Ridgely Farmers State Bank (Springfield, IL)

Episode Information

Episode UID
70002871596
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7000287 routing
Routing Number
70-0028
Start Date
December 30, 1932
Location
Springfield, Illinois (39.802, -89.644)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e0448c64a5e50a72

Response Measures

None

Events (3)
1. December 30, 1932 Suspension
Cause
Government Action
Cause Details
Closed by State Auditor/Bank Examiner for examination and adjustment of the bank's accounts
Newspaper Excerpt
Ridgely-Farmers State Bank, ... failed to open its doors today. A notice on the door of the bank reading closed for auditing ... the bank had suspended.
Source
newspapers
2. July 7, 1933 Other
Newspaper Excerpt
Stockholders Must Pay ... collection of $600,000 from 225 stockholders of the defunct Ridgely Farmers State Bank, Springfield. had been made possible today following ruling handed down ... that such stockholders are liable ... the defunct bank ... receiver has been liquidating assets.
Source
newspapers
3. July 7, 1933 Receivership
Newspaper Excerpt
Collection of $600,000 from 225 stockholders of the defunct Ridgely Farmers State Bank, Springfield ... ruling ... means that depositors of the bank are assured of ten per cent of their deposits in addition to what is realized from the assets.
Source
newspapers

Newspaper Articles (10)
1. December 30, 1932 The Edwardsville Intelligencer Edwardsville, IL

Article Text

SPRINGFIELD. FAILS TO OPEN Springfield, III., Dec. Ridgely-Farmers State Bank, one of the large financial institutions of central Illinois, failed to open its doors today. A notice on the door of the bank reading "closed for auditing" was the capital city's first news that the bank had suspended. Deposits in the bank totalled approximately $4.000,000. capital stock was $600,000. Edward D. Keys was president, and Alfred O. Peterson, cashier. Arrested in Judd Case. Phoenix, Dec. 30-John J. Mallo1an, wealthy Phoenix lumber dealer, was arrested today on a Lecr indictment charging him with being an accessory in the murders of Agnes Ann Leroi and Hedgiz Samuelson by Winnie Ruth Judd.

2. December 30, 1932 Columbia Daily Tribune Columbia, MO

Article Text

Large Illinois Bank Fails to Open The Associated SPRINGFIELD. Dec. Doors the Ridgely Bank, of the depositories state failed to open State Auditor Oscar Nelson nounced the closing precautionary and had been upon for examination adjustment of the bank's account.

3. December 31, 1932 The Cincinnati Enquirer Cincinnati, OH

Article Text

STATE DEPOSITORY CLOSES. Springfield, Ill., December 30Ridgely Farmers' State Bank, depository of funds and which Governor Louis is Chairman the Board of was today "for Bank Examiner, started on the bank's books today.

4. December 31, 1932 The Cincinnati Enquirer Cincinnati, OH

Article Text

STATE DEPOSITORY CLOSES. Springfield, III., December Ridgely Farmers' State funds and of which Governor Louis Emis Chairman of the Board of was today "for examination and adjustment." A. Adams, Chief State Bank Examiner. started on the bank's books today.

5. January 4, 1933 The Cincinnati Enquirer Cincinnati, OH

Article Text

TOWN WITHOUT A BANK. Mt. Vernon, III. January The Third National Bank of Mount Vernon, of which Governor Louis Emmerson was President, was closed today by the Board of Directors. the only bank in the city. Cashier E. A. Vonarb said the action was taken to protect depositors after heavy run turday as result of the closing of the Ridgely Farmers State Bank of Springfield, of which Governor was director. The bank had deposits of $2,279,407. 49 and resources of $2,781,000 at the close of Saturday. It was capitalized at $150,000 and had surplus of $145,000.

6. January 4, 1933 Reading Times Reading, PA

Article Text

GOVERNOR'S IS CLOSED VERNON. Third National bank Mt. Vernon, which Louis Emmerson president, was closed today the board directors. was the bank the Cashier Vonarb said the was taken to protect depositors heavy Saturday the closing the RidgelyFarmers State bank Springfield which Governor Emmerson The bank had deposits and resources $2,781,000 the close business Saturday.

