5004. First National Bank (Marion, IL)

View Charter #4502 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4502
Charter Number
4502
Start Date
April 14, 1930
Location
Marion, Illinois (37.716, -88.926)

Metadata

Model
gpt-5-mini
Short Digest
d50e28d2

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Other: Machine guns deployed by sheriff to protect shipments; armored truck delivery of currency; merchants deposited funds to bolster bank.

Receivership Details

Depositor recovery rate
52.6%
Date receivership started
1930-12-05
Date receivership terminated
1939-12-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
57.9%
Share of assets assessed as doubtful
39.5%
Share of assets assessed as worthless
2.6%

Description

The bank experienced an earlier run in April 1930 that was checked (armored shipment, machine guns, merchant deposits) but remained open. On Dec 1, 1930 a run following other local bank failures led the directors not to open (suspension/closure). A receiver was appointed later in December 1930. Cause for both run and final suspension is linked to distress/closures of other local banks.

Events (5)
1. January 16, 1891 Chartered
Source
historical_nic
2. April 14, 1930 Run
Cause
Local Banks
Cause Details
Runs and fear triggered by failures/closures of other county banks and general county banking distress; shipment of currency from St. Louis checked the run.
Measures
Armored shipment of currency from Federal Reserve/St. Louis; machine guns deployed by sheriff; merchants deposited funds to restore confidence; bank paid out withdrawals.
Newspaper Excerpt
Panicky citizens ... were met today by guns ... on the First National bank of Marion. The machine mounted ... $100,000 currency hurried from St. Louis.
Source
newspapers
3. December 1, 1930 Suspension
Cause
Local Banks
Cause Details
A run occurred after the failure/closing of the Benton National Bank and other county bank failures; steady withdrawals and frozen assets led directors to keep the bank closed (suspend).
Newspaper Excerpt
The First National Bank ... failed to open today ... The board of directors blamed steady withdrawals and frozen assets for the closing. A run on the bank occurred Saturday, following closing of the First National Bank at Benton.
Source
newspapers
4. December 5, 1930 Receivership
Source
historical_nic
5. December 18, 1930 Receivership
Newspaper Excerpt
R. C. Sullivan of Chicago has arrived in Marion to take charge of the First National Bank as receiver ... examiners have been in charge of the bank since it failed to open for business on the morning of December 1st ... the naming of receiver in the case of a national bank ... may go ahead and re-organize and adjust its affairs under the administration of receiver. (Marion Weekly Leader, Dec. 18, 1930).
Source
newspapers

Newspaper Articles (20)
1. April 15, 1930 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, April 15, 1930

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Run Illinois on Bank Is Checked Machine Guns MARION, April 14 Panicky citizens Williamson county, frightened by failure seven county, were met today by guns they on the First tional bank of Marion. The chine mounted tect $100,000 currency hurried from St. Louis. Sheriff Oren Coleman said the machine guns were mounted simply that efforts would be from with their savings. The closed banks, aggregate deposits of more than were forced shut their doors cause decline in value of mort, farm lands, large amounts anticipation warrants county funds and lack goal mining activity, officials

2. April 15, 1930 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, April 15, 1930

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FOUR REST RESIST Word of Large Sum Enroute to First National of Marion Halts Rush within two weeks, failed their doors today and precipitated upon other banks of the county. Sheriff Oren Coleman armed with machine guns, and state highway patrolmen were on duty the banks and on the streets of the various in the county all noon today that Federal Bank of St. was sending large sum currency armored truck the First National bank Marion stopped the run that bank before noon and none of the outside money was in demands depositors. MERCHANTS TO RESCUE Marion made deposits the First National today instill confidence. The Marion Trust and Savings bank following the $145,000 on Friday and Saturday decided not reopen Monday despite the fact that had $225,000 cash available for Monday This decision was reached by the with belief that they could possibly organize and all depositors 100 the dollar. The other banks which failed to today were First State Bank the and Savings and the State Bank Cambria the Citizens State Bank of Johnston the Hurst State bank and the Herrin State and Savings banks had closed. SHOWS LARGE RESOURCES The Marion Trust and Savings bank in its statement of condition March 27 showed resources building. the largest in the county The Pittsburg bank, located in little mining town, had. according to its last report, (Continued on Page Three)

