5308. Exchange Bank (St Joseph, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 24, 1931
Location
St Joseph, Illinois (40.112, -88.042)

Metadata

Model
gpt-5-mini
Short Digest
77c1b37c

Response Measures

None

Description

Articles report a voluntary closing of the Exchange Bank of St. Joseph (March 1931) due to fund shortage and farm loan defaults, with plans to liquidate. A court docket item (Feb 1932) shows a receiver appointed to collect stockholders' liability, consistent with permanent closure and receivership. No run on the bank is described.

Events (2)
1. March 24, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors voluntarily closed because of shortage of deposits and inability to realize on farm loans; plan to liquidate and pay depositors over time.
Newspaper Excerpt
Shortage of funds caused the voluntary closing of the Exchange bank of St. Joseph yesterday morning after an all-night session of officials and directors.
Source
newspapers
2. February 8, 1932 Receivership
Newspaper Excerpt
H N. Greaves VS. Exchange bank of St. Joseph, al, bill to enforce stock holders liability; F. Rankin appointed receiver to collect stockholders' liability under bond of $25,000.
Source
newspapers

Newspaper Articles (2)
1. March 25, 1931 The Daily Illini Urbana, IL
Article from The Daily Illini, March 25, 1931

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Article Text

ST. JOSEPH BANK DIRECTORS CLOSE DOORS YESTERDAY Exchange Bank Voluntarily Closes Because of Fund Shortage; Depositors Assured Money Shortage of funds caused the voluntary closing of the Exchange bank of St. Joseph yesterday morning after an all-night session of officials and directors. Depositors were assured yesterday that they would receive all their funds. The affairs of the bank were reported in excellent shape but directors did not desire to continue business because of the shortage of deposits. Loans made to farmers, which the latter were unable to meet because of adverse conditions, made it impossible for the bank to realize on them SO as to provide for money used by depositors, a statement issued yesterday declared. The bank at closing had $146,000 in notes and accounts receivable and $40,000 in bills payable. Most of the notes can be collected in a short time, officials believe. All depositors having accounts of more than $100 will be asked to agree that the money on hand be used to pay off depositors having accounts under that figure. It is then planned to liquidate, and pay off larger depositors in distributions from time to time. Busch and Harrington, attorneys for the bank, were preparing contracts along that line yesterday, but the approval of the state department was sought. It was considered doubtful that this would be granted, as a receiver is required in most cases, Officials, however, hope by the plan outlined to make payments faster and to save depositors added expenses. Officials of the bank were C. P Mills, president: A. E. White, vice president, and Walter C. Peters, cashier. Walter Peters and A. O. Peters, St. Joseph, were principal stockholders in the bank.

2. February 8, 1932 The Urbana Daily Courier Urbana, IL
Article from The Urbana Daily Courier, February 8, 1932

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Article Text

WAMSLEY IS BENCH of The foreclosure were the master Cities Loan Meyer of the Fish August bank Roy Beyers Building association Bishop, Johnson Eunice David K. Mary Davis and E. Angus Taylor The bill for trustee and relief of Steven et vs. Anna et also was referred to the Decrees of foreclosure were entered clation Thomas Caffery et $2 same VS Tom Paris et $2 W Webber Mollie dent Mutual Life association VS. Syl Lewis, $5,936.92 The master's report of sale in the foreclosure proceedings of the Univer sity District Building & Loan associa proved and deficiency decree for $872.85 was entered against Kate Sul. livan Other orders were Citizens State bank of Champaign vs Hattie S. Hartford, et al, trustee's trust bill equity referred to master Marc e. Norton vs. Citizens' State bank, appointment of successor to trustee: referred to master. Edgar F. Leeds vs. Larner Leeds et al, foreclesure; master's report of sale Fidelity Investment & Building as sociation vs. Johanna Gallivan, et al, foreclosure; cross bill of Max Keeler dismissed as settled. John D. White V8. Mary Louise White, divorce; complainant ordered to pay defendant $50 solicitor's fees within 30 days. Mrs. White has filed cross bill making a counter charge of desertion. H N. Greaves VS. Exchange bank of St. Joseph, al, bill to enforce stock holders liability; F. Rankin appointed receiver to collect stockholders' lia bility under bond of $25,000. Fred Hess VS. Rho chapter of Delta Phi Epsilon. confession; judgment by confession for $2,304.22 and costs and execution ordered to issue. Nora Stoutz VS Walter Meson, case; leave to plaintiff to amend declaration and defendant rule to plead by February 13. Oscar Weeks vs. M. J. Ennis, tres. pass on the case; leave to defendant to withdraw general demurrer and to file plea of general issue. Fred W. Buch vs. Peoria & Eastern Railroad company, trespass on the case; dismissed as settled. Loren L. Messinger. administrator of the estate of Mabel E. Messinger, deceased, VS. the Standard Oil company, trespass on the case; allotment set aside. J. 0. Goodman and Charlotte J. Creamer VS. M. S. Freeman, et al. foreclosure; William Styan appointed receiver under bond of $1,000. In Count Court. Judge John H. Armstrong, who has been quite ill of influenza, held court long enough today to enter the following orders. Granted leave to Loren E. Messenger. administrator of the estate of Mabel E. Messenger, deceased, to set. the claim for wrongful death and OFdered additional bond of $7,300. Continued until February 15 at 9 a. m. the petition to admit to probate the will of Mary J. Hurley. deceased Ordered private sale of personal property to pay debts against the estate om Mary S. Mason, deceased. Set for February 15 hearings on demurrers to answers to petition by administrator of the estate of Chris Nartens, deceased, to sell real estate to pay debts. Answers filed by H. W Raymond F. Block, E. M. Moll and the Alexander Lumber company. Appointed C. Spiker guardian of the property of Ruth E. Spiker, under bond of $250. secured by I. R. Martin and Arthur Estridge.