First National Bank - Herrin, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5303
Charter Number: 5303
Start Date: December 31, 1932
Location: Herrin, Illinois (37.803, -89.028)

Metadata

Model: gpt-5-mini
Short Digest: ae8579e8

Response Measures

None

Receivership Details

Depositor recovery rate: 60.2%
Date receivership started: 1932-12-31
Date receivership terminated: 1938-11-30
Share of assets assessed as good: 25.9%
Share of assets assessed as doubtful: 58.9%
Share of assets assessed as worthless: 15.2%

Description

Article states the First National Bank, Herrin, was closed by order of the Comptroller of the Currency and a receiver was placed in charge (Ben Sneeden). No run or depositor crowding is described; this is a government-ordered closure/receivership dated Dec 31, 1932.

Events (3)

1. April 24, 1900 Chartered

Source: historical_nic

2. December 31, 1932 Receivership

Source: historical_nic

3. December 31, 1932 Suspension

Cause: Government Action
Cause Details: Closed by order of the Comptroller of the Currency and placed in receivership (Ben Sneeden).
Newspaper Excerpt: The First National Bank was ... closed today by order the Comptroller of Currency. Ben Sneeden, receiver ... was placed in charge of the First National Bank
Source: newspapers

Newspaper Articles (1)

1. December 31, 1932 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, December 31, 1932

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Article Text

FIRST ONLY BANK HERRIN, CLOSED Comptroller of Currency Puts Receiver for City National Charge Also. the Associated HERRIN, National, the only bank here, closed today by order the Comptroller of Currency. Ben Sneeden, receiver for the City National Bank here, was placed in charge of the First National Bank The First National Bank was, at time, considered the strongest in Southern Illinois. The last statement shows had time deposits demand deposits $112,141, capital $50,000 and surplus 000. John Herrin cashier. Directors were Harrison, Elles and Bart Colombo. QUINCY, Ill., Dec. Savings Loan Trust Co. did not open for business today. Directors voted to close the bank to conserve assets depositors. Withdrawals had the cash The bank reorganized after being closed in November, 1930, and opened again in April, 1931. The last statement, issued Sept. listed total resources of demand of and time deposits of $912,891.