Article Text
Sycamore Bank Closes Oct. The First National Bank closed doors today by order board directors. National Brown. Bank in charge bank organized years ago.
First National Bank (Sycamore, IL)
Episode Information
- Episode UID
189601582- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
18960national - Charter Number
- 1896
- Start Date
- October 26, 1931
- Location
- Sycamore, Illinois (41.989, -88.687)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
35e28b637fe742ad
Response Measures
None
Receivership Details
- Depositor recovery rate
- 81.0%
- Date receivership started
- 1931-10-31
- Date receivership terminated
- 1938-11-10
- Share of assets assessed as good
- 43.1%
- Share of assets assessed as doubtful
- 50.2%
- Share of assets assessed as worthless
- 6.7%
Description
Bank closed Oct 26, 1931 and placed in receivership (known receivership date 1931-10-31).
Events (4)
1.
November 2, 1871
Chartered
- Source
- historical_nic
2.
October 26, 1931
Suspension
- Cause
- Government Action
- Cause Details
- Bank closed by order of the board and subsequently placed in receivership under the Comptroller/receiver.
- Newspaper Excerpt
- Sycamore Bank Closes Oct. The First National Bank closed doors today by order board directors.
- Source
- newspapers
3.
October 31, 1931
Receivership
- Source
- historical_nic
4.
October 31, 1931
Receivership
- Source
- newspapers
Newspaper Articles (13)
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NEW BANK PLAN The following is a preliminary and summarized statement of the plan for the new bank: The sale of stock in a reorganized bank with new directors and new officers to take over the First National Bank. This capital of the new bank will consist of 750 shares of stock to be sold at $165 per share. The par value of each share to be $100 per share and the balance surplus. The assets of the new bank will be made up of the following items on the basis of the new bank assuming the bankable assets of the old bank. This will be 50% or more which will be determined by a committee designated by the new stockholders who will examine the assets of the old bank and determine what per cent can be taken over. The new bank will of course assume an equal amount of the deposit liability of the old bank: Will Take Best Loans. Cash from the sale of new stock. Cash collected by the receiver from the time the bank closed until the time it was taken over. Cash on hand at the time the bank closed. Cash paid in by stockholders of the old bank in payment of their stock liability. Stocks and bonds of the old bank taken in by the new bank at present market value at the time the transfer of assets is made to the new bank. The best approved loans and discounts of the old bank and banking building and fixtures. The liabilities of the new bank will be new stock, surplus and deposit liability, which means that each depositor in the old bank will receive credit of 50% or more of his deposit in the new bank (the percentage to be determined by the committee who will examine the assets of the old bank, as explained above) when the receiver turns over the assets of the old bank to the new bank. Cash Amount at Opening. The new bank will have the following estimated amount of cash on hand at the time of opening: The cash that the bank had at the time of closing .................................... $ 25,000.00 Capital and surplus from the sale of stock .................................... 123,750.00 Assessment on the old stockholders to be paid into the new bank .................................... 100,000.00 Cash collected by the receiver to date of opening of bank. (Receiver's statement to Jan. 11, 1932 shows $109,000 collected). Stocks and bonds of the old bank taken in by the new bank at present market value is estimated at .................................... 125,000.00 This would give the new bank a cash position of approximately $500,000 which set-up would make the new bank about 78% liquid at the very beginning. By this plan each depositor would have a minimum of 50% of his deposits available for his use immediately. The part not taken over by the new bank which is made up mostly of slow paper, would be placed in the hands of a trustee who will liquidate it and pay it to the depositors. Each depositor will be issued a certificate of participation for the amount of his deposits not taken over by the new bank. As has been stated above each depositor would have a minimum of 50% of his deposits available for his use im-
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Receiver Reports on Sycamore Bank The receiver for the First National bank of Sycamore, closed since October 26, 1931, reports that the close of business, June there are assets coming into He adds that there total are uncollected, amounting Cash on hand in the formal itemized report $417,337.51. Peterson, receiver, also that there are the stock collected. No dividends have been the closing the bank.
