Citizens State Bank (Keithsburg, IL)

Episode Information

Episode UID
4815625491572
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
481562549 hash
Start Date
December 17, 1930
Location
Keithsburg, Illinois (41.099, -90.943)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4c7b31a093e0c45a

Response Measures

None

Events (6)
1. December 17, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
A slow run over several days depleted the bank's cash and forced action by directors to protect depositors.
Measures
Board of directors closed the bank to protect depositors.
Newspaper Excerpt
SLOW RUN CAUSES KEITHSBURG BANK TO CLOSE DOORS
Source
newspapers
2. December 17, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board ordered the bank closed after withdrawals exhausted available cash following the slow run.
Newspaper Excerpt
was closed today by order of its board of directors who acted to protect depositors
Source
newspapers
3. March 12, 1931 Receivership
Newspaper Excerpt
Keithsburg Receiver Named ... appointment M. Connors Keithsburg as receiver for the Citizens State bank of Keithsclosed on Dec. 17, 1930.
Source
newspapers
4. April 2, 1932 Other
Newspaper Excerpt
BANK RECEIVER KEITHSBURG PAYS DIVIDEND ... Installment of Five Per Cent ... mailed out today, Constated.
Source
newspapers
5. December 17, 1932 Other
Newspaper Excerpt
KEITHSBURG BANK DIVIDEND ORDERED ... Payment of a 4 per cent dividend to depositors of the closed Citizens State bank at Keithsburg, was ordered
Source
newspapers
6. October 9, 1934 Other
Newspaper Excerpt
Keithsburg Bank To Pay Dividend Of Five Per Cent ... The bank closed Dec. 17, 1930 and has been in liquidation since Jan. 13, 1931 when the receiver, M. Connors was appointed.
Source
newspapers

Newspaper Articles (12)
1. December 18, 1930 The Daily Times Davenport, IA
Article from The Daily Times, December 18, 1930

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Article Text

SLOW RUN CAUSES KEITHSBURG BANK TO CLOSE DOORS (Special Citizens State bank of Keithsburg was closed today by order of its board of directors who acted to protect depositors after slow run extending over several days had depleted the bank's cash. Closing of this bank leaves Keithsburg without a bank. E. White, deputy under State Auditor Oscar Nelson, took charge to- day. The bank's resources were $300,000 and its deposits $240,000 at the time of the last statement. The Citizens bank was reorganized April 26, this year. It was the successor of the oldest bank in Mercer county, the Drury bank. Officers and directors are: President, J. Ward Bloomer; vice president and cashier, Geo. L. Hartgrove; directors, E. L. Wickett, Dr. R. E. King, C. C. Chafa, J. Allen, Emanuel Peterson, R. E. Bloomer, Orrin Ogle. Aledo Masons Will Install on Dec. 23 Officers, both elective and appointive for the coming year for the Aledo lodge, No. 252, A. F. & A. M., will be installed at the regular meeting of the chapter on Tuesday evening, Dec. 23, it has been announced by officers. Virgil H. Duvall will act as installing officer. Elective officers are, worshipful master, Clare Bradford; senior warden, Craig Bedford: junior warden, Leonard Dorothy; treasurer, G.L. Candor, and secretary, C. E. Duvall. Officers were appointed by the worshipful master and announced yesterday are, Evart Bjorkman, senior deacon; Ray Guthrie, junior warden; chaplain, Frank W. Lemon: mashal, Eric Clauson; senior steward, Wilbur Johnson; junior steward, Geo. Carey, and tyler, W. H. Robertson.

