National City Bank - Ottawa, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1465
Charter Number: 1465
Start Date: September 30, 1931
Location: Ottawa, Illinois (41.346, -88.843)

Metadata

Model: gpt-5-mini
Short Digest: 44b5a913

Response Measures

None

Receivership Details

Depositor recovery rate: 63.0%
Date receivership started: 1931-10-06
OCC cause of failure: Economic conditions
Share of assets assessed as good: 25.9%
Share of assets assessed as doubtful: 60.8%
Share of assets assessed as worthless: 13.3%

Description

Articles report National City Bank of Ottawa failed to open on Sept. 30, 1931 (closure initiated by its board), later had a receiver appointed (early 1932) and dividends paid to depositors in 1932 — consistent with a suspension that became permanent and receivership. No run on the bank is described in the articles; directors closed the bank to protect assets and because of inability to obtain ready cash.

Events (5)

1. July 18, 1865 Chartered

Source: historical_nic

2. September 30, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Board-initiated closure because bank failed to open and lacked ready cash to meet obligations; action taken to protect assets (solvency/cash shortage).
Newspaper Excerpt: National City bank of Ottawa failed to open Wednesday. It was the second Ottawa bank to close in two days ... Both actions were initiated by their boards of directors. The National City bank had deposits of ...
Source: newspapers

3. October 6, 1931 Receivership

Source: historical_nic

4. February 15, 1932 Receivership

Newspaper Excerpt: Urban Tracey ... named receiver ... for the National City Bank, Ottawa, was also receiver for the two Mendota banks. ... Tracey went into charge ... the affairs ... assigned a receiver, ... National City Bank, Ottawa, was named receiver.
Source: newspapers

5. September 28, 1932 Other

Newspaper Excerpt: Fifty Per Cent of Claims Against Defunct ... dividends were the first paid the two closed ... Urban Tracey, for the National City Bank Ottawa, was also receiver ... large dividends were paid ... much sooner than had been ... loan was obtained from the Finance Corporation ... first dividends paid today.
Source: newspapers

Newspaper Articles (4)

1. September 30, 1931 Des Moines Tribune Des Moines, IA

Article from Des Moines Tribune, September 30, 1931

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Article Text

STATE SURVEY BEGINS FRIDAY Conservation Project Office to Be Opened. Work on the survey of the state with view of establishing a long time conservation program will begin Friday when representative of Jacob of Chicago, will set up an office here. Ralph Kittinger. secretary of the state of conservation. made the announcement, said the first payment made by the state on Crane's which signed this week by members of the board and the fish and game commission. Crane's bid for the survey which he expects will take approximately two years to plete, was OLYPHANT. PA., BANK CLOSED SCRANTON, PA The Miners Savings Bank and Trust co. at Olyphant, near here, closed Wednesday. The deposits approximated three million dollars. Directors decided to close in order to protect the bank's assets. 2ND OTTAWA BANK CLOSED. ILL. National City bank of Ottawa failed to open Wednesday. It was the second Ottawa bank to close in two days, the Ottawa Banking and Trust co. having closed Tuesday Both actions were initiated by their boards of directors. The Na tional City bank had deposits of 1,17 on June 30.

2. September 30, 1931 Waukegan News-Sun Waukegan, IL

Article from Waukegan News-Sun, September 30, 1931

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Article Text

BRIGHT SPOTS IN BUSINESS BRIGHT SPOTS IN BUSINESS United Press NEW YORK, Sept. tal life insurance force increased during the first half 1931, according the Life Insurance Presidents Glidden company has been showing steady increase sales the past three months, Adrian Joce, president of the said. shortage of merchandise in the industry predicted by president of the Clothing Association: shipments for August than 10 per cent greater than for August, 1930 NEW Avenue Railsystem reported the two months ended August surplus $42,897. against loss the corresponding period of 1930. Mountain sugar factories opened this week have provided 100 days' work for 38,500 men to the 100,000 regularly employed, United Press survey revealed. for construction work than $1,000,000 have been placed with the Austin company during the weeks, company officials Air Conditioning, Heating frigerating company had 33 per cent orders hand the close the third quarter than on June 30, according to company officials. NEW States Pipe & Foundry company contract tons of 36 inch pipe for Lincoln, Neb. CLOSE SERENA BANK SERENA, Ill., Sept. (INS)The failure the Serena State bank here today marked the third La Salle county bank that has closed its doors within the last two days. Both of the others were at Ottawa, the Ottawa Banking and Trust company closing yesterday and the National City Bank leaving its doors closed today. latter in solvent condition, to officers, but closed inability to get ready cash to meet Serena Bank capital stock of TREASURY BALANCE WASHINGTON, Sept. The treasury net balance Sept. Expenditures for that day $11,314,822.71. Cusfor month through Sept. 28 were 33,349,385.73. COTTON Sept. futures

3. February 15, 1932 The Times Streator, IL

Article from The Times, February 15, 1932

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Article Text

Name As Receiver Mendota Banks has been Urban October serving since National City Bank, of the been named receiver Bank and the the Mendota National Bank Mendota, First three weeks were this Tracey went national bank ing check been charge they closed. the banks time between banks National City Bank Ottawa, affairs all three tling the His appointstitutions one by the ment currency,

4. September 28, 1932 The Times Streator, IL

Article from The Times, September 28, 1932

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Article Text

OF BANK GET DIVIDEND Fifty Per Cent of Claims Against Defunct Long lines jubilant depositors front the closed Na. tional First banks dend totalling per payment proven on the and per cent on the First Na. tional. The dividends were the first paid the two closed last the time that third the went into hands receiver. Urban Tracey, for the National City Bank Ottawa, was also receiver for the two Mendota banks. Through the cooperation of the people Mendota the bank receivassistants the ler of currency Washington the large dividends were paid much sooner than had been ed. loan was obtained from the Finance Corporation, financed increased the amounts the first dividends paid today. Efforts being made in Mendota to reorganize closed Merchants State bank, for which Vincent Ream of Peru ceiver, and which no dividends Several months after the three closed bank, known the National Bank Mendota, opened through the cooperation the people the town than will subcash in stantial effect the town and rounding