5150. Pearl City State Bank (Pearl City, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 13, 1933
Location
Pearl City, Illinois (42.265, -89.826)

Metadata

Model
gpt-5-mini
Short Digest
2ec0dc8d

Response Measures

None

Description

Articles refer to the Pearl City State Bank as 'defunct' and under a receiver (H. Altmeier/Altemeier). There is no description of a depositor run in the provided clippings. The bank was placed in receivership and went into liquidation; a dividend was later paid. Therefore this is a suspension leading to closure (receivership/liquidation). OCR spellings of receiver name vary (Altmeier / Altemeler / Althmeier); corrected to Altmeier/Altemeier where appropriate.

Events (4)
1. January 13, 1933 Suspension
Cause Details
Article states the bank is 'defunct' and in receivership but does not give a reason or trigger for the suspension/closure.
Newspaper Excerpt
Becking to have stockholders of the defunct Pearl City State bank pay to the bank receiver, H. A1temeler, amounts equal to the stock held by them at the time of the bank failure
Source
newspapers
2. August 24, 1933 Other
Newspaper Excerpt
The depositors of the Freeport Union Bank and Trust Company of which F. H. Altmeier (Pearl City Bank receiver) was cashier, have entered formal protest against receivership ... Couldn't Pearl City follow this same course? Liquidation could be worked out in time. Whatever value belongs in the bank belongs to the depositors. A receivers service means added expense and less money every day to start a new bank which the town so badly needs.
Source
newspapers
3. February 3, 1934 Other
Newspaper Excerpt
PEARL CITY STATE BANK RECEIVER ANNOUNCES PLAN ... This plan provides for means whereby loan might be obtained the Reconstruction Finance corporation ... The bank will be open between and each day the next ten days ... at which time those indebted to the bank may fill out questionnaires.
Source
newspapers
4. October 11, 1934 Receivership
Newspaper Excerpt
authorization for payment of a dividend has been received from Chicago. The dividend will be 30% ... from liquidated assets and 3% from stockholders liabilities ... It is expected that the dividend will be paid within the next thirty days.
Source
newspapers

Newspaper Articles (5)
1. January 13, 1933 Freeport Journal-Standard Freeport, IL
Article from Freeport Journal-Standard, January 13, 1933

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Article Text

STOCKHOLDERS WOULD THEM $100 EACH SHARE HELD Becking to have stockholders of the defunct Pearl City State bank pay to the bank receiver, H. A1temeler, amounts equal to the stock held by them at the time of the bank failure, an action has been filed in the circuit court the law firm Green by Wheat under the caption of M. John Mishler and Edna Neebel. The bill sets forth that, under the statutes. stockholdliable for the amount of ers held $100 par, the time the closing forth the stockholdtogether with the shares stock held by each: Albert Althoff. 10; August Althof, Charles Althof, 10; Fred Henry Althof 10; Otto Althof, H. Aurand, 60; estate of mina Dow, Frank Hurd, 50; Edward Tollemeier, 10; Lillie Tollmeier, 10. Dentist Sued for $10,000 expected charge malbe made against James Brown, local dentist, when the bill is filed in an action, the praeof which was filed in the circult court yesterday, under the caption Erma Phillips vs. James Brown. The action one of trespass on the case. The plaintiff the wife of Maurice Phillips and employed the Emmert drug store. will be alleged, according to torneys interested in the case, that the dentist in extracting tooth for the complainant broke off the molar, which cause velop and threaten Mrs. Phillips with lockjaw. will be further leged that she became quite and remained for several months result the extraction. The bill filed by the law firm of Green Wheat. Divorce Action Attorney E. Laughlin has filed bill for divorce the circuit court on behalf of Elsie Freeport, and James Fordyce. is charged.

