Article Text
C. L. BENCE ELECTED B. & L. SECRETARY Clifford 1., Bence has been elected secretary of Windsor Building and Dian Association to fill out unexpired term. The association had less than $1.200 in the Commercial bank at its closing.
5386. Commercial State Bank (Windsor, IL)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 5, 1933
- Location
- Windsor, Illinois (39.441, -88.595)
Metadata
- Model
- gpt-5-mini
- Short Digest
3aa7e2a1
Response Measures
None
Description
The Commercial State Bank in Windsor closed (failed to open) after a moratorium on Dec 5, 1933 following discovery of problems while examiners checked the bank and the suicide of President C. C. Firebaugh. A receiver was appointed mid-December 1933 and the bank remained in receivership (no reopening); dividends were paid in May 1934. No explicit depositor run is described in the articles; events indicate suspension leading to receivership/closure driven by bank-specific adverse information/insolvency.
Events (3)
1.
December 5, 1933
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank failed to open after moratorium; examiners found problems while checking records and the president committed suicide during the examination, indicating serious bank-specific trouble.
- Newspaper Excerpt
- The Commercial state was closed Dec. 5, following the suicide of President C. C. Firebaugh while checkers were examining the bank.
- Source
- newspapers
2.
December 16, 1933
Receivership
- Newspaper Excerpt
- Earl Walker ... was named receiver for the Commercial State Bank of Windsor by the state banking department late Saturday afternoon. ... A receiver was appointed Dec. 16 and C. E. Walker, deputy receiver ... took charge Dec. 28.
- Source
- newspapers
3.
May 17, 1934
Other
- Newspaper Excerpt
- Depositors of the Commercial State Bank of Windsor ... will receive dividends shortly. A Circuit Court order is expected to release $46,746 to pay the first 15 per cent of claims in the Commercial State Bank.
- Source
- newspapers
Newspaper Articles (5)
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Article Text
Receiver Earl Walker Pledges Co-operation State Auditor's Office Also Promises Assistance in Commercial Muddle-Depositors Committee Will Go to Springfield Earl Walker of Shelbyville, county treasurer of Shelby county, was named receiver for the Commercial State Bank of Windsor by the state banking department late Saturday afternoon. Many of the depositors had felt that a receivership would be avoided. However, it was pointed out, some one must be in charge, and a receivership was the best plan for the time being.
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Article Text
Earl Walker Bank Receiver Earl Walker of Shelbyville, county of Shelby county, was receiver for the Commercial State Bank of Windsor by the state department late Saturday after 100n. Many of the depositors had eit that receivership would be oided. However, it was pointed out, some one must be in charge, and receivership was the best plan for being. COPY OF TELEGRAM Illinois, Dec. 17th, 1933 Judge Joe McLaughlin, Sullivan. Appointment of receiver of Windsor bank will not prevent reorganization on sound basis. Auditor's office will co-operate with stockholdand depositors for best interests of all -John H. Stelle, assistant auditor. Several influential depositors togeth Sundey, on hearing of They telephoned A. president of Rockville National Bank of Rockville, Indiana. wh., was president of Commercial State bank several years ago, he to Windsor post haste. Telegrams and telephone messages flew thic fest, and were supplemented by personal calls. The result determined efforts are be made to re-open the bank. Mr Walker, the receiver. had not received his commission up to Monday forenoon early, but had promised his hearty co-operation, and the state auditor's office did likewise, as may be seen by telegram (copy) appearing at the head of this column Accordingly. a committee of depositors made arrangements to to Springfield Monday to see the state officials and to learn the situation, and just what would be. required to re-open the bank. They wer to wait a few days for the con letion of the audit. These men exp sed themselves to The Gazette g optomistie about the final outcome. The issue of The Gazette from which copy this article, was print. ed Monday afternoon, so they were unable to give the results of later conferences, but they believed from information they had received, that the outlook, altho dark: is thought to be brighter than was first thought on the announcement of a receiver being appointed. Examiners Sandy and William lucas are still in charge of the bank It is currently reported that it will require practically all this week to complete their audit. It was reported on the street that a depositor had filed suit against the bank, thus precipitating the appointment of receiver. No such suit had been filed up till 9 o'elock Monday morning. The appointment of a receiver is necessary. it is said, so that some one with authority can look up the missing ledger sheets with their depositors accounts thereon. Lost: New black kid gloves with white trimming at Gym at the Shelbyville game Saturday night. Finder please leave at school house. RUTH PERRY George Dedman and wife and Beb Dedman spent Sunday with their sister Mrs Chas MeKinney and family. Rev Francisco and family of Ft Mudison, Iowa will be home for Christmas. A Christmas program will be presented on Dec. 24 at St. Marys church. A pageant "Gifts for the King" will be part of the program. Noble Williams and Dave Niles, will be brought home from the Shell by County hospital this week. Gien Harvey, Chas. Ramsden and Kenneth Seely will broadcast from WDZ on Thursday. Christmas will be given Thursday night Dec 21st in the Gymnasium. Mrs. Walter Robertson and Earl Dunham were Decatar on Friday. Gilbert Wallace, Jacksonville, Wednesday for days with his
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Article Text
BANK DEPOSITORS TO GET DIVIDEND Windsor, Ill., May 17.-Depositors of the Commercial State Bank of Windsor and the Citizens' State Bank of this city will receive dividends shortly. A Circuit Court order is expected to release $46,746 to pay the first 15 per cent of claims in the Commercial State Bank. Deputy Receiver Deal L. Rankin of the Citizens' State Bank said Wednesday that checks for 30 per cent of claims would be ready for distribution June 1. The estimated sum to be distributed by the Citizens' State Bank is approximately $24,000. This is the first dividend to be paid since the bank went into receivership Aug 25. The bank failed to open after the moratorium.
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Two Windsor Banks to Pay Commercial State Depositors Get 15 Per Cent; Citizens' 30. WINDSOR-Depositors of two Windsor banks, the Commercial State bank of Windsor and the Citizens' State bank, will receive dividends shortly. A Shelby county circuit court order is expected to release $46,746 Thursday to pay the first 15 per cent of claims in the Commercial State bank. Deputy Receiver Deal L. Rankin of the Citizens State bank said Wednesday that checks for 30 per cent of claims would be ready for distribution June 1. Personal Loans $189,000 The Commercial state was closed Dec. 5, following the suicide of President C. C. Firebaugh while checkers were examining the bank. A receiver was appointed Dec. 16 and C. E. Walker, deputy receiver. and Ira Aull of Kincaid, assistant deputy, took charge Dec. 28. A statement issued April 21 by a depositors committee found personal loans carried by the bank were $189,000. Real estate mortgages were valued at $112,000. real estate including bank and fixtures around $24,000, resources not including cash and bonds at around $328,000. Citizens to Split $24,000 It is reported that the move to organize a new bank is marking time as government red tape draws out the proceedings. The estimated sum to be distributed by the Citizens state is approximately $24,000. This is the first dividend to be paid since the bank went into receivership Aug. 25. The bank failed to open after the moratorium. been appointed guard in the office of State Treasurer John C. Martin and left Wednesday for Springfield to take over his new duties. Mr. Phelps is precinct committeeman in the seventh precinct in Clinton