Rosamond State Bank (Rosamond, IL)

Episode Information

Episode UID
70206371562
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7020637 routing
Routing Number
70-2063
Start Date
February 7, 1930
Location
Rosamond, Illinois (39.380, -89.160)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6feffee0c5f328f7

Response Measures

None

Description

The bank closed following the failure of its correspondent, the H. N. Schuyler State Bank of Pana. While nearby banks experienced runs, the Rosamond bank appears to have suspended preemptively without a run of its own.

Events (2)
1. February 7, 1930 Other
Newspaper Excerpt
C. H. Bonnell, president of the Rosmand State bank, which failed to open its doors morning, said later in the day that the closing here was due State the closing of the N. Schuyler bank in Pana which is its respondent.
Source
newspapers
2. February 7, 1930 Suspension
Cause
Correspondent
Cause Details
The bank closed due to the failure of the H. N. Schuyler State Bank in Pana, which was its correspondent.
Newspaper Excerpt
Rosamond State Bank of four miles with capital stock surplus $2500 failed to its doors morning. door the institution said that the bank was closed for examination and
Source
newspapers

Newspaper Articles (10)
1. February 7, 1930 The Pantagraph Bloomington, IL
Article from The Pantagraph, February 7, 1930

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Farm Board Will Meet Monat Capital to Conday sider Grain Surplus. CORPORATION PLANNED federal farm board into Monday deal its first emerwheat for which market Other of rescuing wheat farmer failed cause the surplus the board consider of the authority by to organize grain Prompt steps to create the wheat committee the Farmers' National Grain tion meeting with Chairman Legge the board Chicago The would steady the price the grain buying up surplus and holding off the market, that could be in the market. Authority take this action rests entirely the farm board. Board to Be Given Plans. Legge expected return Friday lay the situation before the Whether board will take the measures provided congress be forecast. congressional farm leaders expect the formation of million stabilization few days. The million would come the 150 million dollars fund appropriated by congress. The corporation would involve government greater magnitude than tempted before in this country peace time. The board faces an important cision the first real of the Hoover farm program. Congress provided the groups, the grain stabilization crops and steady the with the farm Bank shutdowns Illinois FriMcKilvie Making Tour. mounted five in the day How seriously the board considwhen four institutions closed. wheat shown The first shut down the conferences Chicago Schuyler State bank Pana departure of Samuel Thursday afternoon Friday instiboard, tutions Nokomis, and Rosatrip through the wheat era. mond. both near Pana. and others facilities for wheat Milford and Cornell closed their "quite according the agriculture Export demand has dropped steadily with PLANE TAKES AID. Feb. Visible of wheat in the brought amount United States on Feb. several 168,bushels nearly 40 million here bushels more the Pana National bank. two more Wheat United States keeping demand CORNELL CLOSES. and the crop the the 570 Cornell, Ill., bank will be found about the as in 1928. story on Page Farmers Are Warned. The board warned farm added bank suspensions were repeatedly reduce their the list of those that day wheat acreage in an effort closed in this vicinity in the been reduce the supply about the six level the market. the Following on the closing The lack demand, export Schuyler State here Thurscoupled from the Auditor Oscar Nelson day, federal board that had not closed the Nokomis State bank would Nokomis, and the State higher in the has resulted here, bank Rosamond, both near decline of cents bushel for Friday. No. spring wheat in Closing Is Asked. Closing of the banks situation aggrarequest of their directors vated by the grain Their the closing of with the farm here Thursday were board's policies. They claim the buted frozen assets, to government competing with pricreased values farm lands vate business.

