5257. Rosamond State Bank (Rosamond, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 7, 1930
Location
Rosamond, Illinois (39.380, -89.160)

Metadata

Model
gpt-5-mini
Short Digest
efa442b1

Response Measures

None

Description

OCR in some articles rendered the name as Rasamond; corrected to Rosamond. The Rosamond State Bank failed to open and posted a notice that it was closed for examination and readjustment. Multiple articles state the closure was triggered by the failure/ frozen assets of its correspondent, the Schuyler State Bank of Pana. No article reports Rosamond reopening, so classified as a suspension followed by permanent closure/receivership risk.

Events (1)
1. February 7, 1930 Suspension
Cause
Correspondent
Cause Details
Closed for examination/readjustment after failure/frozen assets at its correspondent (Schuyler State Bank of Pana) and regional bank distress.
Newspaper Excerpt
the Rosamond State bank of Rosamond, with a capital of $25,000, failed to open its doors this morning. Notices posted on the door of the institution said the bank was closed for examination and readjustment.
Source
newspapers

Newspaper Articles (10)
1. February 7, 1930 The Free Press Carbondale, IL
Article from The Free Press, February 7, 1930

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Article Text

$2,000,000 BANK FAILS AT PANA LATE YESTERDAY Schuyler State Bank Closes Door Due to Frozen Assets OTHER BANK IS ENDANGERED Hold Mass Meeting to Stop Run; One Other Bank Left in City (By Associated Press) PANA, III., Feb. 7-The Rasamond State bank of Rosamond, with a capi: tal of $25,000. failed to open its doors this morning. Notices posted on the door of the institution said the bank was closed for examination and readjustment. This is the second bank in this yi. cinity to close within the past 24 hours. The Schuyler State bank of Pana, with approximately $2,000,000 deposits because of frozen assets. The Schuyler bank was one of the oldest in this part of the state. The bank" was closed by order of the state auditor It was the seventh bank in Christian county to close since Oct. 11, when the Colgrove bank suspended. Last night C. B. Parrish, president of the Pana National bank, the only other bank here, presided at a mass meeting with speakers urging deposits in the Pana National and not cause a run on it. Both local banks had weathered slight runs caused by other failures in the county: The Schuyler bank was organized by H. N. Schuyler, who is 84 years old, in 1876 as a private bank with John Hayward, his son-in-law, as a partner. Schuyler bought out Hayward within a few years and took his son into the bank with him. About 25 years ago after the son's death, the Schuyler bank was organized as a state institution and took several of the old employes into the State bank. (By Associated Press) run occasioned by the failure of the Schuyler bank, 13 miles east of here the Nokomis State bank this morning closed. Although the bank had a large amount of frozen assets officials of the institutions announced they expected to pay the depositors in full. The deposits amounted to $375,000.

2. February 7, 1930 The Pantagraph Bloomington, IL
Article from The Pantagraph, February 7, 1930

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Farm Board Will Meet Monat Capital to Conday sider Grain Surplus. CORPORATION PLANNED federal farm board into Monday deal its first emerwheat for which market Other of rescuing wheat farmer failed cause the surplus the board consider of the authority by to organize grain Prompt steps to create the wheat committee the Farmers' National Grain tion meeting with Chairman Legge the board Chicago The would steady the price the grain buying up surplus and holding off the market, that could be in the market. Authority take this action rests entirely the farm board. Board to Be Given Plans. Legge expected return Friday lay the situation before the Whether board will take the measures provided congress be forecast. congressional farm leaders expect the formation of million stabilization few days. The million would come the 150 million dollars fund appropriated by congress. The corporation would involve government greater magnitude than tempted before in this country peace time. The board faces an important cision the first real of the Hoover farm program. Congress provided the groups, the grain stabilization crops and steady the with the farm Bank shutdowns Illinois FriMcKilvie Making Tour. mounted five in the day How seriously the board considwhen four institutions closed. wheat shown The first shut down the conferences Chicago Schuyler State bank Pana departure of Samuel Thursday afternoon Friday instiboard, tutions Nokomis, and Rosatrip through the wheat era. mond. both near Pana. and others facilities for wheat Milford and Cornell closed their "quite according the agriculture Export demand has dropped steadily with PLANE TAKES AID. Feb. Visible of wheat in the brought amount United States on Feb. several 168,bushels nearly 40 million here bushels more the Pana National bank. two more Wheat United States keeping demand CORNELL CLOSES. and the crop the the 570 Cornell, Ill., bank will be found about the as in 1928. story on Page Farmers Are Warned. The board warned farm added bank suspensions were repeatedly reduce their the list of those that day wheat acreage in an effort closed in this vicinity in the been reduce the supply about the six level the market. the Following on the closing The lack demand, export Schuyler State here Thurscoupled from the Auditor Oscar Nelson day, federal board that had not closed the Nokomis State bank would Nokomis, and the State higher in the has resulted here, bank Rosamond, both near decline of cents bushel for Friday. No. spring wheat in Closing Is Asked. Closing of the banks situation aggrarequest of their directors vated by the grain Their the closing of with the farm here Thursday were board's policies. They claim the buted frozen assets, to government competing with pricreased values farm lands vate business.

