Central Trust & Savings Bank (Rock Island, IL)

Episode Information

Episode UID
70012171581
Episode Type
Run → Suspension → Reopening
Bank Type
trust
Bank ID
7001217 routing
Routing Number
70-0121
Start Date
September 30, 1931
Location
Rock Island, Illinois (41.509, -90.579)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5b525fb4a79268bb

Response Measures

None

Description

Closure was voluntary by the board to protect depositors and followed a state audit; not initially a receivership.

Events (4)
1. September 30, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors in the community caused heavy withdrawals and panic among depositors.
Measures
Bank met withdrawals initially but directors posted 60-day withdrawal notice and closed doors to protect depositors.
Newspaper Excerpt
approximately 150 people filled the lobby to withdraw their savings
Source
newspapers
2. September 30, 1931 Suspension
Cause Details
Board voluntarily closed the bank and posted 60-day notice to conserve depositors' interests while state auditors examined the books.
Newspaper Excerpt
closed by action of the board of directors; notice posted on the door
Source
newspapers
3. October 1, 1931 Other
Newspaper Excerpt
audit under way; examination by state auditors assigned to the Central Trust & Savings bank; not receivership at this point but under state examination for further action if needed
Source
newspapers
4. November 11, 1931 Reopening
Newspaper Excerpt
Merger ... releases all deposits Central Trust Savings bank on 11, when bank to begin to function; consolidation to form Rock Island Bank Trust Co. (Nov. reports of consolidation and reopening planned).
Source
newspapers

Newspaper Articles (15)
1. September 30, 1931 Quad-City Times Davenport, IA

Article Text

ROCK ISLAND BANK CLOSES. TO HALT RUN Other Institutions Post 60Day Notices to Protect Depositors. One Rock Island bank closed its doors today and three of them posted 60 day withdrawal notices as the result of a run made on the banks early this morning. The Central Trust & Savings bank, Rock Island's largest institution, opened at o'clock and closed shortly afterwards as approximately 150 people filled the lobby to withdraw their savings. The bank had taken steps to meet the emerg. ency, but when it became apparent that the depositors were to be placed in precarious condition, the board of directors posted the notice on the door. Say Bank Solvent. The directors claim that the bank is solvent and that an audit will be The Rock Island Savings bank, located directly opposite the Central Trust, posted 60 day notice when it became evident that a run on the bank had started. President Hugh Curtis stepped on a chair in the lobby and addressed the 200 depositors who were seeking their money He said that his bank was solvent, that there was no danger of it clos-

2. September 30, 1931 The Rock Island Argus Rock Island, IL

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President of Closed Bank Says Assets Will Protect Depositors matter of regret the on part of the officers and directors of the Central Trust Savings bank that became close doors of the bank at this morning. The Central Trust Savings bank has served Rock Island for more than thirty years and has an important factor in the and progress of our city. Unfounded and rumors which have prevailed in the community for some time have caused heavy withdrawals and the demands of have been promptly and cheerfully met. bank opened for business usual this morning with $456,198.04 actual cash in our vaults; substantial balances our banks, and in addition bonds, real estate mortgages, bills correspondent receivable and other substantial assets had hoped that only reasonable withbe made today. However, the connection the affairs the American Savings Bank Trust company, Davenport, indicated in last night's papers, had unsettled public mind that few minutes after opening for business this morning our lobbies were filled with anxious depositors desiring to withdraw their deposits. order to protect the interests of depositors the directors of the bank deemed it advisable to close the doors. According the laws of the state of Illinois and the requirements the Illinois banking department the Central Trust Savings bank sound and solvent institution, and have every reason to expect depositors will be paid in While is too early consider future developments it is now ticipated that plans will be to provide larger and possibly stronger bank for this President, Central Trust Savings bank.

3. September 30, 1931 The Rock Island Argus Rock Island, IL

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Developments In Bank Situation Central Trust Savings bank Rock Island closed by action board of directors to conserve interests depositors; representatives of state auditing partment in charge. Manufacturers Trust Savbank, Rock Island Saving and State Bank of Rock Island impose 60-day notice rule stop runs and protect Board of directors of Manufacturers Trust bank to meet this to determine the future policy of institution. group of Rock Island merchants page advertisement expressing confidence in and declaring they will accept payment for purchases savings checks the banks that 60-day notice of withdrawals. Officials and campaign workof membership campaign in expression fidence checks will be accepted on any bank tricities. Bettendorf, industrial leader, named chairman of board American Savings Bank Trust company, Davenport, reorganize during day restriction of savings and commercial deposits. Union Savings bank, Davenport, places despite heavy run during day, and remains open extra hours to meet requests of depositors. Home Savings bank and Northwest Davenport Savings bank announce 60-day deposit withdrawal rule. Same rule adopted Bettendorf bank and Buffalo Savings bank. Peoples Savings Bank Trust Moline. Moline State Trust Savings bank, announce no restrictions withdrawals, does State Bank of East Moline.

