5254. Security National Bank (Rockford, IL)

View Charter #11731 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11731
Charter Number
11731
Start Date
June 15, 1931
Location
Rockford, Illinois (42.271, -89.094)

Metadata

Model
gpt-5-mini
Short Digest
cbda8692

Response Measures

Full suspension, Books examined

Other: Receivership assigned; later litigation to collect stockholder assessments and criminal charges for embezzlement in related mortgage subsidiary.

Receivership Details

Depositor recovery rate
55.0%
Date receivership started
1931-06-18
Date receivership terminated
1941-02-21
Share of assets assessed as good
30.1%
Share of assets assessed as doubtful
52.8%
Share of assets assessed as worthless
17.1%

Description

Multiple contemporaneous articles (June 15–19, 1931) report heavy withdrawals and that Security National closed its doors pending bank examiners because of 'frozen' assets; later items (Dec 1931, May 1932) refer to the bank being in receivership and criminal investigations into a subsidiary, confirming the bank did not resume normal independent operations. Classification: run -> suspension -> permanent closure/receivership. OCR errors in some articles corrected (e.g., 'frosen' -> 'frozen').

Events (5)
1. May 28, 1920 Chartered
Source
historical_nic
2. June 15, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals and 'frozen assets' and deteriorating condition of the bank prompted depositors to withdraw funds.
Measures
Bank closed its doors pending examination by bank examiners; suspension of payments arranged.
Newspaper Excerpt
Three banks with combined deposits of almost $6,000,000 closed their doors here today ... The institutions were the Manufacturers National, the Security National and the Peoples State.
Source
newspapers
3. June 15, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Management closed the bank because of frozen assets and to await investigation by bank examiners following heavy withdrawals.
Newspaper Excerpt
Three banks with combined deposits of $6,000,000 closed their doors here ... the Security National ... decided that their condition [was] such, due [to] frozen assets, that it was advisable to close their doors until bank examiners could investigate their condition.
Source
newspapers
4. June 18, 1931 Receivership
Source
historical_nic
5. September 1, 1931* Receivership
Newspaper Excerpt
since June 1931, has been in receivership. The assessment was ordered ... under date of September 1931 by order of the comptroller of the currency of the United States. Declaration has been filed ... by Ferdinand Ringeon, receiver the Security National Bank of Rockford ... . (Dec 25, 1931 article referencing receiver activity.)
Source
newspapers

Newspaper Articles (10)
1. June 15, 1931 Times Herald Washington, DC
Article from Times Herald, June 15, 1931

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Article Text

3 BANKS CLOSE MID-WEST ROCKFORD, III., June 15 (I. N.S.).-Three banks with combined deposits of almost $6,000. 000 closed their doors here today on the heels of a jubilee celebration designed to mark the return of prosperity. The institutions were the Man ufacturers National. the Security National and the Peoples State Rockford has five other banks. all nationals. INDIANAPOLIS Ind. June 15 (I.N.S. .-Closing of the Amer ican Trust Company $5,370. 000 institution at South Bend. Ind.. because of frozen assets. was announced here today by Luther D. Symons. State bank commissioner PONTIAC Mich. June 15 (I.N.S.) The Pontiac Commer cial and Savings Bank. with listed assets of $16,000,000. failed to open its doors here today A heavy run on the bank is believed to have caused the action Officials declared that $2,300,000 in cash had been withdrawn during the past five days.

2. June 15, 1931 The Washington Times Washington, DC
Article from The Washington Times, June 15, 1931

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Article Text

3 BANKS CLOSE IN MID-WEST ROCKFORD, Ill., June 15 (I. S.).-Three banks with combined deposits of almost $6,000, 000 closed their doors here today on the heels of a jubilee celebration designed to mark the return of prosperity. The institutions were the Man ufacturers National. the Security National. and the Peoples State. Rockford has five other banks, all nationals. INDIANAPOLIS, Ind., June 15 (IN.S.).-Closing of the Amer ican Trust Company, a $5,370,000 institution at South Bend, Ind. because of frozen assets, was announced here today by Luther D. Symons, State bank commissioner. PONTIAC, Mich.. June 15 (I.N.S.) . - -The Pontiac Commercial and Savings Bank. with listed assets of $16,000,000. failed to open its doors here tory y. A heavy run on the bank is believed to have caused the action. Officials declared that $2,300,000 in cash had been withdrawn during the past five days.

3. June 15, 1931 Telegraph-Forum Bucyrus, OH
Article from Telegraph-Forum, June 15, 1931

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Article Text

Three Rockford Illinois Banks Close Doors Today ROCKFORD Ill., June 15-Three banks with combined deposits of $6,000,000 closed their doors here most the heels of celetoday on of prosperity The institutions were the manufacturers National the Security National and the Peoples State Rockford has five other banks, all nationals INDIANAPOLIS Ind June Closing of the American Trust company, $5,370 institution at South Bend, Indiana. because of frozen sets, was announced here today by Luther D. state bank com-

4. June 15, 1931 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, June 15, 1931

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Article Text

3 ROCKFORD BANKS CLOSE DOORS TODAY Three banks with combined deposits almost closed their doors here today the heels of jubilee celebration designed to mark the turn prosperity. The institutions were the manufacturers National. the Security tional and the Peoples State. Rockford has five other banks, all tionals. INDIANAPOLIS, Ind., June of the American Trust company, $5,370,000 institution, at South Bend, Indiana, because frozen assets, was announced here today by Luther Symons, state bank commissioner. PONTIAC. Mich. June Pontiac Commercial Savings bank. with listed assets of $16,000,000 failed to open its doors here today. heavy run on the bank believed to have caused the Officials declared that $2,300,000 cash had been withdrawn from the bank during the past five days.