3. February 7, 1930 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 7, 1930

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PANA VICINITY Nokomis Institutions Close Doors After Schuyler State Suffers From Frozen Assets. Feb. Rosamond State Bank of four miles with capital stock surplus $2500 failed to its doors morning. door the institution said that the bank was closed for examination and This the second bank vicinity to close within the past hours. Schuyler State Bank Pana deposits closed yesterday because of frozen assets. Fears Dispelled Fears of heavy run on the Pana National Bank, only other bank this city dispelled this with an by President Parish that although there had been steady withdrawal about o'clock there was not any time more than 25 people line. He stated that there had been more depositors tnat hours than people withdrawing money. As precautionary measure under William McGinley are guarding the Pana National bank against demonstration. At meeting called shortly after the closing the Schuyler bank than 500 citizens Pana their confidence Schuyler State bank capital account $200,000 and surplus $30,000. deposthe time the bank closed taled The and held by the bank amounted $2,076,340. An airplane said to be from the Federal bank Chicago for the Pana tional bank here this The plane left shortly before Sheriff with heavily armed with shotguns will meet the plane and transport the money shipment to the bank.

4. February 7, 1930 Decatur Evening Herald Decatur, IL
Article from Decatur Evening Herald, February 7, 1930

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Directors Order Nokomis Bank to Close Doors the Special To The Herald NOKOMIS, Feb. Nokomis State Bank closed Friday morning half an hour after opening by order from the board of directors after deunder positors had started run on the bank. Within half hour after the bank the had opened depositors had withmore than $8,000 from the bank. The run combined with frozen closing sets and slow paper forced the dibanks rectors order the bank closed. In the bank's condi- mis statement the tion published as of Dec. 31. 1929 Schuyler the balance sheet showed Loans on before, real estate of $213,000 and real state holdings of $114,000. officials The Nokomis bank was capitalized $50,000 and had deposits of Assets of the few proximately bank listed in the statement inCash $37,000. Securities seeking cluded: Loans col- nothing Bonds on lateral $16,000, loans on real estate bank There 48 stockholders in the are Nokomis State bank. Charles H. Kerr, hardware merchant pressince ident of the bank. Victor Singler, Oltman vice president. Members of the board directors of the bank are: the of and Gue pear three preceeding officers Phillip Kennedy. William Vande- persons Redeker K. veer. Closing of the Nokomis state bank So bank the town. dent leaves only one Last July the force the Nokomis the the Nokomis National consolidated Nokomis. He Farmers State bank in however, There were no evidences the Nokomis National prospect hopped morning. BULLETIN PANA, Feb. At 1:55 Friday afternoon the plane carrying from Chicago money Federal Reserve Bank to the National bank, landed in field short distance outside limits. Sheriff D. city Dunbar with squad of deputies transferred the big money sacks the plane to the truck, and heavy guard the truck was driven to the bank where money was deposited. BY KIRCHER PANA, Feb. the Friday of two small in Rosamond and Noke. following the failure of the state bank here the day the Pana National bank was calm Friday morning and its were confident that could weather every storm. persons appeared at paying teller windows during the morning their but there was suggesting the typical run. business men went to the shortly after had and made their deposits. After makthem, they stood in the bank talking when one suggested that they had no more business they should the on street prevent depositors from being alarmed about what might to be run. When they had left there scarcely half dozen in the Plane Due Early in Afternoon certain was Parish. presiof the bank, that no run could close that he did not call federal reserve bank Chicago. received call from and was told that plane bearing thousand dollars had off for at Traveling speed of 125 miles hour. laden plane was money scheduled to arrive about 1:45. When there appeared be no possibility National bank would close its doors, Interest shifted back to the reason for the H. Schuyler State bank's closing. though Mr. Schuyler, who is 86 years old, that every depositor would receive his full deposit, there were others close to the bank's fairs who were not optimistic. One of them said that efforts had been made during the last two weeks straighten out the rangle, but the money they were able to raise did not meet Schuyler Owner Of the 2,000 shares of stock in the bank, Mr. Schuyler owner other stockholders owning from five to 30 shares. The bank's failure is paraletted by the declining years of the man who its founder and its stabilizer during its years of acto the opinion of one who has ben in the attempted organization. When Mr. Schuyler started ation of the bank he 32 years and the bank importance with him. Some money loaned in those first few never has been returned. On some of the has been more years. This bank's closing, said, not like the closing of many other Central Illinois banks during the last few years. The loaned money farm lands, and businesses with the post-war slump and recent stock market crash has do with the closing. Of the dreds of thousands of dollars owed the most of it was loan. ed 10 years before the war. Old Loan Condit Known The old loan condition was to some of Mr. Schuyler's friends and business associates, was said. but these believed trat Mr. Schuyler had money enough to tide the bank any emergency When the show. down came between bank examiners and the bank officials weeks ago, however, the true condition was made known, and was then that the futile attempt was made to keep the doors open. Just what the bank would be able to pay should be thrown Into ceivership, few guesses are (Special to The Herald) Feb. 7-C. H. nell, president of the Rosmand State bank, which failed to open its doors morning, said later in the day that the closing here was due State the closing of the N. Schuyler bank in Pana which is its respondent. Asked whether or not his bank could reopen the Pana bank mained closed, Mr. Bonnell said that that would depend on the action of the

5. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

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(Turn to Page 3. Please) The Resamond State Bank at Rosamond, III., 4 miles west of Pana with notice posted on the door of the institution said that the bank was closed for examination and readjustment. This is the second bank in this county to close within the last 24 The State Bank of homis. Schuyler Pana, with deposits of approximately $2,000,000 was closed late yesterday because of frozen assets. Bonnell is the president of the Rosamond bank. He holds 38 shares of the stock in this institution and the other principal stockholders are: W. O. Wileox, C. A. Wilcox, W Bonnell and William Grimes.

6. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

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NOKOMIS STATE BANK CLOSED THIS MORNING Closing of Pana and Rosamond Banks Causes Heavy Run On this Bank. The closing of the Schuyler State bank at Pana and the Rosamond State bank, caused an early run on the Nokomis State bank this morning that caused the officers to immediately close the doors of the bank in the interest of the depositors. amount of frozen assets, according to the state bank examiners, officials of the institution announced that they expect to pay deposit liabilities in full. Deposits in the bank amount to $375,000 while assets totalled $467,000 on January 6. Capital stock that time was listed at $50,000. Charles Kerr is president of bank and Victor Singer is the eashier. National banks at Nokomis consolidated some time and this bank ago strongest institutions in Montgomery county.

7. February 8, 1930 Joplin Globe Joplin, MO
Article from Joplin Globe, February 8, 1930

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ILLINOIS Failure of One Depository Is Followed by Two Is Staged. Pana. Feb. banks in this vicinity have closed their doors within the twentyfour hours. The Schuyler bank of Pana, with deposits more than $2,000,000, was the first to close. The Schuyler bank ordered closed late yesterday because frozen assets. The Rosamond State bank, four miles west of here, was closed this morning for investigation and readjustment, while the Nokomis State bank, thirteen miles west of Pana. was closed thirty minutes after had opened today, following heavy brought about by the closing the Schuyler bank. Crowd Rushes Tellers. large number of people gathered about the Nokomis State bank before the doors were opened today. As soon the bank opened for business, there was rush the tellers' cages withdraw deposits. Bank officials, fearing that they would not be able to meet the demands the run continued, called meeting of the board directors. The directors voted for immediate closing of the institution protect depositors. President Charles Keer instructed notify State Auditor Nelson Springfield of the board's action, and the board requested that aminers sent to take charge. Deposits of the Nokomis State bank with assets listed at The Nokomis National bank experienced slight remained open for busithroughout The Rosamond State bank listed capital stock $25,000 and of $25,000. Although there was rush to withdraw deposits from the Pana National bank during the morning, officials of the institution said there was no alarm, and before the day was over many deposits had been made.

