Paxton State Bank - Paxton, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: *
Location: Paxton, Illinois (40.460, -88.095)

Metadata

Model: gpt-5-mini
Short Digest: edbb5ce2

Response Measures

None

Description

Article (Paxton Record 1933-11-09) states Paxton State Bank 'which closed more than year' and was 'in the hands of ... receiver' and later another receiver placed in charge. No mention of a depositor run; bank was closed and in receivership — treated as suspension leading to closure/receivership. OCR errors corrected for readability.

Events (2)

1. * Receivership

Newspaper Excerpt: Mr. Frederick served in this capacity until ... was succeeded by ... Mr. Ralph Connell ... in charge of the bank as receiver, and Mr. Frank Drendel ... as his assistant.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Bank had closed and a receiver was appointed (failure placed in receivership).
Newspaper Excerpt: The Paxton State Bank, which closed more than year was in the hands of ... receiver.
Source: newspapers

Newspaper Articles (1)

1. November 9, 1933 The Paxton Record Paxton, IL

Article from The Paxton Record, November 9, 1933

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Article Text

SUFFERS from instance an electric cord one suspended along the rafter. and thense under board that nailed the floor. was point that the fire started and the firemen have every that these wires became believe uninsulated from the vibration floor people walked over The building heated automachine, but this had only matic operation between been o'clock on Saturday and Experts examined morning. machine found that the and that would be ready tact soon the motor, for operation water soaked, could be which dried out. The Paxton State Bank, which closed more than year was in the hands of Sherman placed Frederick receiver. Mr. Fredserved in this capacity until when he became Presirecently, of the New First National dent Bank. Mr. Frederick was ceeded by who placed Mr. Ralph receiver, Connell, of Atlanta, III., charge of the bank as receiver, and Mr. Frank Drendel, Kempton, as his assistant. The Daily Record was informtoday by Connell that the loss to the bank building adequately covered by insurance that will be rebuilt and excellent condition placed During the fire on Saturagain. the books of the Ford day night Abstract Co. were removCounty from Judge McQuiston's offices, which occupy the second floor the bank building, the Middlecoff Hotel. Later they returned to the vault in the offices. Mr. Abstract Company's Connell moved his offices of the of the Abstract suite and will be Company's until the bank buildthere ing has been repaired and rebuilt. would be very hard to termine the amount damage resulted from this fire, and that the Daily Record will make to estimate the loss. attempt damage to the bank sides the the heating plant and great amount of the fixtures, from smoke was done damage of the George Harseh the Furniture Store. The offices and in both the living apartments bank and the Paxton Sugar Bowl building were also damaged smoke. During the past several years Market street has been threatened on by Each time the Paxton Fire fire. Department has, by rendering ficient service, succeeded in stopthese blazes before they ping to nearby structures. Some spread the outstanding examples the efficiency of the Paxton be cited the Department may which destroyed the conflagration Papineau building ket the that threatened street; the Middlecoff Hotel; destroy and the blaze that occurred in the Commandery building which after had burned extinguished from the basement to the way roof. The manner in which the fire the Paxton Bank was stopped par with the good work done the Middlecoff that Hotel. Both buildings appeared doomed destruction and both times the Paxton Fire Department rose to the by livering the punch fore was late. Of late Department experienced much difficulty traveling the scene of fires account the motor traffic that almost soon the alarm sounded. number of stances, automobiles have been parked such numbers in vinity where the fires have located that the second truck has had difficulty reaching the Members the Department have complained largely account of the danger man lives. Warnings have been given, but have had but effect. From this time forth the police order will be and motorists who the same block In which fires located will given ticket them to appear the Future Farmers America their annual election ficers Monday evening, Although been official meeting the opening under the leadership Bidner, who has taken over the of Scott. After the National meeting opening procedure carried out, the business of the evening was taken up. This consisted chiefly of the election local officers. The boys chosen by the members were the following: Prsident Teasdale Vice Nelson Reporter Swanson Secretary Delbert Karr Treasurer Schofield These boys have honor by their previous the organization and should helped by everyone in this community, since this honor one more step toward winning the 3rd and 4th degree in the national organization. These degrees are the highest any member may and only the "cream of the get there. After the new officers were electhey took their respective places continue the meeting. Mr. Bidner announced that were planning to have basketball team this year and that would play other teams section five. The future of the team bright the present since many good players are taking agriculture this year. Those. present were: Delbert Karr, Ronald Frette, Delmar GurVernon Swanson, Eugene Whitman, Norman Nelson, William Schneider, Milton Schofield, Donald Ryan, Ernest Nelson, Kenneth Jones, Clarence Nuss, Albert Adell, Stanley Bloomstrand, Emil Sandstedt, Donald Lewis, and Bidner, adviser. GURLEY, Reporter.