Article Text
Mascoutab Bank to Reopen. 20, First National Bank closed March will reopen Monday an federal authorizing the bank license received yesterday from
5010. First National Bank (Mascoutah, IL)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
- 9736
- Charter Number
- 9736
- Start Date
- March 1, 1933*
- Location
- Mascoutah, Illinois (38.490, -89.793)
Metadata
- Model
- gpt-5-mini
- Short Digest
89f7ae69
Response Measures
None
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1934-01-12
- Date receivership terminated
- 1937-11-23
- Share of assets assessed as good
- 23.4%
- Share of assets assessed as doubtful
- 75.4%
- Share of assets assessed as worthless
- 1.2%
Description
The First National Bank of Mascoutah was closed (suspended) in March 1933, was authorized to reopen and did reopen (article dated 1933-10-20). Later (Jan 19, 1934) the Comptroller appointed a receiver for the old First National Bank while a new First National was organized to take over acceptable assets and assume 50% of deposit liabilities. The sequence shows a suspension with reopening; subsequently the old bank entered receivership and was being liquidated, but the operating bank had reopened under a new organization.
Events (5)
1.
April 21, 1910
Chartered
- Source
- historical_nic
2.
March 1, 1933*
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank closed (suspended) in March 1933 and placed under conservator/rehabilitation — indicative of insolvency/trouble requiring federal intervention.
- Newspaper Excerpt
- First National Bank closed March
- Source
- newspapers
3.
October 20, 1933
Reopening
- Newspaper Excerpt
- Mascoutah Bank to Reopen. ... First National Bank closed March will reopen Monday an federal authorizing the bank license received yesterday from
- Source
- newspapers
4.
January 12, 1934
Receivership
- Source
- historical_nic
5.
January 19, 1934
Receivership
- Newspaper Excerpt
- MASCOUTAH BANK RECEIVER NAMED; ASSUMES DUTIES ... The Comptroller of the Currency ... has appointed Fred Manny ... receiver of the old First National Bank of Mascoutah, replacing the conservator ... This receivership has nothing to do with the new First National Bank in Mascoutah which was organized to take over the acceptable assets of the old bank and therefore assumed, and made available 50 per cent of the deposit liability of the old bank.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
MASCOUTAH BANK RECEIVER NAMED; ASSUMES DUTIES The Comptroller of the Currency at Washington, D. C., has appointed Fred Manny of Mt. Sterling, Ill., receiver of the old First National Bank of Mascoutah, replacing the conservator, Louis J. Scheve. It is the policy of the Comptroller not to have an officer or director of a new bank, which was organized for the purpose of taking over an old, to act as conservator or receiver of the old bank for more than a temporary period. Manny has entered on his duties. It will be his duty to collect the outstanding notes of the old bank and to liquidate the bonds as the market proves favorable. This receivership has nothing to do with the new First National Bank in Mascoutah which was organized to take over the acceptable assets of the old bank and therefore assumed, and made available 50 per cent of the deposit liability of the old bank. Asked if an assessment against the stockholders was contemplated. Manny said that he could give no statement in regard to such assessment, since the order must come from the Comptroler at Washington, D. C. Neither could he state anything in regard to the likelihood of the amount of payments to depositors. All information relative to these things, he said, must originate directly from the Comptroller of the Currency at Washington, from whom he takes his orders. IT'S SO EASY to find just what you want in the Classified Section with its convenient indexed arrangement
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Article Text
Mascoutah Bank Receiver Sues Owners of Stock Frederick Manny, for the First National Bank of Mascoutah, filed today Circuit Court $6700 from stockholders the bank for failure to pay when the bank was The sued Theodore Hagist $6200 and August Hagist for $500. The Theodore Hagist 62 stock the bank and the other defendant owns five When the bank reorganized, following the banking the bill charges that directors voted 100 per cent stockholders. The sessment that the Hagists have failed to these assessments.