Kewanee State Savings Bank & Trust Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: February 9, 1933
Location: Kewanee, Illinois (41.246, -89.925)

Metadata

Model: gpt-5-mini
Short Digest: 48dac3fb

Response Measures

Full suspension

Other: Bank closed by directors to 'conserve assets'; closure appears permanent in text, no reopening mentioned.

Description

Article (Feb 9, 1933) reports heavy withdrawals after the Kewanee Securities Co. closed and the public mistakenly thought the state bank had closed; directors then decided to close the bank to conserve assets effective that morning. No receiver mentioned in the excerpt; closure appears to be a director-ordered suspension/closure following a run triggered by mistaken identity/rumor.

Events (2)

1. February 9, 1933 Run

Cause: Rumor Or Misinformation
Cause Details: Public confused Kewanee Securities Co. closure with the Kewanee State bank, causing heavy withdrawals.
Measures: None reported prior to closure; heavy withdrawals prompted directors' action to close the bank to conserve assets.
Newspaper Excerpt: This caused heavy withand could get no support from Chicago banks.
Source: newspapers

2. February 9, 1933 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors voted to close the institution 'to conserve assets' effective the morning of the article; closure followed heavy withdrawals.
Newspaper Excerpt: the Kewanee State Savings Bank Trust Co. met last night and decided to close the institution in to conserve assets, their action becoming effective this morning.
Source: newspapers

Newspaper Articles (1)

1. February 9, 1933 The Dispatch Moline, IL

Article from The Dispatch, February 9, 1933

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Article Text

KEWANEE STATE BANK CLOSED BY DIRECTORS Kewanee, Feb. the Kewanee State Savings Bank Trust Co. met last night and cided to close the institution in to conserve assets, their action becoming effective this morning. president of the institution, said this mornthe Kewanee Securities Co. closed the public had the impression that it was the Kewanee State bank. This caused heavy withand could get no support from Chicago banks.' The State bank had of about when In its Dec. 31, 1932, ment, reported of $513,955. Its capital stock $100,000 surplus also was Arter vice president and Witt Lomara cashier. The bank organized Dec. 12, Jacksonville Bank Sued. Springfield, Feb. that the Ayres bank which failed Nov. 1932, "wrongfully and obtained $102,055.22 state gas from Garrett Kinney Peoria, former state director the today filed suit for accounting against the bank ceiver, in federal court here.