4. September 30, 1931 The Rock Island Argus Rock Island, IL

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Today in City Central Trust Savings bank closed by action board directors; other Rock Island banks enforce 60-day rule on withdrawal of deposits. Delay encountered by United States engineers awarding contract Rock Island roller gate dam and Davenport Charles W. Hunter Rock railroad at East Modies. Dr. Thomas Newland Rock Island district Methodist churches. Arthur Anderson, found with wrist city jail cell, removed to hospital. final naturalization papers at Rock Island county circuit court. Miss Eva Stocker, 45, Rock Island. disappears believed have withdrawn from Davenport bank.

5. September 30, 1931 Waukegan News-Sun Waukegan, IL

Article Text

CHICAGO STOCKS CLOSING PRICES CHICAGO, Sept. 30—(AP) A Stocks Close Abbott Lab 31 1/4 Acme Steel 18 Am Equities 2 3/8 Am Pub Ser Pf 60 1/4 Appalach Gas 1 5/8 Art Metal 3 1/2 Assoc T & T A 59 Assoc T & T $6 Pf 75 Assoc T & T 7 pc Pf 90 Assoc Tel Util 18 Assoc Tel Util A Pf 60 Assoc Tel Util 6 pc Pf 75 Assoc Tel Util 7 pc Pf 79 Assoc Inv 54 3/4 B Bendix Avia 14 5/8 Borg-Warner 12 Borg-War Pf 90 Brach & Sons 8 1/2 Brown F & W A 9 3/4 Brown F & W B 2 Burnham Trad 1 1/4 Burnham Trad Pf 3/8 Butler Bros 3 C Cent Cold Storage 14 1/2 Cent Ill Pub Ser Pf 90 Cent Ill Sec 19 1/2 Cent Ind Pow Co Pf 63 Cent Pub Serv A 4 Cent & So West 9 Cent & So West Pf 70 Cent & S W Pr Pf 85 Chic Invest Pf 22 Chi No Shore and Milw Pf 13 Chic Yell Cab 14 Cities Service 6 1/2 Com-with Edis 153 1/2 Cont Chicago 2 1/8 Cont Chic Pf 25 1/4 Cord Corp 5 5/8 Corp Sec 6 3/8 Corp Sec Ctfs 23 Crane Co 20 Crane Pf 90 1/2 E Elec Household 8 Fitzsimmons & Con 19 G Gen Thea Eq Vtc 1 1/8 Gt Lakes Air 3 Gt Lakes Dredge 13 Grigsby-Grunow 1 7/8 Grief Bros Corp A 16 H Hall Print 12 Hart-Carter Pf 4 1/2 Houd-Her A 14 1/4 Houd-Her B 3 3/4 I Ill Brick 7 1/2 Insull Util 12 1/2 Insull U Pf 2nd Ser 42 1/2 Iron Fireman 6 1/2 K Kellogg Switch 3 Ky Ut Jr Cum Pf 48 Keystone Steel 7 L Lane Drugs Pf 1 Lawbeck Corp 55 Leath Pf 12 Libby-McNeill 7 3/4 Lincoln Print 16 1/2 Lynch Corp 12 3/4 M Manhat Dearborn 7 Mapes Cons 37 1/2 Marshall Field 14 1/2 Material Serv 15 1/2 McCord Rad A 7 McQuay Norris 36 Merch & Mfrs A 10 Met Ind Co Allot Ctf 29 Mickleberry's Food 7 Mid West Util 10 Mid W Ut 6 pc Pf A 71 Mid W Ut A War 5/8 Mid W Ut B War 3/4 Midland United 14 Mid Ut 6pc A Pf 60 Mid Ut 6pc Pl 60 Mid Ut 7pc Pl 78 Miss Val Util Pf 72 Miss Val Util P L 73 Mo-Kans Pipe 2 Modine 16 Monroe Chem Pf 24 N Nachman Spring 4 1/2 Nat Elec Pow A 12 3/4 Nat Family Str 3/4 Nat Rep Inv 8 Nat Secur Inv 1 1/2 Nat Secur Inv Pf 37 Nat-Standard 21 1/2 Nat Un Radio 1 1/4 Noblitt-Sparks 17 3/4 North Am Car 9 1/2 North Am L & Pow 27 1/2 No & So Am 3 1/8 Nor'west Bancorp 23 3/4 No West Ut 7 Pc Pf 57 No West Ut Pl 83 1/2 Perfect Circle 30 Pines Winter 11 Public Serv N P 170 Pub Serv 6 Pc Pf 110 Pub Serv 7 Pc Pf 120 Q Qrs Devry 1 7/8 Quaker Oats 109 3/4 Quaker Oats Pf 115 R Railroad Sh 2 1/8 Rath Pack 14 3/4 Raytheon Vtc 2 1/2 Reliance Int'l 1 1/4 Ross Gear 19 Ryerson & Son 16 S Stl Natl Stkyds 55 Seaboard Pub Ser $3.25 Pf 41 Seaboard Util 1 3/4 Signode Steel Pf 9 1/4 So Colo Pow A 19 So Un Gas 3 3/4 So West G & E Pf 77 So West L & P Pf 60 Stand Dredging 1 7/8 Swift 23 Swift Int'l 30 1/4 T Tel Bond & Sh A 50 1/2 Tel Bond & Sh 1st Pf 98 Thompson 16 1/2 U Unit Corp of Am 1 3/4 Unit Gas 3 1/4 US Gypsum 25 5/8 US Radio & Tel 13 3/4 Utah Radio 1 1/8 Util & Ind 3 7/8 Util & Ind Pf 13 1/2 V Vortex Cup 16 Vortex Cup A 24 1/2 W Walgreen Co 13 Waukesha Mot 35 Wayne Pump Pf 5 West P L & Tel A 20 3/4 Wls Bankshrs 4 1/2 Total stock sales 160,000 Total bond sales $67,000 ROCK ISLAND BANK CLOSED ROCK ISLAND, Ill., Sept. 30—(UP)—The Central Trust and Savings bank, the city's largest financial institution with resources of $7,700,000, closed today after a run. A posted notice said the bank closed for audit and examination by directors. PEORIA LIVESTOCK PEORIA, Ill., Sept. 30—(INS)—Livestock: Hogs—1,200; steady to 5c higher; 180@240 lbs. 