Peoples State Bank - Loraine, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1933*
Location: Loraine, Illinois (40.154, -91.222)

Metadata

Model: gpt-5-mini
Short Digest: 6ce9d300

Response Measures

None

Description

Article (Herald and Review, 1933-01-28) reports Marion Forsthove, receiver of Peoples State Bank, Loraine, ordered sale of mortgaged farm — indicates bank in receivership and permanently closed. No run is mentioned in the text.

Events (2)

1. January 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank placed in receivership (receiver Marion Forsthove) leading to suspension of normal operations and sale of assets.
Newspaper Excerpt: receiver Peoples State bank Loraine, ordered the sale on the farm near Big Neck
Source: newspapers

2. January 28, 1933 Receivership

Newspaper Excerpt: Marion Forsthove of Quincy, receiver Peoples State bank Loraine, ordered the sale on the farm near Big Neck; Auctioneers Alpha Witt and George Hendricks opened ... The bids ... The was called Bidders apparently intended to the chattels back to Nelson.
Source: newspapers

Newspaper Articles (1)

1. January 28, 1933 Herald and Review Decatur, IL

Article from Herald and Review, January 28, 1933

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Article Text

Illinois Join Opposition Mortgage cents bid and cents farm chattel mortgage Thomas Nelson's farm forcing discontinuance of the auction. The low bids were tactics of the widespread Midwest movement against mortgage and foreclosure sales, appearing for the first time Illinois. Three hundred men and women forced adjournment Marion Forsthove of Quincy, receiver Peoples State bank Loraine, ordered the sale on the farm near Big Neck; Auctioneers Alpha Witt and George Hendricks opened First set harness. brought bid of $11. second set brought offer wagon commanded 50 cents the manure spreader quar- Forsthove, Witt, Hendricks Nelson withdrew the house conferred. The was called Bidders apparently intended to the chattels back to Nelson.