Article Text
NAMED BANK RECEIVER Chicago, ment Robert M. Campbell Park, receiver for the Union Trust State Bank Kewanee announced today State Auditor M. Nelson The bank closweeks
Union State Savings Bank & Trust Company (Kewanee, IL)
Episode Information
- Episode UID
3419163091582- Episode Type
- Suspension → Closure
- Bank Type
- trust
- Bank ID
-
341916309hash - Start Date
- October 14, 1931
- Location
- Kewanee, Illinois (41.246, -89.925)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
add049ed58bd50ce
Response Measures
None
Description
Receiver named Oct 1931; bank remained closed and made liquidation dividend payments through 1934.
Events (3)
1.
October 14, 1931
Receivership
- Newspaper Excerpt
- NAMED BANK RECEIVER ... Park, receiver for the Union Trust State Bank Kewanee announced today State Auditor M. Nelson The bank closweeks
- Source
- newspapers
2.
December 22, 1934
Other
- Newspaper Excerpt
- Depositors of the closed Union State Savings Bank and Trust company of Kewanee, Ill., yesterday received a Christmas gift in the form of a 5 per cent dividend, amounting to $29,690.
- Source
- newspapers
3.
*
Suspension
- Cause
- Government Action
- Cause Details
- Bank was closed and funds held by a receiver/under direction of state banking authorities.
- Newspaper Excerpt
- undistributed money on deposit in the Union State bank in Kewanee ... banks that closed during the last year.
- Source
- newspapers
Newspaper Articles (5)
Article Text
Militia Granted Preferred Claim In Kewanee Bank (Special Attorney Martin O'Connor. captain of Kewanee Company "F" 129th infantry, Illinois National guard was granted a preferred claim on sum of $872.74 on deposit in the defunct Union State Savings bank & Trust Co. of Kewane yesterday by Judge L. E. Telleen. The claim was granted on the contention that the money was property of the state and should be classed as preferred under the decision of the supreme court of Illinois in the case of Carl W. Peterson vs. the State Bank of Annawan. The money had been earned by the militia company by renting the armory to outside interests. This case was parallel to the case of Axel Peterson, present county treasurer, who recently secured a prior claim on $53,702.93 in circuit court against the receiver of the bank. Gregg Young, attorney for the bank receiver, Robert Campbell, opposed the claim of Captain Connor Granted Divorce Audrey I. Bailey of Geneseo was granted a divorce from Ronald Bailey yesterday in circuit court by Judge L. E. Telleen. Mrs Bailey stated that they were married June 4, 1929 and her husband deserted her July 15, 1930. She asked and was granted the resumption of her maiden name of Audrey I. Clark. Mary Opal Swanson of Geneseo was granted $5 weekly temporary alimony and $25 solicitors fees yesterday by Judge Telleen. Mrs Swanson filed a suit for divorce some time ago charging cruelty They married October 26, 1929, and separted Aug 5, 1931.
Article Text
GUARD COMPANY TO RECOVER SUM Captain of Kewanee Militia Wins Court Action to Receive Funds in Bank. (Special to The Argus.) Cambridge, fll., Dec. 22.-Attorney Martin O'Connor, captain of Company F. 129th infantry, Illinois National Guard, Kewanee, was granted preferred claim on sum of $872.74 on deposit in the defunct Union State Savings Bank & Trust company of Kewanee yesterday by Judge Leonard E. Telleen. The claim was granted on the contention that the money was the property of the state and should be classed as preferred under the decision of the Illinois supreme court in the case of Carl W. Peterson the State Bank of Annawan. The money had been earned by the militia company by renting the armory to outside interests. This case was parallel to that of Axel Peterson, county treasurer, who recently secured a prior claim on $53,702.93 in circuit court against the receiver of the bank. Gregg Young, attorney for the bank receiver, Robert Campbell, opposed the claim of Captain O'Connor.
