First National Bank (Milford, IL)

Episode Information

Episode UID
514901562
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
51490 national
Charter Number
5149
Start Date
February 5, 1930
Location
Milford, Illinois (40.628, -87.696)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6b84df96692e4aa2

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
83.0%
Date receivership started
1930-03-04
Date receivership terminated
1934-10-01
OCC cause of failure
Governance
Share of assets assessed as good
49.2%
Share of assets assessed as doubtful
34.1%
Share of assets assessed as worthless
16.7%

Description

Known receivership date (1930-03-04) indicates ultimate failure; contemporaneous reports cite a small run triggered by cashier resignation and president's illness.

Events (6)

1. October 25, 1898 Chartered
Source
historical_nic
2. February 5, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank for protection of depositors after depositor uneasiness following cashier resignation and president's illness.
Newspaper Excerpt
Notice that the First National bank ... had closed its door for the protection of depositors and others appeared ...
Source
newspapers
3. February 6, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Resignation of cashier C. Patterson and sudden illness of President D. Vennum caused depositor uneasiness and a small run.
Measures
Officers closed bank to protect depositors; posted notice on door and awaited examiners.
Newspaper Excerpt
the recent resignation of C. Patterson, cashier, caused uneasiness among depositors and a small run on the bank Thursday
Source
newspapers
4. March 4, 1930 Receivership
Source
historical_nic
5. March 4, 1930 Receivership
Source
newspapers
6. July 1, 1934 Other
Newspaper Excerpt
Final dividend checks ... were paid to depositors of the closed First National Bank of Milford ... The total paid to creditors in the five dividends is $268,643.20 which is over 83 per cent of the total claims aggregating $323,000.
Source
newspapers

Newspaper Articles (9)

Article from The Pantagraph, February 7, 1930

Click image to open full size in new tab

Article Text

Emmerson Refuses to Exercise Clemency in 18 Prison Cases Feb. Gov. Louis Thursday refused to in which the board dons and paroles had no mitigation sentence The cases, which confined NessGeorge Munding, Emory Drew, Maurice W. Paltrock, Steve Brockman, Katherine Bulak; Davis, Benjamin Ingam, William Clifford Oldroyd: Herman Lewis Henry Cook County House CorrectionFrank Eugene Ryan; Vandalia Bary, James which both institutions made heavy loans. The airpiane which brought money to relieve the Pana Nationbank. was dispatched by the bank Chicago. Word of its by Parish, president of the bank Run on Bank. Parish there slight on the bank that nothabout and that the tion of the reserve bank sending cash via air was measure. The bank had capital of $25,000 and surplus Deposits in the Nokomis bank amounted $375,000 while assets totaled on Jan. Capital stock that time was listed $50,000. MILFORD BANK CLOSES. Notice that the First National bank III., had closed its door "for the protection of deand others" appeared the locked of the bank Friday morning statement the bank, 31, 1929, showed healthy


Article from The Taylorville Daily Breeze Courier, February 7, 1930

Click image to open full size in new tab

Article Text

MILFORD BANK CLOSES TODAY Danville, III., Feb. 7. tice that the First National Bank at had closed its doors for Milford, of depositors and protection the locked doors others, appeared on this morning. It was of the bank the board of directors. signed by Bank examiners are expected to make day. investigation today. of the bank, DeThe last statement 1929, showed healthy cember 3, An accident to Vennun, dition. the directors, and the one of of C. Patterson, recent resignation deeashier, caused uneasingss among positors, and small run on the bank Thursday morning, it is said.


Article from The Des Moines Register, February 8, 1930

Click image to open full size in new tab

Article Text

3 Illinois Banks Close Their Doors During Single Day National bank at Milford. III., Friday closed its doors "for the protection of depositors and others The recent resignation of C. Patterson. cashier. caused uneasiness among depositors and small run on the bank Thursday. PANA. ILL. (P)-The Rosamond, with capital stock of $25.000 and surplus of $2,500 failed to open Friday morning. A notice posted on the door of the institution said that the bank was closed for examination and readjustment The Schuyler State bank of Pana with deposits of approximately $2,000,000 closed late Thursday because of frozen assets. BLOOMINGTON ILL. The Farmers State Savings bank at Cornell, closed Friday. A notice posted on the door said the directors had decided to close for examination because of frozen assets.


