4967. First National Bank (Le Roy, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
6586
Charter Number
6586
Start Date
January 19, 1932
Location
Le Roy, Illinois (40.352, -88.764)

Metadata

Model
gpt-5-mini
Short Digest
cf39b56d

Response Measures

Full suspension

Other: Receiver appointed and bank opened only to present claims; dividends paid over time by receiver.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1932-02-19
Date receivership terminated
1938-06-23
Share of assets assessed as good
38.7%
Share of assets assessed as doubtful
47.0%
Share of assets assessed as worthless
14.3%

Description

The First National Bank of LeRoy was closed by its directors on Jan 19, 1932 after heavy withdrawals (loss of cash reserves) during the Depression. The bank was placed in receivership and did not resume normal banking operations; the receiver paid dividends over subsequent years. Thus sequence: withdrawals/run → suspension → receivership/closure.

Events (10)

1. January 17, 1903 Chartered
Source
historical_nic
2. January 19, 1932 Run
Cause
Macro News
Cause Details
Heavy withdrawals and reduced cash reserves driven by the Depression (loss of depositor confidence during the Great Depression).
Measures
Directors closed the bank for readjustment and protection of depositors.
Newspaper Excerpt
the closing of the First National Bank last Tuesday ... lessening of their cash reserves by withdrawals, leading the directors to close the bank for readjustment
Source
newspapers
3. January 19, 1932 Suspension
Cause
Macro News
Cause Details
Directors ordered the bank closed due to depleted cash reserves from withdrawals amid the Depression.
Newspaper Excerpt
First National bank of Leroy, closed since Jan. 19
Source
newspapers
4. February 19, 1932 Receivership
Source
historical_nic
5. March 18, 1932 Receivership
Newspaper Excerpt
The First National Bank of LeRoy, which was closed by order of the directors, and now in the hands of H. O. Receiver ... is now open, giving an opportunity for depositors to present claims and for borrowers to make settlements. ... notice by F. G. Awalt, Assistant Comptroller of the Currency that all persons who have claims against the bank must present them to H. O. Feldmann, Receiver, ... The bank's doors are open this morning and will be until further notice.
Source
newspapers
6. October 6, 1932 Other
Newspaper Excerpt
Feldmann ... has announced 35 per cent dividend payment, to be made at the LeRoy bank beginning on Friday morning. The 35 per cent payment will release approximately $60,000.
Source
newspapers
7. September 7, 1933 Other
Newspaper Excerpt
Leroy Bank Pay to Depositors $18,000 ... Receiver H. Feldman ... The amounts $18,000. money according Receiver Feldman ... previous dividend of 35 percent paid depositors Oct. 1932
Source
newspapers
8. February 2, 1934 Other
Newspaper Excerpt
A 20 percent dividend is to be paid soon by the First National Bank of LeRoy, which closed January 19, 1932. This makes 65 percent of the deposits already paid ...
Source
newspapers
9. February 23, 1934 Other
Newspaper Excerpt
Approximately $32,000 in dividends checks will be paid out to creditors of the First National Bank beginning today, Feb. 23rd, ... This dividend of 20% makes a total of 65% of the depositors' claims to be paid ...
Source
newspapers
10. August 17, 1934 Other
Newspaper Excerpt
H. O. Feldmann, Receiver of the First National Bank, has leased the space of the first floor, formerly used as the banking quarters ... Beginning Monday, Aug. 20, Mr. Feldmann will use space for his receivership office on the second floor of the bank building.
Source
newspapers

Newspaper Articles (10)

Article from The LeRoy Journal, January 22, 1932

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Article Text

GOOD JUDGMENT BY CITIZENS OF LEROY The people of LeRoy can well be complimented on their good judgment and composure, that, on the closing of the First National Bank last Tuesday, they did not precipitate run on the LeRoy State Bank, the remaining bank in the city. The depression which has fallen heavily on this community, as well as others, was felt to a greater extent at The First National Bank in the lessening of their cash reserves by withdrawals, leading the directors to close the bank for readjustment and as a protection to their depositors. While this was the case with The First National Bank, circumstances have intervened whereby The LeRoy State Bank has been strengthened in its financial standing, especially since December 31st, when its last report was published in The Journal, and it is authoritively stated that the bank has no money borrowed at this time. This has merited the confidence of the depositors and avoided a crisis and the complete paralysing of the busines interest of the community. On such confidence depends the stability and future of this community.


