Leaf River State Bank - Leaf River, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1932*
Location: Leaf River, Illinois (42.126, -89.404)

Metadata

Model: gpt-5-mini
Short Digest: 0574af9d

Response Measures

None

Description

Newspaper articles describe the Leaf River State Bank as closed with a receiver (Geo. B. Banning) administering assets and paying preferred claims; no run or depositor panic is reported. Closure occurred earlier (referenced as January 1932) and by late 1932/early 1933 the bank remained in receivership with liquidation/partial dividend plans. Cause of suspension is not specified in the articles.

Events (2)

1. January 1, 1932* Suspension

Cause Details: Article references the bank as closed by January 1932 but gives no explicit cause (no run or government action specified).
Newspaper Excerpt: petition asking that deposit of in the closed Leaf River State bank ... Myers claims ... January 1932
Source: newspapers

2. December 31, 1932 Receivership

Newspaper Excerpt: George D. Banning, receiver for the closed Leaf River State Bank ... gave us the following figures from his report to the state auditor as of December 31, 1932: ... At the time of the closing of the bank the deposits amounted to about $146,000. ... receiver expects to make a distribution of ten per cent of this amount.
Source: newspapers

Newspaper Articles (4)

1. July 21, 1932 Forreston Journal Forreston, IL

Article from Forreston Journal, July 21, 1932

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Article Text

FORRESTON CYCLONES IN WIN FROM POLO Alva Boelkes journeyed to Polo last Sunday, along with the rest of Forreston' Standard Oil Cyclones, and while his team mates were banging base hits around the ball park, Alva set the Polo boys down with total of exactly six scattered hits. Forreston accumulated nine runs during the afternoon's exhibition of the national pastime, while Polo was to score but two unearned runs Fosha, Tex Sherwin, Anderson and Mart Trei led the local attack, Swift, Anderson Boelkes helped things along connecting for hit apiece. Coffman the only Polo player able solve slants, gtting three hits for one-half his team's total. Forreston 012 12 Polo 000 010 and Trei. Frey, Dennis and Fraser. ASKS THAT DEPOSIT MADE A PREFERRED CLAIM petition asking that deposit of in the closed Leaf River State bank made preferred claim been filed in the Ogle county circuit court by Elmer Myers of Leaf River Myers claims his petition that January 1932, he held public livestock and other personal goods which Mize of Leaf employed clerk. Following the sale Mize did not turn any over to Myers, being claimed that when asked for the Mize said that "he had been so busy that he had not been able make up an of the sale and could not make statement LUTHERANS showing the same." After the bank Mize is claimed delivered to Myers the promissory notes received at the sale and stated to Myers that the cash totaled and this sum was on deposit the closed bank to Myers credit. The money was deposited under the name of 'Elmer Myers sale by Mize, clerk." Myers alleges that he never authorized Mize deposit this money for him and that was done without his knowledge consent creditors the said fund between the bank and Myers never isted." The court petitioned clare trust fund for Myers and thus make preferred Banning, to pay this sum to Myers Ranz, in full before dividend is declared to the bank depositors. REECE, CONDUCTOR, KILLED AT NORTH FORRESTON John P. Reece, well known conductor on died on the way to Freeport Friday forenoon fatal injuries received when he was run while ing in the North Forreston. His right leg severed above the his left above the knee and he severe contusions above the left Mr. Reece, who was conductor on between East and La Salle, was found lying on the left side the engine of the train, by Louis Deckler, of the track, where he had been giving signals, after groan. where Reece was at the time of the switching which in his death. According made by those at the the accident, the engine had shunted three five-car load onto the "highline" the pit, and had coupled onto three other cars which were being shoved along the tracks when the drawbar used in cars evicars were knocked off the An engine Engineer Fishburn at the throttle, made the Freeport, bringing the injured man to that city.

