First National Bank (Marion, IL)

View Charter #4502 on SPMC View balance sheet

Episode Information

Episode UID
450201564
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
45020 national
Charter Number
4502
Start Date
April 14, 1930
Location
Marion, Illinois (37.716, -88.926)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
73d10edbfe839e84

Response Measures

Accommodated withdrawals, Fed/other loan, Public signal of financial health, Full suspension, Books examined

Receivership Details

Depositor recovery rate
52.6%
Date receivership started
1930-12-05
Date receivership terminated
1939-12-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
57.9%
Share of assets assessed as doubtful
39.5%
Share of assets assessed as worthless
2.6%

Description

Run in April 1930 preceded suspension/closing Dec 1, 1930; receiver appointed (government record receivership date used).

Events (5)
1. January 16, 1891 Chartered
Source
historical_nic
2. April 14, 1930 Run
Cause
Local Banks
Cause Details
Panic/withdrawals driven by failures of other local banks in Williamson County and county-wide bank failures.
Measures
Machine guns mounted by sheriff; shipment of currency from St. Louis to protect cash.
Newspaper Excerpt
Panicky citizens Williamson county...met today by machine guns they on the First National bank of Marion; machine mounted to protect $100,000 currency hurried from St. Louis.
Source
newspapers
3. December 1, 1930 Suspension
Cause
Local Banks
Cause Details
Steady withdrawals following the closing of the First National Bank at Benton, IL, and related local bank failures leading to frozen assets.
Newspaper Excerpt
The First National bank...failed to open today...The board of directors blamed steady withdrawals and frozen assets for the closing. A run on the bank occurred Saturday, following closing of the First National bank at Benton, Ill.
Source
newspapers
4. December 5, 1930 Receivership
Source
historical_nic
5. December 5, 1930 Receivership
Newspaper Excerpt
R. C. Sulivan of Chicago has arrived in Marion to take charge of the First National Bank as receiver...examiners who have been in charge of the bank since it failed to open on the morning of December are still checking the records of the bank.
Source
newspapers

Newspaper Articles (20)
1. April 15, 1930 Alton Evening Telegraph Alton, IL
Article from Alton Evening Telegraph, April 15, 1930

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Article Text

One Only Bank Still In Trust Has Marion 000 Cash After Run Takes MARION. April First National Bank the shipment currency Bank St. requested after four yesterday. Marion Trust the State Bank First Bank business in the for state banks, Three and closed Johnson City State Bank of The the only state March the remain open national banks were the seven state closing First City National the First Banks Herrin Marion, Carterville tional Bank City. and Trust, largest of those Marion had total closed yesterday. March 27. on Jackson, vice ment and the "best protect about had but that had $225,000 in cash.

2. April 15, 1930 The Modesto Bee Modesto, CA
Article from The Modesto Bee, April 15, 1930

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Article Text

MACHINE GUNS HALT RUN ON ILLINOIS BANK Citizens Of Williamson County Become Panic Stricken As Institutions Fail Panicky citizens Williamson County. frightened by failure of all banks in the county, were met to-day by machine guns they started the National Bank of Marion The machine protect $100,000 in three other banks failed earlier in the day seven banks have closed in In Sheriff Oren Coleman said the machine guns mounted simply precautionary measure that no efforts be made keep depositors from their savings if they desired closed with deposits of more than their doors because of decline value mortgaged farm large amounts of tax anticipation warrants funds coal mining activity officials said

3. April 15, 1930 The Long Beach Sun Long Beach, CA
Article from The Long Beach Sun, April 15, 1930

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Article Text

Run Illinois on Bank Is Checked Machine Guns MARION, April 14 Panicky citizens Williamson county, frightened by failure seven county, were met today by guns they on the First tional bank of Marion. The chine mounted tect $100,000 currency hurried from St. Louis. Sheriff Oren Coleman said the machine guns were mounted simply that efforts would be from with their savings. The closed banks, aggregate deposits of more than were forced shut their doors cause decline in value of mort, farm lands, large amounts anticipation warrants county funds and lack goal mining activity, officials

4. December 1, 1930 St. Cloud Times Saint Cloud, MN
Article from St. Cloud Times, December 1, 1930

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Article Text

Marion, Illinois, Bank Is Closed by Director Order Marion, II., Dec 1. The First National bank, with resources of ap proximately $2,000,000 failed to open today, leaving Marion. city of more than 11,000 population, without The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday, following closing of the First Na. tional bank at Benton, III.

