Citizens State Bank - Keithsburg, IL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 17, 1930
Location: Keithsburg, Illinois (41.099, -90.943)

Metadata

Model: gpt-5-mini
Short Digest: 9d339430

Response Measures

Full suspension, Books examined

Other: Bank was closed by board and state deputy under State Auditor took charge; later receiver appointed and liquidation proceeded, dividends paid to depositors in 1934.

Description

A slow run over several days in mid-December 1930 depleted cash and the board closed the bank (Dec 17, 1930). State deputy took charge; a receiver was appointed March 1931 and the bank remained in liquidation (dividend paid in 1934). No reopening occurred.

Events (4)

1. December 17, 1930 Run

Cause Details: A 'slow run' (sustained withdrawals over several days) that depleted the bank's cash; no specific rumor or external bank failure is cited.
Measures: Board of directors closed the bank to protect depositors; state deputy (E. White) took charge.
Newspaper Excerpt: SLOW RUN CAUSES KEITHSBURG BANK TO CLOSE DOORS ... closed today by order of its board of directors who acted to protect depositors after slow run extending over several days had depleted the bank's cash.
Source: newspapers

2. December 17, 1930 Suspension

Cause: Government Action
Cause Details: Bank was closed by its board and state deputy under the State Auditor took charge; closure followed the slow run and led to suspension of operations.
Newspaper Excerpt: Citizens State bank of Keithsburg was closed today by order of its board of directors ... E. White, deputy under State Auditor Oscar Nelson, took charge today.
Source: newspapers

3. March 12, 1931 Receivership

Newspaper Excerpt: the appointment M. Connors Keithsburg as receiver for the Citizens State bank of Keiths closed on Dec. 17. 1930. ... The confirming the receiver followed the filing of suits ... by creditors of closed bank.
Source: newspapers

4. October 9, 1934 Other

Newspaper Excerpt: Payment of five per cent dividend to depositors of the closed Citizen's State bank in Keithsburg was announced today by William O'Connell of Chicago, receiver for the closed state banks in this county. ... The bank closed Dec. 17, 1930 and has been in liquidation since Jan. 13, 1931 when the receiver, M. Connors was appointed.
Source: newspapers

Newspaper Articles (5)

1. December 18, 1930 The Daily Times Davenport, IA

Article from The Daily Times, December 18, 1930

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Article Text

SLOW RUN CAUSES KEITHSBURG BANK TO CLOSE DOORS (Special Citizens State bank of Keithsburg was closed today by order of its board of directors who acted to protect depositors after slow run extending over several days had depleted the bank's cash. Closing of this bank leaves Keithsburg without a bank. E. White, deputy under State Auditor Oscar Nelson, took charge to- day. The bank's resources were $300,000 and its deposits $240,000 at the time of the last statement. The Citizens bank was reorganized April 26, this year. It was the successor of the oldest bank in Mercer county, the Drury bank. Officers and directors are: President, J. Ward Bloomer; vice president and cashier, Geo. L. Hartgrove; directors, E. L. Wickett, Dr. R. E. King, C. C. Chafa, J. Allen, Emanuel Peterson, R. E. Bloomer, Orrin Ogle. Aledo Masons Will Install on Dec. 23 Officers, both elective and appointive for the coming year for the Aledo lodge, No. 252, A. F. & A. M., will be installed at the regular meeting of the chapter on Tuesday evening, Dec. 23, it has been announced by officers. Virgil H. Duvall will act as installing officer. Elective officers are, worshipful master, Clare Bradford; senior warden, Craig Bedford: junior warden, Leonard Dorothy; treasurer, G.L. Candor, and secretary, C. E. Duvall. Officers were appointed by the worshipful master and announced yesterday are, Evart Bjorkman, senior deacon; Ray Guthrie, junior warden; chaplain, Frank W. Lemon: mashal, Eric Clauson; senior steward, Wilbur Johnson; junior steward, Geo. Carey, and tyler, W. H. Robertson.