2. February 7, 1930 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 7, 1930

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PANA VICINITY Nokomis Institutions Close Doors After Schuyler State Suffers From Frozen Assets. Feb. Rosamond State Bank of four miles with capital stock surplus $2500 failed to its doors morning. door the institution said that the bank was closed for examination and This the second bank vicinity to close within the past hours. Schuyler State Bank Pana deposits closed yesterday because of frozen assets. Fears Dispelled Fears of heavy run on the Pana National Bank, only other bank this city dispelled this with an by President Parish that although there had been steady withdrawal about o'clock there was not any time more than 25 people line. He stated that there had been more depositors tnat hours than people withdrawing money. As precautionary measure under William McGinley are guarding the Pana National bank against demonstration. At meeting called shortly after the closing the Schuyler bank than 500 citizens Pana their confidence Schuyler State bank capital account $200,000 and surplus $30,000. deposthe time the bank closed taled The and held by the bank amounted $2,076,340. An airplane said to be from the Federal bank Chicago for the Pana tional bank here this The plane left shortly before Sheriff with heavily armed with shotguns will meet the plane and transport the money shipment to the bank.

3. February 7, 1930 Decatur Evening Herald Decatur, IL
Article from Decatur Evening Herald, February 7, 1930

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Directors Order Nokomis Bank to Close Doors the Special To The Herald NOKOMIS, Feb. Nokomis State Bank closed Friday morning half an hour after opening by order from the board of directors after deunder positors had started run on the bank. Within half hour after the bank the had opened depositors had withmore than $8,000 from the bank. The run combined with frozen closing sets and slow paper forced the dibanks rectors order the bank closed. In the bank's condi- mis statement the tion published as of Dec. 31. 1929 Schuyler the balance sheet showed Loans on before, real estate of $213,000 and real state holdings of $114,000. officials The Nokomis bank was capitalized $50,000 and had deposits of Assets of the few proximately bank listed in the statement inCash $37,000. Securities seeking cluded: Loans col- nothing Bonds on lateral $16,000, loans on real estate bank There 48 stockholders in the are Nokomis State bank. Charles H. Kerr, hardware merchant pressince ident of the bank. Victor Singler, Oltman vice president. Members of the board directors of the bank are: the of and Gue pear three preceeding officers Phillip Kennedy. William Vande- persons Redeker K. veer. Closing of the Nokomis state bank So bank the town. dent leaves only one Last July the force the Nokomis the the Nokomis National consolidated Nokomis. He Farmers State bank in however, There were no evidences the Nokomis National prospect hopped morning. BULLETIN PANA, Feb. At 1:55 Friday afternoon the plane carrying from Chicago money Federal Reserve Bank to the National bank, landed in field short distance outside limits. Sheriff D. city Dunbar with squad of deputies transferred the big money sacks the plane to the truck, and heavy guard the truck was driven to the bank where money was deposited. BY KIRCHER PANA, Feb. the Friday of two small in Rosamond and Noke. following the failure of the state bank here the day the Pana National bank was calm Friday morning and its were confident that could weather every storm. persons appeared at paying teller windows during the morning their but there was suggesting the typical run. business men went to the shortly after had and made their deposits. After makthem, they stood in the bank talking when one suggested that they had no more business they should the on street prevent depositors from being alarmed about what might to be run. When they had left there scarcely half dozen in the Plane Due Early in Afternoon certain was Parish. presiof the bank, that no run could close that he did not call federal reserve bank Chicago. received call from and was told that plane bearing thousand dollars had off for at Traveling speed of 125 miles hour. laden plane was money scheduled to arrive about 1:45. When there appeared be no possibility National bank would close its doors, Interest shifted back to the reason for the H. Schuyler State bank's closing. though Mr. Schuyler, who is 86 years old, that every depositor would receive his full deposit, there were others close to the bank's fairs who were not optimistic. One of them said that efforts had been made during the last two weeks straighten out the rangle, but the money they were able to raise did not meet Schuyler Owner Of the 2,000 shares of stock in the bank, Mr. Schuyler owner other stockholders owning from five to 30 shares. The bank's failure is paraletted by the declining years of the man who its founder and its stabilizer during its years of acto the opinion of one who has ben in the attempted organization. When Mr. Schuyler started ation of the bank he 32 years and the bank importance with him. Some money loaned in those first few never has been returned. On some of the has been more years. This bank's closing, said, not like the closing of many other Central Illinois banks during the last few years. The loaned money farm lands, and businesses with the post-war slump and recent stock market crash has do with the closing. Of the dreds of thousands of dollars owed the most of it was loan. ed 10 years before the war. Old Loan Condit Known The old loan condition was to some of Mr. Schuyler's friends and business associates, was said. but these believed trat Mr. Schuyler had money enough to tide the bank any emergency When the show. down came between bank examiners and the bank officials weeks ago, however, the true condition was made known, and was then that the futile attempt was made to keep the doors open. Just what the bank would be able to pay should be thrown Into ceivership, few guesses are (Special to The Herald) Feb. 7-C. H. nell, president of the Rosmand State bank, which failed to open its doors morning, said later in the day that the closing here was due State the closing of the N. Schuyler bank in Pana which is its respondent. Asked whether or not his bank could reopen the Pana bank mained closed, Mr. Bonnell said that that would depend on the action of the

4. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

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Schuyler Bank at Pana and The Rosamond State Bank Close Their Doors The Closing of the Rosamond Bank Today Is the Ninth Bank in County to Be Closed Since October 10th of Last Year. The posting of notice on the doors of the H. N. Schuyler State Bank of Christian county to be closed since October 10th of last year. State bank examiners closed the bank at 6 o'clock last night. The posting of the order closing the oldest bank of that city, came as the completion of an examination of the books after the bank's regular closing hour at 4 o'clock. Frozen assets was given as the cause of the institution's closing. Assets and liabilities totaled $2,381,087 on December 1. The bank has many farm loans outstanding." As soon as the news of the close spread, a meeting of the business men of called by C. R. Parthe town was of the Pana National rish. president bank, in an effort to maintain confidence of the depositors to prevent a the National bank Friday. run on More than 500 men attended the meeting in the Community bouse. Mr. Parrish read a report of the bank's condition. He told depositors that they could have their money at anydeposits in time. He showed would be safe. money No Excitement Reported When the Pana National Bank opened this morning there were a numof officers there to prevent any ber should it arise and undue excitement there were more than fifty of the influencial business men of Pana at the bank assure the depositors that they had no cause to be worried. Shortly before noon today the deposits at be larger this bank were reported than the withdrawals. Schuyler Assures Depositors H. N. Schuyler, presid of the closed institution, went down to the bank this morning and cheerfully greeted a number of people gathered |around the bank and assured them that he would personally see that the depositors did not lose at his bank.

5. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

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(Turn to Page 3. Please) The Resamond State Bank at Rosamond, III., 4 miles west of Pana with notice posted on the door of the institution said that the bank was closed for examination and readjustment. This is the second bank in this county to close within the last 24 The State Bank of homis. Schuyler Pana, with deposits of approximately $2,000,000 was closed late yesterday because of frozen assets. Bonnell is the president of the Rosamond bank. He holds 38 shares of the stock in this institution and the other principal stockholders are: W. O. Wileox, C. A. Wilcox, W Bonnell and William Grimes.

6. February 8, 1930 Joplin Globe Joplin, MO
Article from Joplin Globe, February 8, 1930

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ILLINOIS Failure of One Depository Is Followed by Two Is Staged. Pana. Feb. banks in this vicinity have closed their doors within the twentyfour hours. The Schuyler bank of Pana, with deposits more than $2,000,000, was the first to close. The Schuyler bank ordered closed late yesterday because frozen assets. The Rosamond State bank, four miles west of here, was closed this morning for investigation and readjustment, while the Nokomis State bank, thirteen miles west of Pana. was closed thirty minutes after had opened today, following heavy brought about by the closing the Schuyler bank. Crowd Rushes Tellers. large number of people gathered about the Nokomis State bank before the doors were opened today. As soon the bank opened for business, there was rush the tellers' cages withdraw deposits. Bank officials, fearing that they would not be able to meet the demands the run continued, called meeting of the board directors. The directors voted for immediate closing of the institution protect depositors. President Charles Keer instructed notify State Auditor Nelson Springfield of the board's action, and the board requested that aminers sent to take charge. Deposits of the Nokomis State bank with assets listed at The Nokomis National bank experienced slight remained open for busithroughout The Rosamond State bank listed capital stock $25,000 and of $25,000. Although there was rush to withdraw deposits from the Pana National bank during the morning, officials of the institution said there was no alarm, and before the day was over many deposits had been made.

