5006. Marion Trust and Savings Bank (Marion, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 15, 1930
Location
Marion, Illinois (37.716, -88.926)

Metadata

Model
gpt-5-mini
Short Digest
ba67ef3e

Response Measures

Full suspension, Books examined

Other: Reorganization efforts and receiver payouts followed the closure; county banks and First National made deposits to calm panic.

Description

Multiple April 1930 articles describe heavy withdrawals and a rush after other county banks failed; the Marion Trust & Savings Bank closed/suspended in mid-April 1930, did not reopen, entered reorganization/receivership (receiver named Jan 1931) and later paid dividends. Cause of the run is driven by failures/runs at other local banks and panic in Williamson County, not a discrete misinformation event.

Events (3)
1. April 15, 1930 Run
Cause
Local Banks
Cause Details
Runs and failures of other Williamson County banks precipitated heavy withdrawals at Marion; armored truck deliveries to other banks and county-wide panic are described as halting some runs.
Measures
Other local banks (First National) paid payrolls and an armored truck from St. Louis brought currency to a Marion bank to stem a run; Marion Trust & Savings decided not to reopen despite available cash.
Newspaper Excerpt
Word of large sum enroute to First National of Marion halts rush ... 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
Source
newspapers
2. April 15, 1930 Suspension
Cause
Local Banks
Cause Details
County-wide bank failures and a run on local institutions led the Marion Trust and Savings Bank to close/suspend business in mid-April 1930.
Newspaper Excerpt
sudden closing the Marion Trust and Savings bank ... decided not reopen Monday despite the fact that had $225,000 cash available for Monday
Source
newspapers
3. January 11, 1931 Receivership
Newspaper Excerpt
James was named receiver for the bank on last Monday ... action taken for protection of the depositors ... plans are going forward for the reorganization of the bank if approved by State Auditor Oscar Nelson (Jan 13, 1931).
Source
newspapers

Newspaper Articles (8)
1. April 15, 1930 The Pantagraph Bloomington, IL
Article from The Pantagraph, April 15, 1930

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Article Text

BANK RAISES Misappropriation of $143,000 Fails to Shake Edwardsville Bank. April ation of agencies for Meyer, presi- regular methodical disposal and dent of the Bank of solution of these announced Tuesday that to justice and arousing $143,000 He went tell the steps bank funds, using the money that have taken provide finance several motion picture means amicably adjusting and other private business disputes and then tures. Sanders had reimbursed the bank "Statesmen over generation for the loss, Meyer said, realized with growth the directors have raised international and precedent fund make the be contributed Sanders' promise the pacific settlement of vast them back full. number incidental The made, justifiable character the world cording to Meyer, restore an international court during slight such cases could referred the bank Tuesday morning. for adequate hearing and independofficers present and decision based upon law and representative of state audi- justice. hand corroborAdherence Recommended. Meyer's statements. PAYROLL CHECKS CASHED. MARION, ILL., April The First National bank Marion Tuesday paying five of the Marion mine's payroll lieving shortage Monday followed sudden closing the Marion Trust and Savings bank and three other banks the county The mines those the First National had paid previously They are the and Johnston City the Meehan Coal Co., the Coal Stripping pany, Carbon Fuel company and Wallace Coal company The money to meet these mands brought here late from the Federal Reserve bank Louis. Two state banks remained Williamson county Tuesday, Johnston City State bank the State bank Creal Springs, both of which are said in excellent Besides these, operating county, the First Nationals of Carterville and the City National bank at Herrin. "Such world has been established Hague jurists. been accepted by percent the civilized people the earth. established and other court highest integrity and capacity, the these ities assured. has already great controbut important the pacific and the prevention 'Adherence to that court by the United States earnestly by every one our Presidents every secretaries state living since its inception. No can challenge patriotism of these men, ripe wisdom which theirs having borne the actual burof for our relations. They have found entanglement limitation the independence the United by safeguarded membership Views were brought into prominence last week result the Illinois Republican elecprimary which Mrs. Ruth Hanna McConvention defeated Senator Charles Deneen for nomination after compaign based funCalled for Friday damentally upon the world court April Deneen voted for AmeriRepublican state convention be adherence when question called order Springfield next before the senate several years Friday will adjourned ago. brief formalities to convene Halts again June Regarding the London naval This decided Tuesday chief executive said meeting central that under the terms being mittee. Friday's be finally there has been comply with brought about actual reduction real convention will meet the armament of three nations June. about 25 percent less than standards discussed Royal Circles Anticipate conference which failed years ago reduction Addition to York's Family about 12 percent below present April programs rapidly the Duchess York, wife of the ships become obsolete." ond son King George, has can- "But most important celled all forthcoming Hoover has been will not undertake any furth- finally turn the tide functions during summer. naval arms The official poison suspicion and caused circles will generated by day society constant lieve an addition to the royal fam- construction. have been able to was expected. create situation where there neither Graf inferiority nor superiority in the on Flight (Continued on Page

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

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Article Text

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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Article Text

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. June 26, 1930 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, June 26, 1930

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Article Text

Papers Here For Bank Reorganization State Auditor Oscar Nelson transacted business in Marion Thursforwarded the necessary papers for the re-organization of the Marion Mrs. Emma Parrigan and Trust Savings Bank and these are Elmo, Herwald Smith, Mr. and now in the hands men who Rentfro and daughter, charge the work of trying motored to DuQuoin Tuesday to the institution back its feet. the largest steam shovel in the Mr. and Mrs, Horace Bateman and Mr. and Mrs. Ralph Capen have and Mrs. Owens visited their guests the latter's parents, and Mrs. Ed Bartnek and paid Mrs. Peter Green Springfield. their respects David Owens' grand. Miss Rosemary Mills went mother who passed away Murphys- Springs Thursday to spend few boro. visiting Miss Grace Finley.

