First National Bank - Moweaqua, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7739
Charter Number: 7739
Start Date: May 27, 1928
Location: Moweaqua, Illinois (39.625, -89.019)

Metadata

Model: gpt-5-mini
Short Digest: 0ef2b8fd

Response Measures

None

Receivership Details

Depositor recovery rate: 63.3%
Date receivership started: 1928-05-23
Date receivership terminated: 1932-02-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 44.7%
Share of assets assessed as doubtful: 21.8%
Share of assets assessed as worthless: 33.4%

Description

Newspaper articles (May 27, 1928) report the national bank examiner acting as receiver for the First National Bank of Moweaqua and disclosures that the president, E. Humphrey, was short about $25,000 of school funds. This indicates bank failure and receivership rather than a depositor run. OCR errors in articles corrected (e.g., 'First tional bank' => 'First National Bank'; 'French, national examiner' => 'May French, national bank examiner').

Events (4)

1. May 13, 1905 Chartered

Source: historical_nic

2. May 23, 1928 Receivership

Source: historical_nic

3. May 27, 1928 Receivership

Newspaper Excerpt: May French, national bank examiner, who has been acting in the capacity of receiver for the First National bank of Moweaqua, will not hold the office permanently...who the permanent receiver to be is not learned.Disclosures made Saturday ... E. Humphrey ... being short about $25,000 school funds, ... proceeds from the cattle ... amounted to only $13,800 ... leaving balance far short of enough to cover the deficiency. The real estate mortgage was filed in the Macon county recorder's office Saturday covering indebtedness of Humphrey to Hudson, trustee, for $4,000. The mortgage lien ... indicates that it is given as collateral security for liability upon bond. (Decatur Herald, 1928-05-27.) NST Unixified long OCR block truncated in snippet for brevity.
Source: newspapers

4. May 27, 1928 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President E. Humphrey reportedly short about $25,000 of school funds; asset realizations insufficient to cover liabilities, prompting examiner to act as receiver.
Newspaper Excerpt: May French, national bank examiner, who has been acting in the capacity of receiver for the First National bank of Moweaqua ... Disclosures made Saturday point E. Humphrey, young president of the bank, as being short about $25,000 school funds
Source: newspapers

Newspaper Articles (5)

1. May 27, 1928 Decatur Herald Decatur, IL

Article from Decatur Herald, May 27, 1928

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Article Text

SPECULATE BANK RECEIVER National Examiner Only Filling Position Temporarily May French, national bank examiner, who has been acting in the capacity of receiver for the First tional bank of Moweaqua, will not hold the office permanently, was nounced Saturday afternoon. who the permanent receiver to not learned. Disclosures made Saturday point E. Humphrey. young president the bank, as being short about $25,000 school funds, and is understood cattle hogs owned him were marketed that the could be made up. The ency ceeds from the cattle, however, amounted to only $13,800, and there mortgage them of little more than $7,000 leaving balance far short of enough to cover the real estate mortgage was filed the Macon county of covering indebtedness Hudson, trustee, for The mortgage lien upon part of quarter section land in section town and five lots in block upon 36 of the Railroad addition to the village of Macon notation upon the mortgage indicates that given collateral security for lia bility upon bond.

2. May 27, 1928 Decatur Herald Decatur, IL

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Article Text

SPECULATE BANK RECEIVER National Examiner Only Filling Position Temporarily May French, national bank examiner, who has been acting in the capacity of receiver for the First tional bank of Moweaqua, will not hold the office permanently. nounced Saturday afternoon. who the permanent receiver to not learned. Disclosures made Saturday point E. Humphrey. young president the bank, as being short about $25,000 school funds, and is understood cattle hogs owned him were marketed that the could be made up. The ency ceeds from the cattle, however, amounted to only $13,800, and there mortgage them of little more than $7,000 leaving balance far short of enough to cover the real estate mortgage was filed the Macon county of covering indebtedness Hudson, trustee, for The mortgage lien upon part of quarter section land in section town and five lots in block upon 36 of the Railroad addition to the village of Macon A notation upon the mortgage indicates that given collateral security for lia bility upon bond.

3. May 27, 1928 Decatur Evening Herald Decatur, IL

Article from Decatur Evening Herald, May 27, 1928

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Article Text

SPECULATE BANK RECEIVER FillNational Examiner Only Position Temporarily MOWEAQUA, May bank examiner, French, national been acting in the capacwho has the First Naity receiver for will not tional bank of Moweaqua, was anhold the office permanently, afternoon. But Saturday is to who the permanent not learned. made Saturday point E. Humphrey, young president short about the bank, being school funds, and $25,000 cattle and hogs owned derstood marketed that the deficihim were could be made up. The ency the cattle, however, ceeds from $13,800, and there amounted only them of little was mortgage on leaving balance more than $7,000 fai short of enough to cover the f.ciency. estate was filed real mortgage recorder's of the Macon county fice Saturday covering indebtedness Hudson, of Humphiey trustee, for $4,000. The quarter section lien upon part of land in section town 11, range and five lots in block east; upon Railroad addition to the 36 of the village of Macon notation upon the mortgage indicates that It given as collateral security for lia bility upon bond.

4. May 27, 1928 Herald and Review Decatur, IL

Article from Herald and Review, May 27, 1928

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Article Text

SPECULATE RECEIVER BANK FillExaminer Only National Position Temporing arily May bank examiner, French, national in the capacwho been acting the First Nafor ity of will not bank of Moweaqua, tional hold the office permanently, was afternoon. But nounced Saturday receiver is to be who the permanent was learned. made Saturday point Disclosures Humphrey, young president being short about the bank, as $25,000 in school funds, and uncattle and hogs owned derstood marketed that the deficihim were could be made up. The ency ceeds from the cattle, however, to only $13,800, and there amounted them of little mortgage than $7,000. leaving balance short of enough to cover the far ficiency. real estate mortgage was filed in the Macon county recorder's fice Saturday covering indebtedness Humphrey to Hudson, trustee, for $4,000. The mortgage lien upon part of quarter section of land section town and upon five lots in block 36 of Railroad addition the village of Macon. notation upon the indicates that given security for lia bility upon bond.

5. November 5, 1929 The Daily Courier Taylorville, IL

Article from The Daily Courier, November 5, 1929

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Article Text

DEPOSITORS RECEIVE THEIR INTEREST Moweaqua, Nov. for the defunct Allsup, First National bank of Moweaqua, and several others, including the Citizens National bank of Shelbyville, yesterday announced here that Thursday of this week on would distribute about $2,000 he to depositors of the Shelbyville stitution, representing interest their deposits from the time of the Feb. 18, 1928, to the date distribution of the dividends of covering the total deposits. Money for Stockholders Mr. Allsup paid three dividends to depositors, two of 25 per cent and of 50 cent. In each one per to these and the interest addition cent he has considerper able of money derived from sum the assets to distribute to the stockholders, and also the bank building itself, which at the time cost $17,000, and of its erection the O. N. East elevator at Milwhich will be turned into mine, benefit of the stockcash for the holders. meeting of the stockholdAt Saturday. they elected Mr. Allliquidating agent for the stockholders. subject to the anof the of the proval comptroller currency.