Grafton Bank (Grafton, IL)

Episode Information

Episode UID
6648512391609
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
664851239 hash
Start Date
January 20, 1934
Location
Grafton, Illinois (38.970, -90.432)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a5952399968cafe6

Response Measures

None

Description

Temporary closure tied to adjustments with the Reconstruction Finance Corporation; described as precautionary to protect depositors.

Events (1)
1. January 20, 1934 Suspension
Cause
Government Action
Cause Details
Placed in hands of the Reconstruction Finance Corporation and closed temporarily while adjustments/insurance arrangements with RFC were completed; closure taken as precaution to prevent a prospective run.
Newspaper Excerpt
The Grafton Bank closed its doors Friday morning temporarily until adjustments with the Reconstruction Finance Corporation can be completed.
Source
newspapers

Newspaper Articles (2)
1. January 21, 1934 Jacksonville Journal Courier Jacksonville, IL

Article Text

CLOSE GRAFTON BANK TO MAKE ADJUSTMENT Jerseyville, Jan. 20.—The Grafton Bank closed its doors Friday morning temporarily until adjustments with the Reconstruction Finance Corporation can be completed. In a telephone conversation with A. L. Smith, president of the bank, Friday, he indicated that the placing of the institution in the hands of the department was done as a precautionary measure to protect all of the depositors. Application had been made by the bank for deposit guarantee insurance and some delay was experienced in completing the transaction. Rumors were in circulation that came to the attention of the banking officials and in order to thwart any prospective run, the bank was closed until matters can be adjusted.

2. January 21, 1934 Jacksonville Journal Courier Jacksonville, IL

Article Text

Jerseyville, Jan. 20.—The Grafton Bank closed its doors Friday morning temporarily until adjustments with the Reconstruction Finance Corporation can be completed. In a telephone conversation with A. L. Smith, president of the bank, Friday, he indicated that the placing of the institution in the hands of the department was done as a precautionary measure to protect all of the depositors.