5. September 4, 1930 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, September 4, 1930

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GLEN GULLEDGE FEDERAL He Will Continue to Make Marion Town The appointment of Glenn Gulledge, an assistant cashier of the Marion Trust and Savings Bank, to position as credit for the south half of Illinois for the intermediate bank of new federal reserve farm loan program made public by officials of the Marion Trust and Savings bank here Thursday afternoon. Mr. Gulledge will continue to make Marion his home. He will also his partnership with Jackson in the insurance business and will deal continuously with the Marion banks as well as other banks thruout Southern Illinois. Cashier E. Jackson of the Marion Trust and Savings Bank said that the signing assistant cashier had agreed continue to lend his efforts ward the re-organization of the ion bank which is now showing good progress. The poistion to which Mr. Gulledge has been promoted was tendered him before the Marion Trust and Savings Bank suspended business last April, Jackson said, and after the closof the bank here was again called to Louis to take position which he has accepted. At that time, the Marion man did not the offer tendered him due to the cet work required in the re-organization here. Altho the matter had bank been considered by Marion bankers closed, Mr. Gulledge was again called Louis recently and to dered the again. Having position assisted the Marion bank during the five months of re-organization officers of the bank have the other without and the organization pay, well toward completion, plans now he accepted. His acceptance directors of the disclosed to the Marion bank Wednesday. position, Mr. Gulledge In his will act in an advisory capacity banks throughout his territory in the of farm loans in accordance matter loan being worked system out relief for farm communities These loans in the future turned over by the local banks finance organizations sponsored intermediate banks of which the there for every federal one bank. It will be Mr. Gulledge's job to organize this loan sys. in Southern Illinois, and when the organization is completed work will be pass upon credits throughout the territory and to vise banks in their loan operations. Mr. Gulledge's efforts in organizing cooperative relations between banks during his connection with the Marion Trust and Savings Bank have attracted wide attention and have given him an acquaintance with banking officials throughout the state which be valuable to him in his new connection. Having held every office in the Williamson county bankers associaMr. Gulledge also been retary and vice chairman of Group of the Illinois Bankers' Association, and has contributed frequent articles to bank publications. He for the organization the Williamson county clearing house association and the county credit bureau, both of which movements and have been of help the banks of the coungreat himself was retident Gulledge his his admitting appointment but Cashier Jackposition Examiner James who and of the local bank said in charge no reason for not making they saw He will assume his new public. next week. believe Mr. Gulledge fitted the work is undertaking, congratulate him upon his pointment, and have asked he has time in the us all of the bank here which ganization have completed in said.

6. January 13, 1931 Evansville Courier and Press Evansville, IN
Article from Evansville Courier and Press, January 13, 1931

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BANK DEPOSITORS SUESTOCKHOLDERS Seek to Enforce Liability in Marion Bank Which Closed Last April was filed today in Williamson county circuit court in the name of Charles Leigh and other depositors against 103 stockholders of the Marion Trust and Savings bank to enforce the liability in the which closed on April These represent 468 shares the par value of $100 each. the being liable for an amount equal to their Six of the stockholders died prior to the closing and since have and stock is by James was named receiver for the bank on last Monday This action taken for protection of the At the same time plans are going forward for the reorganization of the bank if approved by State Auditor Oscar Nelson. by depositors 25 per cent their stock and taking over frozen assets of the bank

7. May 10, 1931 Evansville Press Evansville, IN
Article from Evansville Press, May 10, 1931

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BANK DIVIDENDS TO END ILLINOIS TRADE SLUMP Many Closed Institutions to Pay Depositors many dollars Illinois ties stricken bank failures durto give cided upturn during the next weeks when banks hands receivers begin paying funds. West Frankfort, Centralia, rion and Cambria banks pay dividends on deposits Circuit Judge Hartwell authorized payment of dividend by Howard HagCambria receiver, which closed in April, 1930, $68,000 deposits. Large Due James, Marion Trust and Savings Bank also for ment dividend on the million in $70,000 is expectduring in West 10 per cent dividend clared the receiver for Frankfort State Bank. Several movements are on foot for of bank lease one the tirely buildings here and take care large amount business which going banks. There no bank here.

8. February 20, 1932 The Dispatch Moline, IL
Article from The Dispatch, February 20, 1932

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TAXATION MONEY IN CLOSED BANKS SAFE Springfield, Feb. in closed banks tax money not lost the state by the receiver, the pointment court held in of the firming judgment circuit, which made preferred claim of the Marion deposit Trust and Savings bank. does title to the undivided Neither hands in the tax money change of receiver, the court pointment held. appointed under Although statute, bank terms of special opinion said, has than those of greater powers chancery receiver, who is merely an officer the court and does not take title to property. not denied by the appellant, court added, that the state's the for its sovereign rights existed at the time the deposits bank closed, nor contended that the closing of the bank extinguished such This preference, the court concluded, founded the right the have its protected for the general public good.