First National Bank - McLeansboro, IL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 6649
Charter Number: 6649
Start Date: August 3, 1930
Location: McLeansboro, Illinois (38.093, -88.536)

Metadata

Model: gpt-5-mini
Short Digest: 6db2ef8f

Response Measures

Full suspension, Books examined

Other: Subsidiary bank also closed; placed in hands of bank examiner

Receivership Details

Depositor recovery rate: 34.1%
Date receivership started: 1930-08-04
Date receivership terminated: 1937-02-24
OCC cause of failure: Governance
Share of assets assessed as good: 40.7%
Share of assets assessed as doubtful: 42.4%
Share of assets assessed as worthless: 16.9%

Description

Article (St. Louis Globe-Democrat 1930-08-03) states the First National Bank of McLeansboro and its subsidiary closed after heavy withdrawals. Boards acted following heavy withdrawals and the banks were closed and placed in hands of an examiner. Likely a run precipitated suspension and permanent closure/receivership. OCR errors in the article text were present but bank name and closure are clear.

Events (5)

1. February 27, 1903 Chartered

Source: historical_nic

2. August 3, 1930 Receivership

Newspaper Excerpt: institution were placed in the hands of ... examiner
Source: newspapers

3. August 3, 1930 Run

Cause: Local Banks
Cause Details: Heavy withdrawals following recent closings of other banks in the region prompted depositors to withdraw.
Measures: Boards of directors closed the bank (action to protect deposits); subsidiary also closed.
Newspaper Excerpt: Action of Boards of Directors Follows Heavy Withdrawals.
Source: newspapers

4. August 3, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed after heavy withdrawals that exhausted liquidity; assets and liabilities listed and bank placed under examiner custody.
Newspaper Excerpt: First National Bank of McLeansboro and Its Subsidiary Close
Source: newspapers

5. August 4, 1930 Receivership

Source: historical_nic

Newspaper Articles (1)

1. August 3, 1930 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, August 3, 1930

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Article Text

First National Bank of McLeansboro and Its Subsidiary Close Action of Boards of Directors Follows Heavy Withdrawals. DISPATCH TO THE ILL. August Doors of the First Bank of the First State Bank Broughton, failed open this Notices the boards directors stated action prompted desire protect that been during The the leading banks Hamilton County, listed assets liabilities of $716,050.93. The has Officers bank Val president: Sharpe, Denson, vice Adam and Assets and liabilities of the First with deposits Campbell president the subsidiary bank, and Arthur Dawes cashier. Broughton is the southern part of Hamilton County. Negro Bank Closes. By Associated CHICAGO. August Roosevelt with deposits of $1,390,000, closed the state auditor today because shortage. There had been heavy the closing the Binga State Bank, another Negro because of frozen assets, largely real estate papers. Bank Closes. By Associated Press. PA., August by past two days, Bank closed today. The runs believed the result of the closing three four banks in Connellaville within the past Affairs institution were placed in the hands of Bleakbank examiner. W. Cosgrove, fidence all ultimatebe paid in full. The bank at 000. statement reported demand deposits $8458, and time deposits of $89,764.