5076. Third National Bank (Mount Vernon, IL)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
5689
Charter Number
5689
Start Date
January 1, 1933
Location
Mount Vernon, Illinois (38.317, -88.903)

Metadata

Model
gpt-5-mini
Short Digest
ea64a80a

Response Measures

Full suspension, Books examined

Other: Directors closed the bank to 'protect depositors'; federal examiners called to take charge.

Receivership Details

Depositor recovery rate
82.0%
Date receivership started
1933-01-03
Share of assets assessed as good
41.1%
Share of assets assessed as doubtful
56.7%
Share of assets assessed as worthless
2.2%

Description

A heavy run (reported the prior Saturday) prompted the board to close the bank on Jan 3, 1933 to protect depositors. Articles attribute the run to erroneous reports about the closing of the Ridgely Farmers State Bank (rumor/misinformation). Multiple dispatches report examiners called to take charge but no article here documents a reopening or final receivership, so outcome is uncertain.

Events (4)

1. January 21, 1901 Chartered
Source
historical_nic
2. January 1, 1933 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals on Saturday triggered by erroneous reports circulated after the closing of the Ridgely Farmers State Bank in Springfield, with which Governor Emmerson was connected.
Measures
Directors conserved assets; decided not to stand further withdrawals.
Newspaper Excerpt
the action was taken to protect depositors following a heavy run on the bank Saturday
Source
newspapers
3. January 3, 1933 Receivership
Source
historical_nic
4. January 3, 1933 Suspension
Cause
Rumor Or Misinformation
Cause Details
Board closed the bank to protect the interests of the depositors after the heavy run caused by erroneous reports regarding another bank's closing.
Newspaper Excerpt
The Third National Bank ... was closed today by order of the board of directors. National bank examiners were called to take charge.
Source
newspapers

Newspaper Articles (16)

Article from The Edwardsville Intelligencer, January 3, 1933

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Article Text

CLOSED FOR EXAMINATION Mount Vernon, III., Jan. 3-The Third National Bank, the only bank here, was closed today by order of its board of directors. National bank examiners were called to take charge. Gov. Louis L. Emmerson is president of the bank, which was capitalized at $150,000 and had more than $2,000,000 in deposits according to Gov. Emmerson had not taken an active hand in the direction of the affairs of the bank for several years, according to E. A. Vanaid, cashier Rufus Grant, vice-presdent, was in active charge. Vanard blamed headlines in a Chicago newspapers for starting a run on the bank last week. The headlines, he said, read: "Gov. Emmerson's bank closes." The story, he said, referred to a Springfield bank in which the governor was Interested. To Select Three Grand Juries. Three grand juries will be selected by members of the County Board of Supervisors when they hold their next meeting here on January 11. One is for the February term of the Alton City Court. The others are for March terms-of the circuit couit here and the city court at Granite City.


