First National Bank (Danvers, IL)

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Episode Information

Episode UID
674001585
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
67400 national
Charter Number
6740
Start Date
January 21, 1932
Location
Danvers, Illinois (40.529, -89.177)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cb9ffe38ee1f86d0

Response Measures

Partial suspension, Full suspension, Books examined

Other: Federal receiver appointed to take charge (receivership) as part of resolution/reopening plan.

Receivership Details

Date receivership started
1932-02-02
Date receivership terminated
1932-03-18

Description

Closure followed heavy withdrawals after the nearby Farmers State Bank closed.

Events (7)
1. April 23, 1903 Chartered
Source
historical_nic
2. January 21, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and loss of confidence triggered by the closing/withdrawals at the Farmers State Bank in Danvers.
Measures
Directors voted to close temporarily; invoked limited withdrawals/asked depositors to enter agreements to leave funds for a stated time.
Newspaper Excerpt
the Farmers State bank of Danvers ... did not open ... was taken to protect depositors following heavy withdrawals. The First National bank ... voted close temporarily.
Source
newspapers
3. January 22, 1932 Receivership
Newspaper Excerpt
Ross C. Adams, national bank receiver, was expected ... to take charge of the closed First National bank ... Receiver to Handle Danvers Bank Plans; ... national bank receiver was expected ... to take charge of the closed First National bank as the first move in plan to reopen it.
Source
newspapers
4. January 22, 1932 Suspension
Cause
Local Banks
Cause Details
Board closed the bank to protect depositors after runs/withdrawals precipitated by nearby bank failures and local distrust.
Newspaper Excerpt
closed by the board of directors when there were indications that run threatened.
Source
newspapers
5. February 2, 1932 Receivership
Source
historical_nic
6. March 18, 1932 Restored To Solvency
Source
historical_nic
7. March 19, 1932 Reopening
Newspaper Excerpt
Danvers 1st National Bank Open Again After Eight Weeks' Holiday ... First National of Danvers opened ... after being in charge of the federal banking department since Jan. 22.
Source
newspapers

Newspaper Articles (4)
1. January 22, 1932 The Dispatch Moline, IL
Article from The Dispatch, January 22, 1932

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Article Text

BANKS TAKE PRECAUTIONS The Bloomington clearing house association today invoked in all six Bloomington banks an order allowing withdrawal savings only on stipulated legal notice. This action, the association announced, taken prevent unusual cash withdrawals the wake of following of several central Illinois closing banks. In addition, the association limitchecking accounts and certificates of deposit to an not in excess of cent per month of yesterday's ances. Deposits of today and henceforth not be affected by the percent limit. The association said had no intent to interfere with the transaction of "approved and legitimate business" wanted to avoid the possibility of deposits. The Farmers State bank of Danvers, McLean county, did not open This action, directors today. said, was taken to protect depositors following heavy withdrawals. The First National bank, the same town, after learning closing of the Farmers bank, voted close temporarily.

2. February 4, 1932 The Saybrook Gazette and Arrowsmith News Saybrook, IL
Article from The Saybrook Gazette and Arrowsmith News, February 4, 1932

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Article Text

Banks Close In Danvers Danvers Independent:-The epidemic of bank suspensions which has prevailed recently in many communities struck Danvers Thursday, January 21, when an unusual withdrawal of deposits from the Farmers State Bank-caused the officers at a special meeting to close the doors of the institution Friday morning. As is usual in such cases other banks in the city or neighborhood suffer from distrust and are affected to a greater or lesser degree, and accordingly the president, H. D. Stephenson and cashier, Lyle S. Stuckey, of the First National Bank became active at once and called a directors meeting early Friday morning, at which time it was decided to close the bank. This prompt action averted any serious run. This action was taken by both banks for the protection of depositors and all concerned, as in these days of depression, suspense and business stress, few banks can stand an extended run upon its resources. The affairs of the Farmers State Bank are now in the hands of a state bank examiner and the First National is is charge of a federal examiner.

3. February 5, 1932 The Pantagraph Bloomington, IL
Article from The Pantagraph, February 5, 1932

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Article Text

Receiver to Handle Danvers Bank Plans Pantagraph Central Illinois Service. DANVERS Ross C. Adams, national bank receiver. was expected here from East St. Louis Friday afternoon to take charge of the closed First National bank as the first move in plan to reopen it. The bank was closed recentry by action of the board of directors when there were indications that run threatened. Cashier Lyle S. Stuckey announced Friday that depositors would be asked to enter into an agreement to allow their funds to remain in the bank for stated time in order to hasten the reopening

4. March 19, 1932 The Pantagraph Bloomington, IL
Article from The Pantagraph, March 19, 1932

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Article Text

Danvers 1st National Bank Open Again After Eight Weeks' Holiday Pantagraph Illinois First National of Danvers opened for Friday after being charge of the federal banking department since Jan. 22, when closed by the board of because threatened Ross Adams of East Louis, federal receiver. was charge institution the time of opening The First National bank ganized April 15, 1903, the and Sons bank, first the community Stephenson president Lyle Stuckey cashier, and Stuckey