3. April 16, 1930 Chicago Tribune Chicago, IL
Article from Chicago Tribune, April 16, 1930

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SURVIVING BANKS GET WILLIAMSON COUNTY SUPPORT Few Deposits Withdrawn Despite Failures. Confidence in Williamson county banking where seven banks were closed within week's time was virtually restored today with practically no of deposits in any of the six remaining It was not for the First National bank of Marion to use received by armored truck from St. Louis. The bank paid out $90,000 but Monday, gained in deposits today. Edward B. Clark, representative of the Franklin American Trust company of St. Louis, after an investigation of the Marion Trust and Savings bank as counts stated today. am sure that this bank will not only be able to pay its depositors tull, but believe it can be re-organized and re-opened for with in week after the state bank exam iners their work.' Owing to the closing of many banks at one time the bank examiners will not be able to complete their work as rapidly as usual. Two of the banks remaining open are state banks, The Johnston City State bank and the citizen's state at Creal Springs. The other four are the City National at Herrin and the Forest Nationals at Marion, Herrin and Carterville. Cashier Misuses $143,000. Edwardsville, Ill., April George W. Meyer, president of the Bank of Edwardsville, announced today that the cashier, Frank B Sanders had misappropriated $143,000 of bank funds, using the money to finance several motion pic. ture theaters and other private business ventures. Myers said no charges would be made against Sanders has reimbursed the bank for part of the loss, Meyer said, and the directors have raised a fund to make up the balance, under Sanders' promise to raise the money to pay back in full. He has been discharged as cashier. The announcement was made. according to Meyer, to restore public confidence during slight run on the bank this morning. Fisher Bank Closes. Fisher, Ill., April State bank examiners today took possession of the Fisher State bank and

4. April 16, 1930 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, April 16, 1930

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$49,000 DEPOSIT HALTS RUN UPON BANK AT MARION $200,000 Reserve Cash Not Needed: Another Institution, Closed, Is Expected To Open For Business. With the deposit of $49,000 in the First National Bank here by Marion business men and merchants to offset $90,000 in withdrawals Monday. caused when the Marion Trust & Savings failed to open for business, a shipment of approximately $200,000 in currency from the Federal Reserve Bank of St. Louis was not needed yesterday. The bank also made payment of payrolls of five Williamson county coal mines in cash yesterday. and according to bank officials confidence has been restored in the institutions now open. which includes two state and four federal banks Besides the Marion Trust & Savings, three other Williamson county state banks failed to open Monday and three others closed their doors last week. Edward B Clark former assistant to the president of the National City Bank of St Louis, and now with the Franklin- -American Trust company of St. Louis, which merged with the National City Bank. declared yesterday. "I found conditions of the Marion Trust & Savings Bank the best of any bank that I have seen which was not open for business. am sure it will not only be able to pay the depositors in full but believe it can be reorganized and reopened for business within a week after the examination is completed The bank had $225,000 cash in its vaults when it was closed by the directors as a means to protecting its depositors. Gus James and H. L. Nelson. state bank examiners, refused to comment on the bank's condition. They could not say when their work would be completed

5. December 1, 1930 The Edwardsville Intelligencer Edwardsville, IL
Article from The Edwardsville Intelligencer, December 1, 1930

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Article Text

Marton Bank Closed. Marion, III., Doc. First Nafor Bank, with resources of approximately $2,000,000 failed to open today, leaving Marion a city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday, following closing of the First National Bank at Benton,