2. July 28, 1932 Tri-County Press Polo, IL

Article from Tri-County Press, July 28, 1932

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Article Text

Man Asks That Leaf River Be Preferred Claim Deposit asking that deposit petition the closed Leaf River of bank made preferred State been filed the Ogle counhas circuit court by Elmer Myers River Myers claims his Leaf 27, 1932, he held tition that public sale of livestock and other which Mize personal goods at Leaf River was employed the Mize did not turn Myers, being any when asked for the claimed that Mize that had money, been able to busy that he had not of the sale and make up an account statement showing could not make the After the bank closed, Mize claimed to delivered Myers the promissory the that the and and this sum totaled in the closed bank deposit The decredit. money the Elmer under Mize, clerk. sale Myers alleges that never auMise deposit money done and that consent his knowledge relation debtor that "the the fund as bank Myers never the The court petitioned trust fund Myers sum preferred claim thus make Geo. order the bank to Myers dividend declared before to the bank depositors.

3. February 17, 1933 Leaf River Mirror Leaf River, IL

Article from Leaf River Mirror, February 17, 1933

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LOCAL NEWS Miss Margaret Morris, the gramMrs. Wm. F. Schreiber. mar room teacher, is on the sick list. Mrs. Myrtle Wilson is substituting this week. line Wednesday afternoon. Mr. and Mrs. Ed Cheek and children of Adeline spent Sunday with Mr. and Mrs. Shelby Cain. Mr. and Mrs. Bernard Brown are ed by Ed Cheek. the parents of son. Miss Mary Wertz of Rockford spent the week-end with Mrs. Esther Hibbard. of town Tuesday. Mr. and Mrs. Albert Tutt and family were Sunday guests of Mr. and Mrs. Rueben Bock of Mt. Morris. The Fairview School District No. Lanark Saturday. 68, will give a miscellaneous program in the high school auditorium Friday evening, February 24, at 8 A. E. Spring. o'clock. A small admission will be charged. A large number of friends ond relatives gathered at the W. H. Davis home Tuesday evening to help Mr. Davis celebrate his brithday. the extreme cold weather. Wm. F. Schreiber accompanied a carload of cattle to Chicago Monday returning Tuesday evening. rison Wednesday afternoon. Leaf River Grange will meet at its hall this evening. The program will include: song, Grange; roll call, Valentine rhymes; recitation, Bonnie Palmer; recitation, Virginia Light; vocal solo, Clifford Lovell; recitation, Thelma Hawkins; piano solo, Lois Lovell; play, "A Poir of Lunatics," in Pearl City. Mr. and Mrs. Bowman; song Grange. Mr. and Mrs. Leonard Lovell are parents of a daughter, born Febru- here Friday evening. ary 10. Alvie Myers, Junior, is spending a few days in the Ray Schelling home. Lewis Schreiber of Naperville spent a few days with his parents, Mr. and Mr. and Mrs. Albert Tutt attended the funeral of Henry Hartje at AdeMr. and Mrs. Alvie Myers moved Thursday from the W. D. Cornell farm south of town to a farm vacatMr. and Mrs. Raymond Aukes moved to the W. H. Davis farm west The grain, corn and poultry judging teams of the Leaf River school will compete in sectional contest at Mrs. Cora Puffer of Jefferson, Iowa, spent Thursday with Mr. and Mrs. Mrs. Helen Metzler and Mrs. Pauline Fry entertained the Y. M. P. class Thursday evening in the N. E. Wagner home. The meeting was postponed from last week because of Mr. and Mrs. Earl Koontz of Adeline visited Mr. and Mrs. Chas. HarMiss Jennie Mishler left Wednesday evening for Pearl City to attend the funeral of her sister Miss Margaret Mae Mishler, who died in New York City. Mrs. Ellen Harrison spent several days with Mrs. Margaret Heistand during Miss Mishler's stay Seward high school basket ball teams will play the Leaf River teams Eighty-nine fathers and sons attended the Father-Son banquet held in the M. E. church Tuesday evening. LEAF RIVER BANK RECEIVER The program was enjoyed by all HOPES TO PAY DIVIDEND SOON present. STILLMAN VALLEY Donald Mathews is doingg the janitor work this week for his father, H. Mathews, who has been quite ill but is improving. Mr. and Mrs. W. B. Barrick entertained several couples at a bridgedinner at their home, Friday evening. Among the guests were Mr. and Mrs. Tom Gibbs, Mrs. T. Gibbs Sr. and son Robert, Mr. and Mrs. Ronald Carmichael, Mr. and Mrs. J. J. Yetter and Mr. and Mrs. L. R. Carmichael. The Valentine party of the Young Peoples group of the Congregational church at the P. N. Bass home last Thursday evening was well attended despite the inclement weather. A very enjoyable evening was spent. Refreshments were served. Mr. and Mrs. C. R. Stroh and daughter, Priscilla were dinner guests of Rev. and Mrs. Hermon Sawyer, Thursday evening. Young Man Dies After Operation Amos Magnuson, 36, a highly respected and well-known farmer living northeast of town died Thursday, February 9, 1933, at