West Palm Beach. bearing a large sum of currency for the Citizens Bank and the Farmers Bank and Trust Co. Directors of the First American Bank & Trust Co. stated that the bank is solvent and would be opened after a reorganization. The directors stated that they have more than a legal reserve on hand. Bank Issues Statement. The First American was capitalized at $300,000 and a statement issued this morning showed: Loans and discounts, $3,416,503.52 cash in vault, $58,255.35; cash in other banks, $553,730.85; liabilities, bills pay able, $1,140,000; deposits, $2,982,787.67. The First American Bank's officers said it had to be closed because of gen. eral conditions following the failure of two Palm Beach banks last June. the hurricanes, the continued depres. sion in real estate. the upheaval in city affairs, the failure of the First Bank & Trust Co., a few weeks ago in Lake Worth, and continued large withdrawals by depositors in the past few weeks. More than $10,500,000 has been withdrawn from the bank from a peak of $13,500,000 deposits a few months ago, directors said. Run Seemed Imminent. The First Bank and Trust Co. of Palm Beach is capitalized at $50,000. and has $100,000 as surplus and un. divided profits. No reason was announced for the closing, but it is believed that the bank closed in order to forestall a run. The Northwood Bank, which serves the northern part of West Palm Beach, is believed to have closed for the same reason. Closing of the reorganized First Bank and Trust Co. of Lake Worth a few weeks ago had apparently inspired depositors here to withdraw their accounts in large sums. Illinois Banks Closed. MENDOTA, Ill., March 8 (AP).-The Arlington State Bank. only bank at Arlington, near here, was closed today by the directors, who are awaiting examination of the books by the State auditor. Frozen assets were assigned for the closing of the bank, which had farmers mainly as clients. SPRINGFIELD, Ill., March 8 (AP).The Marbold State Bank at Greenview was closed today after a run started yesterday, when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week. Bank examiners were in charge today.

6. March 8, 1927 Evening Star Washington, DC

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SPRINGFIELD, Ill., March 8 (AP).The Marbold State Bank at Greenview was closed today after a run started yesterday, when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week. Bank examiners were in charge today.

7. March 8, 1927 The Daily Times Salisbury, MD

Article from The Daily Times, March 8, 1927

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RUN ON MONEY CAUSE CLOSING FLORIDA BANKS Three West Palm Beach Banking Institutions Discontinue Business Today RUNS MADE ON THREE OTHER BANKS General Decrease In Real Estate And Other Bank Failures Cause Closures West Beach, Fla., March First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company of West Palm Beach closed their doors today when the First American Bank and Trust Company here failed to open this morning. Runs gan on three other West Palm Beach banks. Police took charge of the crowds that gathered in front of the institutions and order. Officia's of the Citizens Bank nounced that an armored car had left Miami for West Palm Beach bearing large sum currency for the Citizens Bank and the Farmers Bank and Trust Company. Directors the First American Bank and Trust Company stated that the bank is solvent and would be opened after The directors stated that they have mcre than legal reserve on hand The First American eapitalized $300,000 and statement issued this morning showed: Loans and Discounts $3,416,503.52. Cash in vault $58,255.35. Cash other banks Liabilities, bills payable Deposits $2,982,787.67 The American Bank's officers said it had to be closed general conditions following the failure of three Palm Beach Banks last June, the hurricanes, the continued depression in real estate, the upheaval the city affairs, the failure of the First Bank and Trust Company, few weeks ago in Lake Worth, and continued large withdrawals by depositors the past few weeks. More than $10,500,000 has been withdrawn from the bank from peak of $13,500,000 deposits few months ago, directors said. The First Bank and Trust Company of Palm Beach capitalized at $50.000 and $100,000 as surplus and undivided profits. No reason was nounced for the closing but it fieved that the bank closed in order to forestall run. The Northwood Bank which serves the northern part of West Palm Beach believed to have closed for the same reason. Closing of the reorganized First Bank and Trust Company Lake Worth few waaks ago had apparently inspired depositors here to draw their accounts in large sums. Springfield, Ills., March The Marbold State Bank at Greenview was closed today after run started yesterday when rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week. Mendota, Ills., March The Arlington State Bank only bank Arlington near here, was closed today by the Directors who are awaiting of the books by the Frozen assets were State Auditor. assigned for the closing of the bank which had farmers mainly as clients.

8. March 8, 1927 The La Crosse Tribune La Crosse, WI

Article from The La Crosse Tribune, March 8, 1927

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MARBOLD BANK CLOSES SPRINGFIELD. Doors of the Marbold State Bank at Greenview, 30 miles north of Springfield closed Friday result of when it was rumored the bank had holdings the of Springfield, which closed Practicing annoying others is possible by use of four octaves that gives no sounds.