2. December 19, 1930 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 19, 1930

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Article Text

HEAVY RUN CAUSES CLOSING OF BANK AT MT. VERNON, ILL. Deposits at Time of Last Call Were $741,151 — Withdrawals of $40,000 in One Day. Special to the Post-Dispatch. MOUNT VERNON, Ill., Dec. 19.—The Jefferson State Bank failed to open its doors this morning, but it is thought it will be able to liquidate. In its report Sept. 30, the bank showed time and call deposits of $741,151. Heavy withdrawals in the last few weeks caused the bank to close. Withdrawals yesterday amounted to $40,000. Fourth Missouri Failure in Last Two Days. By the Associated Press. JEFFERSON CITY, Dec. 19.—The Bank of Canton, at Canton, in Lewis County, with total resources of $330,936, was closed today by its board of directors and placed in the hands of the State Finance Department, following heavy and constant withdrawals, it was announced here. The bank's last statement to the department showed deposits of $268,898 of which $12,696 were public funds; loans, $196,632; capital stock, $20,000; surplus, $13,000; undivided profits, $3529; bills payable, $25,000. G. L. Martin is president and S. F. Hoerer cashier. The Union Savings Bank at Monroe City, in Monroe County, with $445,095 resources was the first to close. Its notice to the Finance Department was followed by a notice from the Bank of Osage County, at Linn, and the State Bank of Collins, in St. Clair County. The Bank of Osage had $244,155 resources; $216,280 loans; $15,000 capital stock; surplus $10,000 and $25,000 bills payable. J. Pull Jones was president and T. A. Dubrouillet, cashier. No reason for the closing was given. The State Bank of Collins had $81,046 resources; $60,910 loans; $10,000 capital stock; $1200 surplus; $2099 undivided profits and $12,820 bills payable. W. J. Bard is president and O. E. Simms cashier. No reason for the closing was given. The Finance Department has not assigned an examiner for either the Linn bank or Collins bank. Heavy withdrawals were given as the reason for the closing of the Monroe City bank. The bank's last statement listed $261,880 loans, $60,000 capital stock, $6000 surplus, $3504 undivided profits, $311,570 deposits, $8000 bills payable and $14,397 other liabilities. J. D. Robey was president and G. E. Chipman cashier. Bank at Keithsburg, Ill., Fails With $430,000. Special to the Post-Dispatch. KEITHSBURG, Ill., Dec. 19.—The Citizens State Bank of Keithsburg with deposits of $430,000 closed yesterday. It was the only bank in town. Three Banks Fail in Northwest Arkansas; 13 in Two Days. Special to the Post-Dispatch. LITTLE ROCK, Ark., Dec. 19.—Three more banks in Northwest Arkansas, two state and one national, closed yesterday, bringing the number of depositories which have suspended in that section the past two days to 13. State Banking Commissioner Walter E. Taylor announced that the People's Bank at Berryville and the Farmers' and Merchants' Bank at Green Forest, with which A. T. Hudspeth is connected, failed to open for business and had been taken in charge by the Banking Department for liquidation. The First National Bank at Green Forest also closed and has been placed in charge of Federal examiners. Closing of the two institutions leaves Green Forest without a bank. The People's Bank at Berryville had deposits of approximately $177,000, according to its report to the Banking Department Sept. 24, and the Green Forest State Bank's deposits on that date totaled $158,660. Gradual withdrawals since Nov. 17 when the American Exchange Trust Co. of Little Rock closed, was assigned as the cause for closing the two banks. Hudspeth was a director in the Little Rock bank. State Senator F. O. Butt is president of the People's Bank at Berryville and Hudspeth is vice president. Bank With Deposits of $1,117,000 Closed at Canastota, N. Y. By the Associated Press. CANASTOTA, N. Y., Dec. 19.—Joseph A. Broderick, State Superintendent of Banks, today announced he has taken possession of the State Bank of Canastota, here, as a result of what he said appears to be unsound financial conditions. "Material losses on loans and investments," said Broderick, "have impaired the condition of the bank and rendered it advisable that this action be taken in order to conserve the assets in the interests of depositors." On Sept. 24, the bank reported gross deposits of $1,117,814. Elizabeth, N. C., Bank, With $1,094,225 Liabilities, Closes. By the Associated Press. ELIZABETH, N. C., Dec. 19.—The Savings Bank and Trust Co. of Elizabeth City, N. C., failed to open its doors for business today. Future action would be governed by the State Board of Bank Examiners, it was said. Officials said the