Article from The Evening Sun, January 3, 1933

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Article Text

New York Curb Market [By the Associated Press] Illinois Bank Closes New York Eggs Chicago Butter And Eggs New York Metals medium Market higher Chicago sows good : East St. Louis High Low Close Sales in High Close High Range In Chicago Is 10 To 20 Cents Higher-Cattle Slow, Sheep Steady G&E 100% Chicago, Jan. 3 (AP) Hogs were lifted 10 to 20 cents today as receipts tapered off and buying on the second session of the year took on an active aspect. Today's run was 7,000 head fewer Mass than advance estimates, 12,000 less than last Tuesday and 29,000 smaller than Wright Harg a year ago, fairly brisk trading marked Domestic Bonds the opening. as packers who did not operate yesterday came out briskly to Ala Pow Foreign Bonds augment the 7,000 directos. Initial dealings were steady to dime higher. but prices quickly mounted to 10 and 20 cents over yesterday's prevailing Wat quotations. The top stopped at $3.20. Am The average cost of droves on the last day of 1932 was $2.80, lowest since 1878. Yesterday's trade carried the average cost to $2.83, just $1 under the average for the entire year. The December average of $3.04 was the lowest for this century Arnold Cattle were slow and weak. Moderate receipts of live muttons As were timely, as the dropping of one 38 slaughter day this week enabled packers to reduce requirements materially. Baltimore (UNION STOCK YARDS. CLAREMONT) Atlas Market Bal Riv Stocks Ex Dividend Today 10c. Southland Mount Vernon. Ill., Jan. (P)-The Third National Bank of Mount VerMiscellaneous Stocks non, of which Gov. Louis L. EmmerSales 7.00 son was president, was closed today Wire by the board of directors. It was the Air only bank in the city. Cashier E. A. Vonarb said the action was taken to protect depositors after a heavy run Saturday as result of the closing the Ridgely Farmers State Bank Springfield of which Governor Emmerson was director. Jan. Ben firm graded January storage January January Indiana Bank Closes Warsaw, Ind., Jan. (P)-The Indiana Decre State Bank and Trust Company failed to open for business today. A notice posted on the door said the bank was closed by order of the directors. W. Maish is president of the bank. which was capitalized at 000. Its last report showed deposits of $1,421,000. Lead Jos. Schloss & Son 5 East Lexington Street Interst Equit Appalachian Gas Corporation Lefcourt Real Lone Notice Declaring Louis Mavis Bott PLAN OF REORGANIZATION OPERATIVE 2.00 1 Mid Pet West Notice is hereby given that the Plan of Reorganization of Mid Mount Appalachian Gas Corporation, dated as of October 25, 1932, has been declared operative by the undersigned Committee. The response of security holders to the Plan has been most 00 gratifying. Of the $13,400,000 aggregate principal amount (approximate) of obligations of Appalachian Gas Corporation outInves standing (secured and unsecured), approximately $11,000,000 in principal amount have been deposited under or committed to Eng the Plan. Hond A further opportunity to deposit under the Plan will be given, Hud REDUCTION however, to the small minority of Debentureholders who have Min not yet deposited. provided they deposit their Debentures with Pipe On All Ready-to-Wear The New York Trust Company, 100 Broadway, New York City, Depositary, on or before the close of business, January 18. 1933. Pae 50 Letters of transmittal may be obtained from the Secretary of SUITS-TOPCOATS the Committee or your local security dealer. The Committee is desirous of terminating the expense of OVERCOATS Prentice Hall receivership at the earliest possible date. Therefore those Deben12 tureholders who have not yet deposited their Debentures are Including blues and Tuxedos. This is the urged to act promptly in this matter, so that they may not be deprived of the benefits of the Plan. only sale this season and discriminating men who have not lost their taste for quality will Int Holders of $7 Convertible Preferred Stock, "Series A," and Common Stock who have not yet filed with the Secretary, their find the selections most interesting. written assent to the Plan, may do so on or before the close of Sale prices are as low as business, January 18, 1933. Regis JOHN C. ADAMS, Chairman, $26.25 The New York Trust Company, WALTER LOGAN Depositary, CHARLES B. ROBERTS, III, 100 Broadway, New York, N. Y. JOHN STETSON, JR., Jos. Schloss & Son Walter Logan, Secretary, 120 Broadway, New York, N. Y. COMMITTEE. Five East Street January 1933 "Just Around the Corner from Charles"


Article from Belleville Daily Advocate, January 3, 1933

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Article Text

MT. VERNON BANK FAILED TO OPEN ITS DOORS TODAY Third National Bank of Mt. Vernon, of which Governor Louis L. Emmerson is president was closed today by order of the board of directors. It was the only bank in the city. Cashier E. A. Vonarb said the action was taken to protect depositors following a heavy run on the bank Saturday as result of the closing of the Ridgely Farmers State Bank of Springfield with which Gov. Emmerson was connected as one of fifteen directors. The cashier said the bank had more than a quarter of a million dollars in cash on hand this morning but that the directors to protect depositors had decided not to stand any further withdrawals. Officers of the bank blamed "erroneous reports" in connection with the closing of the Springfield bank last week as responsible for the run on the Mt. Vernon depository. The bank had total deposits of $2,279,407. and resources of $2,781,000 at the close of business Saturday It was capitalized at $150,000 and had a surplus of $145,000.