the SwedishAmerican hospital following an operation for appendicitis the preceding Saturday. Complications later caused his death. Mr. Magnuson was born at West Point, Indiana, May 30, 1896. He came to Stillman Valley in 1915 where he resided until his demise. He married Miss Evelyn Johnson of Stillman Valley, February 24, 1926, who survives him with a daughter, Margaret, 6, and a son one year of age. Three brothers, Ed of Davis Junction, John and Harry of Stillman Valley survive him. His mother, Mrs. Christinia Magnuson passed away at her home in Stillman Valley about three months ago. Deceased was a faithful and devoted member of the local United Christian church being member of the board of trustees and secretary of the Sunday school and took an active interest in all activities of the church. Funeral rites were held from the United Christian church, Sunday, his pastor, Rev. Peter Olson, officiated and burial was in the Stillman Valley cemetery. The large concourse of friends at the services attested to his sterling character and integrity. BYRON Spoor Compiles City Facts Mayor Spoor spends a lot of time, besides that required to attend meetings, on city affairs. Just now he is preparing a book of vital statistics for the city. This is in the nature of a scrap book and will contain maps of the city showing the location of George D. Banning, receiver for the closed Leaf River State Bank, through his son R. M. Banning, who is assisting him in administering the bank's affairs, informed us this week that he hoped to pay depositors of the bank a dividend of ten per cent by tax paying time, and gave us the following figures from his report to the state auditor as of December 31, 1932: Receipts From Notes and Discounts $18,102.04 From Overdrafts, Cash, Etc. 9,083.66 From Rents, Premiums, Miscellaneous 389.08 From Interest 756.13 Total $28,330.93 Collections by Offset Claims 5,362.91 Disbursements Preferred Claims Paid $ 445.64 Receiver's Salary 937.41 Receiver's Expense 176.59 Legal Expense 104.85 Clerk and Stenographic Hire 782.33 Miscellaneous Exp. (Administrative) 815.97 Miscellaneous Exp. (NonAdministrative) 403.15 Special Examination Fee, Banking Dept. 200.00 Bills Payable Paid 15,000.00 Total $18,875.84 Balance on Hand $ 9,454.99 At the time of the closing of the bank the deposits amounted to about $146,000. With the funds on hand and from the proceeds from the sale of a farm which will be due on March 1, Mr. Banning expects to make a distribution of ten per cent of this amount. Among the assets of the bank yet to be realized upon are about $112,000 in notes receivable, $30,000 in real estate loans, and the liability of the nine stockholders on the $25,000 capital stock of the bank. As the bills payable of the bank and some of the preferred claims have already been settled, future distribution to depositors will depend upon the ability of the receiver to realize upon these items. every home in the city, a complete diagram of the city's electric light system, another showing the adaptability of this system to commercial lighting system should the city ever decide that such a move would be profitable, a diagram of the city water system showing every service, valve and cut-off, another of the sewer system. In the past it has been impossible to get reliable information on these subjects quickly. The book will be more or less of a history of Byron. The mayor has had a special large scale map of the city prepared for this ppurpose, and will be glad to supply a copy to any citizen desiring one at reasonable cost. Miss Lillian Pierson of the Chicago schools spent the week-end with her mother and was able to stay Monday because of the holiday. Mrs. Anna Newhall, who was called here from Brooklyn, by the death of her mother, Mrs. August Revell, is still with her father. Philip Cooper is confined to his home by illness. Emmet C. Thompson was here from Cleveland for the funeral of his father, J. C. Thompson. The Altar and Rosary Society of St. Mary's church held its monthly meeting at the Community House yesterday afternoon with Mesdames Katherine Lockwood, Florence Noyes and Beulah Stockburger, hostesses. Wilbur P. Cooper was the representative to successfully present a bond for the county collector which would permit the using of Ogle County banks as depositories for county funds to the Board of Supervisors at its meeting this week. Miss Madeleine Humm continues to make good progress toward recovery from her illness at Presbyterian hospital, Chicago. The high school basket ball teams won from Monroe Center Wednesday evening. The lightweights game was very close, the locals only cinching it in the final minutes by a score of 15 to 14. The majors had an easier time and won by score of 40 to 32. Both Norton and Johnson were out of the game with injuries. We will allow you 25% of the purchase price of a new Firestone battery for your old battery. Featherstone Chevrolet Sales & Service.

