5191. Home State Bank (Princeville, IL)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
April 25, 1929
Location
Princeville, Illinois (40.930, -89.758)

Metadata

Model
gpt-5-mini
Short Digest
19d82d3a

Response Measures

Full suspension

Other: Bank closed by State Auditor at suggestion of board to protect depositors after heavy withdrawals triggered by rumors and directors' investments.

Description

Articles (Apr 25 and May 10, 1929) report rumors about the Auten brothers' private affairs and heavy land investments triggered withdrawals (a run), and the board, at suggestion of State Auditor Oscar Nelson, closed the bank. Newspapers express hope it will reopen but no reopening is reported in these articles, so outcome is unclear.

Events (2)
1. April 25, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors about private affairs of the Auten brothers (officers/directors) and their heavy land investments prompted depositors to withdraw funds.
Measures
Directors closed the bank to protect depositors; closure was effected by State Auditor at suggestion of board.
Newspaper Excerpt
rumors started run the bank causing directors act close the bank
Source
newspapers
2. April 25, 1929 Suspension
Cause
Rumor Or Misinformation
Cause Details
Board, responding to heavy withdrawals caused by rumors about the Auten brothers, closed the bank at the suggestion of the State Auditor; articles state none of the Auten affairs are connected with the bank and hope expressed for reopening soon.
Newspaper Excerpt
State Auditor Oscar Nelson this morning closed the Home State bank this city
Source
newspapers

Newspaper Articles (2)
1. April 25, 1929 The Daily Chronicle De Kalb, IL
Article from The Daily Chronicle, April 25, 1929

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Article Text

State Bank At Princeville Closed Today State Auditor Oscar Nelson this morning closed the Home State bank this city The bank was established in Peter Auten president, Cox president and Edward Auten. cashier. The Auten brothers' private affairs rumors started run the bank causing directors act close the bank protect denied the Auten private financial troubles effectthe bank any way and made that will probably reopen in few days.

2. May 10, 1929 Bureau County Tribune Princeton, IL
Article from Bureau County Tribune, May 10, 1929

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Article Text

Princeville Bank Closed Last Week The Home State Bank at Princeville closed last Thursday by State Auditor Oscar Nelson. at the suggestion of the Board of Directors of the bank. Rumors the Auten Bros. two of whom are offic ers and directors of the bank. President and Cashier brought about the closing Heavy investments in land by the Autens is said to have brought about the trouble and depositors. fearing that the bank would be connected. started withdrawal funds. It was this that made the Directors decide to close the bank is said that none of the Auten fairs are connected with the bank. and for that reason hope is expressed that the bank will again open its doors soon.