Article from The Taylorville Daily Breeze Courier, January 3, 1933

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3RD NATIONAL AT MT. VERNOI FAILS TO Gov. Emmerson's B ank Blames Erroneous Re ports for Run on That Bank. Mt. Vernon, III., Jan. The Third National Bank, the, one in the city, failed to open doors for business this morning. Governor Louis L. Emmerson president of the bank. The hank stood a hard run, Saturday, offieers reported, following the publiention of erroneous reports in connection with the closing of the Ridgely Farmers State Bank at Springfield, last week. Cashier E. A. Vonarb, stated the bank had more than a quarter of a million dollars in eash on hand, this morning, but the directors had decided not to stand any further withdrawals and to close the bank for protection of depositors. The bank had total deposits of $2,279,497.49 at the close of busi, ness Saturday. It was capitalized for $105,000 and had a surplus


Article from Modesto News-Herald, January 4, 1933

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Article Text

Bank Is Closed To Protect Depositors MT. VERNON, III., Jan Third National Bank of which president, closed to-day the board of rectors. It the only bank the Cashier E. A. Vonarb sald the action taken to protect deposafter Saturday the of the Bank Springfield which Governor Emmerson was director.


Article from Chicago Tribune, January 4, 1933

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DIRECTORS CLOSE 3D NATION'L BANK OF MOUNTVERNON Erroneous Report Blamed -Emmerson President. Mount Vernon, III., Jan. 3.-[Special.]-The Third National bank of Mount Vernon, the only one in the city, was closed today by order of the board of directors, who stated that the action was taken "to protect the interests of the depositors.' Gov. Louis L. Emmerson is president of the institution. It was said that a heavy run on the bank Saturday was caused by "erroneous re. ports circulated following the closing of the Ridgley State Farmers bank of Springfield on Friday. Gov. Emmerson was one of the fifteen directors of the Springfield bank. Conserve Bank's Assets. Cashier E. A. Vonarb of the Third National bank of Mount Vernon as. serted there was quarter of mildollars in cash in its vaults this morning. but that had been decided to conserve all assets for the benefit of all depositors. At the close of business on Saturday the Third National had deposits of $2,279,407 and resources of $2,781.000 Capital was $145,000 and surplus Declares Thirty Day Bank Holiday. Gibson City, III., Jan. 3.-[Special.] Mayor Herman C. Krudup today proclaimed a thirty day bank holiday in Gibson City. It was announced the action was taken to prevent runs on the First National bank Gibson City Last Thursday the Gibson City State bank was closed, and heavy withdrawals on the national bank followed. The bank's retirement left only three banks in Ford county. which formerly had twelve. The mayor acted after conference with bankers. M. C. Mattison, president of the First National, left for Vashington on Monday to present to the controller of the currency plan for financing the institution. Bank at Mechanicsburg Shuts. clal -The Mechanicsburg State bank failed to open for business today. The institution had deposits of $65 000 and caiptal of A. Mendenhall is president and John E. Fullenwider cashier.


Article from The Modesto Bee, January 4, 1933

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Bank Is Closed To Protect Depositors MT. VERNON, Jan Third National Bank of Vernon, which Governor Louis Emmerson was president, closed to-day the board of rectors. was the only bank the Cashier E. Vonarb said the was taken depositors after heavy run Saturday as the result of the State Bank Springfield which Governor Emmerson was director.


