Fairbury Bank (Fairbury, IL)

Episode Information

Episode UID
1731695391530
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
173169539 hash
Start Date
June 23, 1927
Location
Fairbury, Illinois (40.747, -88.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
46f34e81367338e4

Response Measures

None

Description

Articles show the bank was closed and a receiver named after the death of cashier Claudon and discovery of forgeries; later reorganization efforts occurred but receiver sold assets.

Events (6)
1. June 23, 1927 Receivership
Newspaper Excerpt
RESEIVER NAMED FOR Fairbury... state audimade statement... Depositors of the bank have been forment have grown more and more no decision was reached.
Source
newspapers
2. June 23, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed several weeks after death of cashier Claudon when problems (forgeries/asset irregularities) came to light.
Newspaper Excerpt
RESEIVER NAMED FOR Fairbury... bank, which has been closed several weeks, following the death of Claudon, cashier
Source
newspapers
3. July 17, 1930 Other
Newspaper Excerpt
Trying to Reorganize Fairbury Bank... inventory and appraisement of the affairs of the Fairbury bank were completed... auditor indicated required conditions preliminary to a reorganization of the bank.
Source
newspapers
4. September 19, 1930 Other
Newspaper Excerpt
Depositors Hear Waivers Article Explained... auditor of public accounts... Payment of 100% stock assess by 50% the deposit liability... so the bank might be opened upon following.
Source
newspapers
5. December 5, 1930 Other
Newspaper Excerpt
Amsler, receiver for the Fairbury bank, at the Bradford of fax... (public sales)
Source
newspapers
6. January 1, 1931 Other
Newspaper Excerpt
Fairbury Bank Plans Progressing... shares in the reorganization of the Fairbury bank had been sold... progress made in selling the stock.
Source
newspapers

Newspaper Articles (7)
1. June 23, 1927 The Paxton Record Paxton, IL
Article from The Paxton Record, June 23, 1927

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Article Text

RESEIVER NAMED FOR Fairbury, June of the persons Claudon State bank, which has been closed several weeks, following the their death of Claudon, cashier, Grain were turned the State bank of Pontiac today, reRepresentatives of the state audimade statement on condition the bank's afafter Pontine bank officials have time over the Assets the Fairbury bank will liqui- page dated stockholders and deposiwill know just where they stand and much will be paid on the This action of naming the Ponbank after and in which the could found. Depositors of the bank have been for ment have grown more and more no decision was reached. Efforts gather ready reopen were to and the was expected that the will have affairs shape report to depositors in short time.

2. September 22, 1927 The Pantagraph Bloomington, IL
Article from The Pantagraph, September 22, 1927

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Article Text

Receiver of Fairbury Bank Awarded Judgment of $4,557 Pontiac, Sept. for bank, was judgment by against Schmerheim amount$4,557 James Selotti has filed bill for divorce in the circuit court on statutory grounds. The bill asks custody son. Opening by the defense and the were afternoon the People against Harry Fairbury, violation the prohibition act, in Judge court. Witnesses presented by the state were Sheriff R. Scarratt, M. Shugart, M. Jones. Leron Kring, Russell Lange. Garber, and Defense defendant and father, H. Foster, and Loren W.

