Bank of Macomb (Macomb, IL)

Episode Information

Episode UID
5952643691283
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
595264369 hash
Start Date
November 30, 1906
Location
Macomb, Illinois (40.459, -90.672)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2efb775fbeecbd62

Response Measures

None

Description

Closed along with two other Chandler-operated McDonough County banks; articles describe failure/suspension with no reopening mentioned.

Events (1)
1. November 30, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Lack of ready cash after the bank guaranteed payment of Macomb & Western Illinois Electric Railway bonds and invested depositors' funds in local real estate, absorbing liquid funds.
Newspaper Excerpt
Three banking institutions in McDonough county, conducted by C. V. Chandler of Macomb, closed their doors today.
Source
newspapers

Newspaper Articles (10)
1. December 1, 1906 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 1, 1906

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Article Text

HAVE SECURITIES, BUT NO MONEY Three Illinois Banks Are Forced to Suspend Until They Can Raise Funds PEORIA, III., Nov. 30.-Three banking institutions in McDonough County conducted by C. V. Chandler of Ma~ comb closed their doors today. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks. The banks are the Bank of Macomb, conducted by C. V. Chandler & Co., deposits $450,000 and capitalized at $50,000: the Chandler & Imes Bank, at Colchester, capitalized at $25,000. with deposits of $200,000, and the Chandler & Smith Bank of Bardolph, capitalized at $25,000, with $50,000 deposits. The money of the depositors in all three banks has been invested in McDonough County real estate, and this could not be realized upon on demand. The Macomb bank guaranteed the Macomb payment of the bonds of the and Western Illinois Electric Railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. There was little show of excitement when the banks closed. Their assets are considered good. Most of the depositors are miners.

2. December 1, 1906 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, December 1, 1906

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Article Text

Three Banks Bump. Peoria, III., Dec. 1.-Three banking institutions in McDonough county, conducted by C. V. Chandler of Ma. comb, have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000. The Chandler & Imes bank at Colchester, capitalized at $25,000 and having deposits of $200,000. The Chandler & Smith bank of Bardo Philip, capitalized at $25,000 with $60,000 in deposits. The money had been invested in McDonough county real estate. The immediate cause of suspension is given as lack of ready cash.

3. December 1, 1906 The Morning Astorian Astoria, OR
Article from The Morning Astorian, December 1, 1906

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Article Text

Three Banking Institutions in Illinois Out of Business. MONE HAS BEEN ABSORBED It is Stated That Depositors Will Be Paid in Full, But Will Have to Wait for Collections. 1 PEORIA, III., Nov 30.-Three prominent banking institutions in McDonough county, conaucted by C. V. Chandler of Macomb, closed their doors today. Notices of the failure and suspension of the banks were posted on the doors. The banks which have failed are the Bank of Macomb, the Chandler and Ames bank at Colchester and the Chandler and Smith bank at Bardolph. The cause of the failure is due to the fact that the Macomb bank guaranteed the payment of bonds of the Macomb and Western Illinois Electric Railway, and when the depositors made a demand for their money, all of the ready cash of the three institutions had been absiorbed. It is said by the president and officials of the banks that the depositors will lose nothing, although it will require time to meet the obligations, which must come from outside loans and investments.

4. December 3, 1906 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, December 3, 1906

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Article Text

LIABILITIES OF $700,000. Three McDonough County (III.) Banks Close Their Doors. Peoria, Ill., Dec. 3.-Three banking institutions in McDonough county, conducted by C. V. Chandler of Macomb, have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having deposits of $200,000, and the Chandler & Smith bank of Bardolph, capitalized at $25,000, with $60,000 in deposits. The money has been invested in McDonough county real estate. The immediate cause of the suspension is given as a lack of ready cash. The Macomb bank was responsible for the payment of the bonds of the Macomb and Western Illinois Electric railway and when the bondholders demanded their money they badly embarrassed the three banks. The liabilities are upwards of $700,000.

5. December 6, 1906 Oxford Eagle Oxford, MS
Article from Oxford Eagle, December 6, 1906

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Article Text

THREE ILLINOIS BANKS CLOSE. Chandler's Financial Institutions in McDonough County. Peorta, III.-Three banking institutions in McDenough county, conducted by €. V. Chamtler, of Macomb, closed their doors Friday. Notices to the effect that the banks were short of ready cash were posted on the doers of all the banks. This decision was reached Thursday upon an examination of the books by Mr. Chandler himself. The banks are the Bank of Macomb, conducted by c. V., Chandler & Co. deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000 and deposits of $.00,000, and the Chandler & Smith bank of Randolph, capitalized at $25,000, with $60,000 in deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the private banking firms, in McDonough county real estate, and the immediate cause of the suspension of the three institutions is given as a lack of ready cash. The Macomb bank guaranteed the payment of the bonds of the Macomb & Western Illinois electric railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. A notice was posted on the doors of the banks that all claims would be paid in full. There was no excite ment.