3. March 12, 1931 The Muscatine Journal Muscatine, IA

Article Text

Keithsburg Receiver Named Action Comes With Suits Ask100 Per Cent Assessment on Stockholders the signing of order in vacation by Circuit Judge Nelson the appointment M. Connors Keithsburg as receiver for the Citizens State bank of Keithsclosed on Dec. 17. 1930. the first definite step toward clearing affairs that bank has been started. Mr. Connors is expected to take active work bank soon as bonds of the court can arranged. The confirming the receiver followed the filing of Rult Mercer county circuit court by torneys Paul Graham and Church and Califf. Aledo, for Frank Willits and E. creditors of closed bank. which stockholders of the institunamed defendants. In long bill particulars the history the bank reviewed and per cent against the asked Complainants also ask that others enjoined not file similar suits against the stockholders and also nsk court no in claims against the closed bank. the opening paragraph of the bill stated that the suit filed behalf the two creditors named and any other creditors who may wish to join in the same cause. According to the bill the bank organized Nov. 12. 1902, with capital stock $25,000 which into shares of $100 each. The capital stock remained the same bank was closDec. The of the tion at the time of closing said the bill he excess $227.while the assets carried books amounted these assets claimed by the complaintants that uncollectable and that 100 cent stock assessment ordered that that sunt will not pay the full amounts due the At the time the business of the bank closed claimed that cash was hand that the sum of carthe books surplus had been and loaned out persons corporations whose ability to pay was doubtful. According the bill of particulars filed the former against this bank by Oscar Nelstate the made in 1930, by state officers showed savings totaling checking deposits deposits Loans totaled and the bank building and furniture and fixtures valued at Stockholders of the bank against Wolff whom the suit filed by and filed George HartBloomer. James Allen, Orin Peterson. Allen, Anderson, Charles Anderson, Mabel Orpha James Boham, Robert Francis Curry, Anna Mary DeHaven, Roxey Dryden and W. Dryden, doing business Brothers: James Llewellyn George Fullerton. Clara Glancy. Fred executor the last will and testament Ernest Glancy: Earl Gluba, Harvey Arthur HarriJohnson, Ovid Alivida King. executor last testament of William King. deceased. Florence Lawrence, Edward Lynn and Hanning Lynn. business as Lynn Newell and Lester partners Newell and Sam Newell. Clara Carrie Scott. Elmer William Charles Allen, the last will and of Elizabeth ceased. preliminary be held March for Charles and Mulvaney connection with series thefts

4. March 12, 1931 The Muscatine Journal Muscatine, IA

Article Text

Keithsburg Receiver Named Comes With Suits AskPer Cent Assessment on Stockholders the signing of an in vacation by Circuit Judge Larson, confirming the of Connors receiver for the Citizens State bank Keithsclosed Dec. 17, 1930, the definite step toward clearing of that bank has been started. Mr. Connors is expected active work the bank as bonds set court can be arranged. confirming of the receiver followed the filing of suit in county circuit court by Attorneys Paul Graham and and Aledo, Frank Willits and Wolff, ereditors of the closed bank. stockholders of the institunamed defendants. long bill of particulars the history the bank is reviewed 100 per cent against the stockholders asked. Complainants also ask that others to similar against the stockholders and also court to give no individuals priority in claims against the closed bank. the opening paragraph of the stated that filed in behalf of the two creditors any other creditors may wish to join in the same According to the bill the bank 1902, with stock which divided into 250 shares of $100 each. The capital stock remained same until the bank 1930. of the instituthe time of closing be excess of $227. while the assets carried on books to assets claimed by that and that even 100 cent stock that that sum will not pay amounts the At the time the business of the was closed it claimed that in cash was on hand that the sum of carthe books surplus had and loaned out to corporations whose pay was doubtful. the bill of partifiled former suit against this bank by Oscar Nelstate auditor. the examination in December, 1930, by state showed savings deposits totaling checking and deposits Loans totaled and the bank building and furniture and fixtures valued at $16,500. Stockholders of the bank against the suit filed Willits and filed are. George HartWard Chafa, James King, Orin Ogle, Emanuel Wickett, Allen, Axel Anderson, Charles Anderson, Mabel Blooomer, Orpha James Boham, Robert Cox, Francis Curry, Anna DeHaven, Mary DeHaven, Roxey DeHaven, Dryden and Dryden, partners, doing business Dry. Brothers: Arthur Finch, James Llewellyn Frick, George Clara executor of last and testament Ernest Earl Gluba, Harvey Hardin, Arthur HarriJohnson, Ovid of of William R. King, Florence Edward Lynn and Lynn, Lynn Lester partners as Dodson, Clara Ogle, Joe Carrie W. Elmer William Lizzie Charles Lynn, the last will and Elizabeth Kelly, preliminary hearwill be held March 17 for John nection series of hog thefts

