Aledo State Bank (Aledo, IL)

Episode Information

Episode UID
70062271625
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7006227 routing
Routing Number
70-0622
Start Date
May 8, 1935
Location
Aledo, Illinois (41.200, -90.749)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ae6f32f14fe3c4b8

Response Measures

None

Events (2)
1. May 8, 1935 Receivership
Newspaper Excerpt
representing the Aledo State bank receiver; Receivership offices for 11 closed Mercer county banks are being transferred from Aledo to Moline, ... The bank receiverships in Mercer are those of Aledo State bank of Aledo, ... (Rock Island Argus, May and Sept 1935).
Source
newspapers
2. May 8, 1935 Suspension
Cause
Government Action
Cause Details
Bank was closed following suits and bankruptcy proceedings leading to receivership
Newspaper Excerpt
the Aledo State bank to certain trustees in bankruptcy who had that amount deposited in the bank at the time of its closing
Source
newspapers

Newspaper Articles (2)
1. May 8, 1935 The Rock Island Argus Rock Island, IL

Article Text

ALEDO SUIT ARGUED IN APPELLATE COURT Appeal of Bank in Nelson Case Is Reviewed Today. Aledo, Ill., May 8.—(By Argus News Service.)—The right of a trustee bond guarantor to claim an offset on indebtedness after he has made good a trustee's bond, is being argued before the Second district appellate court of Illinois today by Attorney Virgil H. Duvall of Aledo, representing the Aledo State bank receiver, and S. R. Kenworthy and Harry M. Schriver of Rock Island, representing the heirs of the late S. T. Nelson of Eliza. Mr. Nelson paid a judgment of approximately $8,500 as bondsman for the Aledo State bank to certain trustees in bankruptcy who had that amount deposited in the bank at the time of its closing, after suit had been instigated in federal court. He later claimed this amount as an offset to his indebtedness to the bank, and was allowed the offset in a circuit court ruling. The bank took the appeal to the appellate court.

2. September 11, 1935 The Rock Island Argus Rock Island, IL

Article Text

ALEDO WORK OF BANK RECEIVER TO BE SHIFTED Offices for 11 Closed Mercer Institutions Will Be Moved to Moline. Receivership offices for 11 closed Mercer county banks are being transferred from Aledo to Moline, J. M. Connors, deputy receiver in charge of Rock Island and Mercer counties, announced today. The receivership offices will be combined with those of Rock Island county in the Fifth Avenue bank building, 1611 Fifth avenue, Moline, Mr. Connors announced in behalf of William L. O'Connell, receiver for all closed Illinois state banks. The bank receiverships in Mercer are those of Aledo State bank of Aledo, Farmers State bank of Burgess, Citizens State bank of Keithsburg, Matherville State bank of Matherville, State Bank of New Boston, Bank of New Windsor, Farmers State bank of Windsor, Farmers Bank of North Henderson, Farmers State bank of Preemption, Preemption State bank of Preemption, Farmers State bank of Reynolds. Mr. Connors said consolidation will make possible considerable reduction of personnel and thus result in savings in the administration of the receiverships. The Mercer county banks have been under the jurisdiction of Mr. Connors for some time, making necessary numerous trips to Aledo which will be eliminated by the new arrangement. Elmer Smith and G. S. Greer, who have been in charge of the Aledo office, will be transferred to Moline and other employes of the Aledo office will be dismissed, it was said.