First Carroll County State Bank

Episode Information

Episode UID: 70068471618
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7006847 routing
Routing Number: 70-0684
Start Date: October 5, 1934
Location: Mount Carroll, Illinois (42.095, -89.978)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 184ad569e413e4bd

Response Measures

None

Description

Article describes the bank as closed and in receivership with dividend payments being made.

Events (3)

1. October 5, 1934 Other

Newspaper Excerpt: dividend checks from the closed First Carroll County State bank cashed by depositors; new Mt. Carroll National bank opened and accepted accounts
Source: newspapers

2. October 5, 1934 Receivership

Newspaper Excerpt: The receiver is making an initial dividend payment of per cent.
Source: newspapers

3. October 5, 1934 Suspension

Cause Details: Bank was closed and placed in receivership (specific cause not stated in article).
Newspaper Excerpt: closed First Carroll County State bank
Source: newspapers

Newspaper Articles (1)

1. October 5, 1934 Freeport Journal-Standard Freeport, IL

Article from Freeport Journal-Standard, October 5, 1934

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Article Text

BUSINESS BOOMS AT MT. CARROLL THOUSANDS OF DOLLARS PAID TO DEPOSITORS OF CLOSED STATE BANK CASH IS IMMEDIATELY PLACED IN CIRCULATION Distribution of Corn-Hog Checks Also Started-Merehants Report Upward Swing of Buying Mt. Carroll, III., Oct. Mt. Carroll took on festive mood here Thursday as hundreds OR persons flocked to receive dividen checks from the closed First Carroll County State bank. The receiver is making an initial dividend payment of per cent. Corn hog officials also started on Thursday to distribute first payment checks under the program Streets in the business district were crowded all day with parked cars as were many side streets near the business district. Merchants reported an immediate noticeable change in business as the checks were handed out, reports of old bills being paid In full were numerous. Many purchases, long contemplated but never fullfilled because of Jack of ready cash were made with the dividend checks. New Accounts Are Opened Several guards were on duty all day at the bank to protect patrons who cashed their checks at the windows of the new Mt. Carroll National bank The new bank reported that 0 large number of persons stopped at the windows and opened accounts with their checks thereby indicating their confidence in the new organization. Local merchants enjoyed a good business today and contemplate more Saturday since there are still hundreds of checks to be called for Many persons wishing to avoid the rush of the first days will probably not call for their checks until next week. Officials of the receiver's office pointed out that depositors who did not file claims prior to the payment must do 60 before they are given their check. A pass book or certificate of deposit must be presented when the claim is filed. Depositors who have field claims need only to ask for their checks. Anticipates Record Corn Yield Honors for producing the best field corn in Carroll county apparently have gone to Adam Heinze, Fair Haven supervisor who resides south of Mt. Carroll. Mr. Heinze has a 44 acre stand of hi-bred corn which is the envy of every corn producer in the county Farm Adviser M. P. Roske estimates that the field will yield 80 bushels to the acre. Mr. Heinze stated Thursday that over 100 interested persons have visited his farm this fall to view the field. One prize stalk was discovered by owner which has seven fine, well developed ears attached to it. A1though naturally proud of the stand, Mr. Heinze cannot help but wonder what the field would have been like if we had had normal rains during the past summer.