Bank of Shawneetown - Shawneetown, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 23, 1845
Location: Shawneetown, Illinois (37.713, -88.187)

Metadata

Model: gpt-5-mini
Short Digest: 77b99b9b

Response Measures

None

Description

Article (NY Herald 1845-04-24) reports that the Board of Directors of the Bank of Illinois at Shawneetown resolved to accept a recent act of the state Legislature placing the bank's affairs in the hands of assignees with four years to wind up — a statutory winding-up/receivership ordered under legislative action. No run or depositor panic is mentioned. I corrected the bank name from the user-provided 'Bank of Shawneetown' to the article's 'Bank of Illinois, at Shawneetown.'

Events (2)

1. April 23, 1845 Receivership

Newspaper Excerpt: the assignees have four years in which to wind up the bank, and the debtors have that time to make payments by securing their debts, by paying 25 percent annually.
Source: newspapers

2. April 23, 1845 Suspension

Cause: Government Action
Cause Details: State legislature passed an act placing the bank's affairs in the hands of assignees to wind up operations over four years.
Newspaper Excerpt: At a late meeting of the Board of Directors of the Bank of Illinois, at Shawneetown, it was resolved to accept of the late act of the Legislature, putting the affairs of this institution into the hands of assignees.
Source: newspapers

Newspaper Articles (1)

1. April 24, 1845 The New York Herald New York, NY

Article from The New York Herald, April 24, 1845

Click image to open full size in new tab

Article Text

MONEY MARKET. Wednesday, April 23-6 P.M. There has been a general decline in stocks to-day. Sto. nington fell off & per cent Norwich and Worcester, 1; Vicksburg, 1; Harlem, 1; East Boston, 1: Farmers' Loan, 3; Pennsylvania 5's, 1 ; Ohio 6's, 1; Long Island, t ; Canton, 1; Mohawk, 1}; Morris Canal, 1. The only stock in the list that improved was Reading, which went up I per cent. There was a slight panic in Wall street early in the day, and sales of stocks were made before the Board met, at one or two per cent below those current at the Board while in session. A better feeling prevailed after the Board adjourned, and the market, on the whole, has not been so much affected as anticipated. The transactions at both Boards were large. The complexion of the political advices from Great Britain has created considerable excitement in the financial and commercial circles, but the fears of a rupture between this country and England are net so great as with Mexico. At a late meeting of the Board of Directors of the Bank of Illinois, at Shawneetown, it was resolved to accept of the late act of the Legislature, putting the affairs of this institution into the hands of reseignees. Bythe provisions of this act. the assignees have four years in which to wind up the bank, and the debtors have that time to make pay. ments by securing their debts, by paying 25 per cent annually. Whether this arrangement increases the value of the bills is doubtful. There is a very active demand in exchange for remittances by the Great Western. Prime sterling bills are firm at 91, while second rate are selling at 9t per cent. There are cotton bills in the market, offered fireely at 9 per cent. Sterling exchange was selling at Mobile on the 16th instant at 73 a 8 per cent premium At New Orleans on the 15th bills on London were quoted at st a of per cent premium Francs 5f. 27 a 5f. 30.3 We annex quotations ruling in this market at different periods within the last year:-