4. June 1, 1933 The Thomson Review Thomson, IL

Article from The Thomson Review, June 1, 1933

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Sand Burs Fos. have been Interesting figures week which light this brought to of liquidthat the procedure show to the is quite costly bank ating community; and also quite producwho have an opportive to those tunity of partaking of the same. The figures given below are taken from Saturday's issue of the Rockford Daily Journal, and give in our territory instances of banks been in receivers have where charge. State Bank. Receiver, Hanover John C. McKenzie, total fees and $750.00. Attorney to date salary Tear, Galena, receiver, Harry for fees not yet amount of attorney's decided. Leaf River State Bank Receiver, Geo. B. Banning, total fees and Attorsalary to date, D. D. Madden, for receiver, ney Rockford, amount of attorney's fees not decided. yet Lyndon First State Bank. Receiver, Glenn Craddock, total fees and salary to date $1,450.00. AtJohn A Riorfor receiver, torney dan, Morrison, total attorney's fees date, $800.00. to State Milledgeville. Shumway Bank. Receiver, W. R. Clough, total fees and salary to date, $2,554.73. Attorney for receiver, Chas. E. Stuart, Mt. Carroll, amount of attorney's fees not yet decided. Elizabeth Exchange Bank. Receiver, L. C. Lundgren, total fees and to date, $1,446.00. Attorney salary for receiver, Louis A. Nack, Galena, total attorney's fees to date $646.25. (Louis A. Nack member of the District Democratic Executive Committee, supporting Mr. Shaw's campaign). Forreston. Comm. State Bank. Receiver, H. H. Baldwin, total fees and salary to date, $350.00. Attorney for receiver. Seyster Fearer, Oregon, amount of afterney's fees not yet decided. Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00. Fulton. Whiteside County State Bank. Receiver. John C. Kadyk. total fees and salary to date $6.616.48. Attorney for receiver, A. M. Blodgett, Fulton, total attorney's fees to date. $6,747.65. Morrison State Bank. Receiver, W. total fees and Chas. salary to date. $2,300.00. Attorney for receiver, W. D. Little. Morrison. total attorney's fees to date, Orangeville. State Bank of Orangeville. Receiver. Wilbur P. Cooper, total fees and salary to date. $2,672.60. Attorney for receiver. Louis H. Burreli, Freeport. amount of attorney's fees not yet decided. Polo State Bank. Receiver, W. T. total fees and salary to Schell, datefi $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00. Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul total fees and D. Carlson. to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00. Stockton. Peoples State Bank of Stockton. Receiver. Jas. C. Fesler. total fees and salary to date. for receiver. Attorney Democratic ComLouis A. Nack, of Galena,