Lansing State Bank (Lansing, IL)

Episode Information

Episode Type
Suspension → Closure
Start Date
February 1, 1931*
Location
Lansing, Illinois (41.565, -87.539)
Bank Type
state
Routing Number
70-1404

Metadata

Episode ID
Bank ID
City ID
170411819
Model
gpt-5-mini
Short Digest

Notes

Bank closed in Feb. 1931 and placed in receivership; closure followed failure of First Trust & Savings of Hammond.

Events (3)
1. February 1, 1931* Suspension
Cause
Local Banks
Cause Details
Closed in February 1931 immediately after the failure of the First Trust & Savings (Hammond), which precipitated its suspension.
Newspaper Excerpt
The bank closed February immediately after the First Trust of Ham failed.
Source
newspapers
2. February 1, 1931* Other
Newspaper Excerpt
Robert E. Rogers, receiver of the defunct Lansing State bank, submitted report of the condition of his receivership Aug. 31, 1931; dividends authorized and paid later in 1931 by the receiver and Cook County Circuit Court order and State Auditor Nelson's approval was sought and obtained for distributions to depositors.
Source
newspapers
3. November 18, 1931 Other
Newspaper Excerpt
The first 10 per cent dividend was released Nov. 18; another 10 per cent paid Dec. 23, 1931 ($34,000).
Source
newspapers

Newspaper Articles (11)
1. September 14, 1931 The Times Hammond, IN

Article Text

Date of Payment Will Be Set With Amount Paid By Court Order [SPECIAL TO THE TIMES] III., dividend paid this month positors defunct Lansing State bank, Robert Rogers, ceiver, announced this morning. Mr. Rogers explained that the amount set Circuit court Cook county and by Auditor State Oscar Nelson. He refused to hazard any estimate the amount of the but reported quarters to be between 10 and 25 cent. If 10 per cent disbursement result the distribution of $40,000 among the depositors. disabout $100,the hands depositors The bank closed Februimmediately after the First Trust of Hamfailed open its doors. deposits capital of $100,000, and surplus of $80,000. Mr. Rogers, the receiver, is Chibanker and appointed by the Circuit shortly the failed. He has assets since that time.

2. September 17, 1931 The Times Hammond, IN

Article Text

RECEIVER READY TO PAY DIVIDEND IN LANSING BANK Report of Rogers to State Auditor Shows $47,000 Available [SPECIAL TO THE TIMES] $47,521 of available cash for tribution to the Robert Rogers, receiver of the defunct Lansing State bank, submitted report of the condition his of 31, 1931, State Auditor Oscar Nelson. the cash two One $43,053 in First and termed concludes with the notation, "Bills payable, According Mr. Rogers' statement, the report the term from Feb. Aug. 31, 1931. He now awaiting authorization by the Cook county Circuit court and by Auditor Nelson disburse dividend to depositors. If all of the available hand used for this purpose, the dividend amount about 10 per assets. Mr. Rogers' complete report follows: LANSING Robert from August hand Capital 205,553 RECEIPTS Rents, 1,258 overdrafts, Interest 97,209 1,939 Receiver's and 1,958 Legal expense, attorneys, Clerk Bills payable paid. 39,684 Cash First National payable

3. September 17, 1931 The Times Hammond, IN

Article Text

RECEIVER READY PLAN ONE MAN CAR TO PAY DIVIDEND SERVICE IN LANSING BANK One man service East Chicago, Hammond and Whiting, and street and South Park will in the future, provided the IIIInois Commerce Commission grants the Chicago permission to operate one over these routes. Lines on which the Chicago sur. face wished recently listed. ly the had the for permission to line denied the request. This necessary, offithe company the loss of $10,000,000 in gross since 1929. The question has been raised among residents East Chicago whether the Chicago surface lines can operate the suburban in the of Indiana permission from the Indiana commission. Report of Rogers to State Auditor Shows $47,000 Available [SPECIAL TO THE TIMES) for tribution the Robert Rogers, receiver of the defunct Lansing State submitted report of the condition his receivership Aug. 31, 1931, to State Auditor Oscar Nelson. The report lists the available in two of $43,053 First National bank, and the other concludes with the notation, "Bills payable, According Mr. Rogers' statethe includes the term of receivership from Aug. 31, 1931. He awaiting authorization by the Cook county Circuit court and Auditor Nelson to dividend depositors. all of available cash hand is used for this purpose, the dividend amount to about per Mr. Rogers' complete report STATE Robert 31, Total liabilities Capital account 205,553 RECEIPTS Interest $ 97,209 Preferred 1,939 1,958 expense, attorneys, Clerk and stenographer hire Other expenses Auditor bank 39,684 Cash First National hand Bills none

