First National Bank (Moweaqua, IL)

View Charter #7739 on SPMC View balance sheet

Episode Information

Episode UID
773901541
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
77390 national
Charter Number
7739
Start Date
May 27, 1928
Location
Moweaqua, Illinois (39.625, -89.019)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9ab1aeb34e71498f

Response Measures

None

Receivership Details

Depositor recovery rate
63.3%
Date receivership started
1928-05-23
Date receivership terminated
1932-02-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
44.7%
Share of assets assessed as doubtful
21.8%
Share of assets assessed as worthless
33.4%

Description

Articles report a national examiner acting as receiver and a large shortage by the bank president.

Events (5)
1. May 13, 1905 Chartered
Source
historical_nic
2. May 23, 1928 Receivership
Source
historical_nic
3. May 27, 1928 Receivership
Newspaper Excerpt
May French, national bank examiner, who has been acting in the capacity of receiver for the First National bank of Moweaqua...
Source
newspapers
4. May 27, 1928 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a shortage of approximately $25,000 in school funds tied to the bank president, leaving assets insufficient to cover liabilities.
Newspaper Excerpt
May French, national bank examiner, who has been acting in the capacity of receiver for the First National bank of Moweaqua, will not hold the office permanently.
Source
newspapers
5. November 5, 1929 Other
Newspaper Excerpt
Moweaqua...the defunct Allsup, First National bank of Moweaqua...will distribute about $2,000 to depositors...representing interest on their deposits from Feb. 18, 1928 to date of distribution.
Source
newspapers

Newspaper Articles (5)
1. May 27, 1928 Decatur Herald Decatur, IL
Article from Decatur Herald, May 27, 1928

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Article Text

SPECULATE BANK RECEIVER National Examiner Only Filling Position Temporarily May French, national bank examiner, who has been acting in the capacity of receiver for the First tional bank of Moweaqua, will not hold the office permanently, was nounced Saturday afternoon. who the permanent receiver to not learned. Disclosures made Saturday point E. Humphrey. young president the bank, as being short about $25,000 school funds, and is understood cattle hogs owned him were marketed that the could be made up. The ency ceeds from the cattle, however, amounted to only $13,800, and there mortgage them of little more than $7,000 leaving balance far short of enough to cover the real estate mortgage was filed the Macon county of covering indebtedness Hudson, trustee, for The mortgage lien upon part of quarter section land in section town and five lots in block upon 36 of the Railroad addition to the village of Macon notation upon the mortgage indicates that given collateral security for lia bility upon bond.

2. May 27, 1928 Decatur Herald Decatur, IL
Article from Decatur Herald, May 27, 1928

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Article Text

SPECULATE BANK RECEIVER National Examiner Only Filling Position Temporarily May French, national bank examiner, who has been acting in the capacity of receiver for the First tional bank of Moweaqua, will not hold the office permanently. nounced Saturday afternoon. who the permanent receiver to not learned. Disclosures made Saturday point E. Humphrey. young president the bank, as being short about $25,000 school funds, and is understood cattle hogs owned him were marketed that the could be made up. The ency ceeds from the cattle, however, amounted to only $13,800, and there mortgage them of little more than $7,000 leaving balance far short of enough to cover the real estate mortgage was filed the Macon county of covering indebtedness Hudson, trustee, for The mortgage lien upon part of quarter section land in section town and five lots in block upon 36 of the Railroad addition to the village of Macon A notation upon the mortgage indicates that given collateral security for lia bility upon bond.

3. May 27, 1928 Decatur Evening Herald Decatur, IL
Article from Decatur Evening Herald, May 27, 1928

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Article Text

SPECULATE BANK RECEIVER FillNational Examiner Only Position Temporarily MOWEAQUA, May bank examiner, French, national been acting in the capacwho has the First Naity receiver for will not tional bank of Moweaqua, was anhold the office permanently, afternoon. But Saturday is to who the permanent not learned. made Saturday point E. Humphrey, young president short about the bank, being school funds, and $25,000 cattle and hogs owned derstood marketed that the deficihim were could be made up. The ency the cattle, however, ceeds from $13,800, and there amounted only them of little was mortgage on leaving balance more than $7,000 fai short of enough to cover the f.ciency. estate was filed real mortgage recorder's of the Macon county fice Saturday covering indebtedness Hudson, of Humphiey trustee, for $4,000. The quarter section lien upon part of land in section town 11, range and five lots in block east; upon Railroad addition to the 36 of the village of Macon notation upon the mortgage indicates that It given as collateral security for lia bility upon bond.

4. May 27, 1928 Herald and Review Decatur, IL
Article from Herald and Review, May 27, 1928

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Article Text

SPECULATE RECEIVER BANK FillExaminer Only National Position Temporing arily May bank examiner, French, national in the capacwho been acting the First Nafor ity of will not bank of Moweaqua, tional hold the office permanently, was afternoon. But nounced Saturday receiver is to be who the permanent was learned. made Saturday point Disclosures Humphrey, young president being short about the bank, as $25,000 in school funds, and uncattle and hogs owned derstood marketed that the deficihim were could be made up. The ency ceeds from the cattle, however, to only $13,800, and there amounted them of little mortgage than $7,000. leaving balance short of enough to cover the far ficiency. real estate mortgage was filed in the Macon county recorder's fice Saturday covering indebtedness Humphrey to Hudson, trustee, for $4,000. The mortgage lien upon part of quarter section of land section town and upon five lots in block 36 of Railroad addition the village of Macon. notation upon the indicates that given security for lia bility upon bond.

5. November 5, 1929 The Daily Courier Taylorville, IL
Article from The Daily Courier, November 5, 1929

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Article Text

DEPOSITORS RECEIVE THEIR INTEREST Moweaqua, Nov. for the defunct Allsup, First National bank of Moweaqua, and several others, including the Citizens National bank of Shelbyville, yesterday announced here that Thursday of this week on would distribute about $2,000 he to depositors of the Shelbyville stitution, representing interest their deposits from the time of the Feb. 18, 1928, to the date distribution of the dividends of covering the total deposits. Money for Stockholders Mr. Allsup paid three dividends to depositors, two of 25 per cent and of 50 cent. In each one per to these and the interest addition cent he has considerper able of money derived from sum the assets to distribute to the stockholders, and also the bank building itself, which at the time cost $17,000, and of its erection the O. N. East elevator at Milwhich will be turned into mine, benefit of the stockcash for the holders. meeting of the stockholdAt Saturday. they elected Mr. Allliquidating agent for the stockholders. subject to the anof the of the proval comptroller currency.