6. December 1, 1930 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 1, 1930

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ILLINOIS CITY WITHOUT BANK ARION (U.P.)-The First National bank, of to open Monday leaving Marion, city of more than population, without a banking instituThe board of directors blamed steady withdrawals and "frozen for the closing. run the bank occurred Saturday following the First National bank at Benton, BANK REOPENS. NEW ALBANY IND Albany American bank and Trust reopened here Monday after having been closed since Nov. 20. It was closed by directors to safeguard its resources after financial conditions disturbed by series of bank closings in Kentucky. PAYROLL MISSED. cause 4,653,112 of its funds deposited in the Central Bank and Trust which closed ten the City of Ashefailed to meets its monthly Mayor Gallatin Roberts could not say when the payroll might be met.

7. December 1, 1930 The Belleville News-Democrat Belleville, IL
Article from The Belleville News-Democrat, December 1, 1930

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MARION'S ONLY BANK IS CLOSED FOLLOWING RUN Gangster Is Slain on Venice Road Fifth Victim In Bootleggers' War Is Irvin C. Lochman, Noted St. Louis Police Character. $2,000,000 Institution Closes Leaving City of 11,000 Without Bank; Frozen Assets Are Blamed. Marion, III., Dec. 1.-(UP). The First National Bank, with resources of approximately $2,000,000 failed to open today. leaving Marion, a city of more than 11,000 population without a banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday. following closing of the First National Bank at Benton, Ill. The First National had on deposit hundreds of accounts of persons who had withdrawn funds from other banks in Williamson county, previous to their closings. Plans had been nearly completed for re-opening of one of the closed institutions, the Marion State and Savings bank. The Johnston City State Bank also failed to open today, leaving Williamson county with only four banks. The State Bank had deposits of $714,114. Springfield, Ill., Dec. Three state banks in separate parts of the state failed to open today, it was announced by the state auditor's office here. The banks are the Johnston City State Bank, Johnston City; Rock Grove State Bank, Rock Grove: and the Marine Trust Company, Carthage. No reason for the suspension had been received here. State bank examiners have been sent to examine and audit books of each institution. The Marine Trust Company of Carthage, Hancock County, according to its last statement on file here, has capital stock of $100,000. Deposits total approximately $250,000. Charles T. Allen is president and E. W. oashier. The Johnston City State Bank. located in Williamson County, has a capital stock of $50,000 and deposits totalling close to one million dollars. Peter Wastier is president and William Huck, cashier The Rock Grove State Bank is located in Stephenson county and has a capital stock of $30,000. Its deposits totaled $225,000. C. A. McAuley is president and L. W. Blunt, cashier. East St. Louis, Ill., Dec. 1.-(UP) the rear seat of his new car, the body of Irvin C. Lochman, 26, St. Louis police character was found today on road near Venice. His body was pierced by five bullets. Police believed that Lochman was the fifth victim in the gang war over bootleg rights on the Illinois side of the Mississippi River. They tentatively laid his death to the Shelton gang. which has warned St. Louis gangsters to keep to their own side of the river. Lochman had been shot three times in the back once in the neck and again in the left shoulder. From bloodstains on the running board of the car, police believed he had been shot elsewhere, his body thrown into the rear seat and the car driven to Venice. The slain man was reported to have had liquor interests in East St. Louis, but operated independently and not with the Cuckoo gang. arch enemies of the Sheltons. He had never been convicted on police charges although arrested 29 times in St. Louis. Two weeks ago Lester Barth and Dewey Goebel were shot to death in St. Louis. reportedly because they were believed to have double crossed their former associates, the Cuckoo gang, and participated in the slaying at Valmeyer, Ill., several months ago of two Cuckoo gangsters, who had invaded Shelton territory. BIRTHS Mr. and Mrs. Fred Hoffman, Jr., of 901 West D street, girl.

8. December 1, 1930 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, December 1, 1930

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CITY HAS NO BANK Closed By United Press MARION Ill-The First National Bank, with resources of approximately $2,000,000 failed to open today. leaving Marion, city of more than 11,000 population, without a banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. run the bank occurred Saturday. following closing of the First National Bank at Benton, III.

