Central Illinois Trust & Savings Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: January 23, 1932
Location: Mattoon, Illinois (39.483, -88.373)

Metadata

Model: gpt-5-mini
Short Digest: ca066735

Response Measures

Full suspension, Books examined

Other: Bank closed for state auditor examination; articles do not report reopening or receivership.

Description

Bank failed to open Jan 23, 1932; examiner from state auditor's office took charge. Articles describe steady withdrawals after closings of two Champaign banks (triggering run) and state audit/closure; subsequent reporting (Chicago Tribune) lists it among banks closed Jan 24. No evidence in these articles of reopening.

Events (3)

1. January 23, 1932 Run

Cause: Local Banks
Cause Details: Steady withdrawals triggered by recent closings of two Champaign banks, prompting depositors to withdraw funds from Central Illinois Trust & Savings.
Measures: Directors called for audit; officials immediately notified state auditor Oscar Nelson; examiner arrived to take charge.
Newspaper Excerpt: Since the closing the two banks in Champaign, there has been gradual steady withdrawal the Central Illinois Trust and Savings
Source: newspapers

2. January 23, 1932 Suspension

Cause: Government Action
Cause Details: Bank closed for investigation and adjustment by the state banking department; examiner from state auditor's office posted notice and took charge.
Newspaper Excerpt: Central Illinois Trust Savings Bank failed its doors this morning. ... The officials of the bank immediately notified Oscar Nelson, state auditor, an examiner from the auditor's office arrived in Mattoon this morning to take charge of the bank.
Source: newspapers

3. January 24, 1932 Other

Newspaper Excerpt: Two Illinois Banks Close. -The Farmers' State bank at Glasford and the Central Illinois Trust and bank at Mattoon were today listed among closures nationwide by the American Banker news compilation.
Source: newspapers

Newspaper Articles (5)

1. January 23, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL

Article from JG-TC: Journal Gazette and Times-Courier, January 23, 1932

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Article Text

Examiner From State Auditor's Office in Charge. Central Illinois Trust Savings Bank failed its doors this morning. of the state department who Mattoon shortly be10 o'clock has taken Employes of the reporting for work às this morning, are still the today, being en in checking and postthe business done on Fri notice posted on the door of the bank at this morning was the news to the public of the action. Within few all Broadway had information, despite the that there was one man at the bank door when for opening came. The Closing notice, brief, but the was: meeting board directors of the Central and Savings that the and auditor notified such Central Illinois when until state department had arrived. of not to until man at the front of the opening time this morning Ferguson of Gays. Mr. did not observe the noafter opening of the bank and finally of the bank closed for the reading the notice Mr. Fergucame to Mattoon early morning to be the bank # opened, because wanted money from my account." News Rapidly Spreads. Mr. Ferguson reading the several persons approached bank and, without reading the completely through, hastened spread the news. Various exwere overheard immeafterward by reporter he through business district. the middle of the morning. word had gone out that the believed to be solvent and closing was step in the depositors, the on milder trend those had money on deposit there saying, "Oh, well the will reopen soon. are an official of the whose being withheld. failthe banks in Chamsteady, but orderly the Central Illinois Savings The board the situation dewould be best to close the has been Closthe bank was the best for all Believe Depositors Safe. depositor of the bank, with the bank in capacity, don't that anyone will lose through the doors of this bank that the board of directors in their best judgment when decided the bank for an Until recent date there many persons whose note edge, now worth Land that formerly was of value now of or that the the best that any of the banks are any money and some are better off when closed." Annual Meeting stockholders the Central Trust and Savings Bank annual election of offic9, after delay of days. At time annual meeting had been to the board opportunity

2. January 23, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL

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Article Text

Statement of President President Osborne Central Illinois Trust and Savings Bank made the statement this morning The "The Central Illinois Trust Savings Bank failed to open Its this morning. Since the closing the two banks in Champaign, there has been gradual steady withdrawal the Central Illinois Trust and Savings The directors of the bank met Friday and after going over the that the bank still solvent, but that withdrawal of funds the same It for the past few days, that might bring about the Insolthe bank, and that was for the Interof the and everyone that the bank be for audit and The officials of the bank mediately notified Oscar Nelson, state auditor, an examiner from the auditor's office arrived in Mattoon this morning to take charge of the bank."

3. January 23, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL

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Article Text

Vice President of Nat'l Bank Numerous new accounts were ceived at the National Bank of Mattoon today, including number of those from business men who have been connected with the Central Illinois Trust and Savings Bank. The of the National bank has been packed morning, with the closing the Trust bank the principal topic of conversation. Officials of the National Bank Mattoon greeted their patrons and visitors with marked air confidence. the National Bank Mattoon understands that Central Illinois Trust and ings Bank has business pending an audit the banking department,' said Fred Grant, president and trust officer of the National Bank of Mattoon today. no why any lose any money. feel the Central Illinois Trust and Savings Bank is able take of all its deposit liability "The National Bank of Mattoon started more than two years ago to get itself into condition for emergencies just like this, and feel take care of the needs community. We hold plenty cash curities, which are available all times.'

4. January 23, 1932 JG-TC: Journal Gazette and Times-Courier Mattoon, IL

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Article Text

GREAT Air of Confidence Noticeable the City. Despite the fact that the Central Illinois Trust and Savings Bank failed to open its doors this there has been no run the Bank of Mattoon. large number of checks have presented at the windows the National Bank Mattoon day. Many them were paid in On the other hand. many the were left on deposit usual. Today pay day for the road men both Big Four and the IIIInois Central and the National Bank of Mattoon accepted the checks of all who held them. Another notice was posted in the front door of Central Illinois Trust and Savings Bank this morning. this one bearing the name Oscar Nelson: state auditor. This notice states: "Central Illinois Bank and Trust Company closed for vestigation and adjustment." Air Confidence. almost stream of perapproached the door of the Trust Bank today, but at no time unusual number gathered there. ing the notices tacked the door, the interested persons went their Early this morning, when the news that the bank had closed broadcast over the city, there was some apprehension displayed but before the middle the morning, there was an air of marked confidence among most bank depositors. bank only closed for short time. will be reopened." This the message passed voluntarily by many of the depositors. trouble due to the closing two Champiign others declared. Trust Bank officials are not the sort of men who would allow people to lose their money," the opinion of many. There has been no disorder in the today.

5. January 24, 1932 Chicago Tribune Chicago, IL

Article from Chicago Tribune, January 24, 1932

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Article Text

Lists 240 Banks Closed in U.S. in Last 3 Weeks New York Jan. The Amer Ican Banker lists 240 bank suspenalons in the first three weeks of January In the last week Iowa re12 closings, Illinois, 11; Utah, and Missouri, New York and Call tied up by the January suspensions Two Illinois Banks Close. -The Farmers' State bank at Glasford and the Central Illinois Trust and bank at Mattoon were today. One in West Virginia. W. Va. [SpeJan. Bank of Rupert, at Ru pert, was closed today One In Indiana. Galveston Ind., Citizens' State Bank of was today The bank had been weakened with recently by It was capitalized at