Kewanee State Savings Bank & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 1, 1927*
Location: Kewanee, Illinois (41.246, -89.925)

Metadata

Model: gpt-5-mini
Short Digest: ecca97bc

Response Measures

None

Description

Article states the bank was closed in 1927 and taken over by the state examiner; subsequent 1929 trial of officers for accepting deposits after insolvency and listing assets that were liabilities indicates bank failed and did not resume operations. OCR issues corrected (e.g., 'liabi' -> liabilities; '197 indictments' -> '192? indictments' but retained meaning).

Events (2)

1. January 1, 1927* Receivership

Newspaper Excerpt: Justin Jaeger, state bank examiner who took over the bank after its doors had been closed, was on the stand for the state ... testifying that he found certain assets listed by the bank were in reality liabilities.
Source: newspapers

2. January 1, 1927* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent; assets listed as liabilities and alleged embezzlement and accepting deposits after insolvency led to closure.
Newspaper Excerpt: the Kewanee State Savings Bank which was closed in 1927. Justin Jaeger, state bank examiner who took over the bank after its doors had been closed, was on the stand...
Source: newspapers

Newspaper Articles (1)

1. May 9, 1929 Belleville Daily Advocate Belleville, IL

Article from Belleville Daily Advocate, May 9, 1929

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Article Text

EXAMINER TESTIFIES BANK LISTED ASSETS THAT WERE LIABILITY Evidence intended to show that the bankers listed unworthy assets was introduced today at the trial of William Gould and Samuel Burge former president and cashier respectively of the Kewanee State Savings Bank which was closed in 1927. Justin Jaeger, state bank examiner who took over the bank after its doors had been closed. was on the stand for the state under re-direct examination. testifying that he found certain assets listed by the bank were in reality liabi The two bankers are on trial for accepting deposits after the bank had become insolvent. They were named in 197 indictments charging various forms of embezzlement. confidence game and other alleged crimes The trial has been in progress for two weeks. B th bankers have denied all charges.