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Break Boston Letter. That Black Cloud. Do You Remember? Break the news to Sycamore, the friends and backers of Sycathat there money coming more, back! That's our today. It's come story to everyone, depositor It's of the better not. the brighter side of things. and down the street this noon. people buzzed in excited groups over the opportunity to have money again, funds that had been secured from them since late last Autumn. The concensus of opinion among Sycamore merchants seemed echo the sentiments that prevailed everywhere today. The money by the dividend declared receiver for the First National Bank of will send an estimated of $300,000 right into the laps of Sycamore depositors. Think of what that will mean business, says the merchant. Think of what that will do for the payment of taxes. say others. Think of the satisfaction deriving sudden income like this. Sycamore anticipating city today. will be that way tomorrow and Thursday and until the last persons claim their dividend. As one merchant said today when approached. people have waitfor that money to start business back up-grade." The sudden shock of the closing of that bank may be hidden beneath the joyous reception of 35 cents for each dollar now keeping by the Comptroller Currency. And expected that there will be more percentages in the future. It's great great news, great day. The editor of The True Republiin receipt of letter from Dowe, of .Mr. Dowe states he will retire Septemafter more than 37 years of with the Postal Railway Mr. Dowe further writes: are moving to the home Mrs. Dowe's parents, who are feeble health. Ludlow good town and the seat of Black River Academy. where President Coolidge prepared for college. The old Coolidge ancestral home is near there and his attorney general, John Sargent lives in Ludlow. "Our Braves are certainly having terrible time with the Cubs. From Boston point of just too bad the Braves couldn't have those long games. think The True Republican is quite newspaper. the editorials right job and Color' good column." Mr. Dowe one of Sycamore's former whose loyalty home town" has always been most expressive. It has been dream make Sycamore his home again, after retirement. haps that day may not be far tant. Welcome back, Ray! when the market begins like forgotten pugilist sticking his head back through the gauze ropes, and just as Sycamore nudges itself to dividend paid, the old black clouds drift over again. But don't be alarmed. The clouds of ill hue are those being spread by high school and lege football coaches who annually the mode of "blues singing and wolf-story telling." The clouds, and guilty of seeing them among the first, those of the coming school year. The boys and girls. young men and young women high school and college standing have weeks before orgy of and resumes for nine The football coaches have two weeks to cast their bug-a-boo yarns about the gatherings the the fatalistic note of gloom that year in and year out falls Autumn leaves. As another columnist recently: coming for the football coaches of Do You When: Battle Braidwood fought and Bob Langhorn of the soldiers who fought at the Billy Burdette Ben Snow competitors for hauling freight with wheel drays. Andrew Sell and Knights had the meat market the old Wilkins block facing Somonauk street? Sycamore people maintained club house Fox Lake and weekends whole vacations there? took all day to there.
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Claims of Sycamore Ready to Welcome Payment of First Dividend From Funds of the First National Bank of Sycamore, Now In Receivership. Payment of 35 cent per dividend on all proved claims against the First National Bank Syeamore, closed October will be made tomorrow, Wednesday morning, by Peterson, receiver. This move will make total available to persons who have presented their claims during the several months following the closing of the bank and the subsequent receivership. is the quickest service have ever declared Mr. Peterson early today when terviewed. entire prosince we received orders from the Comptroller of Currency to proceed with the dend has taken less program, than dividend represents per cent of the total proved claims of for which money has been collected here. Those who have not presented claims will not included in the payment dividend tomorrow, declared. cents upon each dollar proven claims will placed in circulation among the depositors of Sycamore and outlying vicinity. Is Welcome News. of the opinion that the bulk of this dividend directinto the hands Sycamore depositors. That sum of the money, $416,095.26, will probably be most welcome sight to the many persons benefitted said Receiver erson.
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The payment of the 35 per cent dividend tomorrow, and thenceforth until all claimants have been served. by the First National Bank of Sycamore. under the direction of ceiver, will call upon the clerical staffs of both that institution and the First Trust & Savings Bank of Sycamore. Accordingly both will remain open on Thursday August for the accomodation of those who will be affected by this dividend and convert them cash accounts. The First Trust Savings Bank will deviate from its procedure to remain the accomodation and convenience of recipients of the declared dividends.