5. December 1, 1930 Muncie Evening Press Muncie, IN
Article from Muncie Evening Press, December 1, 1930

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Article Text

ILLINOIS CITY IS WITHOUT A BANK MARION, Dec. First National Bank, with resources of $2,000,000, failed to open today, leaving Marion, city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen for the closing. run the bank occurred Saturday, following closing of First National Bank at Benton, III.

6. December 1, 1930 The Edwardsville Intelligencer Edwardsville, IL
Article from The Edwardsville Intelligencer, December 1, 1930

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Article Text

Marton Bank Closed. Marion, III., Doc. First Nafor Bank, with resources of approximately $2,000,000 failed to open today, leaving Marion a city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen assets" for the closing. A run on the bank occurred Saturday, following closing of the First National Bank at Benton,

7. December 1, 1930 The Times Hammond, IN
Article from The Times, December 1, 1930

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Article Text

MARION, ILL., BANK CLOSED MARION, First National $2,000,000 failed to open today, leaving Marion, city more than 11,000 population, withinstitution. The board directors blamed "frozen for the closing. the bank Saturday, following closing of the First National bank at Benton III.

8. December 1, 1930 Pittsburgh Sun-Telegraph Pittsburgh, PA
Article from Pittsburgh Sun-Telegraph, December 1, 1930

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Article Text

Steady Run Closes Bank in Illinois MARION III. Dec. One of the oldest banks in Southeastern Illinois, the Marion First National Bank. will not open its doors today. W. L. Dunston. director announced. The institution had deposits totaling more than $2,000,000 before steady run of withdrawals placed the bank's cash on hand below federal requirements. Director Dunston

9. December 1, 1930 The Monticello Journal Monticello, IN
Article from The Monticello Journal, December 1, 1930

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Article Text

Illinois Bank Fails MARION, L-The First National Bank with resources of approximately $2,000,000, failed to open today, leaving Marion, a city of more than 1,000 population, without a banking institution. A run on the bank OCcurred Saturday, following closing of the First National Bank at Benton,

10. December 1, 1930 The Elk City Daily News Elk City, OK
Article from The Elk City Daily News, December 1, 1930

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Article Text

ILLINOIS BANK CLOSES MARION, III., Dec. 1. (U.P.)-The First National bank with resources of approximately $2,000,000 failed to open today, leaving Marion, a city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and frozen assets for the closing. A run on the bank occurred Saturday, following closing of the First National bank at Benton, Illinois.

11. December 1, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, December 1, 1930

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Article Text

BANK AT MARION, ILL., CLOSES ITS DOORS First National Bank with resources of approximately $2,000,000 failed to open today. leaving Marion city of more than 11,000 population, without banking institution. The board of directors blamed steady withdrawals and "frozen assets' for the closing. run on the bank OCSaturday, following closing of the First National Bank at Benton.

