Gillespie National Bank (Gillespie, IL)

View Charter #7903 on SPMC View balance sheet

Episode Information

Episode UID
790301584
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
79030 national
Charter Number
7903
Start Date
December 1, 1931*
Location
Gillespie, Illinois (39.130, -89.820)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
79fe96ba15694b16

Response Measures

None

Receivership Details

Depositor recovery rate
39.3%
Date receivership started
1931-12-19
Date receivership terminated
1939-02-18
Share of assets assessed as good
7.0%
Share of assets assessed as doubtful
92.0%
Share of assets assessed as worthless
1.0%

Events (4)
1. September 6, 1905 Chartered
Source
historical_nic
2. December 1, 1931* Suspension
Cause Details
Bank closed in December 1931 and did not resume operations; later placed in liquidation under a receiver.
Newspaper Excerpt
The Gillespie National Bank closed in December, 1931.
Source
newspapers
3. December 19, 1931 Receivership
Source
historical_nic
4. * Receivership
Newspaper Excerpt
Payment of a fourth dividend ... was begun Thursday by Raymond Cook, receiver for the Gillespie National Bank. Receiver Cook reports ... The Gillespie National Bank closed in December, 1931.
Source
newspapers

Newspaper Articles (3)
1. November 7, 1934 Alton Evening Telegraph Alton, IL

Article Text

Gillespie Library Tag Day Set By Board for Nov. Girl and Boy to Aid in Drive for. Funds GILLESPIE, Nov regular meeting of the Gillespie the Public Board held Monday Library afternoon plans were made for the annual tag day sale to be held Saturday, Nov. sold by the Girl Tags will be Scouts and Boy Scouts. Plan Food The Unit of Home Bureau Monday the Mrs. C. M. Miller home of Bunker Hill. Maxeiner gave the Mrs. Marie Miss Gertrude minor lesson major lesson: Beckman gave made food sale Plans were held Gillespie the day bebe Mrs. Paul fore Thanksgiving. Franke had charge of will The December meeting hall. held at the will be served scrambled will include noon. The program Christmas Given Award. daughter of Mr. Carolyn Joe, Mrs. Dodge, has and awarded gold medal for been mention having received better baby contest sponsored by Mrs. Crawford Hostess. Floyd Crawford was hostess Mrs. Contract Bridge Club at her the home Henry street Monday eveon ning. Refreshments wer eserved. be the The next meeting Mrs. Armand Sherman. home Mrs. Mor Club. Mrs. Louis Mor the members the Monday Evening Club at her home on ClinPinochle ton street. by Mrs. Louis Prizes were won Miller, Mrs. John Neylon and Mrs. Mitchell. Mrs. John RoHarvey lando received the 100-ace prize. meeting will the The next home of Mrs. Refreshments were served. Sewing Club Meets. Miss Betty Barrett entertained sewing club Monday evening the home Mrs. William Hackney. social time was spent, and refreshments served. The meeting the first of the fall season. The will be at the home of Miss Youland Murray. Allen's to Kansas City. Mr. Mrs. H. Allen of and White Hall entertained as guests over the Postmaster and Mrs. Keplinger of Waverly, Miss Jessie Griswold and Frank Dillman White Hall, and Dr. Gaes and Mrs. Pentington of Louis Rolando's hotel here. Mr. Allen, who had been federal bank receiver for the Gillespie National Bank here, has been visiting here. Mr. and Mrs. Allen will go to Kansas City, Kas, to make their future home. Gillesple Notes. Mrs. John Cleren, who suffered head injury week ago, bumping her head car while riding, improving. Three stitches were required. Hopper entered Et. Francis' Roy hospital at Litchfield, Monday regular meeting the will be Thursday evening the parochial school. The the Methodist church will mest Friday evening the home of Mrs. Seur Areme Circle of the Eastern Star will give card party Friday evening, Nov. 16. at the Masonic temple. Mr. and Mrs. Randall Hoelin and are moving Hoehn will conduct garage on the south hard road. Mr. Mrs. Armand Sherman motored to Louis Tuesday. Miss Esther employed by the Wallgreen Drug Chicago visiting with her parents, Mr. and Mrs. Broers.

