5373. First National Bank (West Frankfort, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7673
Charter Number
7673
Start Date
December 7, 1931
Location
West Frankfort, Illinois (37.898, -88.931)

Metadata

Model
gpt-5-mini
Short Digest
07214caf

Response Measures

None

Receivership Details

Depositor recovery rate
57.5%
Date receivership started
1931-12-07
Date receivership terminated
1938-01-31
Share of assets assessed as good
11.1%
Share of assets assessed as doubtful
84.9%
Share of assets assessed as worthless
4.1%

Description

The First National Bank of West Frankfort was ordered closed by the Comptroller of the Currency after an examination (depreciation of bond accounts). A receiver (Ben Sneeden) was appointed. Later (May 1933) the receiver paid a dividend to depositors, indicating liquidation/administration under receivership rather than reopening.

Events (5)

1. March 31, 1905 Chartered
Source
historical_nic
2. December 7, 1931 Receivership
Source
historical_nic
3. December 7, 1931 Receivership
Newspaper Excerpt
Ben Sneeden is in charge of the bank as receiver.
Source
newspapers
4. December 7, 1931 Suspension
Cause
Government Action
Cause Details
Ordered closed by the Comptroller of the Currency after an examination found depreciation of the bank's bond accounts.
Newspaper Excerpt
The First National Bank of West Frankfort ... failed to open today. ... was ordered closed by the comptroller of currency following an examination of the bank's books Saturday.
Source
newspapers
5. May 3, 1933 Other
Newspaper Excerpt
West Frankfort First National Pays Dividend ... dividend paid today to depositors ... by the receiver, Sneeden.
Source
newspapers

Newspaper Articles (2)

Article from The Belleville News-Democrat, December 7, 1931

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Article Text

2 Illinois Banks Shut Their Doors West Frankfort, Ill., Dec. 7.-(UP) -The First National Bank of West Frankfort and the First National Bank of Christopher, failed to open today. The West Frankfort institution, with $500,000 in deposits, exclusive of postal savings, was ordered closed by the comptroller of currency following an examination of the bank's books Saturday. Capital, surplus, bond and undivided profits amounted to $140,000 the last statement revealed. Today's closures brought to 12 the number of Franklin county banks to close in three years. J. L. Smith, president of the bank here said the closing was due to depreciation of the bank's bond accounts. Ben Sneeden is in charge of the bank as receiver. ST. LOUIS CASH GRAIN St. Louis, Dec. 7.-(UP)- Cash grain: Wheat in good demand, steady to 1/20 higher on red and 1c lower on hard wheat; No. 1 red 60c; No. 2 red 59 to 591/2: No. 3 red 58c; No. 1 hard 571/4c; No. 2 hard 57c. Corn in good demand, steady to 1/20 lower: No. 2 white 38 1-4c; No. 3 white 37c. Oats in good demand, 1/20 lower; No. white 261/20 to 27c; No. 3 white 26 to 26 1-4c. SUGAR New York, Dec. sugar opened steady. Spot, 96 test delivered duty paid, $3.20. Refined, quiet. Granulated, $4.40. The number of molecules in one cubic inch of air is 43 million million.


Article from Marion Weekly Leader, May 25, 1933

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Article Text

West Frankfort First National Pays Dividend Special WEST FRANKFORT, May third dividend paid today to positors the closed First National Bank here by the Ben receiver, Sneeden. Approximately received by depositors, bringing the total dividend paid today to cent.