First National Bank - Maquon, IL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8482
Charter Number: 8482
Start Date: August 1, 1929*
Location: Maquon, Illinois (40.799, -90.166)

Metadata

Model: gpt-5-mini
Short Digest: 79121a50

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1929-08-14
Date receivership terminated: 1936-09-17
OCC cause of failure: Economic conditions
Share of assets assessed as good: 61.1%
Share of assets assessed as doubtful: 30.5%
Share of assets assessed as worthless: 8.4%

Description

Article (Evening Star, 1929-08-15) reports heavy withdrawals leading to closure; board voted to suspend operations and liquidate; affairs placed in charge of a bank examiner. Classified as run -> suspension -> closure.

Events (6)

1. December 22, 1906 Chartered

Source: historical_nic

2. August 1, 1929* Run

Cause: Bank Specific Adverse Info
Cause Details: Recent heavy withdrawals and general lack of business precipitated depositor flight.
Measures: None reported other than subsequent suspension; board later voted to suspend operations.
Newspaper Excerpt: the closing was brought about by recent heavy withdrawals and general lack of business.
Source: newspapers

3. August 14, 1929 Receivership

Source: historical_nic

4. August 14, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Board suspended operations and voted to liquidate after heavy withdrawals and lack of business prompted closure; placed in charge of a bank examiner.
Newspaper Excerpt: The First National Bank of Maquon ... closed its doors yesterday. ... The board of directors today voted to suspend operations and liquidate the business.
Source: newspapers

5. August 15, 1929 Other

Newspaper Excerpt: Its affairs were placed in charge of Bank Examiner W. A. Cutler. President F. C. Bearmore refused to make a statement, but it was understood the closing was brought about by recent heavy withdrawals and general lack of business.
Source: newspapers

6. August 15, 1929 Receivership

Newspaper Excerpt: Its affairs were placed in charge of Bank Examiner W. A. Cutler.
Source: newspapers

Newspaper Articles (1)

1. August 15, 1929 Evening Star Washington, DC

Article from Evening Star, August 15, 1929

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Article Text

ILLINOIS BANK CLOSED. CHICAGO, August 15 (AP).-The First National Bank of Maquon, near here, closed its doors yesterday. Its affairs were placed in charge of Bank Examiner W. A. Cutler. President F. C. Bearmore refused to make a statement, but it was understood the closing was brought about by recent heavy withdrawals and general lack of business. The board of directors today voted to suspend operations and liquidate the business. The bank was capitalized at $35,000.