Article from Chicago Tribune, February 8, 1930

Click image to open full size in new tab

Article Text

PANA BANK GETS $250,000 BY AIR TO PREVENT RUN Two Other Institutions Close Doors. quarter of million dollars was brought here by airplane from Chitoday to protect the Pana cago tional bank from withdrawals that this in the wake of began morning the closing here yesterday of the H. N. Schuyler State bank. Although there was small run on the national bank early in the day. arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this dis trict were closed today They were the Rosamond State bank, Rosamond, four miles west of here. and the No. komis State bank Nokomis, thirteen miles east. The Rosamond bank had capital of and surplus of $2,500. A notice posted on the door said the bank was closed for examina tion and The Noko mis bank, state officials said, has frozen assets, but is expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began at the Pana Na. tional bank this morning, President C. B. Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 in cash by airplane. Two hours later plane with armed guards aboard arrived with the money. Sheriff D. L. Dun bar and armed deputies transported the money to the bank's vault. Citizens at massmeeting yester day had declared their confidence in the national bank and President Par ris said today that obtaining funds from Chicago was only a precautionary A number of business houses, in cluding all the meat markets early to day went on cash and carry basis. Heretofore these merchants had car ried their customers for indefinite peri ods. Late today the volume of busi ness was declared virtually normal A number of business, fraternal and social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations at the present Milford Bank Closed. The First National bank of Milford twelve miles south of here. was closed today. A notice on the door said that the action was taken for the protec tion of depositors. Officers said that the bank is solvent, but that run had been feared as the rseult of rumors In circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends The Farmers State bank of Cornell, Livingston county was closed today Directors announced that the action was taken because of frozen assets Louisiana Bank Closed. Bank of Napoleonville of Napoleon ville, La., was closed today by order of the state bank commisisoners be cause of frozen assets and sugar loans Officers of the bank were working on a plan of reorganization Deposits of the bank were estimated at with $500,000 in resources Emile Sundberry former state senator, was president of the bank.


Article from The Omaha Morning Bee-News, February 8, 1930

Click image to open full size in new tab

Article Text

FIVE ILLINOIS BANKS CLOSE Farmers State Savings bank at Cornell, closed Friday, one of five similar actions in the state. A notice posted on the door said the directors had decided to close for examination because of frozen assets. The First National Bank at Milford, III., closed its doors "for the protection of depositors and oth ers. The recent resignation of F. C. Patterson. cashier, caused uneasiness among depositors and a small run on the bank Thursday To stop a run occasioned by the failure of the Schuyler bank at Pana, 13 miles each of here. the Nokomis State bank Friday morning closed its doors. The Rosamond State bank of Rosamond, with capital stock $25,000 and surplus of $2,500, failed to open Friday morning A notice posted on the door of the institution said that the bank was closed for examination and readThe Schuyler State bank of Pana, with deposits of approximately $2,000,000. closed late Thursday because of frozen assets.


Article from Effingham Daily Record, February 8, 1930

Click image to open full size in new tab

Article Text

BANKS IN PANA Pana, III, Feb. quarter of million dollars was brought here airplane from Chicago today to protect the Pana National bank from withdrawals that began this morning in the wake of the closing here yesterday of the H. N. Schoyler bank. Although there small run on the National bank early in the day, arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this district closed today. They the Rosamond State bank, Rosamond, four miles west of here, and the Nokomis State bank, Nokomis, thirteen miles east. The Rosamond bank had capital of $25,000, and surplus of $2,500. notice posted on the door said the bank was closed for exabina tion and readjustment. The Nokomis bank, state officials said, has frozen assets, but expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began the Pana National bank this morning, President Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 eash by airplane. hours plane with guards aboard arrived with the money. Sheiff Dunbar armed deputies transported the money to the bank's vault. Citizens mass meeting yesterday had declared their confidence in the National bank and President Parris said today that obtaining funds from Chicago was only precautionary number of business houses, includall the meat markets went cash and basis. Heretofore these carry merchants had carried their customers for indefinite periods. Late today the volume of business was declared virtually normal. number of business, fraternal social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations the present volume. Milford Bank Closed. Watseka, III., Feb. First National bank of Milford, twelve miles south of here, closed today. notice on the door said that the tion was taken for the protection of depositors. Officers said that the bank solvent, but that run had been feared the result of rumor in circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends. Bloomington, III., Feb. Farmers State bank of Cornell, Livingston county, was closed today.


Article from Chatsworth Plaindealer, February 20, 1930

Click image to open full size in new tab

Article Text

NEWS BRIEFS Attorney Frank M. Crangle, of Watseka, in Mercy hospital, Chicago, where his left foot was amputated just above the ankle, due to an infection. Revenue Agent Clock will sist taxpayers at the courthouse Pontiac March at the city hall in Dwight March at the postoffice Bloomington March and March to 15. Revenue Agent Rolla Jones will be at the Bloomington postoffice March and RevAgent Compton Bloomington post office, March to inclusive. The Central Illinois Public Service company has filed new rate schedwith the Illinois Commerce Commission, reducing its standard electric lighting service rates in linois cities and surroundng rural territory served by the company, including the city of Quincy. The public service company asks to make the lower rates effective April 1930. At congregational meeting of the Presbyterian church of Gibson City Sunday, February 8th, unanmious call to the pastorate the church was extended Rev. Adams, of Winnebago, Illinois, fill the vacancy left by the resignation of Rev. Glenn Schilltstrom, who now installed pastor of the State street Presbyterian church in Jacksonville, Illinois. With seed corn situation grave that in the bad year of 1918, members of the Ford CounCorn Growers' assocition may count themselves specially fortunate this year. The tests report that the stored Ford county seed this year runs the highest in germination tests since the association was ized. Cupid gets lot of help from the famous Brown Church in the Vale" near Nashua, Iowa, for 640 marriages were performed there during 1929, according to the February issue the Illinois Central Maga zine. This exceeded by the number performed during 1928. The two record months of 1929 June and September, couples being married the former and four in the latter. More than 000 persons visited the church 1929. The First National Bank of Milford closed its doors Wednesday February 5th, following the night, of President D. Vennum's report sudden illness. While the bank's condition thought to sound by those who know, there was small run Wednesday and its officers, to protect its depositors, thought visable to close the institution until federal examiners could go over the books. The fact that Vennum Watseka, president of the bank, been found in serious condition the garage his home Wedmorning unconscious from nesday the effects of poisonous automobile exhaust gas, known as carbon monoxide; and that Patterson had recently tendered his resignation at cashier of the institution, is said, considerable uneasiness depositors and resulted in the the bank. The bank upon its the Milford


