Farmers State Bank (Danvers, IL)

Episode Information

Episode UID
70169871585
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7016987 routing
Routing Number
70-1698
Start Date
January 21, 1932
Location
Danvers, Illinois (40.529, -89.177)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
101c76ee0db47132

Response Measures

None

Events (3)
1. January 21, 1932 Run
Cause
Local Banks
Cause Details
heavy withdrawals following the closing of several central Illinois banks
Measures
Directors voted to close the bank to protect depositors.
Newspaper Excerpt
unusual withdrawal of deposits from the Farmers State Bank-caused the officers at a special meeting to close the doors
Source
newspapers
2. January 22, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
heavy withdrawals and unusual withdrawal of deposits
Newspaper Excerpt
The Farmers State bank of Danvers, McLean county, did not open today.
Source
newspapers
3. February 4, 1932 Receivership
Newspaper Excerpt
The affairs of the Farmers State Bank are now in the hands of a state bank examiner
Source
newspapers

Newspaper Articles (2)
1. January 22, 1932 The Dispatch Moline, IL
Article from The Dispatch, January 22, 1932

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Article Text

BANKS TAKE PRECAUTIONS The Bloomington clearing house association today invoked in all six Bloomington banks an order allowing withdrawal savings only on stipulated legal notice. This action, the association announced, taken prevent unusual cash withdrawals the wake of following of several central Illinois closing banks. In addition, the association limitchecking accounts and certificates of deposit to an not in excess of cent per month of yesterday's ances. Deposits of today and henceforth not be affected by the percent limit. The association said had no intent to interfere with the transaction of "approved and legitimate business" wanted to avoid the possibility of deposits. The Farmers State bank of Danvers, McLean county, did not open This action, directors today. said, was taken to protect depositors following heavy withdrawals. The First National bank, the same town, after learning closing of the Farmers bank, voted close temporarily.

2. February 4, 1932 The Saybrook Gazette and Arrowsmith News Saybrook, IL
Article from The Saybrook Gazette and Arrowsmith News, February 4, 1932

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Article Text

Banks Close In Danvers Danvers Independent:-The epidemic of bank suspensions which has prevailed recently in many communities struck Danvers Thursday, January 21, when an unusual withdrawal of deposits from the Farmers State Bank-caused the officers at a special meeting to close the doors of the institution Friday morning. As is usual in such cases other banks in the city or neighborhood suffer from distrust and are affected to a greater or lesser degree, and accordingly the president, H. D. Stephenson and cashier, Lyle S. Stuckey, of the First National Bank became active at once and called a directors meeting early Friday morning, at which time it was decided to close the bank. This prompt action averted any serious run. This action was taken by both banks for the protection of depositors and all concerned, as in these days of depression, suspense and business stress, few banks can stand an extended run upon its resources. The affairs of the Farmers State Bank are now in the hands of a state bank examiner and the First National is is charge of a federal examiner.