5185. Polo State Bank (Polo, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1932*
Location
Polo, Illinois (41.986, -89.579)

Metadata

Model
gpt-5-mini
Short Digest
6d8b45b3

Response Measures

None

Description

Articles show Polo State Bank closed and placed in receivership (receiver W. T. Schell). Multiple later articles discuss receivership administration and dividends to depositors; no article describes a depositor run prior to suspension. Therefore this is a suspension leading to permanent closure/receivership.

Events (5)
1. February 1, 1932* Suspension
Cause Details
No cause of suspension stated in articles; reporting statement of condition and reference to bank as 'closed' and turned over to receiver.
Newspaper Excerpt
statement of the bank's ... last day the bank was open for business. shows that the total deposits of the bank were ... The statement issued Wednesday by Mr. Schell follows:
Source
newspapers
2. March 17, 1932 Other
Newspaper Excerpt
Schell, recently ... served at o'clock that The statement issued Wednesday by Mr. Schell follows: ... receiver for the closed Polo State bank has issued the following statement of the bank's condition at closing time on February ... has issued the following statement of the bank's condition and emergency liabilities at closing time on February ... shows that the total deposits of the bank were ... W. T. Schell. Receiver.
Source
newspapers
3. June 9, 1932 Other
Newspaper Excerpt
Those who have claims against the Polo State Bank are urged to file them once to facilitate the affairs of liquidation If you have savings account, bring your pass book. W. T. Schell. Receiver.
Source
newspapers
4. June 1, 1933 Receivership
Newspaper Excerpt
Polo State Bank. Receiver, W. T. Schell, total fees and salary to date $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00.
Source
newspapers
5. July 13, 1933 Other
Newspaper Excerpt
BANK RECEIVER TO PAY 5% DIVIDEND ... Payment of 5% dividend depositors the Polo State Bank from the regular receivfund be made cording Schell, Checks for the payment of the dividend sent Springfield last week ...
Source
newspapers

Newspaper Articles (7)
1. March 17, 1932 Tri-County Press Polo, IL
Article from Tri-County Press, March 17, 1932

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Article Text

Says That Pauper Funds Must Be Separate Attorney general Carlstrom STATE GIVES OUT given opinion the effect that should funds pauper relief separate from othfunds of the town, and his FIGURES inion that pertinent Statement of Condition support such fund exhaustAt ClosCarlstrom further ing of Business on February may adopt rules and Is Published for the conduct the super- DEPOSITS FELL OFF observed. But rules Statement of December 31 Showed pay necessaries then submit done the board for Deposits of Work audit and order necesof Settling Affairs Progresses and submit the bill for Schell, recently empowers except the ceiver for the closed Polo State bank the poor employ physicians of this city, has issued the following connection pauper relief. statement of the bank's and emergency any liabilities closing time on February sician, upon request any renders pauper the last day the bank was open for to paid for such service. business. shows that the total posits of the bank were Initiation Ceremonies To The made by the bank Be Held Tuesday by business December 31, deposits totaling $455,- Members of Corinthian Chapter The loss deposits that No. hold initiation date shown the the published below $57,551.71 The Tuesday evening. March stant which school the and general busi- tion Saturday. March 12, ness given the during both the afternoon and for the decision reached ning. Mrs. Boeke, grand by the suspend business and lecturer the Chapter, turn the bank over to the state the instructor. scramble department. served at o'clock that The statement issued Wednesday by Mr. Schell follows: No Damage Done by Small Cash and due from bank Blaze at Polo Grade School Loans and discounts Bonds Polo's volunteer fire securities company Overdrafts swered call the Polo Grade 233.99 Other estate school building early Tuesday 32,058.01 Banking house, furniture ning blaze was extinfixtures guished without any 41,010.00 Other resources equipment. believed 2,055.69 have set fire leaves in an eavespipe west side build$620,120.53 The was discovered Liabilities Capital several students the school. stock Surplus 30,000.00 Undivided profits 10,979.78 Reserve account Demand deposits Time deposits 271,940.80 WIFE, SUICIDES payable Other resources 46.88 Mrs. Marguerite Bellars Dies As $620.120.53

2. June 9, 1932 Tri-County Press Polo, IL
Article from Tri-County Press, June 9, 1932

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Article Text

Local News Notes The following people were Sunday guests in the George Dentler home: Mrs. Alfred Wallace and daughters, Nelda and Marie, and son Leland, Mr. and Mrs. George Borcherts and Bert Abbott, all of Freeport. Horace Campbell of Springfield was a visitor in the Grant B. Burman home Friday. Out of town folks in attendance at the alumni reunion included Mr. and Mrs. Clarence Heckman, missionaries from Africa. Lester Smith of DeKalb and John Hurdle of Rock Falls. Those who have claims against the Polo State Bank are urged to file them once to facilitate the affairs of liquidation If you have savings account, bring your pass book. W. T. Schell. Receiver.

