5192. Citizens State Bank (Prophetstown, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 14, 1931
Location
Prophetstown, Illinois (41.671, -89.936)

Metadata

Model
gpt-5-mini
Short Digest
c1cad274

Response Measures

None

Description

The bank was closed on Dec. 14, 1931 (article 2). A receiver (Paul Carlson) was appointed and began duties by Jan 6, 1932 (article 1). No article describes a depositor run prior to suspension, and the bank remained in receivership (closure). OCR errors in articles corrected (e.g., fragmented sentences); dates inferred from text and publication dates.

Events (2)
1. December 14, 1931 Suspension
Cause Details
No cause given in the articles; report of collections/disbursements by receiver only.
Newspaper Excerpt
the Citizen's State bank Prophetstown, which was closed on Dec. 14, 1931
Source
newspapers
2. January 6, 1932 Receivership
Newspaper Excerpt
Paul Carlson, receiver for the closed Citizens' State bank ... began duties this ... John M. Stager, county lawyer, appointed as the receiver's attorney. ... The building will be opened in week or ten days, Mr. Carlson said, so that persons having valuables in deposit boxes may access to them.
Source
newspapers

Newspaper Articles (2)
1. January 6, 1932 The Dispatch Moline, IL
Article from The Dispatch, January 6, 1932

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Article Text

BANK Man to Settle Affairs of Closed Prophetstown Institution. Prophetstown, Jan. receiver of the closed Citizens' State bank of yesterday Paul of hotel there, began duties this John M. Stager, county lawyer, appointed as the receiver's torney. Mr. Carlson has been secretary republican central committee Whiteside county the last two years. He also has been member the county board of review two years. He selected Taber, cashof the closed bank, as his sistant. The building will opened in week or ten days, Mr. Carlson said, so that persons having valuables in deposit boxes may access to Depositors of the bank have pointed to act them in working with the receiver. Greene, Ralph McGrady and Zschiesche.

2. April 20, 1933 The Dispatch Moline, IL
Article from The Dispatch, April 20, 1933

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Article Text

Amount Due to Creditors Prophetstown Bank Set Prophetstown, April receipts disbursements the Citizen's State bank Prophetstown, which was closed on Dec. 14, 1931, has made by Paul Carlson, receiver for the closed bank. The report shows the resources and lists the balance due to creditors The report follows: Total colleections notes, interest, Loss in conversion of 28,214.67 Preferred claims paid Secured claims paid 42,500.00 Receiver's salary 2,400.00 Attorney fees Clerk and stenographer hire Miscellaneous Total resources (book at closing of bank) due to The listed interest give rents and as $1300.01, and balance in hands The miscellaneous inexpense cludes auditor's expense of closing the bank, the receiver's bond, taxes, insurance, interest farm loans, coal, light and incidentals. lived here with her sister, Mrs. Elizabeth Warren, for some time. Prophetstown high school track team will go Hillsdale tomorrow to participate the Two Rivers conference track meet. Schools to represented include Erie, Lyndon, Port Hillsdale and Prophetstown. Mummart track coach the local school. dual meet held in Tampico Tuesday afternoon. Johnson and Roy Moore tended for oil station tendants in Princeton Tuesday ning. Burroughs and Mrs. Luella Warner returned their home after spent the winter here with Mrs. Burroughs.