5188. Port Byron State Bank (Port Byron, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 22, 1933
Location
Port Byron, Illinois (41.606, -90.335)

Metadata

Model
gpt-5-mini
Short Digest
44dfb6ec

Response Measures

None

Description

Articles (Feb and Aug 1933) describe the Port Byron State Bank seeking depositor waivers (30% waiver) to remain solvent and referring to the bank being 'closed' and funds to be paid 'when opens.' No article describes a depositor run; instead the bank appears suspended/closed and still not open by August 1933. Classified as suspension leading to closure (no run recorded).

Events (2)

1. February 22, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvent/distressed; directors proposed depositor waiver plan (30% of deposits to be waived) to protect depositors and enable the bank to remain solvent and continue service. Bank was closed at time of meeting and sought waivers before resuming payments/operations.
Newspaper Excerpt
Sentiment favorable was apparent the meeting, and the conclusion nearly all the 350 depositors present came forward sign the waiver agreement. ... the waivers being sought today by while the bank observing the Washington birthday anniversary legal holiday. After March the bank will pay cent interest, instead of on deposits.
Source
newspapers
2. August 31, 1933 Other
Newspaper Excerpt
Cash to credit of Sunday school the Port Byron bank at time of closing Pledge to Sunday school by the Dr. class, in Port Byron bank at time of All bills of the Sunday school date are paid except an approximate amount $14.36 the missions, which included in the the bank, and which be paid when opens.
Source
newspapers

Newspaper Articles (2)

Article from The Rock Island Argus, February 22, 1933

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Article Text

SUPPORT State Bank Takes Steps to Protect Interest of Depositors in the Community. (Special to The Argus) Port Byron, III., Feb. tures of depositors were being sought by the Port Byron State bank today waiver plan designed protect the depositors and enable the bank to remain solvent and continue its service to community. The plan was proposed last night meeting the the high school, and has the following 30 per cent of all deposits to asked; depositors receive certificates payment of amount waived whenfuture recoveries and net earnings and before dividends are paid stockholders. cent discretion of directors. Remaining cent commercial accounts immediately. officials of the bank have obtained approval of the banking department the plan. Sentiment favorable was apparent the meeting, and the conclusion nearly all the 350 depositors present came forward sign the waiver agreement. The remainder the waivers being sought today by while the bank observing the Washington birthday anniversary legal holiday. After March the bank will pay cent interest, instead of on deposits.


Article from The Dispatch, August 31, 1933

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Article Text

METHODIST BOARD Average Attendance Raised; Several Recommendations Accepted. Port Aug. of Byron, of Methodist Sunday school was held in the basement of the church Tuesday evening. Fred Davis, gave general report of the work accomplished by the during Average attendance year. year was which percent of the total enrollment of the school. This of three over last year. This also above the 50 percent recommended by the church school conference. absence of Mr. Elnora Lyford, treasurer, Mr. Davis gave an approximate financial report as follows: Total amount paid for supplies, etc., for $108.33 year Christmas treats 1932 Paid for Paid for use of Fairfield gymnasium $3.00. Paid for entry fee of the Sunday school baseball team to softball league $2.00. Paid to missions Cash on hand after bills are paid Cash to credit of Sunday school the Port Byron bank at time of closing Pledge to Sunday school by the Dr. class, in Port Byron bank at time of All bills of the Sunday school date are paid except an approximate amount $14.36 the missions, which included in the the bank, and which be paid when opens. Mr. Davis commended the board for rigid in the face of decreased collections. Special programs were presented by the church school at Christmas time, on Children's day and at Easter. class, the Delta Alphas, was formed,, with Mrs. N. C. Keeley teacher and Eunice Knapp as president. members of the class then organized Sunday school choir. vote thanks extended to Mrs. Robert Wendt. superintendent the for supplies donated during the last year. following recommedations were accepted by the board members: All supplies to be purchased by secretary after and under supervision or party designated by All teachers to give complete list class and, in school, the grade to the superintendent three months beginning October All officers and teachers to be assistants and all be under of officers teachers submit report of their offices to the upon his request. Election of new to take in June, those are office July, to avoid possibility of officers pastor at the same time, beginning The officers of musical director, musical organists, and assistants, both primary adult departments, athletic director, to made pointive the superintendent or party authorized by H. Williams unaminously elected as chairman for the election, to be held Sunday.