5. June 16, 1931 The Daily Sentinel-Tribune Bowling Green, OH
Article from The Daily Sentinel-Tribune, June 16, 1931

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Article Text

Five More Banks Close Their Doors III., June 16. Three banks with combined of almost closed doors here yesterday the heels jubilee celebration designed mark the return of prosperity. The institutions were the Manufacturers the Security National the Peoples Rockford has five other banks, PONTIAC. June 16. The Commercial and ings with listed assets failed to its doors open here yesterday. heavy run the bank was lieved to have caused the action.

6. June 19, 1931 Leaf River Mirror Leaf River, IL
Article from Leaf River Mirror, June 19, 1931

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Article Text

BANK SUSPENSIONS PUT ON JUBILEE WEEK Rockford celebrating Jubilee Week in effort to stimulate busian well to entertain those who attracted to the city by the bargains offered. This celebration started on Monday morning. during the week end, officials Rockford banks, the Manufacturers National and the Security National, decided that their condition such. due frosen that advisable to close their was until bank examiners could investigate their condition. This taken Monday morning the result that runs of less serious nature started the remaining banks of the city The People's Bank Trust also closed its doors during the morning when the seriousness the became evident. All other able to weather the were storm due the receipt of large of from Chicago. conditions diverted the generattention largely from the jubilee that day. By Tuesday condition bettered and the drain bank greatly lessened, and the has been carried arranged Today will devoted largely Veterans of Foreign Wars campment, with giant military On Saturday morning there will be dog and parade, air circus the and the evening the city, of the Jubilee Queen and crowning dancing. The Ogle county board of review began work Monday. The board this composed of Supervisor year Hoffman of Forreston chairand Supervisors Frank Woosung and Charles of Scott as members. County Clerk Sidney Hess officiates clerk of the board. Regulation of commercial trucks will strange people buses to length, weight, width visited Leaf River in the and height. Passed by House and weeks when they look north first reading in Senate. cannot the old sand hill Driver's license bill. Passed called. When one looks north Senate and in House committee. see the road in now Authorizing transfer of surplus the Bolen hill. The words, from stae gasoline tax fund to the hill making change rapidly. state funds experiencing deficits. Alex the County Anderson, Passed by Senate and second in town Commissioner, was reading in House. Licensing chain stores. Passed Rev. and Mrs. Harrison by House and on first reading for Camp Emerson Thursday Senate. attendance the United Brethren Semi annual of property meeting. There will Camp taxes. Passed by Senate and services for the remaining preaching third reading House.

7. December 25, 1931 Leaf River Mirror Leaf River, IL
Article from Leaf River Mirror, December 25, 1931

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Article Text

OGLE MAN DEFENDANT IN BANK RECEIVER ACTION declaration has been filed fedcourt Freeport by Ferdinand Ringeon, receiver the Security National Bank of Rockford, against Guy Stacy, of Ogle county, asking that the plaintiff be awarded the $3,000 which alleged the fendant unduly retains. The suit compel the defendant his pay individual liability stockholder owning twenty shares stock the Security National bank, which since June 1931, has been in ceivership. The assessment was dered and requisition made the upon stockholders under date of September 1931 by order of the comptroller of of the United currency States. Judgment asked the sum of $2,016.66, representing the defendant's share of individual liability, plus accrued interest and including December 1931.

8. May 9, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, May 9, 1932

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Article Text

ROCKFORD, ILL., BANKER ADMITS ROCKFORD III Truman president of the IIlinois and time of the guilty today of from the Security First Mortgage company of which he president Johnson also was president of the closed Security was indicted with Evans Anderson secretary treasurer of the mortgage company charges embezzling $112,983 of concern's funds investigation which followed the suspension. the subsidiary of the Security National

9. May 9, 1932 Wisconsin State Journal Madison, WI
Article from Wisconsin State Journal, May 9, 1932

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Article Text

Former Rockford Banker Admit Taking $20,000 ROCKFORD. III. (U.P.) Truman Johnson, former president of the Illinois Bankers and time head of the State John Ericeson Republican league, pleaded guilty today in circuit court 153 to embezzlement of $20,000 from the Security First Mortgage pany, which he was president Johnson, president of the closed National bank, indicted with Evans A Anderson, of the mortgage company, on charges of embezzling $112,983 of the concern's funds, of investigation which followed the bank's suspension. They operated the mortgage firm as subsidiary of the Security National.

10. May 12, 1932 Waukesha Freeman Waukesha, WI
Article from Waukesha Freeman, May 12, 1932

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Article Text

PLEADS GUILTY TO EMBEZZLING CHARGE JohnROCKFORD. of the Illinformer president Bankers' association and one head the State John Ericstime League, pleaded Republican today in circuit court from the bezzlement Security Mortgage company. which was president the closed Security National indicted Evans Anderson, treasurer company on charges embezzling $112,983 of the cern' funds, of which followed the bank's gation They operated the suspension. firm subsidiary Security formerly Winwas clerk and 1928 nebago county for the republican nomination for state will sentenced Judge Arthur completion of AnderFisher upon latter pleaded not and chosen jury day to hear the case.