5074. First National Bank (Mount Olive, IL)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
7350
Charter Number
7350
Start Date
March 8, 1930
Location
Mount Olive, Illinois (39.072, -89.727)

Metadata

Model
gpt-5-mini
Short Digest
6d127325

Response Measures

None

Receivership Details

Depositor recovery rate
18.2%
Date receivership started
1932-08-12
Share of assets assessed as good
0.1%
Share of assets assessed as doubtful
98.3%
Share of assets assessed as worthless
1.6%

Description

Bank was closed for several days after the accidental shooting death of its cashier, then reopened with neighboring bankers present; reports say a run was averted when it reopened (depositors who came to withdraw returned their accounts). Classified as a suspension with reopening (no actual run occurred). Reopening reported in newspapers dated 1930-03-15, reopening took place Friday (1930-03-14). Suspension began 'since last Saturday' (approx. 1930-03-08).

Events (5)

1. August 5, 1904 Chartered
Source
historical_nic
2. March 8, 1930 Suspension
Cause Details
Bank closed for several days following the accidental shooting death of the cashier, Collie Clavin.
Newspaper Excerpt
when it reopened for business after being closed since last Saturday.
Source
newspapers
3. March 14, 1930 Reopening
Newspaper Excerpt
averted a run on the First National bank in Mt. Olive, Friday when it reopened for business after being closed since last Saturday. The cashier, Collie Clavin, accidentally shot to death ... A few depositors who came to withdraw their accounts returned them after they found the bank had re-organized. Bankers ... were present to extend a vote of confidence.
Source
newspapers
4. July 28, 1930 Voluntary Liquidation
Source
historical_nic
5. August 12, 1932 Receivership
Source
historical_nic

Newspaper Articles (4)

Article from Decatur Herald, March 15, 1930

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Article Text

Run on Reopened Bank Averted by Confidence Vote (Special to The Herald) LITCHFIELD, March presence of eight bankers from neighboring towns quickly averted a run on the First National bank in Mt. Olive, Friday when it reopened for business after being closed since last Saturday. The cashier, Collie Clavin, accidentally shot to death Sunday night, was buried Thursday. Offer Support A few depositors who came to withdraw their accounts returned them after they found the bank had re-organized. Bankers from Gillespie, Benld, Staunton, Livingston and Litchfield were present to extend a vote of confidence. The bank had been examined by auditors and found to be in a solvent condition. Clavin's accounts all were straight. The re-organized bank has not selected cashier yet. The position has been offered to D. E. Aylward, Livingston banker.


Article from JG-TC: Journal Gazette and Times-Courier, March 15, 1930

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Article Text

RUN ON BANK IS AVERTED AFTER CASHIER IS KILLED Litchfield. March presence of eight bankers from neighboring institutions averted run on the First National Bank at Mount Olive yesterday when reopened for business after being closed since last Saturday. The cashier, Collie Clavin, was accidentally shot to death Sunday night. few depositors who came withdraw their accounts soon returned them after they found the bank had reorganized and other bankers present extend vote of confidence. The bank had been examined by auditors and found satisfactory.


Article from Herald and Review, March 15, 1930

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Article Text

Reopened on Bank Averted by Confidence (Special to The Herald) LITCHFIELD, March presence of eight bankers from neighboring towns quickly averted run on the First National bank in Mt. Olive, Friday when it reopened for business after being closed since last The cashier, Collie Clavin, accidentally shot to death Sunday night, was buried Thursday. Offer Support A few depositors who came to their accounts returned withdraw them after they found the bank had re-organized. Bankers from Gillespie, Benld, Staunton, and Litchfield were present to extend vote of confidence. The bank had been examined by auditors and found to in solvent condition. Clavin's accounts all were straight. The re-organized bank has not selected cashier yet. The posttion has been offered to D. E. Aylward, Livingston banker.