9. March 8, 1927 The Capital Times Madison, WI

Article from The Capital Times, March 8, 1927

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3 Palm Beach Banks Close Doors Today Officials Say Institutions Sound But Close To Prevent Run [By the Associated Press] WEST PALM BEACH, The First Bank and Trust Co. of Palm Beach and the Northwood bank and Trust Co. West Palm Beach closed their doors today when the First American bank and Trust Co. here failed to open this morning. Runs began on two other West Palm Beach banks. Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens' bank that an armored car had left Miami for West Palm Beach bearing large sum of currency for the Citizens' bank and the Farmers' bank and Trust Directors of the First American Bank and Trust Co. stated that the bank is solvent and would be opened after a reorganization. The directors stated that they have more than legal reserve on hand. Officers the First American bank, which is capitalized at $300,000 said it had to be closed because of general conditions following the failure of three Palm Beach banks June. The First Bank and Trust Co. officials gave no reason for the closing but it is believed that the bank closed in order to forestall a run. The Northwood bank, which serves the northern part of West Palm Beach, is believed to have closed for the same reason. Greenview Bank Closes SPRINGFIELD, Doors of the Marbold State bank at Greenview, 30 miles north of Springfield, were closed today as a result of a run started Monday when it was rumored that the bank had heavy holdings in the North Side Bank of Springfield, which closed last week. Arlington Bank Closed MENDOTA, Arlington State bank of Arlington, III., near here, was closed today by action of the directors who are awaiting examination of the books by the state auditors. Frozen assets were the cause of the closing.

10. March 8, 1927 Kenosha News Kenosha, WI

Article from Kenosha News, March 8, 1927

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Illinois Bank Closes Springfield, of the Marbold State bank at Greenview, closed today result of started Monday.

11. March 8, 1927 Evening star Washington, DC

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SHUT DOORS IN Two State Institutions in Illinois Also Suspend Business. By the Associated WEST PALM BEACH. March banks in Palm Beach failed to open for business to Police took charge crowds that gathered front the institutions of the Bank nounced had Miami for Palm bearing for the Citizens Bank the Farmers Bank Trust Directors the First American Bank Trust Co. stated that bank solvent would opened after The directors stated that they have more than legal reserve Bank Issues Statement. capitalized $300,000 issued this morning showed: other banks, American Bank's officers following failure Palm Beach June the affairs, the First Bank Trust large by depositors in the past few been the peak deposits few months directors Run Seemed Imminent. The First Bank Trust Palm capitalized $50,000. $100,000 surplus and divided profits. reason the but It the bank in order The Bank, which serves West Palm Beach, believed have closed First Lake weeks ago had apparently spired here withdraw their accounts large sums. Illinois Banks Closed. Arlington Arlington, by the of the books the State auditor. Frozen assets assigned for the closing the which mainly clients. March The Marbold State Greenview today after run started that the bank holdings North Side Bank Springfield, closed Bank were in charge today.

12. March 8, 1927 New Britain Herald New Britain, CT

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ARE Three Fail to and Runs Open Start on Two Others France and While Italy, Participating, Will Be Invited to Send Observers to Proposed Conference. No Definite Formula Has TROUBLE IN ILLINOIS, Arlington and Both in Illinois, Hit By Bank Failures- Florida Bank Announces Re-or- ganization Plans. West Palm Beach, Fla., March (P)-An armored bearing in currency arrived today from Miami to prevent the closing two banks following the closing of three other banks today. Heavy withdrawals deposits in the two banks continued in the early afternoon, but bank officials expresshope that the impending closings had been averted by the relief from The First Bank and Trust ComPalm Beach the Northwood Bank Trust Company, of Palm Beach had closed their doors First American Bank Company here failopen this morning. Runs gan two other West Palm Beach banks. Police Keep Order Police took charge of the crowds front the institutions, and maintained order Officials the Citizens Bank announced that an armored had left Miami for West Palm Beach bearing large sum of currency for the and the Farmers Bank and Trust Company. Directors the First American Bank Company stated the would opened that they have legal on hand. First and issuin other banks Habilities payable deposits The Bank's offihad be closed of following the failure of three Palm Beach the the continued real the affairs the failof the First Bank and Trust Company Lake Worth. and continued large by depositors in the past More than has been bank from peak of deposits few ago, directors Trust Company of Palm Beach capitalized and has $100,000 surplus and undivided profits. No reason was announced the clos. but believed that the bank closed order forestall Bank. which the northern part of West Palm believed to have closed same Closing First Bank and Trust Company Lake Worth weeks had apparently inspired withdraw their accounts large sums. Illinois Failures. Mendota, III., March Arlington Bank, near closed today the Frozen assets signed the closing of the bank had farmers mainly Marbold State Bank Greenview, today run started rumored that the had heavy holdings in the North Side Bank which closed last week. Been Suggested But Plan Would Be to Have Terms Subject to Periodic Review. Washington, March United States has definitely proposed to Great Britain and Japan threepower limitation conference meet in Geneva not earlier than June No Replies As Yet In the event by the London and Tokio governments, which not replied. France and Italy probably will asked to representatives to the The invitation understood formula tonnage limitations upon cruisers, marines. purpose of the ference Geneva will be the arriving at understanding for tonnage could particularly by Great ain European and Italy the Periodic Needed The Washington government cognized that limitations construction hopes reached must subject periodic review the three the light of building programs similar types of ships which be by any third governnot party agreement. in that satisfactory arrange. ment for reconsidering the maximum tonnage class of auxiliary ships annually. can be worked out at Ge. neva. 5-5-3 Ration Plan. The 5-5-3 ratio applied first-line naval vessels the United States, Great Britain and Japan, respectively. Washington arms treaty also will be considered the three power conference plan is accepted. The Japanese acceptance original five-power plan indicated that Japan seek different ration for smaller Washington officials do not believe however. that ration question will prove a real stumbling block at Geneva Others Invited. The tentative inviting France and Italy to have official observers conferis in line with the desire of the (Continued on Page 17)