2. December 19, 1930 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, December 19, 1930

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Article Text

EAVY RUN CAUSES CLOSING OF BANK MT. VERNON, ILL eposits at Time of Last Call Were $741,151 Withdrawals of $40,000 in One Day. to Dec. MOUNT The Jefferson State Bank failed doors this morning, but thought it will be able to Sept. 30, the bank its report time and call deposits of Heavy withdrawals in few weeks caused the bank Withdrawals yesterday to $40,000. Missouri Failure in Last Two Days. Dec. Bank of Canton, at Canton, in County with total resources was closed today by its and placed in of directors of the State Finance Defollow ing heavy and conwithdrawals, it was anlast statement to the showed deposits of partment of which $12,696 were $196,632; capi$13,000; bills payL. Martin is presG. and F. Hoerer cashier. Union Savings Bank at MonMonroe County, with resources was the first to Itsnotice to the Finance Deartment was followed by a notice the Bank of Osage County. at and the State Bank of Collins, County. Bank of Osage had $244,155 stock surplus $10,000 and J. Pull Jones T. A. Dubrouillet, No reason for the closgiven State Bank of Collins had $60,910 stock $1200 sur$209 undivided profits and bills payable. W. J. Bard and O. E. Simms cashNo reason for the closing was Finance Department has not an xaminer for either the bank or Collins bank. given as reason for the closing of the City bank. bank's last statement listed By loans, $60,000 capital $6000 surplus, $8504 undibils payable and $14,397 liabilities. T. D. Robey was and G. E. Chipman at Keithsburg. III., Fails With itizens State Bank of Keithswith deposits of $430,000 yesterday. It was the only Banks Fail in Northwest Arkansas: 13 in Two Days. ROCK Dec. banks in Northwest and one nationyesterday, bringing the of depositories which have that section the past Commissioner Taylor announced that at and and Merchants' Bank with which A. T. failed to and had been takcharge the Banking Deliquidation. National Bank at Green losed and has been of Federal examof the two instituForest without Bank at Berryville approximately ling to its report to Department Sept. 24, Forest State Bank's on date totaled $158,since Nov. American Exchange Little Rock closed, was cause for closing the Hudspeth was direcRock bank. O. Butt is presiPeople's Bank at BerIndspeth is vice presi- With Deposits of $1,117,000 at Canastota, N. Y. N. Y., Dec. Broderick, State SuperBanks, today antaken possession Bank of Canasiota. to result of what he said be unsound financial losses on loans and incondition of the bank advisable that this in order to conserve the interests of deSept. 24, the bank gross deposits of $1,117,- N. C., Bank, With $1,Liabilities, Closes. C., Dec. Bank and Trust Co. of N. C., failed to open business today. Fuwould be governed by Board of Bank Examinwas said. Officials said the

3. March 12, 1931 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, March 12, 1931

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Article Text

Keithsburg Receiver Named Action Comes With Suits Ask100 Per Cent Assessment on Stockholders the signing of order in vacation by Circuit Judge Nelson the appointment M. Connors Keithsburg as receiver for the Citizens State bank of Keithsclosed on Dec. 17. 1930. the first definite step toward clearing affairs that bank has been started. Mr. Connors is expected to take active work bank soon as bonds of the court can arranged. The confirming the receiver followed the filing of Rult Mercer county circuit court by torneys Paul Graham and Church and Califf. Aledo, for Frank Willits and E. creditors of closed bank. which stockholders of the institunamed defendants. In long bill particulars the history the bank reviewed and per cent against the asked Complainants also ask that others enjoined not file similar suits against the stockholders and also nsk court no in claims against the closed bank. the opening paragraph of the bill stated that the suit filed behalf the two creditors named and any other creditors who may wish to join in the same cause. According to the bill the bank organized Nov. 12. 1902, with capital stock $25,000 which into shares of $100 each. The capital stock remained the same bank was closDec. The of the tion at the time of closing said the bill he excess $227.while the assets carried books amounted these assets claimed by the complaintants that uncollectable and that 100 cent stock assessment ordered that that sunt will not pay the full amounts due the At the time the business of the bank closed claimed that cash was hand that the sum of carthe books surplus had been and loaned out persons corporations whose ability to pay was doubtful. According the bill of particulars filed the former against this bank by Oscar Nelstate the made in 1930, by state officers showed savings totaling checking deposits deposits Loans totaled and the bank building and furniture and fixtures valued at Stockholders of the bank against Wolff whom the suit filed by and filed George HartBloomer. James Allen, Orin Peterson. Allen, Anderson, Charles Anderson, Mabel Orpha James Boham, Robert Francis Curry, Anna Mary DeHaven, Roxey Dryden and W. Dryden, doing business Brothers: James Llewellyn George Fullerton. Clara Glancy. Fred executor the last will and testament Ernest Glancy: Earl Gluba, Harvey Arthur HarriJohnson, Ovid Alivida King. executor last testament of William King. deceased. Florence Lawrence, Edward Lynn and Hanning Lynn. business as Lynn Newell and Lester partners Newell and Sam Newell. Clara Carrie Scott. Elmer William Charles Allen, the last will and of Elizabeth ceased. preliminary be held March for Charles and Mulvaney connection with series thefts