4.75@5.25; 250-300 lbs. 5.10@5.25; pigs and light lights 4.65 down; packing sows 3.50@4.50; stags 3.00@4.25. Cattle—200; steady; veals 9.50 down. LIVESTOCK ESTIMATES CHICAGO, Sept. 30—(AP)—Official estimated receipts tomorrow: Cattle 6,000; hogs 24,000; sheep 27,000. FLOUR MINNEAPOLIS, Sept. 30, (AP)—Flour unchanged. Shipments 32,093. SILVER NEW YORK, Sept. 30—(AP)—Bar Silver 27 1/2. PEORIA GRAIN PEORIA, Sept. 30—(AP)—Cash corn 1 1-2@1 3-4 cents lower; No. 1 yellow 36; No. 2 yellow 36; No. 3 yellow 35 1-2. Oats unchanged; No. 3 white 19@19 1/4. CLOSE OTTAWA BANK OTTAWA, Ill., Sept. 30—(INS)—Because of reported failure to get financial assistance from Chicago banks during a run, the National City Bank closed its doors today. The run began, after the closing of the Ottawa Banking and Trust Company yesterday. The National City Bank was capitalized for $200,000. It is in solvent condition and depositors will get 100 cents on the dollar, officers said. TRANSFERS Furnished by ILLINOIS TITLE COMPANY ABSTRACTS OF TITLE TITLE GUARANTEE POLICIES WAUKEGAN, ILLINOIS Sept. 25, 1931 S Darrow to J Lelckem and wf jt tens W D, lots 54 and 55, Beach View Sub, sec 33, Benton. C T and tr Co to W T Abel and wf jt tens deed lot 2, blk 53 Round Lake Beach, sec 20, Avon. Foreman-State Tr & Svgs Bank to C Janssens and W Berg jt tens deed lot 39, blk 40, Round Lake Beach Sub, sec 20, Avon. J C Gonyo Q C D, Pt of SW qr of sec 31, Libertyville. C J Mason and wf to R O Hinton and wf jt tens Q C D A tract of land in sec 9, Vernon. F H Bartlett to N J Arbuthnot deed, pt of fractl sec 5, Benton. J F Wilas and wf to T E Reardon Q C D W hf of SE qr of NE sec 3, Cuba. J Schwartz and wf to J Schwartz W D, lot 11, blk 2, lot 3, blk 3, lot 2, blk 4, lot 46, blk 8, Ravinia Highlands. T Paul and hus et al to E E Evans and wf jt tens W D, lot 165, Pleasant Hill Sub, sec 18, Avon. O I Rockenbach and wf to A Heybeck and wf jt tens W D A tract of land in sec 20, Ela. B. M. Uhler to B. Whipp Q C D lot 9, Golf Links Addn, sec 27, Deerfield. A B Millard to J G Latimer W D, S hf of lot 12, J S Hovlands H Pk Acres Sub, sec 21, Deerfield. J G Latimer to A B Miller and E G Millard jt tens W D S hf of lot 12, J S Hovlands H Pk Acres Sub, sec 21, Deerfield. Foreman-State Tr and Savings Bank to O T. Oliver and wf jt tens deed lot 33, blk 43, Round Lake Beach Sub, secs 17 and 20, Avon. V C Hultzen to A E Hultzen and wf W D Pts of lots 25 and 26, blk 2, First Addn to Everbreeze Sub, Sec 13, Grant. Central Mfg District Bank to Robert E. Kenyon and wf jt tens deed lot 2, Deerpath Hill Estates, Lake Forest. K A Larsen and wf to E D Guetzen W D lot 113, J L Shaws Sub on Fox Lake. The First Natl Bank of Lake Forest to J Gist and wf jt tens deed, pt of lot 50, Co Clerks Sub, sec 28, Shields. P L Speidel and wf to J Gist and wf jt tens Q C D, pt of lot 50, Co Clerks Sub, sec 28, Shields. W B McCluer to J H Quinlan W D NE qr of SE qr and hf of SE qr sec 1, Fremont. MANY BIDDERS ON P. O. REPAIR Expect At Least 12 Bidders On Repair Job At Postoffice Ordered By Gov't. At least twelve contracting firms are expected to have bids entered by tomorrow afternoon on a proposal calling for extensive repairs to the Waukegan post office building. It was announced from Postmaster Mancel Talcott's office this morning that twelve contractors have been given specifications of the proposed improvements to date, the majority of whom will probably return their proposals before the deadline at 2 o'clock tomorrow afternoon. While no estimate has been released by federal government inspectors as to the probable cost of the entire improvement, it appears certain that the project will amount to several thousand dollars, as the inspector has recommended extensive repairs throughout both the interior and exterior of the building. Contemplated repairs to the roof will probably entail the largest expense of any repair item on the entire improvement program. All iron grill work on the exterior of the building will be repainted, the woodwork redecorated, new portions