4. October 7, 1931 The Times Hammond, IN

Article Text

SEEK FASTER LIQUIDATON OF BANK ASSETS Lansing Depositors' Committee Meet With State Bank Receivers [SPECIAL TO THE TIMES) LANSING, III., committee of depositors of the Lansing State bank met the receivers this morning to formulate for the more rapid liquidation assets. They hope to enable the receiver pay cent cash dividend another, of similar denomination, before Christmas. The committee decided to cooperwith receiver visiting debtors the may be induced to meet their obligations just event the debtors refuse to In and will be halled the into according the program adopted morning. Ward will chairman of the and he will sisted Carl Baake Corniel by Kuipers. They to receive of the debtors today. The committee has arranged with the permit general public Investigate ever investors desire to buy them.

5. October 20, 1931 The Times Hammond, IN

Article Text

EXPECT ORDER TO PAY LANSING BANK DIVIDEND [SPECIAL TO THE TIMES) Oct. declsion the Cook county court this week thorizing the of ten per dividend to deof defunct Lansing State bank, Robert E. Rogers, reThe dividend will release approximately $100,000, he said, and he added that the cash now available to make distribution just as soon as is authorized by the Circuit court. State Auditor Oscar Nelson pected to appear before the Circuit court today tomorrow apply permit to release the proposed ten The Lansing State bank had assets amounting $650,000 when was closed last February, following the the First totaled $400,000. capitalized and it maintained surplus of $80,000. A depositors committee has been organized assist Mr. Rogers in liquidating the assets. This committee hopes obtain sufficient funds to pay another per cent dividend before Christmas.

6. October 20, 1931 The Times Hammond, IN

Article Text

EXPECT ORDER TO PAY LANSING BANK DIVIDEND [SPECIAL TO THE TIMES] 20.-A sion anticipated the Cook county court this week thorizing the payment ten per cent cash dividend to depositors of the defunct Lansing State bank, Robert E. Rogers, receiver, announced morning. The dividend release approximately $100,000, he said, and he added that the to just as is authorized by the Circuit court. State Auditor Nelson is pected to appear before the Circuit court today tomorrow apply for permit to release the proposed ten per dividend. The Lansing State bank had sets amounting to when closed last February, following of the First Trust and Savthe crash bank of Hammond. Its deposits ings totaled around $400,000. capitalized at $100,000 and It maintained surplus of $80,000. A depositors has been organized assist Mr. in the This liquidating mittee obtain sufficient funds to another 10 per cent dividend before Christmas.

7. December 23, 1931 The Times Hammond, IN

Article Text

CHEERING NEWS FROM LANSING BANK RECEIVER $34,000 in Checks Mailed Out Last Night for 10 Per Cent Dividend [SPECIAL THE TIMES] LANSING, III., Dec. 23.-Cheering Christmas news was announced this morning by Robert E. Rogers, receiver for the "efunct Lansing State bank, in the form of another 10 per dividend $34,000. Checks placed in the and should ceived by 2,500 depositors today, he second dividend paid by the receiver during the month. The first, to $34,000 and representing 10 per cent was released Nov. 18. Another dividend to be paid probably February, Mr. Rogers total of per cent since the closed February. The authorized last by Judge Joseph Burke, the county circuit court. Auditor Oscar Nelson petitioned the court to declare the dividend. worked all of Saturday night and Sunday in order to prepare the checks distribution before Christmas that depositors may receive tidy Christmas gift stated. out that of with of present liquidating assets rapidly possible," declared, pay another per cent dividend by next February."

8. December 23, 1931 The Times Hammond, IN

Article Text

$34,000 in Checks Mailed Out Last Night for 10 Per Cent Dividend [SPECIAL TO THE TIMES) LANSING, III., Dec. Christmas announced this morning by Robert E. Rogers, refor Lansing State bank, in the form of another 10 per cent cash dividend amounting to Checks placed in the mail last night should ceived by 2,500 depositors today, he announced. This the second dividend paid by the receiver during last month. first, to 000 and representing 10 cent per Another dividend probably Mr. of depositors since the closed February. The authorlast week Judge Joseph Burke, of the Cook county circuit State Auditor Oscar petitioned the court to declare the dividend. Saturday night Sunday prepare checks before Christmas tidy gift Mr. also pointed that depositors total receipt of present checks. liquidating assets rapidly another dividend February."