4. March 12, 1931 The Muscatine Journal Muscatine, IA

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Article Text

Keithsburg Receiver Named Comes With Suits AskPer Cent Assessment on Stockholders the signing of an in vacation by Circuit Judge Larson, confirming the of Connors receiver for the Citizens State bank Keithsclosed Dec. 17, 1930, the definite step toward clearing of that bank has been started. Mr. Connors is expected active work the bank as bonds set court can be arranged. confirming of the receiver followed the filing of suit in county circuit court by Attorneys Paul Graham and and Aledo, Frank Willits and Wolff, ereditors of the closed bank. stockholders of the institunamed defendants. long bill of particulars the history the bank is reviewed 100 per cent against the stockholders asked. Complainants also ask that others to similar against the stockholders and also court to give no individuals priority in claims against the closed bank. the opening paragraph of the stated that filed in behalf of the two creditors any other creditors may wish to join in the same According to the bill the bank 1902, with stock which divided into 250 shares of $100 each. The capital stock remained same until the bank 1930. of the instituthe time of closing be excess of $227. while the assets carried on books to assets claimed by that and that even 100 cent stock that that sum will not pay amounts the At the time the business of the was closed it claimed that in cash was on hand that the sum of carthe books surplus had and loaned out to corporations whose pay was doubtful. the bill of partifiled former suit against this bank by Oscar Nelstate auditor. the examination in December, 1930, by state showed savings deposits totaling checking and deposits Loans totaled and the bank building and furniture and fixtures valued at $16,500. Stockholders of the bank against the suit filed Willits and filed are. George HartWard Chafa, James King, Orin Ogle, Emanuel Wickett, Allen, Axel Anderson, Charles Anderson, Mabel Blooomer, Orpha James Boham, Robert Cox, Francis Curry, Anna DeHaven, Mary DeHaven, Roxey DeHaven, Dryden and Dryden, partners, doing business Dry. Brothers: Arthur Finch, James Llewellyn Frick, George Clara executor of last and testament Ernest Earl Gluba, Harvey Hardin, Arthur HarriJohnson, Ovid of of William R. King, Florence Edward Lynn and Lynn, Lynn Lester partners as Dodson, Clara Ogle, Joe Carrie W. Elmer William Lizzie Charles Lynn, the last will and Elizabeth Kelly, preliminary hearwill be held March 17 for John nection series of hog thefts

5. October 9, 1934 The Daily Times Davenport, IA

Article from The Daily Times, October 9, 1934

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Article Text

Keithsburg Bank To Pay Dividend Of Five Per Cent ALEDO, III., Oct. 9.-(Special) Payment of five per cent dividend to depositors of the closed Citizen's State bank in Keithsburg was announced today by William O'Connell of Chicago, receiver for the closed state banks in this county. The payment will amount to and per cent is from the stock fund and 3½ cent is from the general fund. addition to this dividend the bank receiver has paid $30,650 on bills payable. The bank closed Dec. 17, 1930 and has been in liquidation since Jan. 13, 1931 when the receiver, M. Connors was appointed. The deposit liability at the time of closing was Payment of this dividend brings the total paid to 24 per cent.