5184. First National Bank (Polo, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
13497
Charter Number
13497
Start Date
August 1, 1931*
Location
Polo, Illinois (41.986, -89.579)

Metadata

Model
gpt-5-mini
Short Digest
36238885

Response Measures

None

Receivership Details

Depositor recovery rate
83.9%
Date receivership started
1931-08-12
Date receivership terminated
1939-10-11
Share of assets assessed as good
49.0%
Share of assets assessed as doubtful
47.7%
Share of assets assessed as worthless
3.3%

Description

The articles describe the First National Bank of Polo suspending business and entering receivership (Receiver John H. Rusch) with dividend distributions over 1932–1933. No article describes a depositor run prior to suspension. Article 3 states Second Anniversary of Closing Will Be Aug. 10 and that Aug 1933 marks two years since the bank suspended business, implying the suspension date ~1931-08-10. Article 2's reference to bank failure in February, 1932 appears to describe the ongoing failed-bank condition affecting relief work rather than a separate suspension; receiver was already in place by then. I therefore classify this as a suspension with permanent closure/receivership.

Events (6)

1. October 18, 1930 Chartered
Source
historical_nic
2. August 1, 1931* Receivership
Newspaper Excerpt
Receiver John H. Rusch To Turn Loose $51,328.90 ... Receiver Rusch has returned to the depositors bank, total of their deposits in the eight months he has been work settling affairs institution. The total amount of money returned the depositors ... Second anniversary of closing will be Aug. 10: ... Receivership report issued by Receiver John Rusch on June 30, 1933.
Source
newspapers
3. August 10, 1931 Suspension
Cause
Government Action
Cause Details
Bank suspended operations and a receiver (John H. Rusch) was appointed; closure appears to be by official action leading to receivership.
Newspaper Excerpt
August 1933 will mark the end two years since the bank suspend business.
Source
newspapers
4. August 12, 1931 Receivership
Source
historical_nic
5. January 1, 1932* Other
Newspaper Excerpt
Distribution of second dividend checks ... the initial 25% declared. Mr. Rusch ... requested the second dividend February and the checks were filled out the first week ... Receiver Rusch has returned to the depositors ... total of their deposits in the eight months he has been work settling affairs institution.
Source
newspapers
6. June 30, 1933 Other
Newspaper Excerpt
Receiver John H. Rusch Makes Quarterly Report; Has Paid Back Total of 55% ... Distribution of 5% Dividend Checks Started Monday ... August 1933 will mark the end two years since the bank suspend business.
Source
newspapers

Newspaper Articles (3)

Article from Tri-County Press, April 7, 1932

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Article Text

READY BANK Receiver John H. Rusch To Turn Loose $51,328.90 in Next Few Days; Start This Morning IS OF TOTAL Receiver Has Paid Back In Eight Months Work Here: $6446.31 Still Unclaimed Second dividend checks amounting are awaiting depositors the First National Bank according made day morning by John Rusch, ceiver. Payment of this dividend, one of will start this total will paid of being first dividend checks claims filed after January when the initial 25% declared. Mr. Rusch his announcement depositors sure bring receiver's certificate which with the first dividend check. requested the sec ond dividend February and the checks were filled out the first week Receiver Rusch has returned to the depositors bank, total of their deposits in the eight months he has been work settling affairs institution. The total amount of money returned the depositors The first dividend paid January was There remains sum deposits for which have been filed to date.