5. April 2, 1932 The Rock Island Argus Rock Island, IL

Article Text

BANK RECEIVER KEITHSBURG PAYS DIVIDEND Installment of Five Per Cent clared and 793 Checks Mailed Account Holders. (Special The Aledo, April the second dividend holders accounts the closed Citizens bank of Keithsburg announced today Connors, receiver appointed by Oscar Nelson, state auditor public accounts. The bank closed Dec. 17, 1930. Seven hundred ninety checks approximately representing cent dividend, mailed out today, Constated. Declaration of the first dividend amounting last October. the receiver said. He announced that against the bank now total

6. May 13, 1932 The Daily Times Davenport, IA

Article Text

BANK RECEIVER IS FAVORED IN COURT DECISION AT ALEDO verdict in favor of the defendant was brought in by jury in Mercer county court yesterday in the case of the school trustees Keithsburg Township VS. J. M. Conners, receiver of the closed Citizens State Bank of Keithsburg. The suit was based on approximately 2,000 bushels of corn owned by Geo. L. Hartgrove of Keithsburg on which both the defendant and plaintiff claimed lien. The bank through the receiver secured a judgment on the corn after which the trustees filed notice with the sheriff not to sell pending the court hearing as to right of property. The trustees claimed according to the testimony that the corn had been transferred to them to satisfy an indebtedness of Hartgrove's following the expiration of a chattel mortgage on the property. The jury found in favor of the receiver. Members of the jury were W. S. Butcher, Christian Muhlenburg, Bert Holten, J. E.

7. July 8, 1932 The Rock Island Argus Rock Island, IL

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BANK OFFICERS UPHELD FILED ALEDO Directors of Defunct Keithsburg Bank Sult Is Sustained. (Special to The Argus.) Aledo, III., July demurrer suit brought Connors, receiver the Citizens State bank of Keithsburg, Charles Anderson, Alex Anderson, Robert Gaylor and Frank Willits against the directors the bank the time closed, and former tained by Judge Leonard circuit court Aledo Directors of the bank were charged with violation of section the state banking act which limits the which may loaned to 15 per cent of the capstock and 15 per cent the unimpaired surplus fund. The ficers also charged with lowing capital of the bank to become impaired and with makexcess loans. was filed April term court. The demurrer denying the charge filed answer to the suit Attorneys Paul Califf and Virgil Duvall Aledo. Attorney Brian represented the receiver and the depositors bringing the action.

8. December 17, 1932 The Rock Island Argus Rock Island, IL

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KEITHSBURG BANK DIVIDEND ORDERED Four Per Cent Payment to Depositors Approved by Court. (Special to The Argus.) Aledo, Ill., Dec. 17.—Payment of a 4 per cent dividend to depositors of the closed Citizens State bank at Keithsburg, was ordered in Mercer circuit court at Aledo yesterday by Judge Leonard M. Telleen. The petition of J. M. Connors, receiver, through his attorney, Paul J. Graham, was granted, and the payment will be made at the earliest possible date. The dividend amounts to $9,519.51. The bank was closed two years ago.