9. December 1, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 1, 1930

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Illinois Bank Fails MARION, L-The First National Bank with resources of approximately $2,000,000, failed to open today, leaving Marion, a city of more than 1,000 population, without a banking institution. A run on the bank OCcurred Saturday, following closing of the First National Bank at Benton,

10. December 1, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, December 1, 1930

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BANK AT MARION, ILL., CLOSES ITS DOORS First National Bank with resources of approximately $2,000,000 failed to open today. leaving Marion city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen assets' for the closing. run on the bank OCSaturday, following closing of the First National Bank at Benton.

11. December 2, 1930 Joplin Globe Joplin, MO
Article from Joplin Globe, December 2, 1930

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FOUR ILLINOIS BANKS FAIL TO OPEN DOORS Springfield, Ill., Dec. 1.-(P)Four Illinois banks were closed today, two of them as an apparent outgrowth of the failure last week of the Benton National bank. The First National bank of Marion and the Johnston City State bank closed their doors today, leaving both cities without banking facilities. The Marion institution announced its action was to prevent further heavy by customers frightened by the failure of the Benton bank. The bank withstood heavy runs Friday and Saturday. Directors of the Johnston City bank said their decision to close the doors was in anticipation of run because of the situation in Benton and Marion. The other banks that failed to open today in widely separated communities were the State Bank of Rock Grove and the Marine Trust bank of Carthage. Ex-Minister Sentenced. Oklahoma City, Dec. Thoroughman, former Methodist minister and federal dry agent, was sentenced today by Judge Edgar S. Vaught to serve fifteen months in the federal penitentiary at Leavenworth on conviction of conspiracy to violate the prohibition law. He, was fined $200. Thoroughman was arrested at still near Lawton last March. He pleaded insanity but was declared rational.

12. December 2, 1930 The Philadelphia Inquirer Philadelphia, PA
Article from The Philadelphia Inquirer, December 2, 1930

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2 CITIES WITHOUT BANKS Four Illinois Financial Institutions Are Closed Four Illinois ban were day. two an apparent of the failure last week of the growth Benton National Bank The First National Bank of Marion City State Bank and the their both banking facilities. The other were the State Bank Rock Grove and the Marine Trust Bank of Carth. age. Virginia Bank CHATHAM (A. The Chatham in oldest financial failed open for sylvania business The bank was talized at $100,000. Bank Merger Planned Ark., (A BL National Bank of First Blytheville did not open today and posted the door said announcement with had closed "pending merger the Farmers Bank and Trust Company. Order Bank Suspended NORW Conn., (A. Fairfield Trust The of this was today pany city by means restraining order E State Bank Commissioner Lester Shippee. The order forbids the bank from out funds receiving paying until court hearing of The action chief examthe bank by iner of the State Banking Depart ment.

13. December 18, 1930 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, December 18, 1930

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RECEIVER TAKES CHARGE OF FIRST NATIONAL BANK Examiners Continue Work Of Checking Books of Bank R. C. Sulivan of Chicago has ar rived in Marion to take charge of the First National Bank as receiver, it was learned Thursday. The examiners who have been in charge of the bank since it failed to open for business on the morning of December are still checking the records fthe bank They expect to finish their work in the near future and will leave after turning complete charge of the bank and its accounts over to the reeciver. The naming of received in the case ofa national bank not mean necessarily that the bank will liquidate as in the case state banks, but national bank may go ahead and re-organize and adjust its affairs under the administration of receiv. it was said by bank officials on Thursday afternoon. The arrival of the receiver will enable the bank to proceed with collections and to carry on the necessary business for the protection of its accounts the same as states banks are permitted to do when an examiner is left in charge after the audting of account is comleted.

