First State & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: June 4, 1925
Location: Wood River, Illinois (38.861, -90.098)

Metadata

Model: gpt-5-mini
Short Digest: 65d4226e

Response Measures

None

Description

Article (Alton Evening Telegraph, 1925-06-04) describes the Wood River bank as taken over by the state auditor and in receivership, with a receiver arranging dividends and settling claims. No run or depositor crowding is mentioned. The bank is closed and being wound up, so classify as suspension leading to permanent closure/receivership.

Events (1)

1. June 4, 1925 Receivership

Newspaper Excerpt: when taken over by state auditor ... the receiver will proceed the payment of the dividend ... settlement of the affairs of the bank
Source: newspapers

Newspaper Articles (1)

1. June 4, 1925 Alton Evening Telegraph Alton, IL

Article from Alton Evening Telegraph, June 4, 1925

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Article Text

COMPROMISE ON DIRECTOR DEFUNCT BANK Means That Earlier Settlement of Affairs of Wood River Institution May Be Made. NEXT DIVIDEND BEFORE JULY Will be at Least Seven and Half Percent and May Reach Affairs Soon. Approval by Circuit Judge Gillham settlement compromise of the claim of the receiver against the rectors the First State Savings Bank Wood River. clears the way for the settlement the fairs the bank. The receiver will proceed the payment of the dividend which will be completed July The dividend will be least 11/2 cent may be per cent. settlement and compro+ mise of the claim the direct tors for the Verlic, and his attorney. Baker. return for dropping the against the defuned institution, they waive all claims $8000 paid the bank, on which they paid into the institue tion when taken over by state auditor, and $50,000 notes hwere for their This action will facilitate greatly the work clearing up the affairs the bank. The claim against the rectors made by the receiver and attorney general claim which probably would taken consider able time for settlement. and the of which doubtful. The ent action will mean earlier clear4 affairs the bank and quicker the dividend. will recalled that when the Wood River bank about to fail the on being apprised of the and on raised their own credit the hope that this money would bridge the crisis and keep the bank This hope was These directors afterward filed claims for reimbursement credHors the bank. and claim still was pending. this claim the rectors further creases directors who also stockholders in the institu. tion. means that the creditors the bank will much better pleased with their share the salvage from the bank, directors losses The greater. course the bank directors this claim they have done is one that should There $5,000 due to de positors the bank file sworn claims the amounts them. They did not under stand the court order requiring claims. said today that Receiv. sworn will court modify the order and allow those people, whom money due, their and the distribut the bank So far those the depositors who failed to claims have not been