Tri City State Bank - Madison, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 1, 1930
Location: Madison, Illinois (38.683, -90.157)

Metadata

Model: gpt-5-mini
Short Digest: 710d82d8

Response Measures

None

Description

Article (Dec 1, 1930) states the Tri-City State Bank of Madison is closed and a receiver (M. H. Ward) is acting; suits will be filed against stockholders and former cashier charged with embezzlement. No run is mentioned; failure appears driven by bank-specific malfeasance and insolvency.

Events (2)

1. December 1, 1930 Receivership

Newspaper Excerpt: Receiver M. H. Ward. ... Suits against stockholders of the closed Tri-City State Bank of Madison ... will be filed this week, it was announced today by Receiver M. II. Ward.
Source: newspapers

2. December 1, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Former cashier R. B. Studebaker charged with embezzlement; bank insolvent leading to closure and receiver actions; suits against stockholders to meet claims will be filed under Illinois statute.
Newspaper Excerpt: closed Tri-City State Bank of Madison
Source: newspapers

Newspaper Articles (1)

1. December 1, 1930 The Edwardsville Intelligencer Edwardsville, IL

Article from The Edwardsville Intelligencer, December 1, 1930

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Article Text

BANK RECEIVER TO FILE SUIT AGAINST STOCKHOLDERS Suits against stockholders of the closed Tri-City State Bank of Madison for sums equal to the par value of their stock, will be filed this week, it was announted today by Receiver M. II. Ward. The suits will be based on an Illinois statute making stockholders in a State bank liable. upon failure, to double the value of their stock holdings. Under the statuto a stockholder not only loses his own investment to prior claim. but Is required to pay an amount equivalent to his original investment, to be used to discharge claims against the bank. R. B. Studebaker, former cashier of the Tri-City State Bank Is at 11berty on bond charged with embezzlement. The bank Is capitalized at $50,000.