State Bank - Beckemeyer, IL

Episode Information

Episode UID: 70095271599
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7009527 routing
Routing Number: 70-0952
Start Date: March 4, 1933
Location: Beckemeyer, Illinois (38.606, -89.436)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 83a5ef162124a273

Response Measures

None

Description

Bank closed March 4, 1933 under the 1933 moratorium and placed in receivership; liquidation actions and stockholder suits noted.

Events (2)

1. March 4, 1933 Receivership

Newspaper Excerpt: The Receiver for the State Bank of Beckemeyer, which was closed on March 4, 1933, following the bank moratorium, and now in course of liquidation, filed a petition for authority to pay a dividend of ten per cent on all claims allowed.
Source: newspapers

2. March 4, 1933 Suspension

Cause: Government Action
Cause Details: Closed as part of the March 1933 bank moratorium/holiday
Newspaper Excerpt: which was closed on March 4, 1933, following the bank moratorium
Source: newspapers

Newspaper Articles (1)

1. November 28, 1935 The Breese Journal Breese, IL

Article Text

10 PERCENT DIVIDEND FOR CLOSED BANK The Receiver for the State Bank of Beckemeyer, which was closed on March 4, 1933, following the bank moratorium, and now in course of liquidation, filed a petition for authority to pay a dividend of ten per cent on all claims allowed. He also asked for permission to pay certain claimants who have not heretofore received dividends forty per cent of their claims to equalize their receipts with the receipts of all other claimants. The prayer of the petition was granted. The ten per cent has already been paid to the depositors. In connection with the above it will perhaps be quite interesting to know that action was taken several weeks ago in the case of certain depositors of the closed banking institution against the fifteen stockholders to collect from them under the liability law. The suit is for $25,000, the holdings range from $500 the lowest to $4,700 the highest for individual defendants. The list includes bankers, business men, retired farmers, widows and estates of deceased stockholders. The combined claims of the plaintiff depositors amounted to $4,195.28, and they proceeded under the state law which reads: "Every stockholder in a banking institution shall be individually responsible and liable to its creditors, over and above the amount of stock by him or her held, to an amount equal to his or her respective shares so held, for all liabilities accrued while he or she remains a stockholder." In accordance with the above the court entered judgement against the defendants and each of them for their respective liabilities. Deputy Delmont Schaefer was appointed to collect the same. The bank was organized in 1920 as a state institution. Prior to that it was a private bank. When it closed the deposits amounted to $79,682.92 divided into 375 accounts ranging from one cent to over $13,000, the last named amount being local public funds. A total of 50 per cent in dividends has been paid.