Article from The LeRoy Journal, March 18, 1932

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Article Text

DOORS OF THE FIRST NATIONAL BANK OPEN Receiver Ready to Accept Claims and Transact Other Business In Bank's Affairs The First National Bank of LeRoy, which was closed by order of the directors, and now in the hands of H. O. Receiver, and his assistant, G. W. Alexander, is now open, giving an opportunity for depositors to present claims and for borrowers to make settlements. Those who have safety deposit boxes may now have access to them. Elsewhere in The Journal will be found'a notice by F. G. Awalt, Assistant Comptroller of the Currency that all persons who have claims against the bank must present them to H. O. Feldmann, Receiver, with the legal proof thereof within three months from this date or they may be disallowed. The bank's doors are open this morning and will be until further notice.


Article from The Pantagraph, March 19, 1932

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Article Text

Leroy Bank Opens Doors for Claims, Settlements Pantagraph Central Illinois Service. First National bank of Leroy, closed since Jan. 19 opened its doors Friday morning give depositors an opportunity present claims and borrowers settlements. Also, owners deposit boxes given them. Since its order of the the bank been hands of Receiver Feldmann and Alexander, assistant.


Article from Farmer City Journal, October 6, 1932

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Article Text

Feldmann Pays at Feldmann, Receiver of the First National Bank of LeRoy, well as of the John Weedman tional Bank, this city and the First National Bank of Foosland, has announced 35 per cent dividend payment, to be made at the LeRoy bank beginning on Friday morning. The 35 per cent payment will release approximately $60,000. Feldmann made 40 per cent dividend at the local bank on August 20, that payment putting nearly $125,000 into the hands creditors of the John Weedman Bank.


Article from The LeRoy Journal, January 6, 1933

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Article Text

first for restaurant. Some of former tauranteurs were Charles Kimler, Claude Gilmore and Skillman. Next door east what known the Wilcox building and taurant of Jimmie Poindexter, time the location of the undertaking establishment of Hallowell, George Patterson; and Michael Son's harware stores. The grocery store of Gerald Bock next in the Bratton building, comes where Bratton for years harness maker. Fay Sartain clerk. The undertaking parlors of the Iden He has been comes located here for about and his Delmar is now years son, him. Then there is the Gillock sisting barber shop, with his son, George, his father. Mr. Gillock sisting cupied this building for many years. The pierce Beauty shop occupies part of the room. The next is the hardware store of R. Stevens, who succeeded George Strayer, about two years sors of Birney Hefling, Guard Bishop, Cline and Crumbaugh in the hardware business. Son, Next comes the drug Williams. This has been of drug store for many years since of Dr. Buckworth and his the days Dana, to be followed by Henry son, Peters. Mr. Williams veteran the business men having come mong here in 1921 to clerk for Deventer. He also has the Varitey next door, which managed by his wife and his daughter, Bonna Pickard. Mr. Pickard works in the drug store. Next comes an old land mark, the location of the clothing store of later the store of St. Elmo Young, the Schumacher dry Murray, goods store and now that of his son, John H. Schumacher. There we find Mrs. Grace Underwood and Gertrude McCracken, as clerks. Rices next was the location bakery of Elmo Ed. Beckham and Murray, restaurant. David King built building in the 1870 and the the postoffice was located here at one time. Next door the Watt building the cleaning of Dewey Here located the first Holderly. was picture house run by Harry moving VanAtta, later Harry Clarey had jewelry store here. On the in the Watt building corner the meat market of Markland, location of the old King Parks the and later that of Barngrocery store Sarver and Barnum. um Across East street, the old location of The Journal, is the Princess Theatre built Marcus West, and now under by of Chas. Lewis. the management VanAtta ran the theatre for Harry number of years before going/to Callfornia. In the same building is the Radio Shop, Oscar Kirchner, proprieJust east is the office of the tor. Power Light Company, with nois Russell Brown local manager, Lloyd electrician and Miss Maude Kindig The last business Cline, secretary the street that of place on Whitecraft in the hardware pump business Whitecraft LeRoy business men having here in work for come Morris in the South Center Street Going to the south of the street and coming back west you will find the office of Dr. Berneice McConnell, recently the office of Dr. R. May. Next is the office of veterinarian. the ing are the plumping shop Kelley and the and the Jones shop with proprifather, Jones. in the next block the pool Ray Keys, time been Donald long having Buckles. Then the restaurant of VerLand, in the building. Next the location of the stores of grocery Wm. Keys, Martin Bros., Rees & Arrowsmith, now the Kroger Grocery manager and Mr. store, and Mrs. Francis Dawson, clerks. Then the double front of The comes How, of and R. Humphrey, the location of the Morris once hardware store. Kenneth Humphrey and Kelley Schultz are store salesmen. The next building that built by Dickinson and remodeled by where he had butcher Corbin, for several years and now shop cupied by Mayfield store and by the Hurley meat grocery It is known as the Eskew market. The the post building. built by Dr. John Haig office building 1897, and where the postoffice has been located ever since. Then comes Owen building built by Leslie the Owen, law office, later the of and now that of fice McKay Arlo E. On the corcer the imposing Roy State Bank building, the old locaof the Keenan building which cation and which had been built in 1872, Reynolds Dry Goods store, the hotel. Miles Keenan bank LaMar Moore, Grizzelle is the Miss Alice Russell Clyde Killion and employed. The First NaAcross the corner in 1884, the tional bank home of the Citizen's bank for and later the First Naber of years under the receivership of tional now The next door west Feldman. store, which for the Rutledge drug half was the Vannearly century Deventer drug store. store is next, The Clothing new location of the to the soon Phares is the postand the store conducted. master Pearl Lawson Bishop.. Next the vacant store room formby Harry Buckles for erly occupied store. Robt. Murray was grocery cated here for number of years. The corner building that occupied Dean Bros., garage and filling in the Crumbaugh building built tion 1911. Along Chestnut Street south from the old MethoWalking dist church, now Masonic Temple, to The Journal office; the come frame building, fomerly the vacant blacksmith shop and later Harrington the Tire the Harrington brick office building Sam Rutledge, and in the same building the office of Dr. Schulhof. Crossing the alley the vacant in the VanAtta which had building, many years been butcher shop. Next is the Morrow shoe repair shop where Patterson doing all the find Warren work, while Mr. Morrow recovering from illness. In is the tinshop Tice of George Schuler comes next, with The and Mrs. Morrell Cragn manager, Lucas Rubio Reynolds, Jess Minnie had for years been the clerks. the location of the harness shop. north Barley buildIn the the barber Lyle Brown, ing Dr. Bontime latter the Barley corner and Passing First National Bank building on the to the office