12. December 2, 1930 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, December 2, 1930

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Article Text

LIVE STOCK United States Department of Agriculture. CHICAGO, Dec. 000 to head, including direct; closed below weights shippers 10,000; estimated Light choice, 140 160 200 250 350 pounds, $8.00 Packing 500 pounds, slaughter good and choice, 100 130 pounds, $8.00 fed 25c to mostly 25c lower better generous proportion comprise selling downward 900 to 1,300 600 pounds, choice, 550 comcommon and Bulls yearlings good choice (beef), cutter to medium. (milk common, Sheep- head: killclasses mostly lower; some lamb sales off fat pounds down. and 150 pounds choice, feeding and to pounds, 500 head; active: steady close last Best others. $4.50 steady heavies nominally down 800 steady: 300 mostly hogs 300 pounds best lambs bid absent Butter, Eggs and Poultry. NEW YORK, receipts. 4,457 firmer higher than packing stock current make. No. 24@ No. Eggs. receipts. cases: steady mixed colored packed selected 45@46c medium refrigerator extra firsts, seconds 18@20c medium firsts, hennery do. extra nearby western hennery selected. 44@46c average 41@42c Patreated do extra firsts Poultry, steady: chickens. by freight. express. 19@26c freight. 19@20c: express. 19@26c turkeys. freight. by express, 30c; by 16@18c dressed chickens. fresh, western ducks, CHICAGO. -Butter. 31c; 30@31c; firsts, steady: extra fresh firsts, current refrigerator future refrigerator standards. January, Rice. NEW YORK. Rough Clean rice, receipts, 2.670 bags Bank Suspensions. NORWALK Conn., Dec. (A).-The Central Fairfield Trust company of this city was suspended by State Bank E. Shippee The bank is forbidden to pay out funds or receive deposits until a court hearing held. Christmas club checks to the amount of $30,000 which were to be received by depositors today have been held up. The bank's are the result heavy in commercial deposits. BLYTHEVILLE, Ark., Dec. The First National bank here did not open this morning and announcement was in posted that the bank had closed pending the Farmers Bank and Trust company Coincident with the announcement officers the two institutions went into session behind closed doors. The First National and the Farmers Bank Trust company are the only banking institutions in Blytheville. STEPHENS Dec. The Peoples bank here suspended today for a five-day period. Officials said the closing was for reorganization possible consolidation with the Bank of Stephens. for the proposed merger are in progress, it was announced. Illinois banks were closed today, two of them as an apparent outgrowth the failure week of the Benton First National bank, of Marion, and the State closed their doors, leaving both without banking facilities other banks that failed to open today in widely separated communities were the State bank, of Rock Grove, and the Marine bank, of Carthage HARDY Ark., Dec. Farmers bank tonight announced suspension of payments for the five-day period alby Arkansas law. President A. M. Metcalfe said he hoped to reopen. The bank here. is capitalized at statement showed deposits of $106,000

13. December 18, 1930 Marion Weekly Leader Marion, IL
Article from Marion Weekly Leader, December 18, 1930

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Article Text

RECEIVER TAKES CHARGE OF FIRST NATIONAL BANK Examiners Continue Work Of Checking Books of Bank R. C. Sulivan of Chicago has ar rived in Marion to take charge of the First National Bank as receiver, it was learned Thursday. The examiners who have been in charge of the bank since it failed to open for business on the morning of December are still checking the records fthe bank They expect to finish their work in the near future and will leave after turning complete charge of the bank and its accounts over to the reeciver. The naming of received in the case ofa national bank not mean necessarily that the bank will liquidate as in the case state banks, but national bank may go ahead and re-organize and adjust its affairs under the administration of receiv. it was said by bank officials on Thursday afternoon. The arrival of the receiver will enable the bank to proceed with collections and to carry on the necessary business for the protection of its accounts the same as states banks are permitted to do when an examiner is left in charge after the audting of account is comleted.

14. August 13, 1931 St. Louis Globe-Democrat St. Louis, MO

Article Text

$148,000 IN BOND CHECKS DISTRIBUTED BY MARION MARION, August 12. Checks for $148,000, derived from the sale of bonds voted one ago by the of Marion for $148,000 were brought to Marion, today by City Treasurer William Burkhart and corporation counsel, John M. Hay, to be creditors of the of on outstanding C. Speer and Sons Company of Chicago, of the bonds. obtained $11, 000 as discount on the dolthe Central Illinois Public and $2400 to Mark Woodley as trustee for indicreditors. The largest goes to A. James, receiver Trust Savings Bank for $58,000, to take up warrants by the bank, while W. White, receiver of the First National Bank received $22,000. and J. of special for the City of Marion, $30,000.

