Article Text
Bank Closes. Watseka, June 22.-(P)-The First National bank of Watseka closed its doors today upon motion of the directors. Two other banks are serving the community. It was the first bank suspension in the city's history.
5360. First National Bank (Watseka, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 1721
- Charter Number
- 1721
- Start Date
- June 22, 1931
- Location
- Watseka, Illinois (40.776, -87.736)
Metadata
- Model
- gpt-5-mini
- Short Digest
faae1370
Response Measures
None
Receivership Details
- Depositor recovery rate
- 56.7%
- Date receivership started
- 1931-06-29
- Date receivership terminated
- 1937-09-22
- OCC cause of failure
- Governance
- Share of assets assessed as good
- 40.4%
- Share of assets assessed as doubtful
- 49.0%
- Share of assets assessed as worthless
- 10.6%
Description
Multiple contemporaneous newspaper items (June 22–23, 1931) report the First National Bank of Watseka closed its doors today upon motion of the directors and call it the city's first bank suspension. No article mentions a depositor run, nor any reopening or receiver being appointed in the provided clippings. The directors-initiated closure reads as a voluntary suspension that appears to be a failure; lacking further reporting of reopening, I classify this as suspension_closure but note no explicit receivership was reported in these excerpts.
Events (3)
1.
October 15, 1870
Chartered
- Source
- historical_nic
2.
June 22, 1931
Suspension
- Cause
- Voluntary Liquidation
- Cause Details
- Directors motioned to close the bank (director-initiated suspension/voluntary suspension). No reason given in clipping beyond directors' action.
- Newspaper Excerpt
- The First National bank of Watseka closed its doors today upon motion of the directors. ... It was the first bank suspension in the city's history.
- Source
- newspapers
3.
June 29, 1931
Receivership
- Source
- historical_nic
Newspaper Articles (3)
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Article Text
WATSEKA BANK CLOSES. Watseka, June the Associated First National bank of Watseka closed its doors today upon motion of the rectors. Two other banks the the first bank suspension the city's tory.
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Article Text
Watseka, III., Bank Thatcher 17 Closed by Directors Fed Tide Water As Oil WATSEKA, Timken National bank Watseka First Tobacco 27 Fourth closed its the pfd 93 57% would Gen all the bank Gen Asph. 49 full, that Und 50 49 Gen Bronze Union *Gen Cable suspension in the city's Union Carb first bank Union Cal history. 11% 11% GENERAL STEEL CASTINGS March quarter $532,716 after charges, depre-