14. July 9, 1931 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, July 9, 1931

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Deeds Filed July 6th, 1931 Dolores Garza, by Constable to Ewing Securities Co. Lot 10, Blk. 65, Townsite of Harlingen, Cd'n: $286.30. E. S. Thrush. to The American Land Co. Lots I, J, K, L. M. N. O, P and Q. out of a re-subdivision of lots 17. 18, 27 and 28, Surveys 137 and 297. Stuart Place Subd., cont. 19.35 acres, Cd'n: $24,087.00. Valley Orchards Realty Co. to McLeod-Hood Co. East 10 acres of Blk. 41. McLeod-Hood Properties No. 1, Cd'n: $3,510.00. W. H. Bardwell to J. H. Hadden Lot No. 5, in Blk. 13. Townsite of La Feria, Cd'n: $1,510.00. The American Land Co. to Edward E. Etz. 5 acres out of the E. 18.97 acres of Lot E. a re-subdivision of Blks. 2 and 3. Survey 139. Stuart Place Subd., Cd'n: $7,500.00. The American Land Co. to Edward E. Etz. S 1-2 of lot C. of a re-subdivision of Blk: a --- 3. Survey 139, Stuart Place Subd., Cd' $4.750.00. Port Isabel Irrigation Co. to J. V. Markley. Middle 2.32 acres of Blk. 36. Bayview Citrus Groves Subd. Unit No. 2. Cd'n: $10.00 & c. Peoples Gin Co. to L. W. Weber. Lot 12, Blk. 2. Original townsite of Harlingen, Cd'n: $10.00 & C. Will T. Holland to J. W. White. as Receiver of The First National Bank of Marion, Ill., 27.34 acres of Blk. 31. Survey 293. Dougherty & Paillet Subd., Cd'n: $1.00. Port Isabel Co. to Pablo Valente. Lot 21. Blk. 10-A, in the city of Port Isabel. Cd'n: $125.00. W. Roy Smith. et al, to Walter G. Ahlgrim. S. 10 acres of lot 26, cut of Blk. 6. Citrus Gardens Subd., Sh. 27, E. S. Gt., Cd'n: $10.00 & c. Mrs. Minnie Kelley to C. J. Ratcliffe. Lot 9. Blk 16. city of Port Isabel. Cd'n: $1,500.00.

15. July 9, 1931 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, July 9, 1931

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Deeds Filed July 6th, 1931 Dolores Garza, by Constable to Ewing Securities Co. Lot 10, Blk. 65, Townsite of Harlingen, Cd'n: $286.30. E. S. Thrush, to The American Land Co. Lots I, J, K, L. M. N, O, P and Q. out of a re-subdivision of lots 17. 18. 27 and 28, Surveys 137 and 297. Stuart Place Subd., cont. 19.35 acres, Cd'n: $24,087.00. Valley Orchards Realty Co. to McLeod-Hood Co. East 10 acres of Blk. 41. McLeod-Hood Properties No. 1. Cd'n: $3,510.00. W. H. Bardwell to J. H. Hadden Lot No. 5, in Blk. 13. Townsite of La Feria, Cd'n: $1,510.00. The American Land Co. to Edward E. Etz. 5 acres out of the E. 18.97 acres of Lot E. a re-subdivision of Blks. 2 and 3. Survey 139. Stuart Place Subd., Cd'n: $7,500.00. The American Land Co. to Edward E. Etz. S 1-2 of lot C. of a re-subdivision of Blk: n and 3. Survey 139, Stuart Place Subd., Cd' $4,750.00. Port Isabel Irrigation Co. to J. V. Markley. Middle 2.32 acres of Blk. 36, Bayview Citrus Groves Subd. Unit No. 2. Cd'n: $10.00 & c. Peoples Gin Co. to L. W. Weber. Lot 12, Blk. 2. Original townsite. of Harlingen. Cd'n: $10.00 & c. Will T. Holland to J. W. White, as Receiver of The First National Bank of Marion, Ill., 27.34 acres of Blk. 31. Survey 293. Dougherty & Paillet Subd., Cd'n: $1.00. Port Isabel Co. to Pablo Valente. Lot 21, Blk. 10-A, in the city of Port Isabel. Cd'n: $125.00. W. Roy Smith. et al. to Walter G. Ahlgrim. S. 10 acres of lot 26, out of Blk. 6, Citrus Gardens Subd., Sh. 27, E. S. Gt., Cd'n: $10.00 & c. Mrs. Minnie Kelley to C. J. Ratcliffe. Lot 9. Blk. 16. city of Port Isabel. Cd'n: $1,500.00.

