4904. Herrin State Savings Bank (Herrin, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
April 14, 1930
Location
Herrin, Illinois (37.803, -89.028)

Metadata

Model
gpt-5-mini
Short Digest
2a4391d0

Response Measures

Full suspension, Books examined

Other: State examiner work and receivers appointed later; bank closed to protect its depositors.

Description

Articles (April 15–24, 1930) report heavy withdrawals/suspended business at Herrin State Savings Bank following rumors and the closing of other local banks. The bank suspended in mid-April 1930 and a receiver was appointed May 22, 1930, indicating permanent closure.

Events (3)
1. April 14, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals attributed to rumors following the closing of banks in other localities; local contagion panic.
Measures
Bank suspended business (closed) to protect depositors and stem withdrawals.
Newspaper Excerpt
At Herrin the Herrin Lions Club Tuesday extended vote of confidence in the integrity of the officers of the Herrin State Savings Bank which suspended business Monday.
Source
newspapers
2. April 14, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension followed steady withdrawals and rumors after other banks closed in the region.
Newspaper Excerpt
the Herrin State Savings Bank which suspended business Monday.
Source
newspapers
3. May 22, 1930 Receivership
Newspaper Excerpt
The appointment of receivers for three banks in the county ... the Herrin State and Savings Bank ... The appointment of receivers is seen as step in the adjustment of the three banks ... Hal Trovillion, newspaper publisher and politician, was appointed receiver of the Herrin State and Savings Bank.
Source
newspapers

Newspaper Articles (4)
1. April 15, 1930 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, April 15, 1930

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Article Text

FOUR REST RESIST Word of Large Sum Enroute to First National of Marion Halts Rush within two weeks, failed their doors today and precipitated upon other banks of the county. Sheriff Oren Coleman armed with machine guns, and state highway patrolmen were on duty the banks and on the streets of the various in the county all noon today that Federal Bank of St. was sending large sum currency armored truck the First National bank Marion stopped the run that bank before noon and none of the outside money was in demands depositors. MERCHANTS TO RESCUE Marion made deposits the First National today instill confidence. The Marion Trust and Savings bank following the $145,000 on Friday and Saturday decided not reopen Monday despite the fact that had $225,000 cash available for Monday This decision was reached by the with belief that they could possibly organize and all depositors 100 the dollar. The other banks which failed to today were First State Bank the and Savings and the State Bank Cambria the Citizens State Bank of Johnston the Hurst State bank and the Herrin State and Savings banks had closed. SHOWS LARGE RESOURCES The Marion Trust and Savings bank in its statement of condition March 27 showed resources building. the largest in the county The Pittsburg bank, located in little mining town, had. according to its last report, (Continued on Page Three)

2. April 17, 1930 The Daily Independent Murphysboro, IL
Article from The Daily Independent, April 17, 1930

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Article Text

CONFIDENCE IN MARION BANK INCREASED MARION, ILL., April pressions of confidence in the soundness of the Marion Trust Savings Bank and of faith in its ability pay every dollar to its depositors were heard on every hand today as state banking depart ment continued their work of examining the books of the bank which closed Monday to protect its positors against possibly disrun. E. B. Jackson, cashier. of the closed bank did not hestitate to doclare that every would be paid in full. Mr. Jackson said that he had made complete check of all the bank's loans, and that even by cutting real estate loans to bargain prices under present conditions, the bank should be forced liquidate its assets the despoit. would still lose nothing. It spected. however, that the bank re-organize and re-open instead being required to sell its assets cash price in order to pay its Mr. Jackson said that the could re-open again at present. but that before opening again the manigement desired to have all Its re-adjusted to the extent that here could be no question about remaining open. don't think can do this in week.' he said. may take month or little longer. But am thinking about the people who SAVO me their money to keep for them, and they are going to get it While depositors of the bank throughout the city expressed ready belief they would be paid in full one business man offered to make substantial deposit in the bank efter was closed. People about town entertained the theory that the officers of the bank had acted visely and for the protection of the general of the depositors when they closed the bank after stendy withdrawal of deposits last weekend threatence place the institution in position in which heavy run might not withstood. A remarkable communty spirit asserted itself also Tuestay and Wednesday business HCD and individual eitizens attribated the heavy withdrawals from the local banks to the rumors which followed the closing of banks other localities, and expressed no little resentment toward unreliable persons responsible for such At. Hervin the Herrin Lions Club Tuesday extended vote of idence in the integrity of the officers of the Herrin State Savings Bank which suspended business Monday. TRY A LASSIFIED AD. IT WILL BRING RESULTS

