American First National Bank - Mount Carmel, IL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5782
Charter Number: 5782
Start Date: February 5, 1933
Location: Mount Carmel, Illinois (38.411, -87.761)

Metadata

Model: gpt-5-mini
Short Digest: 219a4681

Response Measures

None

Other: Receiver named after conservatorship during banking moratorium.

Receivership Details

Depositor recovery rate: 50.0%
Date receivership started: 1934-05-31
Share of assets assessed as good: 38.1%
Share of assets assessed as doubtful: 55.4%
Share of assets assessed as worthless: 6.5%

Description

Feb 1933 article describes heavy withdrawals and the bank doing business only on a limited basis after a local 'business holiday' proclaimed; by June 1934 a receiver was named for the bank (under conservator since the banking moratorium), indicating permanent closure and receivership. The immediate cause of the withdrawals is not specified in the articles.

Events (5)

1. April 18, 1901 Chartered

Source: historical_nic

2. February 5, 1933 Run

Cause Details: Continued heavy withdrawals (no specific trigger or rumor identified in the article).
Measures: Bank operated on a limited basis; community sought pledges from depositors not to withdraw funds.
Newspaper Excerpt: the only bank, the American First National, ing business on limited basis. ... Directors of the bank said it was hopeless to try and keep open in the face of continued withdrawals.
Source: newspapers

3. February 5, 1933 Suspension

Cause Details: Bank directors indicated inability to remain open due to continued withdrawals; business holiday and restricted banking operations suggest suspension of normal payments.
Newspaper Excerpt: Directors of the bank said it was hopeless to try and keep open in the face of continued withdrawals. Closing all business except food and drug stores...
Source: newspapers

4. May 31, 1934 Receivership

Source: historical_nic

5. June 2, 1934 Receivership

Newspaper Excerpt: MOUNT CARMEL ILL, June ... Wright of Newton, Ill., was named receiver for the American First National Bank here, under conservator since the banking moratorium.
Source: newspapers

Newspaper Articles (2)

1. February 5, 1933 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, February 5, 1933

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Article Text

BUSINESS HOLIDAY OFF. Mt. Carmel, III. February (AP) business holiday of week and two days ended here today with all business places opening their doors and the only bank, the American First National, ing business on limited basis. The business was declared by proclamation Mayor T. B. Wright after the Directors of the bank said it was hopeless to try and keep open in the face of continued withdrawals. Closing all business except food and drug stores, transportation and other necessary business offices. the citizens of Mount Carmel set about to obtain pledges from all bank depositors not withdraw their money and deposit new money to keep the bank from closing

2. June 2, 1934 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, June 2, 1934

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Article Text

CHILDREN'S BUILDING IN 'DEPLORABLE SHAPE' Grand Jury Report Criticises Conditions of Public Structure. The Children's Building, Fourteenth street and Clark avenue, where boys and girls are detained by the Court or for protection, is in deplorable shape" and no effort made to clean the April term grand jury stated in final report to Circuit Judge Hogan yesterday. "This condition due largely to the fact of insufficient janitor service, the building having no janitor of its own, but using part of the time of the janitor attached the City Morgue,' the report set out. "A full-time janitor should be assigned to this building without delay to clean up the building and keep clean." The building is generally dirty, windows unclean, toilets are torn and there are cockroaches and other vermin in the the report said. For lack of funds inmates of the Children's Building do not have sufficient and proper clothing, the grand jury found. "As we find the building is capably and we most highly the conduct of the Juvenile Court by the Circuit Judge (Judge Hoffmeister) assigned to this division," the report set out. Summer Schedule Effective. The schedule of services Trinity Methodist Church, North Thirteenth Tyler streets, will inaugurated with Sunday school and preaching service Rev. Ross W. Adair, the pastor, also will conduct services each Sunday at the Goodwill Children's Summer Camp, Woodson road and St. Charles road. Bank Receiver Named. By Associated Press. MOUNT CARMEL ILL, June Wright of Newton, III., day was named receiver for the American First National Bank here, under conservator since the banking moratorium. corner on pockets while they themselves had to pack all their belongings into one little handbag, will be delighted this year's style lots of pockets on tailored clothes for women. Here jacket that exemplifies the note. While they of course, decorative, they are also very useful. The jacket trimly tailored model with an inverted pleat the back under the shoulder yoke. The skirt has panel back and pleat at the left side. Both are linenblue with bright navy skirt. Vogue Designs: Jacket No. 6677, Skirt No. 6681.