First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 441
Charter Number: 441
Start Date: February 24, 1883
Location: Peru, Illinois (41.328, -89.129)

Metadata

Model: gpt-5-mini
Short Digest: 04bec859

Response Measures

None

Description

The bank ceased operations when its 20-year charter expired (Feb 24, 1883) and it went into liquidation. Contemporary reports call it a suspension and note deposits were received up until closing, but articles state the closing was due to charter expiration/misapprehension of the law rather than insolvency or a depositor run. Assets reported sufficient to meet liabilities.

Events (3)

1. May 26, 1864 Chartered

Source: historical_nic

2. February 24, 1883 Suspension

Cause: Voluntary Liquidation
Cause Details: Charter expired (20-year term ended Feb. 24, 1883) and no new charter was obtained due to a misapprehension of the law; bank went into liquidation despite being able to meet liabilities.
Newspaper Excerpt: The First National Bank of Peru ceased to do business as a bank last Saturday, its charter having expired and no new charter having been secured Consequently it goes into liquidation.
Source: newspapers

3. February 24, 1883 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (4)

1. February 27, 1883 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, February 27, 1883

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Article Text

injured, and there is little hope of their recovery, Railroad Accident. DUBUQUE (Ia), February 26th.-A car of the accommodation train on the Milwaukee and St. Paul road was thrown from the track near Worthington to day by a broken rail. Saveral of the passengers jumped, and two were killed-Robert Mercer, of Stone City, and another named Maguire, of Worthington. The Newhall House Disaster-Iadictment for Arson. MILWAUKEE, February 26th.-The Grand Jury in the Newhall House case agreed this afternoon on a true bill against Schiller, former lessee of the bar room in the hotel, indicting him for arson. The indictment contains three counts. Boiler Explosion- - Two Men Killed. CHICAGO, February 26th.-The boiler of an engine on the Northwestern road exploded at Harvard Junction, III., to-day. killing two men, whose names are not learned. Did Not Long Remain Behind. NEW YORK, February 26th -The widow of ex-Governor Marshall Jev.ell died suddenly this afternoon, of heart disease. A Good Place for an Arizona "Necktie Party." LA SALLE (III.), February 26th.-The First National Bank of Peru, Ill., closed its doors to-day. Deposits were received to within helf an hour of closing. Reduced Circumstances. MILWAUKEE, February 26th.-Among the inmates of the National Military Asylum is Robert Viccent, once High Sheriff of Cork, Ireland, and a prominent soldier in the days of O'Connell. The Death Watch. NEW York, February 26th.-At 6 o'clock this morning the death watch over Michael McGlern and Pasquale Majone will be begun. The Sheriff will then assume charge of the condemned men, and keep watch over them until their execution takes place. Four Deputy Sheriffs will be assigned to maintain the watch. Thermometrical. CHICAGO, February 26th.-Highest temperature to day, 22°; lowest, 14°.

2. February 28, 1883 New-York Tribune New York, NY

Article from New-York Tribune, February 28, 1883

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Article Text

TROUBLES OF BUSINESS MEN. PERU, III., Feb. 27.-The-suspension of the First Nationa Bank is announced. The bank had a paidup capital of $100,000, and cia med a surplus of $20,000. T. D. Brewster was the president, and Robert Sutherland cashier. The New-York correspondent was the National Bank of Commerce. UNION CITY, Penn., Feb. 27.-The assets of the 801pended First National Bank of Union Mills are $248,000. and there is due to depositors $164,000. CHICAGO, Feb. 27.-Paul D. Hayward, successor to Clark, Hayward & Co, wholesale paper merchants, has made an assignment. The business was started last October to distribute the product of seven paper mills in which the Clarks were interested. Mr. Hayward was interested in the Marseilles Paper Company, which recentry failed. CORPUS CHRISTI, Tex., Feb. 27.-M. Lichtenstein, drygoods merchant, has made an assignment. The liabiliLies are $50,000. SPRINGFIELD, III., Feb. 27.-A. H. Fisher, jeweler, has mare ao assignment. His liabilities are stated to be $70,000, a large part of which 18 due in ew-York City. Tue assets are valued at $40,000. PORTSMOUTH, N. H., Feb. 27.-Joseph Q. A. Rolles, of o siper, an extensive number dealer and notel proprietor, Has railed. His liabilities are reported to amount to from $40,000 to $50,000.

