Article Text
BIG JOLIET BANK CLOSED July Will County National Bank, third larg. est in failed to open today Directors said frozen assets caused the suspension. The capitalized at and had deposits of on June
4930. Will County National Bank (Joliet, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 1882
- Charter Number
- 1882
- Start Date
- July 13, 1931
- Location
- Joliet, Illinois (41.525, -88.082)
Metadata
- Model
- gpt-5-mini
- Short Digest
767ad470
Response Measures
None
Receivership Details
- Depositor recovery rate
- 66.0%
- Date receivership started
- 1931-07-15
- OCC cause of failure
- Economic conditions
- Share of assets assessed as good
- 24.2%
- Share of assets assessed as doubtful
- 72.5%
- Share of assets assessed as worthless
- 3.3%
Description
Newspapers report the Will County National Bank 'failed to open' (suspended) on July 13, 1931, with directors blaming 'frozen assets.' A receiver was later appointed (Sept 16, 1932) and the bank was liquidated. OCR omitted some numeric details (capitalization and deposit figures) in some articles.
Events (4)
1.
September 29, 1871
Chartered
- Source
- historical_nic
2.
July 13, 1931
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors attributed the failure to open to 'frozen assets,' indicating bank-specific asset problems leading to suspension.
- Newspaper Excerpt
- The Will County National bank, third largest in Joliet, failed to open today. Directors blamed frozen assets.
- Source
- newspapers
3.
July 15, 1931
Receivership
- Source
- historical_nic
4.
September 16, 1932
Receivership
- Newspaper Excerpt
- Smith Is Named As Receiver of 2 Joliet Banks ... he has been appointed receiver for the Joliet National bank and the Will county National bank, both in Joliet ... Mr. Smith states that neither of the Joliet banks are being reorganized but are being liquidated.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
Cherry Harvest on Local Pickers Go The annual cherry harvest in the Door county cherry country started today, with indications of a satisfactory crop. Twenty-five local girls and young women left Stevens Point to assist in the picking at the Dagneau Brothers' orchards at Sturgeon Bay. The orchards are owned and operated by William and Ben Dagneau of Stevens Point and Henry Dagneau of Conrath. The cherries will be brought to the city the end of this week for market. ADVERTISE FOR BIDS Washington, July 13-(P)-Designs for 11 new destroyers have been completed and the navy department will advertise for bids on Wednesday. TREASURY REPORT Washington, July 13-(P)-Treasury receipts July 10 were $4,757,796.82; expenditures $16,867,200.67; balance $382,336,848.55. Customs receipts for the month to the close of business July 10 were $9,468,523.96. JOLIET BANK CLOSES Joliet, III., July 13-The Will County National bank, third largest in Joliet, failed to open today. Directors blamed frozen assets. The bank was capitalized $200,000 and had deposits of $2,750,000 on June 30.
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Article Text
Joliet, III., Bank Fails To Open Doors Today JOLIET. July Will County National third largest in Joliet, failed to open day Directors blamed frozen The bank capitalized and had deposits of on June 30.
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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.