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Payment by Check. The payment of the welcomed dividend will be made at the tellers' and cashiers' of the First National Bank by check. Each of dividend checks has been signed by the agent of the Comptroller of Currency. Those who reside outside of more, at distance too great to able their calling for their checks here. reported that they will receive their dividend by check mailed to them. "There no great asserted Peterson. will be day, except Sundays and holidays, until all are served. heavy rush the hour fixed for Wednesmorning will slow up thngs siderably." The of such a stantial payment, unusually large of claims at the percentage regarded here by leaders and authorities as the greatest boom to Sycamore business that has been more than years. The First National Bank Sycamore was closed officially on Octo24th, a Saturday The doors were not opened usual (Continued on Page
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Rcceiver Peterson First National Bank of Sycamore sues Statement of Quarter Ending March Cash, $13,220.65. The condition of the First NationBank of Sycamore of March shown in an itemized statement posted by Receiver Peterson, today reveals among other things that of the loan from the Reconstruction Finance total has been paid. The bank closed on October 1932. The statement today also cates that there $13,220.65 in cash in the hands of either the ceiver the comptroller after the payment two substantial
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LAND OFFERED FARMER Those Farmers Owing First National Bank of Sycamore at Time of Closing May Obtain Credit From Federal Land Bank.-May Be Aid. Farmers in this vicinity who were under financial obligation to the First National Bank of Sycamore at the time of its closing on Oct. 26, 1931, may be allowed to erase that debt under terms of the Federal Land Bank credit plan according to Receiver P. N. Peterson here on Wednesday. The farm mortgage and note holdings with the First National may be transferred to the Federal Land Bank and Commissioner the statement ponted out. Applications for federal credit may be made on blanks now at the bank here. Receiver Peterson, says an employee, will be enabled to help the farmers in thier application. If the farmer owing the bank at the time it closed take advantage of this credit offering rapid strides maye be made in the liquidation process it is expected. Such a liquidation process would make added sums available for depositors' dividends in the future. One type of credit is known as the regular Land Bank loan on first mortgages. The other loan, for half as much, is made by the Commissioner as an emergency loan.
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Receiver Charge Leland, The new receiver of the closed First National Bank of Sycamore, Adolph Wirtz of Henry, Ill., Wednesday assumed his duties successor Peterson in the local and Leland bank. He today Leland after familiarizing himself with affairs here on Wednesday and Thursday the aid of Mr. Peterson who now vice president the Third tional Bank Rockford and who removed with his family to that city last week. Receiver Wirtz, said to have been vice LaSalle bank prior his federal appointment receiver, that there is to change of here. is present conservator of the Henry bank. He has been in the banking business for 27 years.
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Sons Take The Final Game Of Season's Card The Sycamore Sons definitely clostheir season Sunday afternoon Hinckley by defeating the nine which had challenged the Sons to the game, with the final score being The down county team never threatened the Sons any time. Hinckley was well supplied with players from Aurora. Lee, Shabbona and Paw according added help availed them nothing. Kylen pitched beautiful game six innings, Up that time hurled shut out ball. with the score in favor the he decided to ease up bit. After that Hinckley came in for bit of rally and managed squeeze six runs in the next few innings. Strombom, and Swanson did major work with the artillery stick they have during the season all games Tonight Don Coffey. manager senior in high here. the states that the team Chief called stated getting together for evening that and bridge The what all about and underthe season will thus be fittingly stood that was only matter of honored. difference opinion The box score alderman could make arrests Sycamore Sons, McGary, 3b Henigan, Strombom, 1b Swanson, Glaser, rf DI Anna Dodge wd Walter 2b blk. Martin addn. Cone, Albert Carison wd First National Bank of Sycamore, receiver, Hinckley, 17 and part Towne. of George James wd Catherine Prestergard, Elizabeth and blk. addn. Oftedal, 3b Louis Peck wd Jackson Jacobson, 19. $1,600. County tax deed Reba Macey, lot and lot County clerk deed Reba K. 38 Armstrong, lot blk. third
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Two Sycamore Attorneys To Be Legal Aids Two Sycamore attorneys were cently notified that they have been appointed as counsel for bank receivers here and in Yesterday Attorney W. renotice that he is to act from now on as for W. Wirtz, receiver at the First National Bank here in It also learned that Attorney Brower has been named counsel for the receiver of the First Trust Bank at DeKalb. In on the change in counsel Mr. Kellman stated that was since former attornthe changes just made were to have Democrats as counsel.
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$8306 AWAITING DEPOSITOR CALL Receiver for First National Bank of Sycamore Declares That Claimants are Inexplainably Slow In Calling for and Cashing Dividend Checks.