5039. Mendota National Bank (Mendota, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5086
Charter Number
5086
Start Date
February 15, 1932
Location
Mendota, Illinois (41.547, -89.118)

Metadata

Model
gpt-5-mini
Short Digest
7e4f8188

Response Measures

None

Receivership Details

Depositor recovery rate
98.3%
Date receivership started
1932-02-12
Date receivership terminated
1938-08-30
Share of assets assessed as good
18.2%
Share of assets assessed as doubtful
52.2%
Share of assets assessed as worthless
29.5%

Description

Articles (Feb 15 and Oct 22, 1932) indicate the Mendota National Bank was placed in receivership and is listed as 'receiver' in a Treasury/loan report. No article describes a depositor run prior to suspension; therefore classified as suspension leading to closure/receivership (suspension_closure). OCR errors in Article 1 were corrected when reading 'named receiver' and 'Mendota National Bank'.

Events (4)

1. September 7, 1897 Chartered
Source
historical_nic
2. February 12, 1932 Receivership
Source
historical_nic
3. February 15, 1932 Suspension
Cause
Government Action
Cause Details
Bank was placed in receivership (appointed receiver), indicating closure by regulatory/government action.
Newspaper Excerpt
has been named receiver ... the Mendota National Bank
Source
newspapers
4. October 22, 1932 Receivership
Newspaper Excerpt
Mendota National bank (receiver) ... loans authorized during September to banks and trust companies include ... Mendota National bank (receiver). (Oct. 22, 1932 article listing banks shown as 'receiver')
Source
newspapers

Newspaper Articles (2)

Article from The Times, February 15, 1932

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Article Text

Name As Receiver Mendota Banks has been Urban October serving since National City Bank, of the been named receiver Bank and the the Mendota National Bank Mendota, First three weeks were this Tracey went national bank ing check been charge they closed. the banks time between banks National City Bank Ottawa, affairs all three tling the His appointstitutions one by the ment currency,


Article from The Dispatch, October 22, 1932

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Article Text

Almost Billion Dollars Sent Out into Channels of nance and Relief. Oct. billion dollars has flowed from into the channels and relief. loans authorized September alone amounting As shown today in the third port from the corporation to congress, over in vances have been made. This braces nearly to banks and trust companies and $218,railroads, and does include loans that have been paid. The report showed that the cash balance of the corporation on September During September the third series of the percent issued sold to the This brings the total amount debentures sold to the treasury which with the capital the total outto in authorized loans had not been disbursed. yet The secretary of agriculture had left with the corporation of September 30th the allocated production fund. Loans authorized during September to banks and trust companies "exclusive of amounts canceled" during the month, were listed to include the following Illinois: First National bank of Altamont, State bank, $7500; City National bank of Centralia, Chicago, Side Savings bank, Chicago, Halsted State bank, South Ashland National bank of Chicago National Bank Clayton State bank, State Bank of ColState Bank of $7000; Crossville, First National bank, $8000; DeKalb. Trust bank, First National Bank of Downers Grove (receiver), $45,000; First State Savings bank of Galena, Hopedale, Hopedale tional bank (receiver), $18,000; Ayers National bank JacksonFirst National bank Leroy (receiver), First National bank Mendota (receiv$76,000; Mendota, Mendota National bank (recelver), Mt. Carmel, National bank, First National bank of Newton, Olney, First bank, First National bank Oneida (receiver), National City bank (receiver), Secor, First National bank, Smithshire, Smithshire State bank, Other authorized during September included: (III.), Lawrenceville Loan association, Wheaton Home Building and Loan association, $8764. Nearly 175 foreign firms have taken sites or factories in England this year.