First National Bank (Cambridge, IL)

View Charter #2540 on SPMC View balance sheet

Episode Information

Episode UID
254001571
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
25400 national
Charter Number
2540
Start Date
November 17, 1930
Location
Cambridge, Illinois (41.304, -90.193)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
414e5c63d35da37f

Response Measures

None

Receivership Details

Depositor recovery rate
10.0%
Date receivership started
1932-01-08
Date receivership terminated
1938-02-26
Share of assets assessed as good
19.1%
Share of assets assessed as doubtful
73.1%
Share of assets assessed as worthless
7.8%

Description

Used known government receivership date (1932-01-08) which supersedes article's Jan. 28 operational takeover mention.

Events (5)
1. July 2, 1881 Chartered
Source
historical_nic
2. November 17, 1930 Other
Newspaper Excerpt
The First National bank of Cambridge merged Nov. 17, 1930 with the Farmers' National bank.
Source
newspapers
3. January 13, 1931 Voluntary Liquidation
Source
historical_nic
4. January 8, 1932 Receivership
Source
historical_nic
5. January 8, 1932 Receivership
Newspaper Excerpt
appointed receiver of the First National bank of Cambridge, reported today.
Source
newspapers

Newspaper Articles (2)
1. February 1, 1932 The Rock Island Argus Rock Island, IL

Article Text

FOR CAMBRIDGE BANKING HOUSE Griffin Garwood Chosen to Speed Up Liquidation of First National Affairs. (Special to The Argus.) Cambridge, III., Feb. closed First National bank Kewanee, has been appointed receiver of the First National bank of Cambridge, reported today. Everett Danna, of Kewanee, officer of the closed First National bank of Kewanee, will be receiver clerk under Mr. Garwood. The First National bank of Cambridge merged Nov. 17, 1930 with the Farmers' National bank. BritHadley, president the closed bank, and Floyd Hadley, cashier, appointed liquidating agents the board of directors and to faciliate the liquidation that the bank receiver called to take charge. It understood that Mr. Garwood took charge the affairs of the First National Cambridge Jan. 28 and will be in Cambridge during this week to take inventory of property owned by the institution. All were paid in full the two banks The directors of the closed bank guaranteed the notes among the to the Farmers National bank.

2. July 1, 1932 The Dispatch Moline, IL

Article Text

Cambridge Receiver Position Cambridge, July Garwood, of the First bank of Kewanee and the First National of Cambridge, has been appointed the division of vent banks the office the comptroller of currency in Washington, He will assume his duties Theodore Allen of Monmowuth has been appointed receiver of the Cambridge and Kewanee banks, ginning duties Mr. Allen worked with People's National bank Monmouth five Later appointed receiver for the State bank Berwick and the State bank of He will sisted Dana at the Cambridge bank and Thomas the Kewanee bank.