16. August 13, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, August 13, 1931

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$148,000 IN BOND CHECKS DISTRIBUTED BY MARION MARION, August 12. Checks for $148,000, derived from the sale of bonds voted one ago by the of Marion for $148,000 were brought to Marion, today by City Treasurer William Burkhart and corporation counsel, John M. Hay, to be creditors of the of on outstanding C. Speer and Sons Company of Chicago, of the bonds. obtained $11, 000 as discount on the dolthe Central Illinois Public and $2400 to Mark Woodley as trustee for indicreditors. The largest goes to A. James, receiver Trust Savings Bank for $58,000, to take up warrants by the bank, while W. White, receiver of the First National Bank received $22,000. and J. of special for the City of Marion, $30,000.

17. November 29, 1931 The Evansville Journal Evansville, IN
Article from The Evansville Journal, November 29, 1931

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MARION BANK RECEIVER SUES COUNTY FOR $20,000 Spires, receiver the First National has filed for mandamus Williamson writ court, seeking to colcounty lect from Williamson county on two warrants held the anticipation bank for $10,000 each similar in Danville suit dismissed prior to filing the one here States Attorney Roy Browning has suit set off against approximately the county had on debank closed.

18. December 29, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, December 29, 1931

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WILLIAMSON COUNTY, ILL., TO PAY BANK $20,000 MARION, ILL., December 28.-A writ of mandamus has been issued in Williamson County Circuit Court ordering County Treasurer J. A. Burkitt pay to A. Spires, receiver of First National Bank, $20,000 to redeem anticipation warrants issued by county and purchased by the bank prior to its closing December 1, 1930. The treasurer had held up the money order from Board which instructed him not to pay it over unless the bank paid the county $22,000 which had been deposited by Grant Cruse, former County Treasurer, at the time the bank suspended. A suit has been filed in Federal Court by State's Attorney Roy Browning seeking to make this preferred claim. Browning consented to the mandamus because the county will be saved $100 month interest.

19. April 3, 1934 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, April 3, 1934

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MARION BANK RECEIVER TO PAY DIVIDEND TODAY MARION III., April John D. Spires receiver of the First National bank today dividend will be amounting tomorrow This represents 12½ the dividend to be paid and will of 34 per paid since the closed three years ago

20. August 23, 1934 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, August 23, 1934

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WARDER STREET CHURCH SOLD Congregation Has 15 Months to Redeem Church Building Bought By Bank Receivers. At a sale held by Laura Belle Warder, master in chancery, Wednesday, John Spires, receiver for the First National Bank and Joe P. Benson, deputy receiver for the Marion Trust and Savings Bank, bought the Warder Street Baptist church Thursday it was stated authoritatively that neither of the bank receivers plans to hold church services in their newly acquired church building and it appeared likely that the present congregation of which Rev. J. W. McKinney is pastor, will continue to occupy the church property for the present. The congregation has 15 months in which to redeem the property which was sold under foreclosure of a joint mortgage held by the two banks. The receivers are empowered to ask for a receiver to collect rents and control the property during the period provided for redemp tion, but no such appointment has as yet been requested by either Benson or Spires Thetwo bank receivers bid on the property to protect the joint mortgage for $10,000 held by their institions. There were no other bidders The First National Bank held $4000 of the $10,000 mortgage, and the Marion Trust and Savings Bank held $6000, of which $2000 was acquired from the Citizens Trust and Banking Company at the time of the consoldations of the two institutions.