3. July 17, 1930 Chatsworth Plaindealer Chatsworth, IL
Article from Chatsworth Plaindealer, July 17, 1930

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Article Text

NEIGHBORHOOD NOTES In Probate Court In the estate of Edward Roeder the final account and report of Arthur W. Gray, of Forrest. administrator, has been filed. It was dered the balance on hand according and filing final the report upon receipts, he with his bond. discharged and the estate closed. Cashing Bogus Money Orders Warning has been issued by authorities advising merchants and others to refuse to cash any postal money orders unless they know the person presenting them. Cashing of bogus money orders which are forgeries, using blanks stolen from post offices, have been reported in nearby cities and it is matter of precaution to decline to cash the orders for strangers. Visited Son's Grave in France Mrs. Albert Grotevant, of Pasa dena, California, now visiting in Pontiac, has just returned from pilgrimage to France visit the grave of her son, Earl Grotevant, of the One hundred and company, Illinois guards, buried in the Oiseanse cemetery near Soissons Mrs. Grotevant sailed from New on June with 226 other gold mothers from California and has pressed her appreciation of the tire trip. Trying to Locate Hidden Ore Within the next week or there will be between 20 and 30 drilling crews with derricks operating in Kankakee county in an attempt to locate the hidden lake of oil which geologists claim exists there Hallbearg, vice president, and other officials of the Hughes oil company now in the the first derrick having been set up southwest of Momence. Mr. Hallbearg stated that about 100 landowners have signed over leases to the Hughes company to permit that corporation to drill their land. There are about 000 acres under lease for three years. In the event that oil is found in the drilling operations the Hughes company plans to build million dollar refinery at Momence and construct pipe lines costing from $300.to $400,000. Claudon Claim Adjusted In the county court of Judge Ray Sesler, claim in the case of the linois State Savings bank, as receiver, against the estate of B. Claudon, Jr., deceased, of which Robert Henning, Fairbury, is administrator. has been allowed by the court in the amount of $66,484.32. The claim as originally filed set forth 18 forgeries and other items totaling which, after deductions not allowed by the court or otherwise adjusted had been duced to the amount allowed, namely The claim. which is in the sixth class, has been estimated by attorneys in charge of the estate as being worth in the neighborhood of five or six cents on the dollar or less. Trying to Reorganize Fairbury Bank The inventory and appraisement of the affairs of the Fairbury bank were completed last week and forwarded to the auditor's office in Springfield. By arrangement with the auditor committee of the directors met with him Wednesday when he indicated the required conditions preliminary to a reorganization of the bank. He expressed his willingness and desire to cooperate in any plans leading to this end the same time safeguarding the interests of depositors and stockholders. Steps are being taken to meet these conditions without unnecessary delay. The committee of citizens appointed some days ago are conferring with view of making definite plans toward organization of bank to take over the lines that may be business on by the proved

4. July 18, 1930 The Fairbury Blade Fairbury, IL
Article from The Fairbury Blade, July 18, 1930

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Article Text

Fairbury Facing Its Biggest Task Right now Fairbury is facing the biggest task in its history, that of the reorganization of the Fairbury bank. That the people of this community are going to meet that task and come up smiling is the general belief. There are several reasons for this belief. One of them is that the sale of shares for the reorganization of the bank is a legitimate proposition where the investors are assured a return on their money. This assurance comes from the fact that with several hundred stockholders in a community of this size, a bank could not help prosper. Another reason for the belief that the bank will be reorganized is that the people of this community cannot afford to let the opportunity of re-establishing the bank slip away from them. It means dollars in real estate valuations in Fairbury and for miles around Fairbury and it means dollars to our business interests. One big reason that the bank here can be successfully reorganized is that it has been done in other cities and these banks have turned turned out to be exceptionally strong banking institutions. You may find one of these reorganized banks at Abingdon, another one at Taylorville, and if you care to take the trouble to write to the auditor of public accounts at Springfield he will cite you to a number of others. They are strong banks because the stockholders are composed of many people in the community whose interests are centered there. The reorganized Fairbury bank can be, and will be, just as strong as any of them if the people see fit to take hold and give it the support it so richly deserves. From a financial point of view there is no better time than the present to reorganize the Fairbury bank. Things in general are at a low ebb, and to start a bank now means that it will be on a solid-rock foundation. As was said at the beginning of this article, our community is facing its greatest task, and there is every hope that it will be successful, but co-operation and cash from every individual will be necessary.