2. July 19, 1935 Alton Evening Telegraph Alton, IL

Article Text

$45,000 Dividend Paid by Gillespie Bank's Receiver Represent Six Percent of Deposits; 26 Percent Already Returned GILLESPIE, July 19, (Special)—Payment of a fourth dividend, amounting to six percent of claims, was begun Thursday by Raymond Cook, receiver for the Gillespie National Bank. Receiver Cook reports that the payment of the fourth dividend will put $45,000 into circulation here. The dividend is being paid from the proceeds of a loan obtained from the Reconstruction Finance Corp. augmented by funds obtained in the cause of regular liquidation. Following the payment of the dividend no further ones will be made until the RFC loan is repaid. The Gillespie National Bank closed in December, 1931. Its deposits totaled $1,500,000. Dividends of eleven, five, and ten percent, a total of 26 percent have been paid to depositors. Hunting Licenses Arrive. GILLESPIE.—City Clerk Charles Tillman reported today that he had received his supply of hunting license blanks Thursday and that they are available. He reported that the squirrel season in the central zone, which includes Macoupin county, would open Aug. 1. Mrs. Beveridge Honors Visitor. GILLESPIE.—Mrs. Robert Beveridge was hostess at a bridge party Tuesday evening at her home, 204 Park avenue in honor of her sister, Mrs. Bertram Barnett of Arcadia, La., who is visiting her. Miss Alvena Schmidt and Mrs. Barnett received the prizes. Refreshments were served. Clubs Meet GILLESPIE—Mrs. Arnold Shefman was hostess to members of the D. L. bridge club and guests, Mrs. John Mac Donald and Mrs. C. P. Mizera, at her home on 107 East Elm street Wednesday evening. The B. G. F. Sewing Club met Wednesday evening at the home of Miss Ann Foster on 1103 South Second street. Miss Mary Catherine Downs was hostess to members of her sewing club Wednesday evening. Welfare Club Party GILLESPIE—Eighteen tables of pinochle were occupied Wednesday evening at the ice cream social sponsored by the Woman's Welfare Club of S. S. Simon and Jude's Catholic Church. O. E. S. Meets GILLESPIE — Gillespie Chapter of the Eastern Star met Wednesday evening at Masonic temple. Plans were made to meet Aug. 7. 4-H Contestants Selected GILLESPIE—The Modern Priscilla Girls 4-H Club met Tuesday afternoon at 2:30 at Maple Street school. A social period was followed by a lunch. Miss Alcoaque Smith and Miss Clara Tretter were selected to give a demonstration at the next club meeting, July 30. Miss Mildred Elliman received first and Miss Dorothy Deby second prize on second year work, and Miss Lela Amschel first in first year work in the clothing contest. The winners will take part in a county contest July 27 at Carlinville. Hired as Decatur Teacher GILLESPIE—Miss Frances Jane McEvoy, daughter of Mr. and Mrs. Frank McEvoy has been employed as an English teacher at the high school in Decatur. Girls Softball Team Loses GILLESPIE—The Gillespie Girls Softball team was defeated by the Central Shoe team from Litchfield Tuesday, 6-4. The Edwardsville-Gillespie game of Wednesday has been postponed. Gillespie Notes GILLESPIE—A son, their first child, weighing eight pounds, was born to Mr. and Mrs. Russell Herrin of Francis street at St. Francis Hospital in Litchfield Wednesday. Dale Ferguson, son of Mr. and Mrs. Lyge Ferguson of Cedar street, suffered burns about the arms and hands Wednesday afternoon, when the stove he was trying to light exploded. He will recover from the burns. Mrs. Robert Nauman and infant son, Robert Jordan, have returned to their home from the St. Francis Hospital in Litchfield. George Richards has been ordered to take a several months rest under the care of his physician. An outdoor sleeping room is being built for him at his home on the Springfield road. William Skinner, son of Mr. and Mrs. Robert Skinner, is recovering from a major operation at St. Francis Hospital in Litchfield. Mrs. Anthony Carroll is improving at her home on 708 South Macoupin street from illness. Miss Margaret Ruth Struthers, who became ill while at Camp Sangamo near Springfield with Troop No. 1 of the Girl Scouts is improving at the home of her parents, Mr. and Mrs. James Struthers on South Macoupin street. Mrs. Fannie Werier and niece, Miss Lutie May Caudry, are visiting relatives in Marine. Mrs. John Fisher and son have left for Denver to spend a month with relatives. Mrs. Elmer Lauer and daughter

3. December 20, 1935 Alton Evening Telegraph Alton, IL

Article Text

Illinois Supreme Court Issues List Of Bank Decisions Holds Stockholders Liable—Reverses Gillespie Verdict SPRINGFIELD, Ill., Dec. 19, (AP)—The Illinois Supreme Court was on record today as upholding the constitutionality of the state banking act provisions for assessment of stockholders. By a four to three decision, the court held that when a master in chancery is assigning assessments to stockholders of a closed bank, it is not a pre-requisite that all claims be proved by the creditors to determine how much individual stockholders owe. The decision was handed down in a case appealed from the Kankakee county circuit court by stockholders of the American Trust and Savings Bank. It was written by Justice Paul Farthing and concurred in by Justices Clyde E. Stone, Norman L. Jones and Francis S. Wilson. The stockholders were defendants in a lower court suit brought by creditors who asked assessments against 173 stockholders. The lower court ordered the assessments made, overruling contentions that creditors claims should be proved first. This proof can be made otherwise, the court said. The books of the bank and its papers should show what it owes each creditor and when the obligation accrued to him. The decision affirmed the lower court decree. The court held unconstitutional, however, the state law granting a preferred claim to a creditor whose draft is returned to him unpaid from a closed bank. Arthur E. Crum, receiver of the First National Bank of Freeport, brought the suit in Stephenson county circuit court against William L. O'Connell, receiver for the Union Bank and Trust Company. Another bank opinion by the court reversed and remanded the decision of the Rock Island county court which denied the East Moline State Hospital a preferred claim against the Peoples Savings Bank and Trust Co., of Moline. Preference was sought on the allegation that the funds belonged to the state. In other cases, the court: Set aside the St. Clair county circuit court sentence of Herbert Buxton to 14 years imprisonment on murder charges. Buxton was alleged to have participated in the slaying of Emil Kirsch in an East St. Louis drug store June 6, 1932. The court held his guilt was not established definitely. Affirmed the Vermillion county circuit court in sentencing Marion Green to six months at Vandalia penal farm and to pay a $250 fine for possessing a "policy" game device. Reversed the Macoupin county court which held that certain lands held by the closed Gillespie National Bank should go to stockholders. The decision directed a new decree in favor of Ray M. Cook, bank receiver. Affirmed the St. Clair county circuit court conviction of George Francis on burglary charges.