Union National Bank - Streator, IL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2176
Charter Number: 2176
Start Date: May 8, 1933
Location: Streator, Illinois (41.121, -88.835)

Metadata

Model: gpt-5-mini
Short Digest: 845dd5d9

Response Measures

None

Description

Article (May 8, 1933) describes the conservator and Treasury program to reorganize and reopen the Union National Bank after it was closed under the 1933 bank holiday/conservatorship. No run is mentioned; actions are driven by government intervention and reorganization plan.

Events (3)

1. August 28, 1874 Chartered

Source: historical_nic

2. May 8, 1933 Suspension

Cause: Government Action
Cause Details: Placed in conservatorship and not licensed to reopen initially under Treasury program/new banking law following the banking moratorium; reorganization required waivers and capital reconstitution.
Newspaper Excerpt: Definite action toward the opening of the Union National Bank taken today when Sam Dye, conservator in charge, returned from Washington with an outline of the program which the Treasury has set up for adoption here.
Source: newspapers

3. * Reopening

Newspaper Excerpt: The date which the bank reopens depends upon the speed which all interests can unite in meeting the revision plan... Officials expressed their confidence that Streator people ... would cooperate in every way to successfully complete the program with the idea the bank reopened will exceptionally strong .
Source: newspapers

Newspaper Articles (1)

1. May 8, 1933 The Times Streator, IL

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Article Text

SPEEDY ACTION IS ASSURED BY COOPERATION Depositors, Share and Join Community Definite action toward the opening of the Union National Bank taken today when Sam Dye, conservator in charge, returned from Washington with an outline of the program which the Treasury has set up for adoption here. Mr. Dye, with local committee of Purcell, Prafeke, sington and John Fornof were in Washington last week in an effort to speed action and were successful in having the Department set up program which calls for the cooperation of the depositors, the share holders and large. The date which the bank reopens depends upon the speed which all terests can unite in meeting the visions plan. Briefly. the program that entire capital stock of the bank surrendered and resold for $200 per share, which provide capital stock and surplus fund of for reorganized addition the depositors the bank will be asked their claims against the bank and in lieu participation certificates which not be taken Into the reorganized because their slow These assets will be conveyed trustees for benefit of such depositors and the liquidation thereof will for the waivers to be signed by the deStrength Bank Shown. Officials Washington declared that the 7500 national banks the country which were not given license to reopen; the and strength of the Union National Bank puts at of the list among the strong banks be organized reopened. The officials the capital expressed their confidence that Streator people, when thoroughly with every detail, would anxious cooperate in every way to successfully complete the program with the Idea the bank reopened will exceptionally strong merit the fullest measure of support. The bank will be one hundred per cent liquid, placing posito resume complete banking erations. Under the new banking law, make the program of the effective, at least cent of the deposit volume must agree to the waiver and least cent of the must the plan. It the belief that both the depositors and stockholders will be quick pooperate in this movement which much to the business life Fuller details of the plan will presented in the and that every interested inwill have opportunity knowing the exact and complete the entire proposition. effort will be made to have plan thoroughly