5377. First National Bank (Westfield, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8216
Charter Number
8216
Start Date
November 28, 1930
Location
Westfield, Illinois (39.456, -87.997)

Metadata

Model
gpt-5-mini
Short Digest
cbacf80a

Response Measures

None

Receivership Details

Depositor recovery rate
81.3%
Date receivership started
1930-11-28
Date receivership terminated
1936-10-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
53.6%
Share of assets assessed as doubtful
33.3%
Share of assets assessed as worthless
13.1%

Description

Articles (dated 1930-11-28) report the First National Bank of Westfield, IL 'suspended business today.' Officers cited insufficient income to meet expenses and said depositors would be paid in full. No run is described and no reopening is reported in the articles, so this is classified as suspension leading to closure.

Events (3)

1. May 12, 1906 Chartered
Source
historical_nic
2. November 28, 1930 Receivership
Source
historical_nic
3. November 28, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Officers stated the institution's income was not sufficient to meet expenses, prompting suspension and payout plan.
Newspaper Excerpt
Westfield, Ill.-(U.P)-The First National Bank here suspended business today. Officers announced that the institution's income was not sufficient to meet expenses. The bank has been operating for 25 years, and had deposits estimated at $325,000. Depositors will be paid in full, officials said.
Source
newspapers

Newspaper Articles (2)

Article from Kenosha News, November 28, 1930

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Article Text

Banks Close in Four States Illinois Has Two Closings, Others Scattered Over United States Westfield, III.-(U.P)-The First National Bank here suspended business today. Officers announced that the institution's income was not sufficient to meet expenses. The bank has been operating for 25 years, and had deposits estimated at $325,000. Depositors will be paid in full, officials said. Hit by Withdrawals Corinth, Miss. The Corinth Bank and Trust Company, with deposits as of Sept. 24 of $1,650,000, closed today. Directors announced steady withdrawals had forced the action. Lock Missouri Bank Jefferson City, -(U.P.) The Knox county savings bank of Edina, was closed today by its board of directors. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open in that city. The savings bank had loans of $201,606 capital stock of $20,000, surplus of $10,000, and deposits of $276,398. Kentucky Has Another Middlesboro, Ky.-(U.P.) Citizens Bank and Trust Company failed to open today. A notice posted said there had been heavy withdrawals. Take Over III. Bank Benton, Ill.-(U.P)-The First Na. tional Bank of Benton failed to open for business today. A notice posted on the door of the bank said the institution was in the hands of the comptroller of currency. Resources of the bank were approximated at $2,000,000.


Article from Evansville Press, November 28, 1930

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Article Text

PROMINENT MUNCIE MAN DIES SUDDENLY ONE OF FOUNDERS OF AMERICAN LEGION DIES By United Press KANSAS CITY, Mo., Nov. 28 Col. Arthur J. Elliott, 48, one of the founders of the American Legion, died today after an acute heart attack. Four Banks Close By United Press CORINTH, Miss., Nov. 28.-The Corinth Bank and Trust company, with deposits of $1,650,000, closed today. By United Press JEFFERSON CITY, Mo., Nov. 28. -The Knox County Savings bank of Edina, was closed today. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open. By United Press MIDDLESBORO. Ky., Nov. 28.Citizens Bank and Trust company failed to open today. By United Press WESTFIELD, Ill., Nov. 28.-The By United Press First National bank suspended MUNCIE, Ind., Nov. 28.-The business today. Depositors will be second unexpected death in one of paid in full, officials said. the wealthiest families in Muncie Deaths recorded at the city occurred yesterday when Carl Maltland Kitselman, 65, dropped health office Friday were: Elizabeth Kneubel, 83, of 16 E. Indidead while playing with his grandchildren. ana-st, bronchial asthma; Emma brother, Edwin Faye Kitsel- May Van Cook, one day, 1414 Codyman. died on Armistice day. st, premature birth.