Monroe Center State Bank - Monroe Center, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1934
Location: Monroe Center, Illinois (42.098, -89.001)

Metadata

Model: gpt-5-mini
Short Digest: e25d3154

Response Measures

None

Description

Article (Leaf River Mirror, 1934-06-01) reports Monroe Center State Bank as one of three 'closed banks' with a receiver and authorized dividend payments by the state auditor/Secretary of State. No run is mentioned; the bank is closed and in receivership, so this is classified as a suspension leading to closure (receivership).

Events (2)

1. June 1, 1934 Receivership

Newspaper Excerpt: William ... McDonald is the receiver for all three of the banks ... At the Monroe Center State bank dividend amounts to bringing the total paid at that bank also to 25 [percent]. The payments ... to the depositors about June 8th.
Source: newspapers

2. June 1, 1934 Suspension

Cause: Government Action
Cause Details: Closed banks with state-authorized payments and a receiver appointed by state authorities; action authorized by Secretary of State and state auditor
Newspaper Excerpt: the Monroe Center State bank ... closed banks ... William McDonald is the receiver
Source: newspapers

Newspaper Articles (1)

1. June 1, 1934 Leaf River Mirror Leaf River, IL

Article from Leaf River Mirror, June 1, 1934

Click image to open full size in new tab

Article Text

AGAINST THREE BANKS AUTHORIZED BY SECRETARY OF STATE Edward Barrett, state auditor, announces that he has authorized payments depositors' claims against three closed banks in Ogle county totaling more than The three banks, each of which has been authorized per cent are The Peoples Loan Trust at Rocompany, chelle, the Rochelle Trust and Savings bank, and the Monroe Center State bank. The largest of the payments which amounts to $36,245.71, at the Rochelle Trust and Savings bank. This brings the total amount paid to per cent, 24 per has been paid this bank previously. The dividend at the People's Loan and Trust of Rochelle, company, amounts bringing the total to 25 cent. At the Monroe per Center State bank dividend amounts to bringing the total paid at that bank also to 25 These payments, Mr. Barrett said, be paid out. to the depositors about June 8th. William the receiver for all three of the banks, and McDonald is the receiver. Mr. Barrett also announced that another bank in this territory, the Farmers State bank of Pecatonica, Winnebago county, will pay dividend, amouunting to bringing the total dividends bank to cent. per dend at Pecatonica was paid about May 26th. Mr. O'Connell also of bank and the deputy