Citizens National Bank - Shelbyville, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7396
Charter Number: 7396
Start Date: February 18, 1928
Location: Shelbyville, Illinois (39.406, -88.790)

Metadata

Model: gpt-5-mini
Short Digest: ad236f2c

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1928-02-21
Date receivership terminated: 1930-03-31
OCC cause of failure: Economic conditions
Share of assets assessed as good: 35.1%
Share of assets assessed as doubtful: 24.4%
Share of assets assessed as worthless: 40.5%

Description

Article (Nov 5, 1929) describes the 'defunct' First National Bank of Moweaqua and the election of a liquidating agent subject to approval of the Comptroller of the Currency. It references deposits from Feb 18, 1928, implying the bank ceased operations around that date and is in liquidation. No bank run is described.

Events (4)

1. September 12, 1904 Chartered

Source: historical_nic

2. February 18, 1928 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank is described as defunct and a liquidating agent was elected; bank entered liquidation/closed around Feb 18, 1928.
Newspaper Excerpt: defunct Allsup, First National bank of Moweaqua ... representing interest ... from the time of the Feb. 18, 1928, to the date distribution
Source: newspapers

3. February 21, 1928 Receivership

Source: historical_nic

4. November 7, 1929 Other

Newspaper Excerpt: yesterday announced here that Thursday of this week on would distribute about $2,000 ... to depositors ... representing interest ... covering the total deposits. Money for Stockholders Mr. Allsup paid three dividends ... elected Mr. Allsup liquidating agent for the stockholders, subject to the approval of the comptroller of the currency.
Source: newspapers

Newspaper Articles (1)

1. November 5, 1929 The Daily Courier Taylorville, IL

Article from The Daily Courier, November 5, 1929

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Article Text

DEPOSITORS RECEIVE THEIR INTEREST Moweaqua, Nov. for the defunct Allsup, First National bank of Moweaqua, and several others, including the Citizens National bank of Shelbyville, yesterday announced here that Thursday of this week on would distribute about $2,000 he to depositors of the Shelbyville stitution, representing interest their deposits from the time of the Feb. 18, 1928, to the date distribution of the dividends of covering the total deposits. Money for Stockholders Mr. Allsup paid three dividends to depositors, two of 25 per cent and of 50 cent. In each one per to these and the interest addition cent he has considerper able of money derived from sum the assets to distribute to the stockholders, and also the bank building itself, which at the time cost $17,000, and of its erection the O. N. East elevator at Milwhich will be turned into mine, benefit of the stockcash for the holders. meeting of the stockholdAt Saturday. they elected Mr. Allliquidating agent for the stockholders. subject to the anof the of the proval comptroller currency.