Article Text
Bank Closes. Watseka, June 22.-(P)-The First National bank of Watseka closed its doors today upon motion of the directors. Two other banks are serving the community. It was the first bank suspension in the city's history.
First National Bank (Watseka, IL)
Episode Information
- Episode UID
172101578- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
17210national - Charter Number
- 1721
- Start Date
- June 22, 1931
- Location
- Watseka, Illinois (40.776, -87.736)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
251a5067657e9fac
Response Measures
None
Receivership Details
- Depositor recovery rate
- 56.7%
- Date receivership started
- 1931-06-29
- Date receivership terminated
- 1937-09-22
- OCC cause of failure
- Governance
- Share of assets assessed as good
- 40.4%
- Share of assets assessed as doubtful
- 49.0%
- Share of assets assessed as worthless
- 10.6%
Description
Closed by directors on June 22, 1931; receiver in place later in June 1931.
Events (4)
1.
October 15, 1870
Chartered
- Source
- historical_nic
2.
June 22, 1931
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors ordered the bank to close (first suspension in city's history), indicating bank-specific insolvency/trouble.
- Newspaper Excerpt
- The First National bank of Watseka closed its doors today upon motion of the directors. ... It was the first bank suspension in the city's history.
- Source
- newspapers
3.
June 29, 1931
Receivership
- Source
- historical_nic
4.
June 29, 1931
Receivership
- Newspaper Excerpt
- The bank closed in 1931 and the note had never been redeemed. (mentions Wm. J. Kelly, former First National Bank receiver and successor John McDermott).
- Source
- newspapers
Newspaper Articles (4)
Article Text
WATSEKA BANK CLOSES. Watseka, June the Associated First National bank of Watseka closed its doors today upon motion of the rectors. Two other banks the the first bank suspension the city's tory.
Article Text
Bank Receiver Sues to Collect Officer's Bond Watseka, Ill., Feb. 12.—An appeal has been filed in circuit court by Wm. J. Kelly, former First National Bank receiver, through his successor, John McDermott, against the Fred McGill estate. On April 12, 1922, McGill and Harry T. Riddel, former president of the First National Bank, made a fidelity bond of $5,000. The bond was given by H. T. Riddell and signed by Fred McGill as surety. The bank closed in 1931 and the note had never been redeemed. In his suit to obtain the $5,000 for the stockholders of the bank, Wm. J. Kelly charges H. T. Riddell with fraud, dishonesty, forgery, theft, embezzlement and wrongful abstraction of money. Attorney Frances G. Rearick represents the plaintiff and Attorney Robt. R. Rodman represents the defendant.
Article Text
Iroquois County Fair Site Is Sold for Debt Watseka, Ill., Nov. 4. — final step in the dissolution of the old Iroquois county fair board, once an important and enterprising institution, occurred here Saturday. The fairgrounds, at the outskirts of the city, comprising some 26 acres, were sold to J. Weidert, farmer living south of Watseka, who will use it for pasture. The price was $2,300. Debts against the property total about $40,000. Sold Under Foreclosure The sale was made by Attorney Robert F. Goodyear, special master in chancery, as the result of a foreclosure obtained in September by John A. Gillan, trustee for 97 noteholders who had a part in the financial setup of Iroquois County Breeders' Association, which operated the fair. Just after the foreclosure was decreed but before it was realized, the First National Bank of Watseka, now closed, obtained a judgment against the property for $4,646.95. The bank, represented by Attorney John P. Pallissard, contended its claim had preference over the noteholders' foreclosure but Circuit Judge C. N. Saum finally decided in favor of the latter on the grounds the bank already was represented in the noteholders' suit. Total Debt Over $37,000 At about the same time Mortimer & McBroom, lumber dealers here, obtained a mechanic's lien against the property, a small claim. They were represented by Attorneys Morris & South. Since the amount due on principal and interest of the notes represented by Trustee Gillan is $32,216.16, the total indebtedness against the property is over $37,000. Office, stockbarns and numerous miscellaneous business go with the land. The big grandstand burned down four years ago. Lots 19 and 20 near the fairgrounds and also owned by the breeders' association were purchased by the city in the same sale for $1 each. The city had claims against the properties for taxes. The last fair under the auspices of the breeders' association was held seven years ago although six years ago a fair was held under the auspices of local merchants. In 1932 and 1933 the agricultural shows of the county's 4-H clubs were held on the grounds but these are now held at Milford. During the last years of the fair the association sought desperately to make the enterprise pay, shifting from one manager to another. Conflicting views were held by the various directors, some of them believing expenditures for high class entertainment talent would solve the problem while others contended that money should be spent for premiums and the agricultural display rather than for entertainment attractions.