Bank of Rockford (Rockford, IL)

Episode Information

Episode UID
2461528890659
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
246152889 hash
Start Date
November 17, 1854
Location
Rockford, Illinois (42.271, -89.094)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fcd9fdb1952acf38

Response Measures

None

Description

Contemporary reports say the bank 'closed' and 'made an assignment' in late Nov 1854; later redemption of bills (1858) does not clearly indicate resumed banking operations.

Events (3)
1. November 17, 1854 Suspension
Cause Details
Statewide banking panic and suspensions in Illinois tipped this small institution into suspension/closure.
Newspaper Excerpt
The Rockford Republican announces, that the Bank of Rockford has closed, but that the suspension of its business will last only a few days.
Source
newspapers
2. November 27, 1854 Other
Newspaper Excerpt
The Bank of Rockford, III. has made an assignment and closed its doors.
Source
newspapers
3. February 2, 1858 Other
Newspaper Excerpt
the Auditor is now redeeming the bills ... the Bank of Rockford at par.
Source
newspapers

Newspaper Articles (8)
1. November 22, 1854 Grand River Times Eastmanville, Grand Haven, MI
Article from Grand River Times, November 22, 1854

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Article Text

Loss OF THE STEAMER YANKEE BLADE.-The steamer Yankee Blade left San Francisco, Sept. 30, with 800 passengers and $153,000 in specie. Oct. 1, at 31 o'clock, P. M., whilst encompassed in a dense fog, she ran upon a reef of rocks, off Point Arguilla, and in less than twenty-five minutes sank in water below the promenade deck. The boats were immediately manned and all the passengers taken from the wreck, but one of the boats unfortunately stranding about thirty lives were lost. The next morning the steamer Goliath made her appearance and succeeded in picking up the survivors yet on the sea, amounting to six hundred, and landed them at San Diego, whither she was bound. Five hundred and thirty-six were left there until a vessel could be sent to bear them on their homeware journey. On her return the remaining part of the passengers and crew left were taken on board and landed at San Francisco. WRECK OF THE STEAMSHIP NEW ERA-TERRIBLE LOSS OF LIFE.-The packet ship New Era, of Bath, Maine, on her passage from Bremen to New York, with over two hundred and sixty passengers on board, in a dense fog, on Sunday night, went ashore off Deal, on the Jersey shore, and will probably prove a total wreck. The latest n'elligence received, states that the ship was breaking up, and more than one half of the passengers had been drowned in between the decks and overboard, and many were yet clinging to the wreck with but little prospect of being saved; the sea constantly breaking over the wreck and running so high that even a life boat could not out ride the waves. The passengers were all Dutch or German. BROKEN BANKS.-The following is a list of banks which have recently burst up, and are today rejected by our brokers. Each day adds new ones to the list. Where it will end cannot be determined. There is now but one safe rule and that is to take as little paper money as possible, unless you know that the bills are secured by safe stocks, and keep no others on hand.This is a necessary finale to such an increase of banks as we have had for the last few years.-So great an expansion of the currency was sure to bring a crash, and notwithstanding the repeated warnings, the banks have continued to increase in an unprecedented ratio. Here is the list: Maine-Bank of Hollowell, Shipbuilder's Bank. Indiana-All free banks. Ohio-All banks except State Bank and branches. Connecticut-Woodbury bank, Middletown bank. New York-Lewis County bank, Exchange bank of Buffalo, City bank of Buffalo. Kentucky-All banks. Illinois-Phoenix bank, Farmers bank, Merchants and Mechanies' bank, City bank, of Chicago; Elgin bank, Ottawa bank, Dupage bank, Bellvidere bank, Rock Island, Naperville bank, of Rockford. LATER.--We learn to-night, that the State banks and branches of Ohio and Indiana are refused by the brokers of this city. If this is generally done, the effect will be far reaching, and it would not surprise us to see a very general suspension by the banks of the country. Stand from under those that can. [Grand Rapids Enquirer.