Article Text
in Closed Kewanee Move to Collect Henry County Taxes Release of NecesMoney to Obtain Treassary urer's Bond. (Special to The Argus.) Cambridge, III., March State's Attorney Carl Melin and County Treasurer Axel Peterson in Springfield today in an tempt gain release of of undisturbed tax money the closed First National bank of wanee. Upon the release of this money hinges collection of the 1932 taxes in this county, Mr. Peterson stated. statements are ready to mailed and this office ready start the collection of taxes. The only that have not started is that my collection bond for this year has not been issued by the bonding company. called on the company in Chicago last Monday and will not issue bond collector of this county unthis matter the First National bank is cleared. have been informed from newspapers that there rumor circulation that another county treasurer must be appointed before bond will issued. According my best and according to the statements of torneys, would not help matters. the bonding companies will not bond any county treasurer of this county until this money either released or withheld by the stated Peterson. $63,000 deposited in the First National during the tax collection period last year, the bonding company granting the permission and the furnished the same amount of Liberty bonds to be held security the deposit. Now the national bank department of the federal government raises the objection that cashier of national bank has no right to accept deposit and cure with Liberty bonds. Therefore the money not paid over nor does the national bank department refuse to pay The bonding company cannot pay the bond that considered by the government to be similar this will be tried in the federal court Springfield soon. This national bank of Marion, III., and the city treasurer of Marion. The Henry counmoney hinges this If the court decides the cashier has no right to accept the deposit secured by the Liberty bonds, the bonding company will pay to this office the amount of the court should decide that the cashier was justified in acceptthe deposit and giving then the bank receiver will fund to this office the amount the deposit and our troubles will be stated Peterson. Anxious to Collect. "Just what will do in Springfield tomorrow do not know. going there for the purpose of learning anything hope that the trip will bring results. must be considered that anxious start the collection this year's anybody else, because if we do not start soon, the office work the ond the real estate taxes will be hand and will have the entire mess on our hands once. few people understand the fact that two bonds are required for the holder of this office. This very simple matter when considered that the man holding my position holds jobs, as lector and as county treasurer. The bond for the county treasuroffice issued the beginning the 4-year term. while the collector's bond issued each year before the collection of taxes start. the collector's bond that question the present time. My treasurer's bond still force and has been in force since took office, said. "City, village and school treasurers seem to the principal objectors to the collections. This due the fact that most of them had tax money deposit in banks that closed during the last year. As this money was distributed taxes did not come under the prior claim right as did the county undistributed money on deposit in the Union State bank in Kewanee," stated Mr. Peterson. newspaper reporter informed that there was rumor current in Kewanee that committee would investigate the reason of the delay in would welcome such investigation any time. My reasoning is that the circulatthis rumor with the meeting the county finance committee set for tomorrow at the court house called by county clerk. This committee spend the day investigating the expenditures of all supervisors of the county all the county offices and nothing to do with the matter of collecting this year's taxes," stated Mr. Peterson.'
Article Text
4 More Banks Repay Funds to Depositors State Auditor Edward J. Barrett yesterday announced four more Christmas repayments by closed banks. At the same time, the auditor stated that depositors of the Central Manufacturing District bank may receive their checks for an initial 22 per cent "dividend" this morning by calling at the District National bank. The payment amounts to $609,000. A 5 per cent restitution by the Commercial State bank of Chicago Heights will amount to $22,982 and raise the total return to depositors to an even 50 per cent since the bank failed on Jan. 9, 1932. The checks will be available today. Good Final Payout Seen. Receiver William L. O'Connell reported also that $22,549 has been paid to preferred claimants and $139,630 in bills payable has been wiped out. The Sept. 30 report of the bank's condition showed a fairly good loss record and the book value of remaining assets two and a half times the amount still due creditors, which would indicate a good final payout by the institution. The Marshall Square State bank receiver mailed checks yesterday for a second repayment of 5 per cent, amounting to $23,534. The bank closed Oct. 2, 1931. Its Sept. 30 report showed no more than a fair outlook as to the size of ultimate returns to depositors. Losses have been nearly 25 per cent in liquidating assets. Preferred creditors have been paid $6,047, while $184,063 has been erased in bills payable. Makes 20 Pct. Return. A 20 per cent return to depositors of the Congress Park State bank in Brookfield amounts to $5,658. Checks will be given out today, bringing the total repayment to 30 per cent. Half of the funds for the current payment were obtained from the stockholders' liability suit, and the other half from a loan by the Reconstruction Finance corporation. Preferred creditors have been paid $11,890. Depositors of the closed Union State Savings Bank and Trust company of Kewanee, Ill., yesterday received a Christmas gift in the form of a 5 per cent dividend, amounting to $29,690.