Mercantile Bank & Trust Company (Benton, IL)

Episode Information

Episode UID
70176571534
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7017657 routing
Routing Number
70-1765
Start Date
October 2, 1927
Location
Benton, Illinois (37.997, -88.920)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dcc9edf7d151d39a

Response Measures

None

Description

Closure ordered by State Finance officers; later placed in receivership by Benton State Bank.

Events (2)
1. October 2, 1927 Suspension
Cause
Government Action
Cause Details
State Finance officers closed the bank after failure to negotiate an $85,000 loan and problems tied to the coal situation.
Newspaper Excerpt
the Mercantile Bank and Trust Co., closed By State Finance officers yesterday
Source
newspapers
2. January 13, 1928 Receivership
Newspaper Excerpt
The bank, now in the hands of the Benton State Bank as receiver, failed last September
Source
newspapers

Newspaper Articles (2)
1. October 4, 1927 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, October 4, 1927

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Article Text

LITTLE POSSIBILITY THAT BENTON BANK WILL REOPEN Benton, III., Oct. 3.-There is but slight possibility that the, Mercantile Bank and Trust Co., closed By State Finance officers yesterday, will be permitted to reopen. The closing of the institution is attributable to the delayed settlement of the failure of the institution to negotiate a $85,000 loan from a St. Louis bank. Directors of the institution have stated that an early settlement of the coal situation probably would have tided the bank over the danger period and might accompanied by the necessary are that depositors will lose heavily a result of the fai ure. Benton banks failed to materialize yes terday. Both institutions had obtained large cash reserves from associate banks and were ready for an emergeney. Withdrawals Saturday greater than usual, but there is no in dieation of "runs" on either bank. Good Resolution A good resolution will make any

2. January 13, 1928 Sterling Daily Gazette Sterling, IL
Article from Sterling Daily Gazette, January 13, 1928

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Article Text

DEPOSITORS TO SUE BANK THAT FAILED Benton. III., Jan. 13.-(By United Press.)-Depositors of the defunct Mercantile Bank and Trust Company appointed a committee in meeting here empowered to employ counsel "and bring auit or suits or whatever may be necessary for our Interests." The bank. now In the hands of the Benton State Bank as receiver, failed last September allegedly as a result of "frozen loans.' Depositors Included a large number of coal min-