First National Bank - Paxton, IL

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2926
Charter Number: 2926
Start Date: August 25, 1893
Location: Paxton, Illinois (40.460, -88.095)

Metadata

Model: gpt-5-mini
Short Digest: 20524b59

Response Measures

Accommodated withdrawals

Description

The First National briefly closed its doors by order of the board of directors on Aug 25, 1893 but reopened after a directors' meeting and business resumed with deposits. The action appears to be a very short-lived precaution/response to the Ford County Bank's assignment (distress of a local bank), not a formal suspension or failure.

Events (3)

1. April 14, 1883 Chartered

Source: historical_nic

2. August 25, 1893 Run

Cause: Local Banks
Cause Details: Closure/withdrawal pressure triggered by the assignment/failure of the nearby Ford County Bank (local bank distress).
Measures: Board of directors held an immediate meeting, reopened the bank and encouraged deposits; resumed normal business.
Newspaper Excerpt: The First National also closed its doors by order of the board of directors. The doors only remained closed a few minutes for consultation. They were then reopened and business resumed. Deposits are being now freely made.
Source: newspapers

3. October 23, 1933 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (5)

1. August 26, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, August 26, 1893

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Article Text

trouble over the Seymours' bank culminated to-day in the arrest of Assistant Cashier John Maxiner on a charge of taking money collected on depositors' claims. Maxiner gave bonds. A warrant has also been issued for the arrest of Cashier W. L. Seymour. but has not been served. Maxiner is a member of the city Board of Aldermen and of the Board of Supervisors. PAXTON, 111., Aug. 25. - The Ford County Bank failed this morning. Assets, $154,000; liabilities, $100,000. The First National also closed its doors by order of the board of directors. The doors only remained closed a few minutes for consultation. They were then reopened and business resumed. Deposits are being now freely made. Los ANGELES, Aug. 25. - Receiver Brodtbeck of the defunct City Bank and his attorney handed in their resignations to Judge Shaw this morning, but the Judge would not receive them. The Judge highly eulogized the receiver and said that because of his truthful statement of the bank's condition the depositors were dissatisfied. Application was made by the Clearing-house to have $31,000 in securities now in possession of the receiver given to the Clearing-house as security for the deposit of County Treasurer J. de Barth Shorb. The matter was continued.

2. August 26, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 26, 1893

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Article Text

ASSIGNMENT OF AN ILLINOIS BANK. THREE WESTERN INSTITUTIONS RESUME BUSINESS AFTER SUSPENSION. Paxton, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment was the failure to realize on notes and other paper due. The securities are said to be ample, and with proper management the assignees hope to realize sufficient money to meet all liabilities. Owing to the suspension of the Ford County Bank, the First National Bank closed its doors for a few, minutes only to hold a meeting of its Board of Directors and citizens, who determined that it should instantly resume business. The bank is now open as usual. People deposited freely to-day. Milwaukee, Aug. 25.-A dispatch from River Falls, Wis., says: The Bank of River Falls, which suspended one week ago, resumed business yesterday. San Bernardino, Cal., Aug. 25.-The Farmers' Exchange Bank reopened yesterday. Washington, Aug. 25.-The First National Bank of the Dalles, Ore., suspended payment on July 31. Having complied with the conditions imposed by the Controller of the Currency, and its capital stock being unimpaired, it was to-day permitted to reopen its doors to business.

3. August 26, 1893 The Sun New York, NY

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Article Text

Banking Troubles. PAXTON. III.. Aug. 25.-The Ford County Bank. with liabilities of $99,500 and assets of $154,000. assigned this morning to J. H. Moffet and C. H. Yeomans. The First National Bank also closed its doors by order of its Board of Directors. but reopened them after a meeting of the directors. NEW ORLEANS, Aug. 25.-The New Orleans Clearing House decided yesterday to issue Clearing House certificates for small sums to persons having money on deposit. payable to themselves or beforer in sums of $5. $10. $20, or more.

4. August 30, 1893 Watertown Republican Watertown, WI

Article from Watertown Republican, August 30, 1893

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Article Text

Two Illinois Banks Fail. PAXTON, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and J. H. Yeomans. The First National Bank has also closed its doors by order of the board of directors.

5. September 2, 1893 The L'anse Sentinel L'anse, MI

Article from The L'anse Sentinel, September 2, 1893

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Article Text

PAXTON BANKS CLOSED. Ford County Bank Assigns and the First National Suspends. PAXTON, Ill., Aug. 26.-The Ford county bank, with liabilities of $99,500 and assets of $154,000. assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment is the failure to realize on notes and other paper due. The securities are said to be ample and with proper management the assignees hope to realize sufficient to meet all liabil ties. The First national bank has also closed its doors by order of its board of directors.