7. February 8, 1930 Chicago Tribune Chicago, IL
Article from Chicago Tribune, February 8, 1930

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PANA BANK GETS $250,000 BY AIR TO PREVENT RUN Two Other Institutions Close Doors. quarter of million dollars was brought here by airplane from Chitoday to protect the Pana cago tional bank from withdrawals that this in the wake of began morning the closing here yesterday of the H. N. Schuyler State bank. Although there was small run on the national bank early in the day. arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this dis trict were closed today They were the Rosamond State bank, Rosamond, four miles west of here. and the No. komis State bank Nokomis, thirteen miles east. The Rosamond bank had capital of and surplus of $2,500. A notice posted on the door said the bank was closed for examina tion and The Noko mis bank, state officials said, has frozen assets, but is expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began at the Pana Na. tional bank this morning, President C. B. Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 in cash by airplane. Two hours later plane with armed guards aboard arrived with the money. Sheriff D. L. Dun bar and armed deputies transported the money to the bank's vault. Citizens at massmeeting yester day had declared their confidence in the national bank and President Par ris said today that obtaining funds from Chicago was only a precautionary A number of business houses, in cluding all the meat markets early to day went on cash and carry basis. Heretofore these merchants had car ried their customers for indefinite peri ods. Late today the volume of busi ness was declared virtually normal A number of business, fraternal and social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations at the present Milford Bank Closed. The First National bank of Milford twelve miles south of here. was closed today. A notice on the door said that the action was taken for the protec tion of depositors. Officers said that the bank is solvent, but that run had been feared as the rseult of rumors In circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends The Farmers State bank of Cornell, Livingston county was closed today Directors announced that the action was taken because of frozen assets Louisiana Bank Closed. Bank of Napoleonville of Napoleon ville, La., was closed today by order of the state bank commisisoners be cause of frozen assets and sugar loans Officers of the bank were working on a plan of reorganization Deposits of the bank were estimated at with $500,000 in resources Emile Sundberry former state senator, was president of the bank.

8. February 8, 1930 The Daily Illini Urbana, IL
Article from The Daily Illini, February 8, 1930

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Flashes Late News SOUTHERN BANKS SHUT DOORS 24 HOURS Feb. vicinity have their within the last hours. The bank of Pana, with deposits than the first The bank was late yesterday because frozen assets. Rosamond State bank, four west of here, was closed this morning for investigation readwhile the Nokomis State bank, miles southwest of Pana, closed 30 minutes after had opened today, following heavy brought by the closing of the large number of people gathabout the Nokomis State bank the doors were opened today. the bank opened for busithere was rush to the tellers' withdraw deposits. Bank officials, fearing that they would not be able to meet the decontinued, called of the board of directors. directors voted for immediate closing of the institution protect President Charles H. depositors. instructed notify State Auditor Nelson Springfield board's action. and the board that examiners be sent to charge. Indicted for Auto Thefts Feb. Victor Reining, head the Commercial Finance company of Bloomington, today was named in dictments, reciting 75 charges, charging possession and automobiles. He was named indictment which charged tempted bribery of members of the grand George Smith, accused of being agent Reining the attempt bribe, was named indictments. James Bundy, Wilbur Wyckoff, King, charged with being associates of Reining in the operaautomobile theft ring, indicted. The men under bonds since last Novemwhen investigators charged the sold automowhich Indicted for Holdup Feb. persons arraigned today Watseka on charges robbing the Hogue state bank noon terday The four held the action of the grand bonds of and were jailed default bail. Those under arrest Clarence Lanter, Georgetown, miner: Tatman, Onarga: George Burns and Squires, both of Dan- Police said Lanter had admitted the robbery and said brother's automobile in the robbery. Burns was by Sheriff Curtis Paxton Burns furnished formation resulting in the arrests of Squires and Authoripractically all the loot Chicago Bucks Crime Feb. Chibusiness staked and against crime Listening to the story the situation told behind doors closed Attorney John Swanand William Russell, police the executive commitChicago association resolved that "the time and took the first two own campaign to bombing and racketeering. reward of posted and conviction of the Philip wounded by gunfire while Wednesday. Eaton Buy Rubber Company Feb. Eaton, Ohio's newest wizard dipped his hands into the today, and with his company took Goodyear Tire RubLess month steel the third largest the United States. Fraternity Head Dropped been the University of part student fight Nicholson announced former students, who while school were active the fraternity, alumni national office of the removal from the organiparticipants injured have been beset Names withheld.

