Oglesby State Bank (Oglesby, IL)

Episode Information

Episode UID
70150571593
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Bank ID
7015057 routing
Routing Number
70-1505
Start Date
September 1, 1932*
Location
Oglesby, Illinois (41.295, -89.060)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
34581487ee77b886

Response Measures

None

Description

The bank closed in November 1932 following a 'flurry' (run) and failed refinancing efforts.

Events (4)

1. September 1, 1932* Run
Cause Details
The article mentions a 'flurry' in September which led to a refinancing attempt and deposit waivers.
Measures
The bank attempted to refinance and had depositors sign 50 per cent deposit waivers.
Newspaper Excerpt
the bank was refinanced after flurry in September
Source
newspapers
2. November 1, 1932* Receivership
Newspaper Excerpt
Oscar Nelson, who then auditor, named Fred Sauer La Salle as receiver
Source
newspapers
3. November 1, 1932* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to meet stock assessments during refinancing and discovery of shortages in accounts/embezzlement.
Newspaper Excerpt
When the bank closed its doors in November
Source
newspapers
4. January 13, 1933 Other
Newspaper Excerpt
former officials the Oglesby State Bank... arraigned yesterday on charges... survey of the bank tody records showed them to be short their accounts.
Source
newspapers

Newspaper Articles (2)

Article from The Times, January 14, 1933

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Article Text

FORMER OFFICIALS STILL IN JAIL Radeke and former officials the Oglesby State Bank, still the La Sall county through failure to provide surety in amount of $20,000 bonds fixed by Justice of the Peace George Koenig at Ottawa, before they arraigned yesterday on charges. Bondsmn appeared for both fendants the hearing yesterday, but unable to schedule sufficiently property to cover the amount. Howard Sailsbury, the third man be in the charges, at liberty today on bond. All three were taken into cuswhen survey of the bank tody records showed them to be short their accounts. While the $25,000 were not the primary cause the failure of the Oglesby state bank, Mason, president the institution, when said today. The actual cause of the closing, he said, the inability of the meet the 100 cent stock when the bank was refinanced after flurry in Senator expressed his deep appreciation for the support accorded him and other ficials of the bank by the patrons and at the same time added his expression hope that the case would probed the extreme and that the guilty persons would be prosecuted. The removal of James Pryde Oglesby city ceiver stockholders the Oglesby State bank, will be sought by Russell Hanson, attorney for the depositors bank receiver, at hearing the circuit court Ottawa, learned today. When the bank closed its doors in November, Oscar Nelson, who then auditor, named Fred Sauer La Salle as receiver and later named Hamson attorney. few days later, Judge Frank H. Hayes the circuit court, at hearing on petition signed by several depositors, named Pryde receiver to collect the stockholders liability. Pryde has never filed his bond nor qualified for this office. Sancontends work more efficiently than to have the work divided two men.


Article from The Times, February 8, 1933

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Article Text

OGLESBY FILE CLAIMS Aside of As Important Liquidation. With the entry of court order by Judge Edgar E. ting aside the per cent deposit waivers signed by patrons the Oglesby State Bank, Fred Sauer, receiver, now prepared to have those depositors the amount of their claims, he said. been this court action to permit us to that phase of the assets," he result, we now go ahead without any fear of the depositors entering faulty claim. know just the amount they had on deposit in the bank when closed and can figure the interest on it to that time." Sauer said that he expected rush of depositors during the next few days to file their and was making preparations to handle the The court order allowed after Attorney Russell Hanson, counsel for the bank, had filed lengthy motion in the circuit court, setting forth that the bank had failed to comply with its end of the agreement when the institution financed in September. At that time, the depositors had waived their right to 50 per cent their deposits and those waivers had held up the final entry of claims for the amount in the varlous accounts. The action was one of the important steps Sauer has undertaken since he was appointed as receiver and expected to mean much toward the ultimate liquidation the bank. The receiver said that he was meet again this week with several members of the group to consider answers to the balance of the nine questions propounded by that organization some weeks in effort to obtain definite insight of the workings of the bank prior to and after its closing. Pritchard, chairman the committee, said that there was nothing developing in of the investigation being pursued by that body.