5044. First State Bank (Mineral, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 1, 1931*
Location
Mineral, Illinois (41.383, -89.836)

Metadata

Model
gpt-5-mini
Short Digest
2c9c311c

Response Measures

Full suspension

Other: Receiver appointed and liquidation suits filed; closure appears permanent with receiver actions.

Description

The bank closed in September 1931 after heavy withdrawals (OCR 'deposits' appears incorrect). A receiver (Charles Simington) was appointed; later liquidation suits appear (Jan 1933). No evidence the bank reopened, so classified as run → suspension → closure.

Events (3)
1. September 1, 1931* Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals in September 1931 (article text reads 'following heavy deposits' but context and meaning indicate heavy withdrawals/run).
Measures
Depositors held meeting to organize efforts to reopen; subscribers sought capital (plans to raise $50,000 capital and $7,000 surplus).
Newspaper Excerpt
The local bank was closed September following heavy deposits.
Source
newspapers
2. September 23, 1931 Receivership
Newspaper Excerpt
Charles Simington ... has been named receiver for the First State bank of Mineral which closed Sept. Simington ... has been engaged for the last ... settling the affairs State bank which closed March 30. (Rock Island Argus, 1931-09-23).
Source
newspapers
3. January 16, 1933 Other
Newspaper Excerpt
MINERAL BANK CLOSING IS FOLLOWED BY SUITS ... suits, arising from liquidation the First State bank of Mineral, have been filed ... in Bureau court ... the receiver of the bank ... brought action against Casper Lickhart to set aside trust deed.
Source
newspapers

Newspaper Articles (3)
1. September 22, 1931 The Dispatch Moline, IL
Article from The Dispatch, September 22, 1931

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Article Text

Depositors Vote to Support Move to Reestablish Institution. mately 175 depositors of the closed First State bank Mineral at meeting in Riley's hall last evening took preliminary steps to reopen the bank to effect the organizaof one. The local bank was closed September following heavy deposits. When stockholders arrived at the meeting last evening they greeted with the announcement that Simington of Sheffield had been appointed receiver for the bank. This did not meet the proval of group and petition circulated to have Simingreplaced by Ed Johnson of Annawan. During discussion regarding the condition of the bank and the possibility reopening, deposiwere how many would support such They voted to support the Scott Buswell, former president the bank, explained that $48,needed reopen the stitution that $50,000 capital and $7000 surplus must be subseribed for the organization of new bank. stated that the organization of institution be too not probable that the ond plan adopted. committee named to all information possible and report session to be held either Friday Saturday The consists burn, Henry Lorenzen, John Gingrich, Carr and August Bloome.

2. September 23, 1931 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, September 23, 1931

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Article Text

Chosen Mineral Bank Receiver (Special to The Sheffield, III., Sept. Charles Simington of Sheffield, former postmaster also former Bureau county treasurer, has been named receiver for the First State bank of Mineral which closed Sept. Simington has been engaged for the last settling the affairs State bank which closed March 30.

3. January 16, 1933 The Dispatch Moline, IL
Article from The Dispatch, January 16, 1933

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Article Text

MINERAL BANK CLOSING IS FOLLOWED BY SUITS Mineral, Jan. suits, arising from liquidation the First State bank of Mineral, have been filed in Bureau court In Frank Colburn August their behalf behalf and creditors of the defunct bank, started ings against John Christian to set aside deed certain property in the village of Mineral. suit was instituted liability from Christian, who owned twenty shares of stock the bank. The second brought Simington, receiver of the bank, against Casper Lickhart to aside trust deel. The Mineral bank receiver, on May 1932, obtained judgment for 400.56 against Lickhart, and by reason the judgment lien of land near Mineral which owned. Prior to the of the judgment Minnie, the land McKee, trustee, secure $5000, due in five and bearing percent charged by Simington that this for the taking the property beyond legal Lickhart's and was without consideration. further charged that the transfer was made after Lickhart conference with the receiver the bank, which promised pay notes which owed the bank within few days.