Joliet National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4520
Charter Number: 4520
Start Date: January 20, 1932
Location: Joliet, Illinois (41.525, -88.082)

Metadata

Model: gpt-5-mini
Short Digest: 1bd21dfa

Response Measures

None

Receivership Details

Depositor recovery rate: 65.0%
Date receivership started: 1932-02-10
Share of assets assessed as good: 22.0%
Share of assets assessed as doubtful: 77.7%
Share of assets assessed as worthless: 0.3%

Description

No article describes a depositor run. January 20, 1932 article reports the Joliet National bank closed; a September 16, 1932 article reports the Comptroller appointed a receiver and the banks are being liquidated. Thus the bank suspended/closed and was placed in receivership (permanent closure).

Events (4)

1. February 16, 1891 Chartered

Source: historical_nic

2. January 20, 1932 Suspension

Cause: Government Action
Cause Details: Bank closed and subsequently placed under comptroller supervision and receiver appointment (closure appears to be formal government intervention).
Newspaper Excerpt: JOLIET BANK CLOSED Jan. Joliet National largest only the city, banking bank had deposits capital of $700,000 surplus of $400,000.
Source: newspapers

3. February 10, 1932 Receivership

Source: historical_nic

4. September 16, 1932 Receivership

Newspaper Excerpt: Smith Is Named As Receiver of 2 Joliet Banks Shell R. Smith, receiver for the First National bank of Champaign, received word yesterday that he has been appointed receiver for the Joliet National bank and the Will county National bank, both in Joliet. The comptroller of currency at Washington ordered Smith to proceed immediately to Joliet to assume his duties there.... the two banks ... are being liquidated.
Source: newspapers

Newspaper Articles (2)

1. January 20, 1932 The Minneapolis Star Minneapolis, MN

Article from The Minneapolis Star, January 20, 1932

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Article Text

BRIGHT SPOTS IN NATION'S TRADE By United Press Service Corporation of Jersey income for 1931 against trial groups increased per cent 1931 0.3 the labor department. Detroit Motor the any week and there were orders on York New Lackawanna and placed orders .000 rails with the Bethlehem Steel nounced. Webster, works of Slater hand Sons, employed for five reported. Manufacturing Co., Rubber increased day force organized night force mounting reported sales the New than any national show history, up about 140 per cent JOLIET BANK CLOSED Jan. Joliet National largest only the city, banking bank had deposits capital of $700,000 surplus of $400,000.

2. September 16, 1932 The Daily Illini Urbana, IL

Article from The Daily Illini, September 16, 1932

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Article Text

Smith Is Named As Receiver of 2 Joliet Banks Shell R. Smith, receiver for the First National bank of Champaign, received word yesterday that he has been appointed receiver for the Joliet National bank and the Will county National bank, both in Joliet. The comptroller of currency at Washington ordered Smith to proceed immediately to Joliet to assume his duties there. Smith's appointment was made to fill a vacancy left by the death of J. W. Turner, National bank receiver. The two banks at Joliet, the First National bank of Champaign and a National bank at Richland Center, Wisconsin are under supervision of Mr. Smith. Mr. Smith states that neither of the Joliet banks are being reorganized but are being liquidated. Depositors of the First National bank of Champaign will not suffer because of Mr. Smith's new appointment, he stated yesterday. The taking of proofs of claims and issuance of receiver's certificates will continue under his announced plans. He will divide his time between Joliet and Champaign.