2. November 23, 1854 Burlington Tri-Weekly Hawk-Eye Burlington, IA
Article from Burlington Tri-Weekly Hawk-Eye, November 23, 1854

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Article Text

According to our last advices, the panic was to some extent abating. In Ohio, the Secretary of State advertises to take the notes of the suspended State Stock Banks on Taxes and all other public dues, as the State has ample security in Stocks deposited. The following banks have suspended payments since we published a list: City Bank of Chicago; Merchants & Mechanics Bank, Chicago; Farmers Bank, Chicago; Phœnix Bank, Chicago; Union Bank, Chicago; And as a consequence, two wild cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia; The Cherokee Bank & Ins. Co., Georgia; And the following Banks, located in other parts of the State of Illinois: Belvidere Bank; Bank of Rockford; Bank of Naperville; Bank of Ottawa; Du Page County Bank; Rock Island Bank; Rock River Bank, Beloit, Wis. These are mostly small institutions, with small circulation, and no necessity exists for a very deep shave upon their paper. The Brokers and Bankers of St. Louis have published a card agreeing to receive the notes of all the Illinois banks which have not suspended, at their face, and expressing confidence in the soundness and ultimate safety of the Free Banks of that State.

3. November 25, 1854 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, November 25, 1854

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Article Text

ILLINOIS BANKS.—The Telegraph announces, every day or two, the suspension of some of the Banks of Illinois. One list which is before us embraces the following Banks: City Bank of Chicago; Merchants' and Mechanics' Bank, Chicago; Farmers' Bank, Chicago; Phoenix Bank, Chicago; Union Bank, Chicago. And, as a consequence of these failures, two wild-cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia, and the Cherokee Bank and Insurance Company, Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. This is, we believe, the extent of the bank suspensions in Illinois; and when it is recollected that the most of them are, in familiar phrase, "one-horse affairs," having capitals perhaps of $50,000 and a circulation of $30,000 or $40,000 each, scattered all over the State, it is somewhat surprising that even the excitable people of Chicago should make so much ado about it. It is not pretended that the banks, if let alone, will not redeem their paper. Our own bankers, we are glad to see, are pursuing a very proper course. They are receiving on deposite from their customers the notes of all the Free Banks of Illinois not known to be discredited in that State. They take this responsibility, we presume, believing that the banks are, as a general thing, sound. The Bank Commissioners at Springfield and Chicago have each made publication, assuring the public of the safety of the bill-holders.—St. Louis Republican.

4. November 25, 1854 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 25, 1854

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Article Text

THE BANKS. -A despatch from Chicago, Nov. 17th, says: Despatches received in this city yesterday announces the failure of the Mechanic's and Farmer's Bank of Springfield, Illinois. We presume the bills are well secured by State Stocks. The Rockford Republican announces, that the Bank of Rockford has closed, but that the suspension of its business will last only a few days. The Mechanic's and Traders' Bank of Cincinnati, a branch of the Ohio State Batk, closed its doors on the 13th. The Cana Bank of Cleveland has suspended specie payment, on account of the Sheriff taking part of the contents of its vault.This annuls its-harter, and takes it out of the hands of assignes.