5. September 19, 1930 The Fairbury Blade Fairbury, IL
Article from The Fairbury Blade, September 19, 1930

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Article Text

Depositors Hear Waivers Article Explained Several hundred depositors and othinterested the Fairbury bank filled the floor the Central theatre greater of part where they listened clear and comprehensive explanation the waiver asked order that the bank might These talks made by Judge Attorney Agard, the former acting In his opening remarks Judge Carrithers letter from Oscar Nelstate auditor of public accounts. This letter in full September 1930. N. Bach, Chairman Depositors' Fairbury Bank, Fairbury, Illinois. Dear Bach: After further careful analysis of the assets the Fairbury Bank come the conclusion that the bank be safely the opened upon following Payment of 100% stock assessby 50% the deposit liability the organization bank take the deposit liability the bank and all the assets the old bank. The bank would assume all the posit liability stated would take over all the assets the bank held and all such assets for the of, first: purpose anteeing the remaining deposit liabiltaken secondly, waiver depositors, and turn to the stockholders excess In the above analysis contemplated take the building $50,000, would course directors of the bank of the sufficiency of the remainsuggested that meeting obtain each and every positor legal the form All possible speed should be used collecting in order that the bank may reopened early possible. The above plan allow the assets this bank and with the capital pro- Yours very OSCAR Auditor Accounts. The talks by both Judge Carrithers and Agard were short but the They figures facts, showing that the bank closed. That had run the steady and that the than all the deposits go anything, decided to the bank. went on to explain that signing the letting Mr. Nelson invest fifty cent their deposits in the bank, assets than enough the deposits. points fact

6. December 5, 1930 The Fairbury Blade Fairbury, IL
Article from The Fairbury Blade, December 5, 1930

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Article Text

COMING PUBLIC SALES. Mrs. Luther Sharp, Wednesday, December 10, on known Harms farm, miles and mi. south of Fairbury; miles east and miles south Sale, Minnie miles south and mile west Chenoa, Wednesday, sale of sheep, end of Second street. Mrs. Jessie Rudd, east, south of Fairbury, David Roth, north of Shell station, township Thursday, Amsler, receiver for the Fairbury bank, at the Bradford of fax, Friday, December

7. January 1, 1931 Chatsworth Plaindealer Chatsworth, IL

Article Text

Current News of the Neighborhood Appointment Confirmed H. Greene, who since July been acting in the capacity temporary postmaster Fairbury, received telegram Friday that his appointment as permanent postmaster had been confirmed. Fairbury Bank Plans Progressing to Thursday evening shares the stock in the reorganization of the Fairbury bank had been sold. hundred shares must be sold When the stock sold those subscribed will be called upon their payments and when done meeting of the stockholders will be called to elect the The progress made by the mittee in selling the stock in so short time not only shows hard work their part, but also shows that the people here want the bank opened. Blade. Automobile Recovered The automobile stolen from the private garage of Martin Paulsen at Dwight on December has been covered. The machine was found abandoned on public highway near Bloomington, Ind. The tank the on had been filled with kerosene and result the engine stalled. section house on railroad nearby had been broken into and large of kerosene stolen. sumed that the person who stole the kerosene the same who person stole the Paulsen automobile and did not discover he had stolen kerosene of gasoline until the car stalled. Mrs. Albert Hirstein Mrs. Flora Hirstein, wife of Albert of passed away the Peoria State Hospital Wednesday, December 24, aged years, months and days. She was the daughter of Mr. and Mrs. Henry Ward and born Hartford, May 12, She came to Illinois with her parents the age of months and spent entire life at Fairbury She was united marriage to Albert Hirstein March She survived her husband and five children, Kenneth, Wallace, John, Evelyn, and Marjorie, also by her parents three brothers, Clayton, of Morgan, Minn. Clarence, of Los Angeles, Calif. and Paul, of and one sister, Lester Bryant, of Forrest. Funeral services were held from the Cook Funeral Home Friday with interment in Graceland cemetery Last Saturday December the Fairbury parson Rev officiating curred the marriage of Miss Florence Hieronymus and Jacob HelThe young couple tended by Miss Leola Marriott Mabel Lawrence Walter Helmers and Lyle The bride is daughter of Mrs. William Hieronymus, and lady favorite all associates. She graduate Fairbury high of Illinois State Normal university and for years member the faculty the Chatsworth schools The Mr and John of Fairbury man held in high teem and engaged ing south of this Following trip points Oklahoma and Florida young people farm north of