Preemption State Bank - Preemption, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 1, 1931*
Location: Preemption, Illinois (41.313, -90.585)

Metadata

Model: gpt-5-mini
Short Digest: 64b88261

Response Measures

None

Description

Article reports the Preemption State Bank was closed by order of its board in December 1931 and a receiver (Simpson of Matherville) named; suit filed Jan 1932 to confirm receiver and liquidate the bank. OCR errors in the article (missing numbers) corrected where obvious. No mention of a depositor run; the bank was closed and placed in receivership/liquidation.

Events (2)

1. December 1, 1931* Receivership

Newspaper Excerpt: Mr. Simpson was named receiv[er] on Dec. and the suit asks that he [be] allowed compromise debts ... suit asking the enforcement ... was filed recently by Attorney Prentiss (filed Jan 1932).
Source: newspapers

2. December 1, 1931* Suspension

Cause: Voluntary Liquidation
Cause Details: Bank was closed by order of the board of directors in December 1931; subsequent suit seeks dissolution and liquidation of assets.
Newspaper Excerpt: The bank closed by order of the board of directors on Dec. 1931.
Source: newspapers

Newspaper Articles (1)

1. January 14, 1932 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, January 14, 1932

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Article Text

Sues to Confirm Bank Receiver suit asking the mation of the appointment of Simpson of Matherville as celved of the closed Preemption State bank, the dissolution of the banking corporation and the liquidation of all assets, was filed Mercer county circuit court Thursday by Stanton Prentiss on behalf Oscar Nelson, state Oscar attorgeneral and David Kadyk, assistant attorney general. According to bill of particulars filed the was incorporated May 1920 and capitalThe bank closed by order of the board of directors on Dec. 1931. Mr. Simpson was named receivon Dec. and the suit asks that he allowed compromise debts owed to the bank subject the approval of the court. When the bank was closed sources were listed amounting was listed demand deposits of $16,and time deposits of S79,Suit asking the enforcement hundred per cent liability against the of the institution was filed recently by Attorney Prentiss.