Rochelle Trust & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: April 1, 1933*
Location: Rochelle, Illinois (41.924, -89.069)

Metadata

Model: gpt-5-mini
Short Digest: 3fc99271

Response Measures

None

Description

Articles (Apr 1933–Jul 1934) indicate Rochelle Trust & Savings Bank had closed, a receiver (Mougin) was handling dividends and payments to depositors were authorized. No article describes a depositor run; the bank remained closed and in receivership, so classify as suspension leading to closure. Exact suspension/closing date not given in the clips; receiver is mentioned by Apr 19, 1933.

Events (4)

1. April 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in receivership; receiver Mougin managing dividends to depositors.
Newspaper Excerpt: the Rochelle Trust Savings bank through Receiver Mougin ... dividend to creditors last week
Source: newspapers

2. April 19, 1933 Receivership

Newspaper Excerpt: the Rochelle Trust Savings bank through Receiver Mougin ... dividend to creditors last week amounting Lofborn, receiver of the closed People's Loan Trust Co bank announces that depositors ... may expect percent dividend on before May
Source: newspapers

3. June 1, 1934 Other

Newspaper Excerpt: Edward Barrett, state auditor, announces that he has authorized payments depositors' claims against three closed banks ... the Rochelle Trust and Savings bank ... The largest of the payments which amounts to $36,245.71, at the Rochelle Trust and Savings bank.
Source: newspapers

4. July 5, 1934 Other

Newspaper Excerpt: Decision ... granting approximately $16,000 in preferred claims against the closed Rochelle Trust and Savings bank ... has been upheld the Appellate court ... The court also upheld Judge Emerson's ruling ... that no other fund but the actual cash on hand in the Rochelle bank when closed should be used to pay the preferred claims.
Source: newspapers

Newspaper Articles (4)

1. April 19, 1933 Dixon Evening Telegraph Dixon, IL

Article from Dixon Evening Telegraph, April 19, 1933

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Article Text

ROCHELLE By Arthur Guest Grieve Walker on the grand jury and William M Carpenter of Rochelle and Thomas Creston on the petit jury of the federal court Freeport Monday Business changes noted Rochelle the past few days include Ernest Colwill of Rockford and formerly of Creston. has opened up grocery store in the building on the south side Faley has opened the Argonne Cafe at 411 1-2 Cherry ave- D. Coddington has opened shoe store on Lincoln highway one door south of the Harms grocery having moved his stock from the building on Fourth avenue Steve Dee former Sycamore mortician. has opened funeral parlor and undertaking establishment Lewis Palmer location on Lincoln highway According report now in circulation. the Company receipt large order and may recall former shop within next The company said to have bids several more and looking forward to an upturn business their The Rochelle Trust Savings bank through Receiver Mougin cent dividend creditors last week amounting Lofborn. receiver of the closed People's Loan Trust Co bank announces that depositors of institution may expect percent dividend on before May The dividend will represent distribution of At annual meeting of the Arts club officers elected for the ensuing year Mrs H Allen president: Miss Anna Breyman, recording secretary: Mrs. corresponding secretary and Mrs. Elmer Scharf, of thanks given Mrs. twelve years of efficient service in office. summer program and trip to the Grand Detour art colony planned and final instructions given the working the Arts and Crafts held the Bain building April 21 Each day new enrollments coming in for the Sixth Annual Spelling Bee, sponsored by the Rochelle Business and Professional Men's Association. to be held in the high school here, Friday evening, April 22nd Present indications are than seats will be served and that the auditorium not seat all those desiring to hear the contest The glee clubs of the Rochelle high school present the opercompoby Don Wilson in the high