9. December 23, 1931 The Times Hammond, IN

Article Text

CHEERING NEWS FROM LANSING BANK RECEIVER $34,000 in Checks Mailed Out Last Night for 10 Per Cent Dividend [SPECIAL TO THE TIMES) LANSING, III., Dec. Christmas this morning by Robert E. Rogers, receiver for the defunct Lansing State bank, in the form of another 10 cash dividend amounting $34,000. Checks placed the mail night and should ceived by 2,500 depositors today, he This is the second dividend paid by the during the last 000 and Nov. Another dividend paid probably in February, Mr. Rogers said. That will make total per cent paid depositors since the bank closed last February. ized week Judge Joseph Burke, Cook county circuit court. Auditor Oscar Nelson petitioned the court to declare the dividend. worked all Saturday night and Sunday order prepare checks for distribution before Christmas that depositors may receive tidy Christmas gift from Mr. Rogers stated. receiver also pointed that depositors receipt of present liquidating assets rapidly as possible," declared, that another per dividend by next February."

10. December 23, 1931 The Times Hammond, IN

Article Text

CHEERING NEWS FROM LANSING BANK RECEIVER $34,000 in Checks Mailed Out Last Night for 10 Per Cent Dividend [SPECIAL TO THE TIMES] LANSING, III., Dec. 23.-Cheering Christmas announced this morning by Robert E. Rogers, receiver for the defunct Lansing State bank, in the form of another 10 per dividend amounting $34,000. Checks placed in the mail night and should received by 2,500 depositors today, he This second dividend paid by the during the last The first, 000 and representing 10 per cent was Nov. Another to paid probably in February, Mr. Rogers said. That will make total of per cent paid depositors since the bank closed last February. The current dividend authorized Judge Joseph Burke, the county circuit court. State Auditor Oscar Nelson the court to declare the dividend. worked of Saturday Sunday order checks for distribution before Christmas that depositors may tidy Christmas from Mr. Rogers stated. The receiver also pointed out that depositors of $68,000 with receipt present dividend liquidating assets rapidly declared, "so pay another per dividend by next February."

11. March 29, 1935 Chicago Tribune Chicago, IL

Article Text

BANK RECEIVER FIGHTS OUSTER BY STATE CHIEF Thomson Criticizes Central Control. John M. Thomson last night began a fight to prevent losing his receivership of the Kenwood State bank. Thomson was notified yesterday of his replacement by William L. O'Connell, receiver for all except three of Cook county's 140 closed banks, and that O'Connell will seek a court order affirming his appointment today before Circuit Judge John Prystalski. The Kenwood bank's assets would "wither and die" if "pigeonholed in the O'Connell central office under State Auditor Barrett's receivership consolidation plan," Thompson charged. He challenged the auditor's office to show where depositors would gain by any net economy through the change. Planned Another Payment. Thomson said that he asked three weeks ago for permission to pay another 10 per cent dividend [30 per cent has been paid], but that the auditor has ignored his request, "presumably so that the O'Connell régime may reap the credit." The receiver also intimated bad faith in the suddenness of ouster proceedings, that he had an understanding that there would be a chance to discuss the matter first, and will ask a continuance this morning to marshal depositors to his assistance. Depositors representing $148,000 of the $264,000 deposit liability at the time of closing have signed a petition asking that he be retained, Thomson said. "If they leave me alone I can pay out almost in full," he asserted. In addition to funds now available to bring repayments to 40 per cent, unsold bonds have a market value of $52,000—enough for another 20 per cent, he said. Source of Returns. Enough for another 15 per cent is anticipated by Thomson from the stockholders' liability suit. Thus, he figures, repayments should reach at least 75 cents on the dollar within a year or less. "The only leg they have to stand on is economy," said Thomson. "But I hold that it is impossible to liquidate a small bank like this in the proper way from a central office. You can't collect unless you go out after it—and that is exactly what won't be done if it is stuck in a pigeonhole downtown." Thomson also intimated that transferring the receivership may work to the disadvantage of depositors through more lenient settlement of debts to the bank. He said that numerous obstacles had been placed in the way of his making certain collections, and also declared it unfair to have the bank liquidated by the central receiver, because the latter employs in his office the former assistant cashier of the bank against whom he reported a judgment for $5,000. The Lansing State bank today will pay 5 per cent, or $16,355, to depositors, and the Hegewisch State bank depositors will receive 7½ per cent.