13. March 9, 1927 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, March 9, 1927

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ARMORED CAR Brings Relief To Banks Three West Palm Beach Institutions Close Doors. Depression Following Hurricane Is Attributed as Cause-Two Depositories Survive Runs. West Palm Beach, Florida, March (A. First Bank and Trust Company of Palm Beach and the Norwood Bank and Trust Company of West Palm Beach closed today, when the First American Bank and Trust Company, here, failed to open. Runs began on two other Palm Beach Police took charge of the crowds that gathered in front of the institutions and order. Officials of the Citizens Bank announced that an car had left Miami for West Palm Beach, bear. ing large sum of currency for the Citizens Bank and the Farmers Bank and Trust Company. Directors of the First American stated that the bank was solvent and would be opened at. ter reorganization. The First American was capitalized at $300,000 and statement issued this morning showed deposits of $2,982,787 Depression is Cause. Reasons for closing the First AmerIcan Bank were given by the officers general the failure of three Palm Beach banks last June, the the continued in real estate, the upheaval of city affairs. the failure of the First Bank and Trust Company in Lake Worth and continued withdrawals the past weeks The First Bank and Trust Company of Palm Beach is capitalized at $50,000 gives $100,000 as surplus and undivided profits. No reason was given for the closing but It believed that the bank closed in order to forestall The Northwood Bank, which serves the part of the city, is believed to have closed for the same The closings followed closely upon the failure of the reorganized First Bank and Trust Company of Lakeworth few weeks and which has to withdraw accounts here The Citizens' Bank and the ers' Bank and Trust survived and their usual closing hour custom, following the closing of three other banks. Mendota, III., March (A. Arlington State Bank. only bank Arlington, near closed by the Directors, examination of the books by the State assigned for the closing of the bank. Springfield, III., March 8 (A. P.) The Marbold State Bank, at Greenview, was closed today after run nored that the bank heavy holdAngs the North Side Bank of Springfield. closed last examiners were in charge to. day.

14. March 9, 1927 Chicago Tribune Chicago, IL

Article from Chicago Tribune, March 9, 1927

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RUSH $2,000,000 TO HALT RUN ON FLORIDA BANKS Three in Palm Beach Close Their Doors. Palm Beach, Fla., March Spe. etal. This playground of northern financiers was entirely without bank. ing facilities today when its last bank. the First Bank and Trust company, failed to open. Next door, in West Palm Beach. two other banks were closed and two more went through heavy runs by depositors but survived. Officials the three banks that closed blamed the recent hurricanes, real estate depression, heavy withdrawals. and charges of corruption in the government of West Palm Beach for their action. Six Banks Have Closed. Six banks have now closed in the Pulm Beaches since June. The West Palm Beach banks shut today were the Northwood bank and the First American Bank and Trust company Depositors of the Farmer Bank and Trust company and the Citizens bank started a determined run on both institutions. which kept up all day The withdrawals were so heavy that an armored car brought $2,000,000 in currency to the banks. The truck stopped first at the Farm ers bank and the crowd cheered. The additional money, however, did not allay the fear of the depositors and the run gained new impetus. Police passed among the patrons and perfect order was The banks kept paying until the regular closing hour, 2 o'clock. Only $58,255 in Cash. The First American Bank and Trust company had liabilities of $4,765,095. with loans and discounts of $3,416,503 and cash on hand of only $58,255. It also has over $500,000 cash in other Deposits In local banks had slumped $10,000,000 in the last few months, due to withdrawals. Ten nationally known financiers are reported to have pledged their help in stemming further with. drawals and preventing any more fail ures. They are John S. Phipps, Edward T. Stotesbury, Edward R. Bradley, Edward F. Hutton, Edward G. Moore, J. F. Baker Anthony J. Drexel Biddle Jr. L. G. Kaufman. S. Davies Warfield, and Harris Hammond. Close Arlington, III., Bank. Arlington State bank of Arlington, III., near here. was closed today by action of the directors, Frozen assets were assigned by John Cassidy, cashier, as the cause of the closing of the bank. Greenview Bank Closes. Springfield. III., March 8.-Doors of the Marbold State bank at Greenview, thirty miles north of Springfield, were closed today as a result of a run started yesterday when It was rumored that the bank had heavy holdings in the North Side bank of Springfield, which closed last week.