Article from The Tuscola Journal, March 27, 1930

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Article Text

News Brevities Illinois of killed, four were explosion the in an perhaps mine, at Valler. Valler coal Mrs. Aretta Cox. eighty nine, one of residents of the city, the oldest dead, at Danville, of paralysis, which came ten days Terrace theater, Danville's largest can show house, was held up by lone the robber, unmasked. who got $853 from the ticket seller. girl who was shot by his Lee Johnson and uncle, Otto Trickel. following an argument. is dead at Paxton. Trickel dis- ence appeared after the shooting. at Mattoon. accused of robbing the Jasper (Ind.) bank. Brooks said he tions. would fight extradition. The body of an unknown man was found floating in the Mississippi river three miles below Andalusia by two farmers. Efforts of Coroner John cal Maberry to establish identity of the have been futile. man George Rollo, seventy-five, native of Scotland, superintendent of the mines of the Penwell Coal and Minand ing company for years and prominently connected with the coal industry in Illinois, is dead at Pana. killed near Alton Two men were when their automobile struck St. can Louis-Alton interurban head-on. Joseph F. Dean, who was driving, died instantly. His companion. Oran Waggoner, died an hour later. Frank J. Fecker, born in Chicago, son of the late Col. Ernest J. Fecker and in business and fraternal circles, at Danville, has been chosen as exalted ruler of the Danville Elks at the annual election. The presence of eight bankers from neighboring institutions averted run in on the First National Bank at Mount Olive when It reopened for business after being closed for several days. The cashier, Collie Clavin, was acctdentally shot to death. Lawrence State Representative O'Brien of the Twenty-ninth district was indicted on three counts by the federal grand jury, at Chicago, for failure to make income tax returns in 1926, 1927 and 1928. The amount with penalties was fixed at $102,368. A federal court jury found Arthur Shannon. soft drink parlor operator at of sale and posWestville, not guilty session of liquor. Shannon was on trial on these charges in the District court at East St. Louis in January, reach a verdict. the failed to but jury Frank Sawyer, who died at his home in Mendota of "lack of nourishment. to had $40,000 to physicians, according in currency concealed about the place. Neighbors cleaning the shack made the discovery. Sawyer. relatives. had no known old recluse, Ernest ?owman, former Illinois Central brakeman. was found guilty of conspiracy to rob the United States mail in the United States District court, at Danville, and was sentenced to two years in Leavenworth Judge penifined $10,000 by tentiary and Walter C. Lindley. Jumping from moving C. B. train at Albia, III., to escape the custody of in attendant who was returning her to the Home of the Good Shepherd in Dubuque for violating her of Marguerite Block, parole, Keokuk, injured and taken to the Lutheran hospital in Moline. Victor Festante and Clarence BerMorris of convicted at trand were during the William Schmidt slaying Dog Inn at of the Yellow robbery 1926. Fesin November, Dwight, sentenced to seventeen years tante was for murder. Bertrand was given ten for manslaughter. years Arrested in raid on saloon, Illinois at Shelton, southern Jollet, Earl of East Delmar Craine and gangster, Louis, were fined $100 each Police court for carrying who conceuled said he Howard Lee, weapons. an East Louis bootlegger, was fined $25 for conduct. Lloyd West, Shelbyin connecindicted for perjury ville, tion with the trial of Charles C. Clark In United States District court in East pleaded guilty last January, St. Louis months in to four was sentenced by Federal county the at Danville. Judge The home of William Evans, of Brond presisuburban village dent of the the second time bombed for view, in was than two months. the steps The bomb, leadhead of at the placed wrecked the the front porch, to the every window and broke porch in bed Evans was house. two-story not Injured. and was and HarFred Nelson Leon Marion under were held at les Dalton of each on charges $10,000 bonds several pedestrians, rides to fering after and robbing then beating Six viefederal officers. posing as highway patrolmen, seven state tims, and numerous sheriffs deputy Identify were in court policemen them. assistant dean student to From months is the less than seven of Deland, Mary Trenchard ment of of the University just been has Illinois of women. assistant dean been employed who has the college last September since taken the was of Ruth place February. with them two entered the genMotor the Chicago with the