Article from The Pantagraph, September 7, 1933

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Article Text

Leroy Bank Pay to Depositors $18,000 Pantagraph second dividend percent deposits to depositors the First National of Leroy beginning Friday. Signed checks were celved the government Bank Receiver H. Feldman Thursday together with authority The amounts $18,000. money according Receiver Feldman was collection of accounts due the previous dividend of 35 percent paid depositors Oct. 1932 from proceeds of government which been redeemed. Depositors required present Certificates given them the time they celved their first dividend checks before the second dividend checks be issued them.


Article from The Pantagraph, January 28, 1934

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Article Text

Third Dividend Ordered by Leroy Bank Receiver Pantagraph Central Illinois Service. LEROY Feldmann. ceived of the closed First National bank, announces another payment of percent will be made soon to This will be the third dividend to making 65 percent since the bank closed two years ago. The 20 percent dividend paid as soon the checks are signed and returned from the comptroller's office at Washington, Mr. Feldmann said.


Article from The Champaign and Urbana Citizen, February 2, 1934

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BANK RECEIVER PAYS DIVIDENDS A 20 percent dividend is to be paid soon by the First National Bank of LeRoy, which closed January 19, 1932. This makes 65 percent of the deposits already paid and the depositors hope to get their full 100 percent.


Article from The LeRoy Journal, February 23, 1934

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CHECKS ARE NOW AVAILABLE; PAYMENT OF THIRD DIVIDEND TO CLAIMANTS OF IST NATIONAL BANK Receiver Urges That All Past Dividend Checks Be Called For Promptly. Approximately $32,000 in dividends checks will be paid out to creditors of the First National Bank beginning today, Feb. 23rd, as announced by the Receiver, H. 0. Feldmann. He earnestly requests that every-one call for their dividend checks, adding that several uncalled checks of previous dividends are now held at the bank and that the Federal Comptroller in charge of closed banks, has urged that all checks be handed out. No funds will be held at the bank for the cashing of the checks. This dividend of 20% makes a total of 65% of the depositors' claims to be paid, leaving 35% still due, which is approximately $57,000.


Article from The LeRoy Journal, August 17, 1934

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SOIL EROSION SERVICE LEASES OFFICE QUARTERS IN BANK BLDG. H. O. Feldmann, Receiver of the First National Bank, has leased the space of the first floor, formerly used as the banking quarters and since the bank suspended, as his office. to the United States government to be used by the Soil Erosion Service. Beginning Monday, Aug. 20, Mr. Feldmann will use space for his receivership office on the second floor of the bank building. Mr. Feldmann states that by this arrangement he is able to effect a substantial reduction in operating expenses and increase the income from the building.