9. February 8, 1930 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, February 8, 1930

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BANKS IN PANA Pana, III, Feb. quarter of million dollars was brought here airplane from Chicago today to protect the Pana National bank from withdrawals that began this morning in the wake of the closing here yesterday of the H. N. Schoyler bank. Although there small run on the National bank early in the day, arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this district closed today. They the Rosamond State bank, Rosamond, four miles west of here, and the Nokomis State bank, Nokomis, thirteen miles east. The Rosamond bank had capital of $25,000, and surplus of $2,500. notice posted on the door said the bank was closed for exabina tion and readjustment. The Nokomis bank, state officials said, has frozen assets, but expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began the Pana National bank this morning, President Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 eash by airplane. hours plane with guards aboard arrived with the money. Sheiff Dunbar armed deputies transported the money to the bank's vault. Citizens mass meeting yesterday had declared their confidence in the National bank and President Parris said today that obtaining funds from Chicago was only precautionary number of business houses, includall the meat markets went cash and basis. Heretofore these carry merchants had carried their customers for indefinite periods. Late today the volume of business was declared virtually normal. number of business, fraternal social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations the present volume. Milford Bank Closed. Watseka, III., Feb. First National bank of Milford, twelve miles south of here, closed today. notice on the door said that the tion was taken for the protection of depositors. Officers said that the bank solvent, but that run had been feared the result of rumor in circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends. Bloomington, III., Feb. Farmers State bank of Cornell, Livingston county, was closed today.

10. February 8, 1930 Herald and Review Decatur, IL
Article from Herald and Review, February 8, 1930

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ARRANGE MINERS DESPITE BANK CLOSINGS Confident Depositors Fail to Make Run on Pana National PLANE BRINGS CASH PANA, Feb. nouncement Friday night that rangements had been made to meet the miners' payroll here on Feb. brought to an end what little excitement existed during the day due to the closing of the Rosamond and Nokomis State banks Friday. the Pana National bank where feared run might made during only few persons to demand their and while they drawing out funds, Pana's business men making deposits. Plane Brings Cash So certain was Parish, ident of the bank, that no could his bank closed, he did not call the Federal Reserve bank Chicago that he feared He call from however, and told that plane bearing thousand dollars had for Pana 12:10 An hour and 40 minutes later the plane roarPana, and landed in by field. Sheriff Dunbar and squad of heavily armed deputies guarded the automobile that ported the money from the plane the bank. When sibility that National bank would close its shifted back to the the H. Schuyler State bank's closing. Although Schuyler, who 86 years declared that every depositor would receive his full deposit, there others close to the bank's fairs who optimistic. One them said that efforts had been made the last weeks to straighten out the tangle, but the they able to raise did money not meet requirements. Schuyler Teaviest Owner Of the 2,000 shares stock in bank, Mr. Schuyler the owner 1,805, stockholders owning from five 30 shares. The bank's failure paralelled (Continued on Page