Article Text

INTERESTING ITEMS FROM OUR EXCHANGES On top of the news released from Washington last week that $66,000 had been appropriated for site and new post office building in Watseka, came the anonuncement this week that the Public Works Administration approved an application of the city for $64,600 to be used in the construction of Butane Gas plant. a Official confirmation of this allotment of $64,600 was received yesterday the office of C. W. Osborn, from State Engineer of the PWA, in a letter to Alderman A. C. Harwood. Towns along the Dixie Highway from Momence to Danville, are engaged in an effort to have the road The about the widened. pavement, laid by the state, only 15 first feet wide in some places. Jack Lane, 72, of Milford, was John Lyons, was seriously panion, at about 4:30 o'clock Friday injured afternoon when the Buick touring in which they were riding, was car struck by Chevrolet sedan owned and driven by S. D. Sturdevant, receiver for the State Bank deputy Cissna Park. Sturdevant was acat by H. B. Yergler, also of companied Cissna Park, deputy state bank reNeither of the Cissna Park men serious injury. Lane sustained fered broken neck and fractured skull, The accident happened at the interof state route 49 and he section hard road four miles east of township Clifton. Final dividend checks, amounting total of were paid to of the closed First Nato depositors tional Bank of Milford, last week. The of this fifth and final paying dividend will end the work of Receiver Wm. J. far as this bank Kelley as is concerned. The total paid to creditors in the five dividends is which is over 83 per $268,643.20 cent of the total claims aggregating $323,000. day. Three small Her11, Robert Hermann, 9, and spent mann Hermann all members of and Shirley were drowned in the one family, them. Kankakee river two miles west of Monday morning, July 9th. Momence The three victims were the children Mr. and Mrs. Frank W. Hermann of of Chicago. The three children and Miss their mother to the river on the Saturday, and rented the previous for a week's outing. On cottage the youngsters went Monday morning and fishing, and their pleasure Phillips wading was brought to a tragic ending trip Squires, when all three stepped into a deep Lucille hole in the river, few yards from the shore, drowned. The mother of the children was in complete state of collapse. The father was The where he is employed as in Chicago Club The bodies of the oldest the and his sister were recovered boy and that of in during the forenoon spent some time in applying ployees Roll artificial the bodies but respiration their efforts proved futile. son of Mr. and Dale, youngest Mrs. Lewis Magee, of Cullom, was night when out Mr. the screen of continued on through son, window, and lit on the second story friends the below. He was rushed ground where it and doctor immediately, was that he had suffered no injuries guests found and next day was and whatever, up Roy none the worse for his exaround, several His youth and the fact perience. that he limp and relaxed in sleep was


Article Text

INTERESTING ITEMS FROM OUR EXCHANGES Towns along the Dixie Highway from Momence to Danville, are gaged in an effort to have the road widened. The pavement, about the first laid by the state, is only 15 feet wide in some places. Final dividend checks, amounting to a total of $25,931.33, were paid to depositors of the closed First National Bank of Milford, last week The paying of this fifth and final dividend will end the work of Receiver Wm. Kelley as far as this bank is concerned. The total paid to creditors in the five dividends $268,643.20 which is over 83 cent of the total claims aggregating per $323,000. On top of the news released from Washington last week that $66,000 had been appropriated for a site and new post office building in Watseka, came the anonuncement this week that the Public Works Administration had approved an application of the city for $64,600 to be used in the construction of a Butane Gas plant. Official confirmation of this allotment of $64,600 was received yesterday from the office of C. W. Osborn, State Engineer of the PWA, in letter to Alderman A. C. Harwood. Jack Lane, 72, of Milford. was almost instantly killed, and his companion, John Lyons, was seriously injured at about :30 o'clock Friday afternoon when the Buick touring car in which they were riding, was struck by a Chevrolet sedan owned and driven by S. D. Sturdevant, deputy receiver for the State Bank section of state route 49 and he township hard road four miles east of Clifton.