5. November 25, 1854 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 25, 1854

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Article Text

OTTAWA, NOVEMBER 25, 1854, The Bank Panic. We notice with regret, in a large nu the papers of this Stite, that prol rom carelessness-we cannot believe naliciousness-a number of the free bar his State are published as having " fa which have not even suspended or the of doing so. The State Register, for mst paper which from its position and € quent influence ought to be partier cautious in giving currency to such nents, publishes the following list of Il banks which have failed," in addit the five banks in Chicago, which had suspended for a few days: Belvidere Bank, Bank of Rockford, Bank of Naperville, Bank of Ottawa, Du Page County Bank, Rock Island Bank. Now we believe, of this whole lis Bank of Rockford is the only one which even suspended, and that only for a few A dozen of papers have copied this list the most groundless and exagerated ments. The effect, it is easily imagin not only in a high degree injurious banks, but even more so to the public are thus compelled to submit not only rious loss on the bills they hold of banks, but still more serious loss fro depression in business and prices pro by the causeless panic thus created. In reference to the 'Bank of Ott once for all, let it be known and under it has neither "failed," nor suspended day nor an hour, but has redeemed : bills as presented, and will continue to unless unexpectedly driven to the wa these false and injurious publication event not apprehended, but which is ce ly within the rrnge of possibility, no with reference to this bank, but any in this State, if such publications an sisted in. The report that the banks above n with others, had "failed," undoubted ginated in the fact that some unprin brokers in Chicago, such as R. K. Swi his clsss, threw out" (as the express the bills of these banks, with the ob taking advantage of the prevailing p: purchase them back at a heavy shay certain dealer in old clothes or shoe conceived the cute idea of adverterisi banks as broken, and hoped to di splendid busine by yet magnanin agreeing to take these bills at par in I his suspicious wares. We learn the Bank has instituted a prosecution again enterprising son of St. Crispin for h tuitous magnanimity. To show the character of the operations man Swift, we here givean extract fro of his circulars, showing how he can profitable business by decrying sound and then purchasing their bills at a dis He publishes as "NoT BANKABLE.-All Kentucky I except Bank of Kentucky and Branche "All Ohio Banks!! except State B Ohio and Branches.

6. December 1, 1854 The Athens Post Athens, TN
Article from The Athens Post, December 1, 1854

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Article Text

ILLINOIS BANKS.—The St. Louis Republican gives the following as a list of Illinois Banks which have suspended payment, and are therfore discredited: City Bank of Chicago. Merchants' and Mechanics' Bank, Chicago. Farmers' Bank, Chicago. Phœnix Bank, Chicago. Union Bank, Chicago. And, as a consequence of these failures, two wild cat concerns from Georgia, but owned in Chicago: The Milledgeville Bank, Georgia, and The Cherokee Bank and Ins. Co., Georgia. Add to these the following Banks, located in other parts of the State: Belvidere Bank; Bank of Rockford; Bank of Napierville; Bank of Ottawa; Du Page county Bank; Rock Island Bank, and Rock River Bank, Beloit, Wisconsin. The Republican remarks: “One of these Banks—the Farmers' Bank of Chicago, has been calling in its paper for three months past with a view to the closing of the concern, and there is very little in circulation. The Auditor of the State of Illinois has published a notice stating that all the circulation of this Bank will be redeemed at his office in Springfield, pro rata, out of the trust funds deposited by the Bank. The stocks pledged for the payment of this circulation will be converted into specie funds, as required by law, at as early days as practicable, when further notice will be given.”

7. December 8, 1854 The Daily Minnesota Pioneer Saint Paul, MN
Article from The Daily Minnesota Pioneer, December 8, 1854

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Article Text

More Bank Failures. The last mail brought us news of more Bank failures, The Bank of Rockford, III. has made an assignment and closed its doors. The Mechanics and Farmers Bank of Springfield, Ill., has likewise suspended. The Commercial Bank of Toledo, a branch of the State Bank of Ohio, closed on the 27th of November.

8. February 2, 1858 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, February 2, 1858

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Article Text

Total, $6,161,255 5 238 930 This statement shows an excess of security over circulation of $922,325. Of the suspended Banks, the Auditor is now redeeming the bills of the Rushville Bank at par; the People's Bank at 94c. on the dollar; the Stock Security Bank at 88 1 4c., and the Bank of Rockford at par. The following Banks, viz: the "Southern Bank of Illinois," at Belleville; the Du Page County Bank; the "Exchange Bank of H. A. Tucker & Co." and the Merchants and Mechanics' Bank" of Chicago, have gone into voluntary liquidation, having security deposited with the Auditor, with which to redeem their bills at par The following banks are in liquidation, viz: Union Bank" of Chicago; the "City Bank" of Chicago; the "Mechanics' and Farmers' Bank" of Springfield; the "Farmers' Bank" of Chicago, have been wound up, and the time within which to redeem their bills has expired by limitation of law. Any outstanding bills upon them are now therefore, worthless.