Article from The Kinmundy Express, January 5, 1933

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MT. VERNON BANK CLOSES The Third National Bank of Mt. Vernon, of which Governor Emmerson is President and the only bank in that city, was closed Tuesday morning by the order of the board of directors, following a heavy run on Saturday. This run was caused by the closing of the Ridgely Farmers State Bank of Springfield, of which Governor Emmerson was also a director. The State Bank of Waltonville, also located in Jefferson County, was closed Tuesday morning by the State Auditor's office. While other banks are closing their doors, our own local bank plugs right along and last week paid their usual semi-annual dividend of 4% to the stockholders. This e a k S mighty well for our bank.


Article from Effingham Daily Record, January 7, 1933

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Only Bank Closes MOUNT VERNON, Third National bank of Mount Vernon, the only one in the city, was closed today by order of the board of directors, who stated that the action was taken protect the Interests of the depositors."


Article from The Greenwood Gazette, January 11, 1933

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Mount Vernon Bank by Directors Mount Vernon. Third National Bank of Mount Vernon, the only one in the city. was closed by order of the board of directors, who stated that action was taken protect the of the depositors." Gov. Louis Emmerson is president the Institution. was said that heavy run the bank caused by "erroneous reports" circulated following the closing of the Ridgley State Farmers bank of Springfield.


Article from The New Teller, January 11, 1933

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Mount Vernon Bank Is Closed by Directors Mount Vernon, TH.-The Third Na tional Bank of Mount Vernon, the only one in the city. was closed by order of the board of directors, who stated that the action was taken "to protect the Interests of the deposi tors." Gov. Louis L. Emmerson is prest dent of the institution. It was said that a heavy run on the bank was caused by "erroneous reports' circu lated following the closing of the Ridgley State Farmers bank of Springfield.


Article from The Ashton Gazette, January 12, 1933

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Article Text

Mount Vernon Bank by Directors Mount Vernon, Third National Bank Mount Vernon, the only one the city, was closed by order of the board directors, who stated that the action was taken protect the interests of the deposiGov. Louis Emmerson is president the institution. said that heavy the bank was caused by "erroneous reports" lated following closing of the Ridgley State Farmers bank of Springfield.


Article from The Johnson News, January 12, 1933

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Mount Vernon Bank Is Closed by Directors Mount Vernon. m-The Third National Bank of Mount Vernon, the only one in the city, was closed by order of the board of directors, who stated that the action was taken "to protect the interests of the depositors." Gov. Louis L. Emmerson is president of the institution. It was said that a heavy run on the bank was caused by "erroneous reports" circulated following the closing of the Ridgley State Farmers bank of Springfield.


Article from The Plymouth News, January 12, 1933

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Mount Vernon Bank Is Closed by Directors Mount Vernon, IH.-The Third Na. tional Bank of Mount Vernon. the only one In the city, was closed by order of the board of directors, who stated that the action was taken "to protect the Interests of the depositors." Gov. Louis L. Emmerson is president of the institution. It was said that a heavy run on the bank was caused by "erroneous reports" circulated following the closing of the Ridgley State Farmers bank of Springfield.


Article from The Peru Pointer, January 13, 1933

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Mount Vernon Bank Is Closed by Directors Mount Vernon, Third Na flonal Bank of Mount Vernon, the only one in the city, was closed by order of the board of directors. who stated that action was taken "to protect the interests of the depesitors." Gov. Louis L. Emmerson is president of the Institution. It was said that a heavy run on the bank was caused by "erroneous reports" circulated following the closing of the Ridgley State Farmers bank of Springfield.


Article from The Lincoln Herald, February 3, 1933

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Mount Vernon Banl Is Closed by Directors Mount Vernon, Third National Bank of Mount Vernon, the only one in the city, was closed by order of the board of directors, who stated that the action was taken "to protect the interests of the depositors." Gov. Louis L. Emmerson is president of the institution. It was said that heavy run on the bank was caused by "erroneous reports" circu-* lated following the closing of the Ridgley State Farmers bank of Springfield.