15. November 29, 1931 The Evansville Journal Evansville, IN

Article Text

MARION BANK RECEIVER SUES COUNTY FOR $20,000 Spires, receiver the First National has filed for mandamus Williamson writ court, seeking to colcounty lect from Williamson county on two warrants held the anticipation bank for $10,000 each similar in Danville suit dismissed prior to filing the one here States Attorney Roy Browning has suit set off against approximately the county had on debank closed.

16. December 29, 1931 St. Louis Globe-Democrat St. Louis, MO

Article Text

WILLIAMSON COUNTY, ILL., TO PAY BANK $20,000 MARION, ILL., December 28.-A writ of mandamus has been issued in Williamson County Circuit Court ordering County Treasurer J. A. Burkitt pay to A. Spires, receiver of First National Bank, $20,000 to redeem anticipation warrants issued by county and purchased by the bank prior to its closing December 1, 1930. The treasurer had held up the money order from Board which instructed him not to pay it over unless the bank paid the county $22,000 which had been deposited by Grant Cruse, former County Treasurer, at the time the bank suspended. A suit has been filed in Federal Court by State's Attorney Roy Browning seeking to make this preferred claim. Browning consented to the mandamus because the county will be saved $100 month interest.

17. April 27, 1933 Jacksonville Journal Courier Jacksonville, IL

Article Text

PUBLIC FUNDS IN BANKS ARE NOT PREFERRED, RULE Chicago, April pracgiving prefered status public funds deposited in banks was declared ruling today the United States circuit of appeals. Two judges the tri-member court upheld the of Herrin, national bank receiver that securities by bank guarantee the be for the benefit doctrine the guaranty of bank deposits has its advocates wrote Judge Sparks, the ruling hear any voluntary advocacy the general depositors to the that by pledge of the bank's Judge Sparks. the concurrence District Judge Walter Lindley sitting in the court. suggested sanctioning deposit would be for the bank advertise it enin Presiding Judge Samuel Alschuler federal district court Judge Wham had ruled in favor of the city of Marion. the Receiver Ben Sneeden for the City National Bank to recover the protect on deposit Judge Wham was

18. December 7, 1933 Marion Weekly Leader Marion, IL

Article Text

Attorneys For City Go to Washington Attorneys H. Ferrell and John Hay left Sunday for Washington for the appear Tuesday as before the United city of Marion States Suprome Court in suit volving approximitely in city funds caught in the closing the City National Bank decided in favor of The case once the city and onco against the city reached the supreme court along similar case arising in the PhilipIslands in which the same pincs involved. The city's deposit protected by an insurance comindemnity bond which was pany secured by the pledging of further certain assets of the bank. The ceiver of the bank now contends former bank officials had no right pledge the assets of the bank any particular

19. February 22, 1934 Marion Weekly Leader Marion, IL

Article Text

MONEY INSURED BY FRY PAID TO EAST MARION County Clerk Estelle H. Gooden on Monday had received check the Fidelity Casualty Company for representing East Marion township funds lost in the ing of the City National Bank East Marion township funds amounting to had been placed in the bank then township supervisor. Fry had the money insured and the check received Monday covered the entire amount lost in the closing of the bank since the remainder of the depsits had been paid the ship in dividends by the bank ceiver. Fry was the only supervisor the county who had protected town fund deposits with insurance the time of the bank closing epidemic, the county clerk said.

20. April 3, 1934 Evansville Courier and Press Evansville, IN

Article Text

MARION BANK RECEIVER TO PAY DIVIDEND TODAY MARION III., April John D. Spires receiver of the First National bank today dividend will be amounting tomorrow This represents 12½ the dividend to be paid and will of 34 per paid since the closed three years ago