3. April 24, 1930 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, April 24, 1930

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Article Text

CONFIDENCE IN LOCAL BANKS of Funds Safety Depositors' in Closed Bank Assured Expressions of confidence in the of the Marion Trust and soundness Savings and of faith in ability to pay every dollar to its heard every hand positors were on Wednesday state banking department continued their work of examthe books of the bank which ining closed Monday to protect its positiors against possibly disastrous run. Cashier B. Jackson of the closed bank did not hesitate Wednesday to declare that every depositor would be in full. Mr. Jackson said paid that he had made complete check of all the bank's loans, and that even by cutting real estate loans to bargain prices under present conditions, the bank should be forced liquidate its assets the depositors would still lose nothing. It that the bank will pected, however, and instead of bere-organize reopen ing required to sell its assets cash price in order to pay its positors. Jackson said that the bank at present, but could re-open again that before opening again the managedesired have all its affairs ment to to the extent that there re-adjusted could be no question about its maining can open. do this in he said. may month little longer. But take or am thinking about the people who gave me their money to keep for and to get it them, they are going back." While depositons of the bank thruthe expressed ready belief out city they would be paid in full one ness man offered to make substantial deposit in the bank after closed. People about town entertained the theory that the officers of the bank had acted wisely and for the protection of the general interests of the depositors when they closed the bank after steady withdrawal of deposits last weekend threatened to place the institution in position in which heavy run might not withstood. remarkable community spirit asserted itself also Tuesday and Wednesday as business men and individual citizens attributed the heavy withdrawels from the local banks to the rumors which followed the closing of banks in other localities, and expressed no little resentment toward unreliable persons sponsible for such rumors. At Herrin the Herrin Lions Club on Tuesday extended vote of confidence in the integrity of the officers of the Herrin State Savings Bank which suspended business also day. Rumors were current Tuesday after noon that the Citizens Steae Bank Johnston Cirty had re-opened, but was untrue as the examination and readjustment of the affairs that institution have not yet been completed. Homer Caldwell of Peoria, State Agent for the Springfield Fire and Marine company, after an inspection of conditions Marion said Wednesday that the "closing of your Marion bank reminds me of dog getting scared before is hurt much, but probably was good thing to get scared. The condition of the Citizens State Bank at Creal Springs is excellent and there has been no excitement there over the closing of other banks. There have been very few withdrawals and deposits have been mal. Depositors have confidence the bank and its officials.

4. May 22, 1930 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, May 22, 1930

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Article Text

RECEIVERS THREE Hurst, Herrin and Pittsburg Banks Are New Hands The appointment of receivers for three banks in the county by State Auditor Oscar Nelson was made lic Friday. The banks the Herrin State and Savings Bank, the Hurst State Bank and the Pittsburg State Bank, all of whom have been closed since they suspended business in April. The appointment of ceivers is seen as step in the justment of the three banks Frank Bennett, Hurst furniture merchant was named receiver for the bank there after eighty-two per cent of the depositors had signed tion for his appointment. Hal Trovillion, newspaper pub lisher and politician, was appointed received of the Herrin State and Sav ings Bank. Blaine Pearce, an assistant cashier of the Marion Trust and Savings Bank which is in the process of organization, was named Thursday receiver of the Pittsburg State Bank which suspended business April The appointment was made State Auditor Oscar Nelson. Mr. Pearce has already taken charge the affairs of the bank the assets which it is understood are liquidated. He filed bond for as receiver.