3. March 3, 1883 The Ottawa Free Trader Ottawa, IL

Article from The Ottawa Free Trader, March 3, 1883

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Article Text

THE PERU BANK. 0 The First National Bank of Peru ceased to do business as a bank last Saturday, its charter having expired and no new char. ter having been secured Consequently it goes into liquidation. the bank is abundantly able to meet all its liabilities, so that nobody will be the loser on account of its winding up. Meantime, the La Salle Na. tional Bank has opened an office in Peru and will attend to whatever little banking business the outlying hamlet of Peru may have occasion for. The bank had been in existence twenty years. with T. D. Brewster, president, and R. V. Sutherland, cashier, both gentlemen of the highest integrity, In regard to current rumors touching the solvency of the bank, it is sufficient to say that an investigation into its condition by proper parties since Saturday shows its financial affairs quite satisfactory to all in terested. The closing was due to a misapprehension of the banking laws, the officers of this bank, like those of several others throughout the country, thinking their charter ran for twenty years from its date, which would have extended it to May, whereas it expired in twenty years from the passage of the law, or Feb. 24. A knowledge of the true condition came to them too late to perfect a reorganiza tion. Hence the necessity to close Off the date named, last Saturday. On the 21st, three days prior,'a statement was rendered to the comptroller, which in substance gave these facts: Liabilities to depositors, $104,000, which covered about all its debts outside the capital stock. Its assets were: Bills receivable, upon first-class security, (exclusive of the DeSteiger judgment of $40,000) $125,000; cash items on hand, $30,000; real estate at a low valuation, $20,000. or a total of $175,000. Of the DeSteiger matter at least one-fourth is secured by responsible parties, and the whole by a first lien upon the works at La Salle which cost over $140,000. Through some apparent informalities, which have since been explained to the department, an extension of the old chatter was refused. It will now be necessary to settie up the affairs of the old bank before any steps can be taken to institute a new one, and this will consume about three months, as some of the bills receivable run ninety days.

4. March 5, 1883 Savannah Morning News Savannah, GA

Article from Savannah Morning News, March 5, 1883

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Article Text

BRADSTREET'S BUDGET. Southern Failures During the Past Week. There were 260 failures in the United States reported to Bradstreet's during the past week, 56 more than the preceding week, 108 more than the corresponding week of 1882, and 126 more than the same week of 1881. There were 55 reported from the Southern States, an increase of 19. The greatest number was reported from the West. The important failures included Humphrey & Co., leather, and Wiley, Wickes & Wing, importers of fruit, New York city; Fox & Co., glass manufacturers, Durhamville, N. Y.: The First National Bank of Union Mills, Pa.: The First National Bank of Peru, III.; Lucius Clark & Co., paper manufacturers, South Bend, Ind.: George H. Taylor & Co., and Paul D. Hayward, wholesale paper, Chicago. The following were reported from local territory: GEORGIA. Atlanta-E. Brewer, grocer, has assigned. Augusta-John J. Gallagher, shoes, has assigned. Liabilities $7,500; assets, stock $6,000; accounts $3,000; preferences $4,500. Gainesville-T. C. Gower, carriage maker, has compromised at 50 cents. Thomson-Paschal & O'Neal, general store, have assigned. Liabilities $9,000; nominal assets $18,000; preferences $1,000. SOUTH CAROLINA. Branchville-L. - Pearstein, general store, has assigned. Camden-W. F. Perkins, general store, has been closed by the Sheriff on mortgages in favor of S. B. Latham. Ninety-six-T. T. Beacham (agent), grocer, etc., offer to compromise at 25 cents. Williamston-Hart & Maher, general store, are reported to have assigned.