6. December 6, 1906 Courier Democrat Langdon, ND
Article from Courier Democrat, December 6, 1906

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Article Text

LIABILITIES OF $700,000. Three McDonough County (III.) Banks Close Their Doors. Peoria, Ill., Dec. ..-Three banking Institutions in McDonough county, conducted by C. V. Chandler of Macomb. have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having deposits of $200,000. and the Chandler & Smith bank of Bardolph, capitalized at $25,000, with $60,000 in deposits. The money has been invested in McDonough county real estate. The immediate cause of the suspension is given as a lack of ready cash. The Macomb bank was responsible for the payment of the bonds of the Macomb and Western Illinois Electric railway and when the bondholders demanded their money they badly embarrassed the three banks. The liabilities are upwards of $700,000.

7. December 6, 1906 Mexico Missouri Message Mexico, MO
Article from Mexico Missouri Message, December 6, 1906

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Article Text

THREE ILLINOIS BANKS CLOSE. Chandler's Financial Institutions in McDonough County. Peoria, Ill.-Three banking institutions in McDonough county, conducted by C. V. Chandler, of Macomb, closed their doors Friday. Notices to the effect that the banks were short of ready cash were posted on the doors of all the banks. This decision was reached Thursday upon an examination of the books by Mr. Chandler himself. The banks are the Bank of Macomb, conducted by C. V. Chandler & Co., deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000 and deposits of $200,000, and the Chandler & Smith bank of Randolph, capitalized at $25,000, with $60,000 in deposits. The money of the depositors in all three banks has been invested through Mr. Chandler, the senior member of the private banking firms, in McDonough county real estate, and the immediate cause of the suspension of the three institutions is given as a lack of ready cash. The Macomb bank guaranteed the payment of the bonds of the Macomb & Western Illinois electric railway, and when the bondholders made a demand for their money they absorbed all the ready cash of the three institutions. A notice was posted on the doors of the banks that all claims would be paid in full. There was no excitement.

8. December 7, 1906 The Worthington Advance Worthington, MN
Article from The Worthington Advance, December 7, 1906

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Article Text

LIABILITIES OF $700,000. These McDonough County (III.) Banks Close Their Doors. Peoria, III., Dec. 1.-Three banking institutions in McDonough county, conducted by C. V. Chandler of Macomb, have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having deposits of $200,000, and the Chandler & Smith bank of Bardolph, capitalized at $25,000, with $60,000 in deposits. The money has been invested in McDonough county real estate. The immediate cause of the suspension is given as a lack of ready cash. The Macomb bank was responsible for the payment of the bonds of the Macomb and Western Illinois Electric railway and when the bondholders demanded their money they badly embarrassed the three banks. The liabilities are upwards of $700,000.

9. December 7, 1906 Little Falls Herald Little Falls, MN
Article from Little Falls Herald, December 7, 1906

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Article Text

LIABILITIES OF $700,000. Three McDonough County (III.) Banks Close Their Doors. Peoria, Ill., Dec. 1.-Three banking Institutions in McDonough county, conducted by C. V. Chandler of Macomb, have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having deposits of $200,000, and the Chandler & Smith bank of Bardolph, capitalized at $25,000, with $60,000 in deposits. The money has been invested in McDonough county real estate. The immediate cause of the suspension is given as a lack of ready cash. The Macomb bank was responsible for the payment of the bonds of the Macomb and Western Illinois Electric railway and when the bondholders demanded their money they badly embarrassed the three banks. The liabilities are upwards of $700,000.

10. December 13, 1906 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, December 13, 1906

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Article Text

LIABILITIES OF $700,000. Three McDonough County (III.) Banks Close Their Doors. Peoria, III., Dec. -Three banking institutions in McDonough county, conducted by C. V. Chandler of Macomb, have been closed. The banks are: The Bank of Macomb, conducted by C. V. Chandler & Co., having deposits of $450,000 and capitalized at $50,000; the Chandler & Imes bank at Colchester, capitalized at $25,000, having deposits of $200,006, and the Chandler & Smith bank of Bardolph, capitalized at $25,000, with $60,000 in deposits. The money has been invested in McDonough county real estate. The immediate cause of the suspension is given as a lack of ready cash. The Macomb bank was responsible for the payment of the bonds of the Macomb and Western Illinois Electric railway and when the bondholders demanded their money they badly embarrassed the three banks. The liabilities are upwards of $700,000.