Farmers National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2287
Charter Number: 2287
Start Date: June 1, 1932*
Location: Pekin, Illinois (40.568, -89.641)

Metadata

Model: gpt-5-mini
Short Digest: 5fb82ffd

Response Measures

None

Receivership Details

Depositor recovery rate: 99.3%
Date receivership started: 1932-01-26
Date receivership terminated: 1939-05-09
Share of assets assessed as good: 40.4%
Share of assets assessed as doubtful: 59.3%
Share of assets assessed as worthless: 0.3%

Description

Articles indicate the Farmers National Bank of Pekin had been closed for several months and was in receivership (receiver Ross C. Adams). The receiver was making a 46% dividend payment to depositors (Sept 15, 1932) funded by liquidated assets and an RFC loan; the bank remained in receivership in subsequent legal actions (1933 motion; 1934 Supreme Court review). No contemporaneous bank run is described in the articles. Classified as suspension_closure (suspension followed by permanent closure/receivership).

Events (7)

1. July 22, 1875 Chartered

Source: historical_nic

2. January 26, 1932 Receivership

Source: historical_nic

3. June 1, 1932* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had closed and been placed in receivership (solvency problems implied by liquidation and receiver actions); articles do not describe a rumor-driven run or a run tied to other banks.
Newspaper Excerpt: Farmers National closed for several months, bank, began payment of 46 percent dividend to depositors.
Source: newspapers

4. September 15, 1932 Receivership

Newspaper Excerpt: The dividend announcement was made by Ross C. Adams, receiver for the bank. The announcement said the bank was ready to deliver to depositors who have proved their claims... Funds used for payment of the dividend come jointly from liquidated assets of the bank and loan from the Reconstruction Finance corporation. The loan is secured by lien upon remaining assets of the bank, the receiver said. There are 2,944 claims of record on which checks were to be issued Thursday. (Pantinagraph, 1932-09-15).
Source: newspapers

5. October 7, 1932 Other

Newspaper Excerpt: The Farmers National bank of Pekin (receiver) listed among RFC loans (report of loans made public). The Farmers National bank of Pekin (receiver) five per cent (RFC loan reference).
Source: newspapers

6. March 10, 1933 Other

Newspaper Excerpt: Motion by Ross C. Adams, receiver of the Farmers National bank of this city for leave to become party defendant... the receiver then filed motion for leave to intervene and which the answer was entered on the record... the Farmers National bank, to answer bill by March 20.
Source: newspapers

7. October 22, 1934 Other

Newspaper Excerpt: Ross C. Adams, receiver of the Farmers National Bank of Pekin, granted review by the supreme court today the decision... directing him to give priority to the claim of Edwin Champion, as trustee in bankruptcy of John Fitzgerald...
Source: newspapers

Newspaper Articles (7)

1. September 15, 1932 The Pantagraph Bloomington, IL

Article from The Pantagraph, September 15, 1932

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PEKIN BANK PAYS 46 PCT. Bargain Day Proclaimed as $375,000 Is Scattered to Depositors. (Special The Pantagraph.) Farmers National closed for several months, bank, began payment of 46 percent dividend to depositors Announcement of the morning. plan to turn loose almost $375,000 of cash was made on the eve of great shoppers' bargain day planned for Thursday, officially proclaimed by Mayor R. L. Russell as "Pekin day." The dividend announcement was made by Ross C. Adams, receiver for the bank. The announcement said the bank was ready to deliver to depositors who have proved their claims government checks drawn by the comptroller of the treasury of the United States. There are 2,944 claims of record on which checks were to be issued Thursday. Funds used for payment of the dividend come jointly from liquidated assets of the bank and loan from the Reconstruction Finance corporation. The loan is secured by lien upon remaining assets of the bank, the receiver said. The checks are negotiable, it was announced, and will be accepted by merchants or will be cashed at other banks when presented. Extra precautions for policing the town during the day taken by the local authorities and was said the state police would co-operate with the city police and the sheriff's office.

