5068. American National Bank (Mount Carmel, IL)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
5782
Charter Number
5782
Start Date
January 1, 1933*
Location
Mount Carmel, Illinois (38.411, -87.761)

Metadata

Model
gpt-5-mini
Short Digest
0bf44744

Response Measures

Public signal of financial health, Capital injected

Other: Community-declared business holiday (mayor's edict) to prevent withdrawals and solicit depositor pledges.

Description

Articles (Feb 5, 1933) describe heavy withdrawals that forced a 10-day business suspension (a mayor-declared business holiday) to save the bank; the bank reopened on a limited basis after the suspension and citizens pledged not to withdraw funds. No specific rumor or misinfo is described, so cause is coded as 'other'.

Events (3)

1. January 1, 1933* Run
Cause Details
Continued withdrawals / depositor panic threatened the bank; no specific rumor or external shock detailed.
Measures
Citizens obtained pledges from depositors not to withdraw and to deposit new money; mayor declared business holiday to limit withdrawals.
Newspaper Excerpt
Directors of the bank said it was hopeless to try and keep it open in the face of continued withdrawals.
Source
newspapers
2. January 1, 1933* Suspension
Cause Details
Mayor-declared 10-day business suspension (business holiday) instituted to stop withdrawals and save the bank.
Newspaper Excerpt
release from 10-day suspension of business -- a suspension declared by edict of the mayor to save the city's bank from closing
Source
newspapers
3. February 4, 1933 Reopening
Newspaper Excerpt
the American-National Bank had reopened its doors... the American National, resuming business on limited basis.
Source
newspapers

Newspaper Articles (2)

Article from The Oklahoma News, February 5, 1933

Click image to open full size in new tab

Article Text

TOWN IS THRONGED AS STORES REOPEN 10-Day Business Suspension Saves Illinois Bank MOUNT United CARMEL Ill., Feb. Mount Carmel's merchants chuckled in high spirits Saturday as they watched the Saturday night throng of farmers and citizens of this southern Illinois countryside pour into town. The crowds jostled on the sidewalks and loitered front of brightly-lighted movie houses and confectionery stores where soda fountains did a rush business Stores along the main street were open for trade and crowded with customers. It was just the normal Saturday night scene repeated in thousands of small American towns every week but for Mount Carmel the evening held special significance Saturday this town of 4000 population celebrated its release from 10-day suspension of business-a suspension declared by edict of the mayor to save the city's bank from closing It was real celebration for the American- National Bank had reopened its doors. Officers happily greeted the rush of patrons with the word that the threat of closing was past.


Article from The Cincinnati Enquirer, February 5, 1933

Click image to open full size in new tab

Article Text

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