Virgil State Bank - Virgil, IL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1949
Location: Virgil, Illinois (41.957, -88.529)

Metadata

Model: gpt-5-mini
Short Digest: 99f90de3

Response Measures

None

Description

Article (Laurel Outlook, 1949-06-01) reports Virgil State Bank has suspended business after three robberies and directors called a stockholders' meeting to vote on proposed liquidation. No run is mentioned; suspension appears tied to decision to liquidate following repeated holdups.

Events (1)

1. June 1, 1949 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors decided to suspend business and propose liquidation after three robberies and high protection costs (alarms, armed guard).
Newspaper Excerpt: The Virgil State bank, pillaged by holdup men three times in the last few months, has decided to call it quits. Directors called a stockholders meeting to vote on proposed liquidation.
Source: newspapers

Newspaper Articles (1)

1. June 1, 1949 Laurel Outlook Laurel, MT

Article from Laurel Outlook, June 1, 1949

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Article Text

Bank Suspends Business After Three Robberies VIRGIL, ILL.-The Virgil State bank, pillaged by holdup men three times in the last few months, has decided to "call it quits." Directors called a stockholders meeting to vote on proposed liquidation. The reason, directors said in a statement, is the "recent succession of robberies and the evident necessity of continued protection outlays." Protection outlays have included a burglar-alarm system and an armed guard at the front door at all times. Customers must convince him before they can get in. The bank was robbed of $4,090 October 20 by Spencer Peterson of near-by Little Rock and Joseph Hornyan of Aurora. It was taken for $2,000 November 13 by Peterson and Louis Rabenburg of Aurora. It was looted of $1,917 January 14 by Arthur Otowski and John Minister, both of Chicago.