Farmers National Bank - New Bedford, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11088
Charter Number: 11088
Start Date: September 30, 1931
Location: New Bedford, Illinois (41.513, -89.721)

Metadata

Model: gpt-5-mini
Short Digest: 1598fcef

Response Measures

None

Receivership Details

Depositor recovery rate: 97.2%
Date receivership started: 1931-10-01
Date receivership terminated: 1936-09-19
Share of assets assessed as good: 53.8%
Share of assets assessed as doubtful: 37.8%
Share of assets assessed as worthless: 8.4%

Description

Article (St. Louis Post-Dispatch, 1931-09-30) reports Farmers' National Bank of New Bedford, Ill., closed today and directors took action to protect depositors. The closure occurred in the context of runs and closures of other local/regional banks and blamed rumors; the piece gives no reopening or receivership information. Classified as a suspension with permanent closure (no evidence of reopening).

Events (3)

1. October 19, 1917 Chartered

Source: historical_nic

2. September 30, 1931 Suspension

Cause: Local Banks
Cause Details: Closure followed runs and closures at other nearby banks and general rumors; bank closed to protect depositors after regional bank failures and runs.
Newspaper Excerpt: Farmers' National Bank of New Bedford, 111., closed today President R. Spratt said directors the action for the best interof depositors and that the bank expected to satisfy all demands.
Source: newspapers

3. October 1, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. September 30, 1931 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, September 30, 1931

Click image to open full size in new tab

Article Text

ROCK H. H. Cleaveland, State Official and Head of Depository Blames founded Rumors." DAVENPORT CONCERN ACTS TO HALT RUN Requires Notice for Takes Scranton, Pa. Financial House. The Central Trust & Savings Bank. the largest bank in Rock Island ganized under the State laws, closed 10 minutes after ing for business today H. H. director Department of Public Works and Buildings, at ident. bank had capital of and deposits of and protect result Trust in notice to depositors requiring day notices for This followed the bank forced limit to Today large crowd bank filing The the largest bank in Davenport. publisher Davenport appointed head committee attempt to stabilize situation, collateral and reduction reported of State funds were on deposit. President Cleaveland of the Rock Island Bank, issued statement which he rumors caused and the demand of the depositors promptand cheerfully The bank opened usual this morning with actual cash in balances banks and addition bonds, real mortbills receivable and other substantial assets and have hoped that reasonable drawals would be made today. nection the affairs of the Trust the mind that few opening for business this ing our lobbies filled desiring to draw their In order protect of all positors bank deemed it visable close the doors. Cleaveland he had every to that the depositors be paid in full. Runs on of the other three banks later the morning and they posted 60-day notices on savings deposits. The the in all instances applauded by positors in the bank. Sept Miners' Bank & Trust Co. near closed its Deposits approximatDirectors decided to in order to protect the bank's Michael Bosak. president of the also was head of the Bosak Bank here. which closed some the Press Sept. Farmers' National Bank of New Bedford, 111., closed today President R. Spratt said directors the action for the best interof depositors and that the bank expected to satisfy all demands. Deposits $90,000. Sept. Because of reported failure to get nancial assistance from Chicago the National City Bank closed its doors today. run after the closing of the Ottawa Banking and Trust yesterday. The National City Bank capitalized for It is solvent and depositors will get 100 cents on the dollar. officers said.