2. September 16, 1932 The Fairbury Blade Fairbury, IL

Article from The Fairbury Blade, September 16, 1932

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EDUCATIONAL HEAD URGES RISE ABOVE DEPRESSION The interesting article in the September issue the Press Bulletin, published at and was written by G. Blair, state superof Illinois schools: "The of new school is always an event outstanding and interest. It touches the deepest strings of community life. Its advent heralded the return of parents and children from vacation; the consultation of parents, pupils and teachers over books supplies which will be quired by the children, and those finite made by parents for the clothing and walfare the children during school days. comes the day and the hour when the children start to school. One with little hear their shouts and calls as they move an assembling to the school throughout the nation. One almost feel the tread of the feet of these millions children from ocean to ocean they start to school on that momentous day of the school year. "Nor one shut out of this vision the view thousands of parents, they watch their children start away that first morning parents who have sacrificed more than it sible to state in figures in order that their children may have school portunities, parents whose minds and hearts are filled with large expectations to what the year's schooling do for their children. "Nor we exclude from that visthe million school officers and school who have prepared the school buildings and grounds and year's work for these assembling hosts of children. Nor miss the little greetings of recognition on the playgrounds the children each preceding the greetings by teachthe return of former pupils. any we may look it, event major importance. It stirs the whole life of the nation, other event of the year. "But in the beginning school in September, 1932, there will notable changes this picture. To sure, the loving and zeal parents for the advancement of their children will the same. The great need nation to have its children properly housed and properly structed be the same. The teachand school officers will be as eager and earnest to provide for the education welfare this vast army as "But in hundreds thousands of districts, with or depleted revenues, boards of education find impossible to provide the kind which they formerly offered. Teachers, however loyal to the great work of teaching children, will be human enough to recognize and feel the certainties of their own tenure their own income. millions of homes where under ordinary parents have looked forward with expectancy to opening of school to the their children with proper equipment for attendance, want by the fathers, the continued reduction and loss income of their parents or guardians, cannot fail to cast shadow over this otherwise joyous event. "Many serious minded, devoted parents have never before questionthe worth of the sacrifice and the value their efforts may entertain certain doubts mingled somewhat with despair over this year's prospects. that will try the faith, the year the optimism of school ficers, teachers and parents throughout the nation. "One would be wanting in vision to and common not to recognize the presence of these depressing financial forces in the outlook for the opening new school year. But one would more foolish who, recognizing them, filled with doubt and despair. The nation has passed through such come forth stronger better. Even now seem to catch the signs of the breaking better day. us hope that Illinois school officers, teachers and parents will unitedly labor to make this coming school year happy and able for the possible. Let us exalt the intellectual and spiritual qualities above material depressions and losses." Near Los Angeles hawk seized snake which consuming gopher and carried it aloft, striking hightension wire, which electrocuted all three. SHOULD VOTE FOR THE $20,000,000 BOND ISSUE When you go to the polls at the coming November make your special duty to vote for the bond The reasons why you should vote for it are these: Should the issue be voted down, the amount to make the $20,000,000 will be extended on your taxes next spring, which make them cents on the hundred dollar assessed valuation than you are now paying. Should the bond issue pass, the $20,000,000 be paid from the gas tax the counties that used the money in caring for their poor. Vote FOR the $20,000,000 bond issue in November. METHODISTS MAKE PLANS FOR ECONOMY MEASURES Springfield, Sept. economy for the Illinois conference of Methodist churches, including the of certain offices, elimination of two and other financial plans, were advocated by Bishop Ernest Waldorf, Chicago, the at opening session the 109th today. The conference convened last night with program addresses welcome by McClure, Carlinville, on behalf of Gov. Emmerson, whose illness him from