3. December 29, 1932 Tri-County Press Polo, IL
Article from Tri-County Press, December 29, 1932

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Article Text

PAY DIVIDEND Totaling Taken to Springfield Auditor's Signature TUESDAY Ready for DistribuAre Sign Will Be Placed Bank's Door checks for the ten pertotaling $34,965.70 to be of the Polo State depositors at the bank ready for be on Tuesday, January Schell announced noon. There probabthe checks be ready that date and if they than be placed on the door Receiver Schell said. making out the checks them for distribution complete. They will be taken the latter part of this Receiver Schell where they signed by State Auditor Oscar Checks will be issued all that have been proven

4. June 1, 1933 The Thomson Review Thomson, IL
Article from The Thomson Review, June 1, 1933

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Article Text

Sand Burs Fos. have been Interesting figures week which light this brought to of liquidthat the procedure show to the is quite costly bank ating community; and also quite producwho have an opportive to those tunity of partaking of the same. The figures given below are taken from Saturday's issue of the Rockford Daily Journal, and give in our territory instances of banks been in receivers have where charge. State Bank. Receiver, Hanover John C. McKenzie, total fees and $750.00. Attorney to date salary Tear, Galena, receiver, Harry for fees not yet amount of attorney's decided. Leaf River State Bank Receiver, Geo. B. Banning, total fees and Attorsalary to date, D. D. Madden, for receiver, ney Rockford, amount of attorney's fees not decided. yet Lyndon First State Bank. Receiver, Glenn Craddock, total fees and salary to date $1,450.00. AtJohn A Riorfor receiver, torney dan, Morrison, total attorney's fees date, $800.00. to State Milledgeville. Shumway Bank. Receiver, W. R. Clough, total fees and salary to date, $2,554.73. Attorney for receiver, Chas. E. Stuart, Mt. Carroll, amount of attorney's fees not yet decided. Elizabeth Exchange Bank. Receiver, L. C. Lundgren, total fees and to date, $1,446.00. Attorney salary for receiver, Louis A. Nack, Galena, total attorney's fees to date $646.25. (Louis A. Nack member of the District Democratic Executive Committee, supporting Mr. Shaw's campaign). Forreston. Comm. State Bank. Receiver, H. H. Baldwin, total fees and salary to date, $350.00. Attorney for receiver. Seyster Fearer, Oregon, amount of afterney's fees not yet decided. Franklin Grove. Citizens State Bank. Receiver, U. Weyant, total fees and salary to date $3.316.07. Attorney for receiver, Geo. Dixon, Dixon, partial attorney's fees to date, $500.00. Fulton. Whiteside County State Bank. Receiver. John C. Kadyk. total fees and salary to date $6.616.48. Attorney for receiver, A. M. Blodgett, Fulton, total attorney's fees to date. $6,747.65. Morrison State Bank. Receiver, W. total fees and Chas. salary to date. $2,300.00. Attorney for receiver, W. D. Little. Morrison. total attorney's fees to date, Orangeville. State Bank of Orangeville. Receiver. Wilbur P. Cooper, total fees and salary to date. $2,672.60. Attorney for receiver. Louis H. Burreli, Freeport. amount of attorney's fees not yet decided. Polo State Bank. Receiver, W. T. total fees and salary to Schell, datefi $1,820.00. Attorney for receiver. Harry Typer. Polo. total attorney's fees to date. $732.00. Prophetstown. Citizens State Bank of Prophetstown. Receiver. Paul total fees and D. Carlson. to date, $2,100.00. for receiver. John Stager. Sterling. total attorney's fees to date. $1,180.00. Stockton. Peoples State Bank of Stockton. Receiver. Jas. C. Fesler. total fees and salary to date. for receiver. Attorney Democratic ComLouis A. Nack, of Galena,

5. July 13, 1933 Tri-County Press Polo, IL
Article from Tri-County Press, July 13, 1933

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Article Text

BANK RECEIVER TO PAY 5% DIVIDEND Payment of 5% dividend depositors the Polo State Bank from the regular receivfund be made cording Schell, Checks for the payment of the dividend sent Springfield last week be counter their rival in Polo, the signature of the local will affixed and payment the dividend started. It will total

6. July 20, 1933 Tri-County Press Polo, IL
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.

7. August 3, 1933 Tri-County Press Polo, IL
Article from Tri-County Press, August 3, 1933

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Article Text

State Bank Receiver Files 5th Quarterly Report Total Receiver Schell Polo State Bank, shown quarterly report filed and approved Ogle county circuit court Monday this week. The report. COV the period ending May shows cash balance Details the report follows: notes and total, balance last report, total accounted $20.Receiver's salary expense. $496.95; legal expense, clerk hire, $320: miscellaneous expense, paid. total expenditures, balance on hand. total accounted for. Bank for Polo List New Free Entertain ment Features for Festival Among the features tainment programs street during the coming Polo Woman's club annual Fall the committee several short by various the community, tap dancing speaker for day has been and the loud the past several years again service Among the forms will cake walk, wrestling and clowns. The the various committees will be announcin full later.