9. October 4, 1933 The Muscatine Journal Muscatine, IA

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State Banks County Merged Banks in Receivership in MerCounty Will Be Liquidated. Aledo all closed state banks which are in receivership, with liquidation under one organization, was announced Tuesday through the state auditor, Edward Under the plan, all business will be handled through closed Aledo State bank, which will used county headquarters, with Conners, former for the Citizens State bank of Keithsburg, in charge as 'deputy ceiver. William O'Connell of Chicago will be the receiver in charge. Stuart Boultinghouse of Aledo has been named as county field of the ceiver. For the present some of the present bank receivers will to assist in organization work. Closed state banks which affected by new order the Aledo State bank, the State bank, the farmers State of Burgess, the New Boston bank State bank, Farmers State bank North Henderson, the bank of Windsor in New the Farmers State bank in New Windsor, the Sherrard State bank State bank, the the Preemption Farmers bank of Preemption the Farmers bank of Reynolds. The order effective at once of bringing the records and work Aledo has already been started. Mr. Conners, the deputy receiver, former state bank examiner been receiver of the and has bank Keithsburg for closed in three years. Boultinghouse, who associated with him, member of the firm and sons of Aledo.

10. February 7, 1934 The Rock Island Argus Rock Island, IL

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BANK RECEIVER FILES REPORTS Quarterly Statements of Receipts and Expenditures Approved by Judge. (Special to The Argus.) Aledo, III., Feb. 7.-Quarterly statements of the Farmers State bank of North Henderson, the Farmers State bank of New Windsor, Farmers State bank of Burgess, the Farmers State bank Preemption and Citizens State bank of Keithsburg have been filed in Mercer county circuit court Aledo by Deputy Receiver Connors, acting for William O'Connell, receiver. The statements follow: BANK NORTH HENDER- discounts Total this report FARMERS STATE OF Notes and items, Total Receiver's report STATE BANK OF Receipts. hand date accounted attorney this report Balance receiver STATE BANK OF Notes discounts Interest receipts hand last Total Balance receiver Receipts. premiums. and Overdrafts, cash items, hand report Receiver's hire Other Deposited Chicago

11. October 9, 1934 The Daily Times Davenport, IA

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Keithsburg Bank To Pay Dividend Of Five Per Cent ALEDO, III., Oct. 9.-(Special) Payment of five per cent dividend to depositors of the closed Citizen's State bank in Keithsburg was announced today by William O'Connell of Chicago, receiver for the closed state banks in this county. The payment will amount to and per cent is from the stock fund and 3½ cent is from the general fund. addition to this dividend the bank receiver has paid $30,650 on bills payable. The bank closed Dec. 17, 1930 and has been in liquidation since Jan. 13, 1931 when the receiver, M. Connors was appointed. The deposit liability at the time of closing was Payment of this dividend brings the total paid to 24 per cent.

12. September 11, 1935 The Rock Island Argus Rock Island, IL

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ALEDO WORK OF BANK RECEIVER TO BE SHIFTED Offices for 11 Closed Mercer Institutions Will Be Moved to Moline. Receivership offices for 11 closed Mercer county banks are being transferred from Aledo to Moline, J. M. Connors, deputy receiver in charge of Rock Island and Mercer counties, announced today. The receivership offices will be combined with those of Rock Island county in the Fifth Avenue bank building, 1611 Fifth avenue, Moline, Mr. Connors announced in behalf of William L. O'Connell, receiver for all closed Illinois state banks. The bank receiverships in Mercer are those of Aledo State bank of Aledo, Farmers State bank of Burgess, Citizens State bank of Keithsburg, Matherville State bank of Matherville, State Bank of New Boston, Bank of New Windsor, Farmers State bank of Windsor, Farmers Bank of North Henderson, Farmers State bank of Preemption, Preemption State bank of Preemption, Farmers State bank of Reynolds. Mr. Connors said consolidation will make possible considerable reduction of personnel and thus result in savings in the administration of the receiverships. The Mercer county banks have been under the jurisdiction of Mr. Connors for some time, making necessary numerous trips to Aledo which will be eliminated by the new arrangement. Elmer Smith and G. S. Greer, who have been in charge of the Aledo office, will be transferred to Moline and other employes of the Aledo office will be dismissed, it was said.