being present, and by John Snig, ing Mayor John W. Knapp, absent from the Holy conducted by Bishop Waldorf; with Robert Steed, and sermon, Things That Remain,' by Sidney A. Guthrie, along with session, were features of today's mornsession of the an address will given by Dr. George pastor the First Methodist Episcopal church of Tulsa, Okla. busiprogram will be held. Waldorf combining the office of area secretary with his an estimated saving of $5,000 or $6.000, and the elimination of two of the ten districts of the conference which, he will result in "quite saving. He that churches turn over their contributions foreign missions, missions, educational and other funds once month instead of once year. This plan would save the borrowing of money from banks and result annual saving of approximately $100,000, he said. In an address at the opening the last night, Bishop dorf urged the visiting clergy and men proceed with the work of the conference speedily as possible order that final adjournment may taken unday night when the list appointments announced. The conference originally was scheduled continue through Monday. OLD STUFF. Franklin Roosevelt comes right out and blames Hoover for the depresBlaming Hoover for the depression was such old stuff months ago that wiser Democrats than Roosevelt had already decided to lay off that nonsense they found was reacting Hoover's favor. Roosevelt might have gone step further and blamed Hoover America's getting into the World war, which Democratic President did get into after being elected on promise that he was going to keep out of Roosevelt goes back through Hoover's statements conditions charges Hoover with not having warned country that crash coming. Great! And any President of the United States had ever issued such warnwhat would have happened Business would have crashed without any cushion at all to land Any President who would have made statement would have been worse than fool theatre yelling Smith would never made such tricky speech as Roosevelt made at Columbus; he would too high regard for the facts. would have enough political sense remember that the Democratic party was control of the House when needed legislation being fought through and that the biggest obstacle to coherent action the speaker, Jack Garner, now Roosevelt's running mate. Assailing the President and offernothing for sition to plan but glittering generalities not statesmanship. cheap politics. As governor of New York Roosevelt has not raised finger to have passed laws in his state now pretends to favor. Reform, colm Bingay in Detroit Free Press. James A. Hendry, 76, of St. Louis, recently celebrated his year of Sunday school attendance without single miss. The thief robbed E. Lee's hen roost in Pine Bluff, Ark., stole 50-cent pullets but dropped $10 bill on the floor. PEKIN BANK PAYS PER CENT DIVIDEND The Farmers National bank of kin closed several months, pay 46 per cent dividend to deposibeginning on Thursday morning. Announcement of the plan to turn loose almost $375,000 cash was made the eve of great shoppers' bargain planned for Thursday, officially proclaimed Mayor R. Ruseell "Pekin day.' The nouncement was made by Ross Adams, receiver for the bank. The announcement the bank was ready to deliver to depositors who have proved their claims government drawn by the comptrollthe treasury the United States. There 2,944 claims record on which checks will be issued Thursday. Funds used for payment of the dividend come jointly from liquidatassets the bank and loan from the Finance Corporation. The loan secured by upon remaining assets of the bank, the receiver said. checks are negotiable, it was announced, and accepted by merchants will be cashed at other banks when presented. Extra precautions for policing the town during the day were taken by the local auand it was said the state lice would co-operate with the city police the sheriff's office. NOT ORATORY. President Hoover no orator. He has no gift of melliffuous words, resounding periods. His speech acceptance never be recorded Golden Treasury of the world's masterpieces eloquence. But will memory those who heard it, either in his immediate audience or by radio; as great public utterance; great through no artifice known the practiced public speaker, but because of the tremondous sincerity of the man who spoke. It was in no sense the speech of politician clinging to public office bidding for easy popular favor. came from, the heart of man who realizes to the depth of his bethe tremendous task of President the United States, the awful responsibility thereof; man who has devoted the people their government his best abilities, and is confident that whatever the voters may November, he will be treated by the considered judgment of News. Robert Watson, a miner at Sonora, Calif., discovered nugget of gold worth in the gizzard chickhe was preparing for his Sunday dinner.