2. August 24, 1933 The Pearl City News Pearl City, IL
Article from The Pearl City News, August 24, 1933

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Article Text

LOCAL NEWS The days are warm but the nights are cool. Quality Markers and Monuments. Geo. W. Ivey & Sons, Mt. Carroll, Ill. Wm. Liebergasells and Oscar Miches, south of town, visited the Century of Progress this week. Stockton Herald- Ella Krell and son-in-law, I. G. Machamer of Freeport attended the World's Fair Sunday. Edw. Schuler, Carl Schuler and Mrs. Winnifred Shane and children took in the Worlds Fair at Chicago last Thursday. Charles Bender f Red Oak is critically ill. Mrs. Charles Bender is sister of intes and Will Liebonstein and Miss Mary Liebenstein. Miss Lucille Koertner accompaned Miss Eloise and Charles Buss to the Certury of Progress Exposition in Chicago last Saturday and lay The last of 5 trainload of tires at close-out pri es. What's left of $3.98 4.50-21, 4.69. All sizes Gam Gerald Edler son of Mr. and Mrs H Henry Edler and LaVerle Aurand son of Mr and M. Earl Aurand of Freeport recently hitch hiked to the Worlds Fair. The boys were lucky in getting rides both ways. The Lena band gave a street con cert on the North Side last evening which was greatly enjoyed. Vocal and guitar solos were ntributing factors to a well arranged program. The 4-H Club girls sold candy, popcorn and hot dogs during the evening Mrs. Ellen Finkenbinder has had the buildings on her farm repainted, also a new lawn fence and a new porch has been built on the north side of the house. Geo. Thomas did the work It makes a fine improvement to the already attractive farm home The Fred Lott family occupy the place. Bearing in their youthful active minds that vacation days are rapidly drawing to a close, Eugene and Jun ior, sons of Mr. and Mrs. Carl Block spent last week with their uncles and aunts, Mr. and Mrs. Ed Block near Florence and Mr. and Mrs. Par ker Taft near Winslow. The continued cool evenings are causing some anxiety among VI inity farmers There have been temper atures as low as 50 de grees in mid August. Indications are for an early frost. The depositorsof the Freeport Union Bank and Trust Company of which F. H. Altmeier (Pearl City Bank receiver) was cashier, have entered formal protest against receivership. E. R. Shaw, newly elected Democratic Supreme Judge will plead in their behalf today at Springfield. Couldn't Pearl City follow this same course? Liquidation could be worked out in time. Whatever value belongs in the bank belongs to the depositors. A receivers service means addedexpense and less money every day to start 8 new bank which the town SO bad'y needs. Gue enroute to St. Louis stop ped here Saturday and part of Sunday for a short stay with Mr and Mrs. Ed Tollmeier. The auto party included Mrs. Nellie Ker h and Miss Jare Kerch of Dundee and Miss Ag nes Cartier of Chicago In company with Mr. and Mrs. Tollmeier all motored to Oregon, Illinois to have Sun day dinner with the DeLorbe family, Mrs. DeLorbe being a sister of Mrs. Tollmeier and Miss Jane Kerch.

3. November 22, 1933 Freeport Journal-Standard Freeport, IL
Article from Freeport Journal-Standard, November 22, 1933

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Article Text

COLLECT Jospeh Docer Named James Brings Action Against Chas. Bouray An action to recover filed circuit court Altemeier, receiver for Pearl City State bank, Joseph Doerr, The action was filed by the firm Green Wheat. Clarity Ellis have filed action trespass the promises title James Hyland land Charles involved in

4. February 3, 1934 Freeport Journal-Standard Freeport, IL
Article from Freeport Journal-Standard, February 3, 1934

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Article Text

PEARL CITY STATE BANK RECEIVER ANNOUNCES PLAN HASTEN Pearl City, Ill., Feb. under way hasten claims against the Pearl City State bank; according announcement made by William O'Connell, receiver. This plan provides for means whereby loan might be obtained the Reconstruction Finance corporation with notes security. All persons indebted to the bank requested at the bank fill out questionnaire which submitted to the RFC liquidation the loan to the bank, RFC will accept this plan Connell believes will be easier for the borrower. to liquidate note. the plan can be consummated will hasten the payment of. claims, was stated. The bank will be open between and each day the next ten days, except Sunday, at which time those indebted to the bank may fill out questionnaires.

5. October 11, 1934 The Pearl City News Pearl City, IL
Article from The Pearl City News, October 11, 1934

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Article Text

TO PAY BANK DIVIDEND A telephone message, this morning from J. G. Harrington, deputy receiver for the Pearl City State Bank, states that authorization for payment of a dividend has been received from Chicago. The dividend will be 30%, 27% from liquidated assets and 3% from stockholders liabilities, and will total $105,000. Claims under $2 will be paid in full. It is expected that the dividend will be paid within the next thirty days.