First National Bank - Lanark, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1755
Charter Number: 1755
Start Date: October 11, 1934
Location: Lanark, Illinois (42.102, -89.833)

Metadata

Model: gpt-5-mini
Short Digest: b2c4f10d

Response Measures

None

Receivership Details

Depositor recovery rate: 83.5%
Date receivership started: 1934-11-21
Date receivership terminated: 1938-06-23
Share of assets assessed as good: 65.8%
Share of assets assessed as doubtful: 17.6%
Share of assets assessed as worthless: 16.6%

Description

Article (Oct 11, 1934) reports First National Bank of Lanark under a conservator (O. H. Niemann), paying 60% on claims and a new national bank being organized under the conservator. This indicates the bank had suspended/closed and was under conservatorship (government action) with a successor being organized — fits suspension leading to closure/receivership. No run is described.

Events (4)

1. December 19, 1870 Chartered

Source: historical_nic

2. October 11, 1934 Receivership

Newspaper Excerpt: A new national bank is being organized under the supervision of the conservator, 0. H Niemann.
Source: newspapers

3. October 11, 1934 Suspension

Cause: Government Action
Cause Details: Bank placed under a conservator (O. H. Niemann); claims being paid at 60% and a new national bank organized under conservator supervision.
Newspaper Excerpt: Payment of sixty per cent in claims against accounts in the First National bank of Lanark, is expected to be made within the next few weeks. A new national bank is being organized under the supervision of the conservator, 0. H Niemann.
Source: newspapers

4. November 21, 1934 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 11, 1934 The Pearl City News Pearl City, IL

Article from The Pearl City News, October 11, 1934

Click image to open full size in new tab

Article Text

LOCAL NEWS William Liebensteing are spending the day in Chicago. German Valley's new paper is the German Valley Tribune. Quality Markers and Monuments. Geo. W. Ivey & Sons, Mt. Carroll, 111. Put this down in your memorandum, no killing frost as yet, October 11th. Miss Jane Kerch of Dundee is the grest of her sister M:s. Edward Tollmeier. Master Billy Liebenstein is under the care of a physician being ill with tonsilitis. Mr. and Mrs. Ralph Mahoy of Mt. Morris visited Sunday at the Edward Schuler home. Mrs. Sophia Miller remains very ill at the home of ner taughter Mrs. William Bradley at Lena Miss Angie Mitchell, who is employed in Freeport, spent Sunday with her sister Miss Ina Mitchell. (Mr. and Mrs. Oscar Kuhlmeier and Mrs. Verlan Kuhlmeier were visitors at the Henry Hasselman home recently. The little gon of Simon Schaumberg's brother is attending schoo' here this year. He is in the primary room. Mr. and Mrs. Reyno!d Glaser and son Ronald of Freeport were supper guests Sunday evening at the Mrs. Maria Auman home. The farmers meeting scheduled at the M. E. Church parlors tonight will be held at the Opera House, instead, as the floors of the church have just been oiled. Rev. and Mrs. Schroer made a trip to Nachusa Orphanage on Monday with a load of fruit and vegetables brought to the Church on last Sunday. There were 310 quarts donated this year. Guests at the George Baumgartner country home Sunday were Miss Anna Baumgartner of Freeport and Mr. and Mrs. Melvin Parks and baby of Egan. Mrs. Parks was formerly Berniece Lenaur. Visitors at the F. R. Erwin home Sunday were Mr. and Mrs. Clorus Miller, the Merle Lawfer family of Willow and Mr. and Mrs. Ed Bogenrief, Herbert and Miss Edith and Mrs. Winston Bogenrief of Freeport. A meeting of Loran township farmers convened at the Lutheran Church basement Tuesday night at which time it was voted by a large majority to continue the Corn-Hog program for 1935. Think of it! Right at the begin ning of theradio season- big Radic Sale at Gambles. Reduced prices on Genuine Majestics--and Coronado Battery and A-C All Wave Sets. Radios as low as $19.75--"B" Batter ies, 79c up. Rev. Frank Huetter, pastor of the Salem Evangelical Church, near Eleroy has resigned his pastorate to attend the University of Chicago. This is the church the Al Baumgartner, Roy Krahmer and Hummermeier families attend. Rev. Seidler of Loran, Rev. Schroer M. S. Miller and Rev. Satre of Lena motored to Dubuque today to attend the opening session of special religious instruction at Dubuque College. The course lasts for several months convening each Thursday. Wife of the "King of Jewel Thieves" Reveals How He Robbed a Fashionable Woman of a $250,000 Pearl Necklace. Told in The American Weekly, the Magazine Distributed With NEXT SUNDAY'S CHICAGO HERALD AND EXAMINER. Payment of sixty per cent in claims against accounts in the First National bank of Lanark, is expected to be made within the next few weeks. A new national bank is being organized under the supervision of the conservator, 0. H Niemann. A tempting birthday supper and a pleasant evening following was enjoyed Sunday at the Sim W. Kuhlmeyer country home. The guest of onor was Grace Kuhlmeyer Popel B sides Mr. and Mrs. ne] and litile Nancy were S. W., Miss Thelma and Murnay Kuhlmeyer, Miss Verla Mitchell and Mr. and Mrs. Columbus Ressler of Freeport.