3. October 7, 1932 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 7, 1932

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HOUSE CLERK PUBLISHES NAMES OF BORROWERS OVER PROTEST OF CHAIRMAN BANKS ABSORB BY FAR GREATER PART LOANS Of Borrowers Illinois None Nearer Than None Particularly Large Washington, Oct. Reconstruction Finance corporation loans aggregating August, revealed today in the report of the made public by Clerk corporation the House South Trimble. Previously authorized loans were increased during August by $10,681,010. the report said, making an gregate Published Over Protest The report was made public by Trimble over protest of the finance corporation. Chairman Atlee Pomerene of the corporation on Sept. protested Trimble that publication was interfering with operation the relief project and should be stopped. law does not give me any discretion to withhold these reTrimble answered. In the summary loan operations made public today the aggreof $122,277,641 was divided follows: Classification of Borrowers Banks and trust companies, $85.including $7,773,900 to aid reorganization liquidation of closed banks. Building and loan association, Railroads, including to railroad receivers. Insurance companies, Mortgage loan companies, $2,101,720. Federal land bank, $3,000,000. Joint stock bank, $55,000,000. Agricultural credit corporations, Livestock credit corporations, $2,The number of new loans totaled and during the August period the corporation received 1,151 loan The corporation made available for relief work during August. Out of repayments the corporation allocated $10,000,000 during August to the secretary of agriculture. Illinois Loans The statement loans authorized in August included the following, to Illinois borrowers: (X's denote that no part of the loan had been disbursed up to Sept. Bloomington, American State bank, Bloomington, Liberty State bank, $40,000; the First National bank of Champaign (receiver), $400,000; Chicago, Aetna State bank, two loans, 000 and Austin State bank (two loans), $100,000 and $75,000; State bank, $75,000 and $308,000 (two loans); Halsted Street State bank $126,450; Lawndale National bank (two loans), $75,000 and $50,000; South Chicago Savings bank, Terminal National bank, $130,000; Cicero, First National bank of Cicero, $56,000; DeKalb, DeKalb Trust Savings bank, $81,000; Highland Park, Highland Park State bank LaGrange, State Trust Savings bank, $63,400; Mundelein, State bank Mundelein, $18,000; Oak Park, Avenue State bank, $230,000; Oak Park, Oak Park Trust Savings bank, $240,000; Pekin, the Farmers National bank of Pekin (receiver) five per cent, Pontine, National bank of Pontiac, Rockford, the Rockford National bank (receiver), $400,000 five per cent; West Chicago, West Chicago State bank, $75,000. Building and Loan Associations The following included among the loans to building and loan Illinois: Chicago, Jungman Building Loan Lublin Building Loan (x); Roseland Standard Building Loan Ass'n., $90,000; the Swedish Home Building Ass'n., $42,000; Trigla Building Loan Ass'n., Vytauto Building Loan Ass'n., $35,000; Cicero, West Town Building Loan Ass'n., $30,000.

4. October 7, 1932 Times Union Brooklyn, NY

Article from Times Union, October 7, 1932

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AUGUST (Continued Preceding Page) State Bank Mundelein, Oak State Trust Bank, Pekin, the Farmers National Bank of Pekin (receiver cent., Bank Rockford Rockford Bank (receiver) West State Bank, Trust The National Bank Clifton, Edgewater, Trust ComHudson County Trust $800,000; Hoboken. Hoboken Trust Company, $100,000; Paterson, The Franklin Trust of Perth The Raritan Trust Bert Amboy, Orange South Orange Trust Company, New York Larchmont Bank National Bank in $200,000; East Side Bank and $70,000: Niagara Falls, The Falls National Bank Niagara Pelham, The Pelham Na. The Salt Spring National Trust of White Indiana Joseph Valley $115,000; National Bank Trust Co. $155,000 per Citizens Bank, Logansport Loan and Trust $70,000 MichiCity The Peoples State Bank, New Albany National Bank, Princeton. American National Ro chester United Bank and Trust The St. Joseph and Trust Warsaw, Lake City Bank, Ames Trust Sav. Bank, Trust Savings Bank, $120,000 Burlington, Burlington Cedar Cedar Rapids Savings Bank Trust Clinton, City National State Savings Decorah State Des Moines, Home Savings Bank, Des Moines, National Bank Dubuque, First National of Dubuque, field, Trust Fairfield, Savings souri Valley, National Missouri Valley, State Bank, First Trust Co., SpenBank, Sumner, First National Kansas: Kansas City, the Fidelity Bank, Kentucky: Covington, the First National of $66,500; Lexington of Bank of ComLouisiana Orleans, Interstate Trust and Co., $178,Maine: Bangor, Merrill Trust Co. Portland, Fidelity Trust (repaid in The napolis Banking Trust ings Bank, $100,000: Baltimore, Bank, Baltimore, Title Guarantee Trust Co. $12,Bank and Trust Co., $339,New Jersey: Bloomfield, Young Building Loan Association Bloomfield $55,000; the Build Camden of Association High Bridge, High Bridge Building Association, Highlands, The Highlands Building The City, Your Building Jersey Bigelow Building Loan AssociaCapital Loan $29,194; Building Newark, $80,000 Ideal Building Loan the City Newark, Building of Newark Polish Building Sixteenth Ward Building & Association Newark, $80,The Building Loan Association of The Fourth Passaic, PaterWest WildWest Wildwood Building Loan York: Brooklyn, The FlatAssociation, Richmond County Building Mutual Loan