Article from Tri-County Press, May 12, 1932

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Article Text

PUBLIC PROVIDES $556.48 HELP with (Continued from Page cept one, at the library. At Thankstime appeal was made for clothing. supplies funds and receiving station was opened in rooms offered by the Masonic Board Relief. Mrs. reported fund iting about in her hands to aid in home welfare work and from the Woman's club worked hand in hand with the Relief committee in supplying milk, clothing and medical aid the needy children until the bank failure in February, 1932. All funds, except money from state employe checks, were voluntary contributions, sent in churches, fraternal societies and individuals. These gifts were generous and continuous that at no time was the committee loss for money and "drive" for funds was found necessary. The supply of clothing that at came into the receiving station was most generous and exceptional quality. Except in the line of children's shoes, stockings, waists and underwear, the amount of clothing received amply supplied the winter's needs mong the poor. Of this supply there are now on hand only two coats, and few pairs of shoes, mostly children's, which recent generous money and clothing provisions of all kinds came from business men, farms and citizens. These 80 many and varied that mention them all would too lengthy. Milk, bread, lard. bacon, butter, eggs, popcorn, potatoes and vegetables, of shoes, stockings, canned fruit and were among these nations. Even furniture, rugs, bedding and wash bollers were sent in by request and used for some needy The Presbyterian Guild made outfits apiece for five children and provided sheets and pillow cases. Early in the winter, citizens were requested refer transient cases this the police who looked after them. The city's contribution towards this charity should by rights be included in Polo's winter's efforts among the unemployed. Cooperating in all this work Mr. served. Bamborough, the supervisor, using Town poor funds, provided coal, rent, food and medical aid, in addition the money spent by the Relief committee. His report, of course, is part of the Town records. In all about 30 families were cared for, some continuously, some intermittently, unemployment dictated. among families, about 65 children. In two cases it was appeal to the courts and in instance the committee outfitted home and even provided someone care for family of six. Each family's budgeted and supervised by one of the committee and their bills sent in weekly were paid by the chairman on Mondays when all plans and reports were made the committee in session. The following is/an itemized summary of receipts and expenditures of money and paid out. Receipts City of Polo 20.00 Tourists' 5.25 Governors' unemploym't fund Ministerial Association 10.00 St. Mary's Church 15.00 Christian Church 14.50 Lutheran S. Class 1.00 Pal Club 4.75 Basketball game 87.80 Methodist Episcopal Church 30.03 War Relief Dividend checks 68.85 American Legion Auxiliary 10.00 Woman's Relief Corps 5.00 Red Cross Dividend checks 3.51 Kensington Club 5.00 Relief collection 6.90 Sixth grade, Polo school 1.13 Church 9.50 First Church 33.86 Philathea Class, Evan. Chur. 2.34 Lutheran Church 20.27 Polo. 10.00 Evangelical Church, 11.56 Individual 38.25 Contrib. from election judges 36.00 Woman's Club 4.00 Total $556.48 Expenditures Groceries from Dec. 1931 to April 25, 1932 Kump family (stove, bedding, etc.) 21.08 Wages for housekeeper 48.00 Coal 3.50 Groceries added to Christmas gift baskets 22.68 Milk (after Feb. 18.90 Underwear for children 18.53 Boys' walsts, overalls, girls' school dress 9.10 Shoes 24.30 Meal tickets from Marshall 2.00 Woman's Club, milk 4.00 Total $433.93 on hand 1931, the governor Illinois created the 'Governor Fund for Relief" by of one day's pay each month for six months from state employee, who had the tion designating where his her contribution should be sent. Buffalo Township has nine state employees and of these only four returned their contributions to their town. Credit for these gifts must given to Hale Scott, Fred Hazel Powell and Willard Atkins. In March during the bank suspension when committee needed ney, fairer proportion of the state unemployment fund demanded and then an additional $50.00 was sent this township from the general fund. In all Buffalo township received of this state money of which four checks amountwere made to the Woman's club and came to the committee thru that club. lief Dividend" checks amounting represent part unused past war fund in the defunct First National bank, the care Martin The Red Cross dividend checks from similar Red Cross deposin the same bank. In the Polo grade school during and January the milk children was ed by teachers of that school. Among children of pre-school in Old Town school, the child welfare took milk question. Afterwards


Article from Tri-County Press, July 20, 1933

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Article Text

COLLECTED Receiver John H. Rusch Makes Quarterly Report; Has Paid Back Total of 55% LOAN IS REDUCED Second Anniversary of Closing Will Be Aug. 10: Total Collections Accounted for Are Total remaining uncollected assets of the First National bank of Polo according to the issued by Receiver John Rusch on June 30, 1933. August 1933 will mark the end two years since the bank suspendbusiness. Depositors of the bank have ceived since Receiver Rusch sumed his duties several weeks after the suspension of the banking business. The third dividend paid made possible by loan of from Reconstruction Finance Corporation. total of has been repaid on this loan. The report follows: Assets Assets at of suspension value, Additional assets acquired since suspension book value, not actual) Stock assessment Total assets to be accounted Cash collected from Cash collected from additional Cash collected from stock assessTotal cash collected from assets and stock (Continued on Page 1933!" Distribution of 5% Dividend Checks Started Monday Distribution of checks for 5% dividend the regular receiver's fund of the Polo State bank started Monday morning by ReceivSchell. The total bursed This the third dividend be paid and brings total to The first dividend the one of from the regular fund and the second 5% from the stockholders' fund Bank Polo 1933!" This Federal District Now Has Referees in Bankruptcy Federal Judge Charles E. Woodward has announced the appointment additional referee bankruptcy for the northern district Illinois, western division. The of referee Attorney Carleton Welsh. Rockford. The other referthe district Attorney LouAttorney Phillip H Ward, Sterling This the first time the history federal court that the district of the three referees. Mr. Burrell has has been acting all bankruptcy cases from Stepenson. Winnebago, Boone and JoDaviess counties. Although division of the district has been no made expected from Stephenson and JoDaviess handled by Mr. Burrell the will future with Weish over Winnebago Boone cases from counties. Ward has Lee, Ogle, Carroll Whiteside counties Bank for 1933!" Albert Lyons Electrocuted Albert Lyons, 36, of Rockford and known here. electrocuted shortbefore Saturday while eninterurgaged Pecatonica. He had station the roof the building climbed to fell across the high and apparently tension wires.