8. February 8, 1930 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, February 8, 1930

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FIVE ILLINOIS BANKS CLOSE Farmers State Savings bank at Cornell, closed Friday, one of five similar actions in the state. A notice posted on the door said the directors had decided to close for examination because of frozen assets. The First National Bank at Milford, III., closed its doors "for the protection of depositors and oth ers. The recent resignation of F. C. Patterson. cashier, caused uneasiness among depositors and a small run on the bank Thursday To stop a run occasioned by the failure of the Schuyler bank at Pana, 13 miles each of here. the Nokomis State bank Friday morning closed its doors. The Rosamond State bank of Rosamond, with capital stock $25,000 and surplus of $2,500, failed to open Friday morning A notice posted on the door of the institution said that the bank was closed for examination and readThe Schuyler State bank of Pana, with deposits of approximately $2,000,000. closed late Thursday because of frozen assets.

9. February 8, 1930 Herald and Review Decatur, IL
Article from Herald and Review, February 8, 1930

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ARRANGE MINERS DESPITE BANK CLOSINGS Confident Depositors Fail to Make Run on Pana National PLANE BRINGS CASH PANA, Feb. nouncement Friday night that rangements had been made to meet the miners' payroll here on Feb. brought to an end what little excitement existed during the day due to the closing of the Rosamond and Nokomis State banks Friday. the Pana National bank where feared run might made during only few persons to demand their and while they drawing out funds, Pana's business men making deposits. Plane Brings Cash So certain was Parish, ident of the bank, that no could his bank closed, he did not call the Federal Reserve bank Chicago that he feared He call from however, and told that plane bearing thousand dollars had for Pana 12:10 An hour and 40 minutes later the plane roarPana, and landed in by field. Sheriff Dunbar and squad of heavily armed deputies guarded the automobile that ported the money from the plane the bank. When sibility that National bank would close its shifted back to the the H. Schuyler State bank's closing. Although Schuyler, who 86 years declared that every depositor would receive his full deposit, there others close to the bank's fairs who optimistic. One them said that efforts had been made the last weeks to straighten out the tangle, but the they able to raise did money not meet requirements. Schuyler Teaviest Owner Of the 2,000 shares stock in bank, Mr. Schuyler the owner 1,805, stockholders owning from five 30 shares. The bank's failure paralelled (Continued on Page

10. February 8, 1930 Herald and Review Decatur, IL
Article from Herald and Review, February 8, 1930

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Arrange to Pay Miners Despite Bank Closings (Continued from Page 1) the declining years of the man who was its founder and its stabilizer during its years of existence, according to the opinion of one who has ben aiding in the attempted reorganization. When Mr. Schuyler started operation of the bank he was 32 years old, and the bank grew comm'inity importance with him. Some money loaned in those first few years never has been returned. On some of it the interest has been in arrears six or years. This bank's closing, it is said. is not like the closing of many other Central Illinois banks during the last few years. The money loaned on farm lands, and on businesses that was fell with the post-war slump and the recent stock market crash has little to do with the closing. Of the hundreds of thousands of dollars owed the institution. most of it was loaned 10 15 years before the war. Old Loan Condit Known The old loan condition was known to some of Mr. Schuyler's friends and business associates, it was said. but these believed that Mr. Schuyler had money enough to tide the bank over any When the showdown came between bank examiners and the bank officials few weeks ago, however, the true condition was made known, and It was then that the futile attempt was made to keep the doors open. Just what the bank would be able to pay should it be thrown into receivership, few guesses are ventured (Special to The Herald) ROSAMOND, Feb. H. Bonnell, president of the Rosamond-State bank, which failed to open its doors Friday morning, said later in the day that the closing here was due to the closing of the H. N. Schuyler State bank in Pana which is its correspondent. Asked whether or not his bank could reopen if the Pana bank remained closed, Mr. Bonnell said that that would depend on the action of the state bank examiners.