2. July 19, 1933 The True Republican Sycamore, IL

Article from The True Republican, July 19, 1933

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Article Text

of This County and Nearby Vicinity plenty of cement available, With being rushed on the widenof the highway, bridge and Route through Duwork on east of Geneva. the county end the highway job where old pavement was entirely two lanes have been moved. to the point where the completed connect with the old road can road leading to Gary Mill. ported that this pavement was ened to traffic on Saturday. Carl Nelson, teacher of manual coach of the athletic training of Geneva Communorganizations High school. left the Flour City last Tuesday to drive to where he visit his family for weeks. He will return about the middle of August and attend the ccaching school Northwestern university for two weeks. Fifteen minutes he started work last Saturday morning in on the timber near his home, 10 miles southwest of Galena, Cecil Ware was killed when he was struck by falling limb. He and his John, had chopped down two trees and sought safety under tall tree nearby while the trees were falling. dead limb not much larger than baseball bat, broke loose 40 feet above them and struck Cecil on the head, penetrating his skull. Forreston, Ill., long famous for its annual sauer kraut day. expects to entertain thousands at the pickled cabbage banquet to be held Thursday, September 14. Martin Smith, 74. was standing in line at an Illinois Emergency lief station in Chicago waiting for his daily allotment of oatmeal from charity. Around the corner nearby speeding auto careened. Close behind was second car. The first loaded with bandits, the second with police. Bullets were flying between them. One of the shots struck Smith in the head, killing him. both the state legislature With adjourned its and Congress filling of both state expected the offices with and federal appointive will be in order and Democrats now will be made in that many changes future. In fact the the near have begun. A. M. placements Stockton in Daviess county, has been Jo by as acting placed Smith has been chairpostmaster. of the county central commitman for and also served as years state committeeman. Healey been appointed at Cherry Valhas succeeding Mrs. Fred Davis. ley Lawrence Luby expected to be named to succeed Postmaster thur Johnson Rockford. An Aurora department store replied thus to the quesmanager tion. "How do spend you extra hour under daylight saving?" in the column the titled. "Street Comment": spend reading and playing golf, both of which are worth while things to Swimmers and divers in the Fox Valley area have been asked to take in giant water carnival to part be staged at the Community swimming pool. Exposition Park. North Aurora. the afternoon of Sunday, July 23. The Lee Miller farm of 154 acres near Fairdale. which was sold at auction Saturday, brought $73 an acre. was strictly cash deal. Mr. and Mrs. Raymond Rapp of Chicago were the purchasers. Mr. Rapp an accountant. An effort being made to take advantage of the plan announced by the farm credit administration. refinancing and taking over farm mortgages held by closed and stricted banks to gain another dividend the depositors of the closed Rochelle Trust Savings Bank. Receiver Mougin gave out most cheerful message to the Rochelle News recently in regard to the new dividend.

3. June 1, 1934 Leaf River Mirror Leaf River, IL

Article from Leaf River Mirror, June 1, 1934

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AGAINST THREE BANKS AUTHORIZED BY SECRETARY OF STATE Edward Barrett, state auditor, announces that he has authorized payments depositors' claims against three closed banks in Ogle county totaling more than The three banks, each of which has been authorized per cent are The Peoples Loan Trust at Rocompany, chelle, the Rochelle Trust and Savings bank, and the Monroe Center State bank. The largest of the payments which amounts to $36,245.71, at the Rochelle Trust and Savings bank. This brings the total amount paid to per cent, 24 per has been paid this bank previously. The dividend at the People's Loan and Trust of Rochelle, company, amounts bringing the total to 25 cent. At the Monroe per Center State bank dividend amounts to bringing the total paid at that bank also to 25 These payments, Mr. Barrett said, be paid out. to the depositors about June 8th. William the receiver for all three of the banks, and McDonald is the receiver. Mr. Barrett also announced that another bank in this territory, the Farmers State bank of Pecatonica, Winnebago county, will pay dividend, amouunting to bringing the total dividends bank to cent. per dend at Pecatonica was paid about May 26th. Mr. O'Connell also of bank and the deputy

4. July 5, 1934 Forreston Journal Forreston, IL

Article from Forreston Journal, July 5, 1934

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Article Text

APPELLATE COURT SUSTAINS EMERSON'S BANK DECISION Decision of former Circuit Judge William Emerson granting approximately $16,000 in preferred claims against the closed Rochelle Trust and Savings bank rendered year ago, has been upheld the Appellate court of the second district at Ottawa, according to word received by Attorney Robert Bracken, Dixon, counsel for the bank The funds involve money loaned the bank through the purchase of leged misrepresented notes and also represent the claims of five plaintiffs against the bank. The court, however, held that all preferred claims must be paid from the $16,384.87 cash on hand in the bank at the time it closed, and should other preferred claims be lowed on the same grounds, the ferred claims will have to be prorat- Although the claims involved in the suit are the only ones filed to date, reported that approximatein other claims eligible preferment on the same grounds have not been filed. If these claims are allowed the payments will then have to be prorated, the Appellate court held. The court also upheld Judge Emerson's ruling that which the Rochelle bank had on deposit in the Continental Illinois National Bank and Trust company of Chicaand which was held by the bank for money owed it by the Rochelle bank, did not represent cash hand in the Rochelle bank claimed by attorneys for the claimants, and that no other fund but the actual cash on hand in the chelle bank when closed should be used to pay the preferred claims. The original suit was brought Hadassa Cleverstone, who sought about $8,000 preferred claim, four others, the Mrs. Amelia Einerich estate, Emma Curran, Miss Ruth Blackman and Mrs. Bertha Osse. Claims the latter four represented the other $8,000 sought It testified at the hearing fore Judge Emerson then that the claimants notes from the funct Rochelle bank with the under'that they were secured try, mortgages real estate.