Exchange State Bank - Lanark, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 31, 1932
Location: Lanark, Illinois (42.102, -89.833)

Metadata

Model: gpt-5-mini
Short Digest: 3b19705f

Response Measures

None

Description

Article (The Lanark Gazette, 1932-06-01) reports Exchange State Bank suspended business May 31. No run is described. Local businessmen planned an assessment of stockholders and asking depositors to waive part of deposits so the bank could go ahead — indicating a suspension with intent/plan to reopen.

Events (1)

1. May 31, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended and community planned an assessment of stockholders and asking depositors to waive part of deposits to restore solvency; suggests bank-specific shortfall rather than rumor or external shock.
Newspaper Excerpt: The Exchange State Bank suspended business May 31. A meeting of the business men of the community was called, and plan worked out whereby an assessment will be levied against the stockholders, and waiver of part of the deposits will be asked from the depositors.
Source: newspapers

Newspaper Articles (1)

1. June 1, 1932 The Lanark Gazette Lanark, IL

Article from The Lanark Gazette, June 1, 1932

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Article Text

Mr. and Mrs. C. D. Rackliffe, from Mitchell, South Dakota, have been visiting the latter's brother, W. G. Redline and other relatives. They leave for home tomorrow. Extra Special Sale Riverside gas pressure ranges until June 15th. $50.00 range at $39.50. R. G. TRUMAN & SON, Lanark, III. The Community High School band will give the first concert of the season tonight on Broad street. After that the concerts will be furnished during the season by Beth Hower's Blue Coat band. Mr. and Mrs. Leon Wheelock and daughters came Friday night from Cudahy, Wis., for a visit at the Siegel Taylor home. Miss Kathryn Szivulka accompanied them home on Monday and will go from there to Milwaukee in a few days to assume the position she has secured at that place. The Exchange State Bank suspended business May 31. A meeting of the business men of the community was called, and plan worked out whereby an assessment will be levied against the stockholders, and waiver of part of the deposits will be asked from the depositors. the plan works out, as it looks at this writing it would, the bank will be able to go ahead with the regular business. Professor and Mrs. Ellison from Seward, III., are visiting Rev. Borop and family for few days, the latter being sister of Mrs. Borop. Professor Ellison is superintendent of schools at Seward. Mr. and Mrs. Elmer Zuck went to North Manchester, Ind. Friday to attend the graduation exercises of their daughter Elizabeth's class at the eollege there. Afterwards the three went for motor trip through the East.