7. January 5, 1933 The Kinmundy Express Kinmundy, IL

Article Text

MT. VERNON BANK CLOSES The Third National Bank of Mt. Vernon, of which Governor Emmerson is President and the only bank in that city, was closed Tuesday morning by the order of the board of directors, following a heavy run on Saturday. This run was caused by the closing of the Ridgely Farmers State Bank of Springfield, of which Governor Emmerson was also a director. The State Bank of Waltonville, also located in Jefferson County, was closed Tuesday morning by the State Auditor's office. While other banks are closing their doors, our own local bank plugs right along and last week paid their usual semi-annual dividend of 4% to the stockholders. This e a k S mighty well for our bank.

8. July 7, 1933 The Daily Chronicle De Kalb, IL

Article Text

Stockholders Must Pay Is Court Ruling lection of $600,000 from 225 stockholders of the defunct Ridgely Farmers State Bank, Springfield. had been made possible today following ruling handed down by Circuit Judge L. E. Stone here late yesterday that such stockholders are liable to the full extent of their holdings in the institution The decision, If not reversed in higher court, means that depositors of the bank are assured of ten per cent of their deposits in addition to what is realized from the assets. Under yesterday's ruling approximately 200 of the bank's stockholders who have disposed of their holdings are liable for the full amount

9. July 7, 1933 The Decatur Daily Review Decatur, IL

Article Text

Stockholders Of Bank Must Pay Share Means Collection of $600,000 for Ridgley Depositors. STUDY STATE CLAIM Springfield-U Collection of $600,000 from 225 stockholders of the defunct Ridgely Farmers State bank. Springfield, had been made possible Friday following a ruling handed down by Circuit Judge L. E. Stone here late Thursday that such stockholders are liable to the full extent of their holdings in the inThe decision, if not reversed in a higher court, means that depositors of the bank are assured of 10 per cent. of their deposits in addition to what is realized from the assets. Uphold Law. Stone overruled demurrers filed by stockholders of the bank which closed last December in handing down the decision. The stockholders had contended that separate suits should be filed by all the stockholders, that section of the state banking act dealing with the appointment of receivers for closed banks was constitutional, and that the original bill filed against them was Pointing to the recent decision of the state supreme court which upheld the banking act providing for the appointment of receivers by

10. July 8, 1933 Clinton Daily Journal and Public Clinton, IL

Article Text

STOCKHOLDERS TO PAY WHEN BANK CLOSES Says Stockholders Are Liable For The Full Extent Of Holding Springfield, Ill, July Collection of $600,000 from 25 stock holders of the defunct Ridgely Farmers' State bank, Springfield, had been made possible today following ruling handed down by Circuit Judge L. E. Stone here late yesterday that such stockholders are liable to the full extent of their holdings in the institution The decision, if not reversed in a higher court, means that depositors of the bank assured of 10 per cent of their deposits in addition to what is realized from the assets. Stone overruled demurrers filed by stockholders of the bank which closed last December, in handing down the decision. The stockholders had contended that separate suits should be filed by all the stockholders, that a section of the state banking act dealing with the appointment of receivers for closed banks was unconstitutional. and that the original bill filed against them was insuffic- Pointing to the recent decision of the state supreme court which upheld the banking act providing for the appointment of receivers by the state auditor, Judge Stone held the act valid in his ruling. The court further held that the bill was brought in behalf of all of the bank's depositors and that the four depositors originally named in it filed the suit in a representative capacity for the benefit of all creditors. Under yesterday's ruling approximately 200 of the bank's stockholders who have disposed of their holdings are liable for the full amount of their former holdings. In this group is former Gov. Len Small. Kankakee. who at one time is said to have held $55.000 worth of the bank's stock. A director of the defunet bank is former Gov. L. L. Emmerson. Yesterday's ruling in the matter of stock assessments should not be confused with the liquidation of asses now being realized by the bank's receiver. This work has been progressing steadily and it is reported that between $300,000 and $400,000 has been liquidated by the receiver, which ordinally would be pro-rated among the bank's depositors as a dividend on their funds on deposit when the bank closed Dr. Hagler of Springfield will see eye, ear, nose and throat patients at the Magill House Tuesday, July 11: His regular day in Clinton is the second Tuesday in each month.