5. October 7, 1932 Times Union Brooklyn, NY

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OF AUGUST LOANS (Continued from Preceding Page) Bank, State Bank of Mundelein. Oak Park, Oak Park. Oak Park Trust & Savings Bank the Farmers National Bank of Pekin (receiver) per cent., Pontiac, Bank of Pontiac. $75,000; Rockford, the Rockford National Bank (receiver) $400,000 cent., West Chicago, West Chicago State Bank, $75,000 Cliffside Park, Cliffside Title Guarantee Trust Clifton, The Edgewater, Edgewater Trust Company, Harrison, The West Hudson Trust $300,000: Hoboken, Hoboken Trust Franklin Trust of Perth The Raritan Trust Bert Amboy, South Orange Trust Company, New York Loans New York Larchmont, The National Bank & Trust The First National Bank in Mamaro$200,000; Niagara Falls, East Side Bank loans). $70,000 Niagara The Falls National Bank Niagara Falls, The Pelham Na. tional Syracuse, The Salt Spring National Bank Plains, The Bank and of White Elkhart, St. Joseph Valley Bank, Hammond. National Bank and Trust (receiver). per Huntington, The Citizens Bank, The and Trust Michigan City, The Peoples State Bank, $20,000: New Albany, Albany National Bank, $15,000; Princeton. Peoples American National Bank of Princeton RoUnited Bank and Trust and Trust Warsaw, Lake City Bank, $25,000 Trust & Savings Bank. Trust Bank. Burlington Savings $80,000: Rapids, Cedar Rapids Bank Trust City National Bank Clinton, State Savings Bank, Decorah State Bank. Des Moines, Home Bank, Des Moines. Valley Bank. $100,000; Dubuque, First National Bank of Dubuque, $375,000; Fairfield. Iowa Loan Trust Co. $18,000: Fairfield, Savings Bank. Fort Madison, County Savings Bank, $40,000: MisNational Bank, State Savings Bank, Ottumwa. First Bank Trust SpenFarmers Trust Savings aBnk, Sumner, First National Kansas City. the Fidelity Kentucky: Covington, the First National Bank of Latonia, $66,500: Bank Lexington, Bank of ComLouisiana Orleans. InterTrust and Banking Co., $178,275.50. Maine: Bangor. Merrill Trust Co. Co. (repaid in full).

6. March 10, 1933 The Pantagraph Bloomington, IL

Article from The Pantagraph, March 10, 1933

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Motion of Bank Receiver Denied Pantagraph Central, Illinois Service. PEKIN Motion by Ross C. receiver of the Farmers National bank of this city for leave to become party defendant for special purpose removing cause to district court of the United States and limiting his appearance purpose the motion. was denied Judge Ingram in the Thursday by the relief suit of circuit in M. James against the Mrs. Clara bank. The court's ruling was accepted and the receiver then filed motion for leave intervene and court allowed and which the swer, entered on the then ceiver rule and defendant. the Farmers National bank, to answer bill by March 20. In the suit of Furst & Thomas Mrs. Ruth Batton. showing made by plaintiffs immediate execution was ordered to sheriff of Peoria county. There hearing on bill and certificate of evidence in the divorce suit of Margaret Stone vs. Albert Stone

7. October 22, 1934 Belleville Daily Advocate Belleville, IL

Article from Belleville Daily Advocate, October 22, 1934

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ROSS REVIEW BY SUPREME COURT IN BANK CASE WASHINGTON Oct. (AP) Ross C. Adams, receiver of the Farmers National Bank of Pekin granted review by the supreme court today the decision the lower federal courts directing him to give priority to the claim of Edwin Champion, as trustee bankruptcy of John Fitzgerald amounting to By court direction the bank's ceiver returned to Champion all the collateral which Fitzgerald had turned over to it to secure his indebtedness except that which had passed out of its hands, totally ing $8,870. The bank tended this amount should be treatas general claim, and refused priority. The federal court for the southern district of Illinois ruled entitled to preference, and was tained by the seventh circuit court of appeals which directed the bank receiver to give priority O'Connor. comptroller of the currency. urged the high court review case and make ruling which would guide the government all similar disputes arising the settlement of the affairs closed national