6. October 1, 1931 The Des Moines Register Des Moines, IA

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of the board of the bank. He will work with Mr. Adler's committee. The only bank in Davenport which has not put the 60-day rule into effect even on savings accounts is the Union Savings Bank & Trust co. Paid in Full. All depositors who came to this bank to withdraw their deposits were paid in full and the bank. instead of closing at noon as is the custom on Wednesday, remained open until 3 m. The of ficers stated that the Union Savings Bank & Trust CO., which has deposits of about 25 million dollars, according to its latest statement, had ample cash on hand to meet all requirements. In view of the bank situation the Davenport city council authorizing 30-day extension for the payment of regular taxes, but not for special assessments. No Embarrassment. Approximately $1,200,000 of funds of the state of Iowa are temporarily tied up through the 60-day suspension on the part of the American Savings Bank and Trust CO. State officials said Wednesday that this would in no way embarrass the state as funds are on deposit in more than 25 other banks and claims would continue to be paid without delay. Rock Island Central Trust Closes. ROCK ISLAND. ILL-The Central Trust and Savings bank. with deposits of $5 500,000 as of June 30, closed Wednesday This action was taken. officers said, to protect all depositors equally. Following the posting of the notice by the American Savings Bank and Trust co. of Davenport Tuesday, requiring 60-day notice on withdrawals, heavy runs started on all Rock Island banks and after the closing of the Central Trust and Savings bank, the remaining three banks posted 60-

7. October 1, 1931 The Times Hammond, IN

Article Text

FAILS ROCK ISLAND, Sept. Central ings bank, the largest bank in Rock Island under the state banking failed to open for business today. N. H. Cleveland, director of the department of public and buildings, Springfield, president the had capital of the June 30 report of the state

8. October 1, 1931 The Times Hammond, IN

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BANK FAILS TO OPEN ROCK ISLAND, Sept. Central Trust ings the largest bank in Rock Island organized under the state banking laws, falled to open for today. N. H. director of the department of public buildings, at Springfield, is president of the had capital to June 30 report of the state auditor.

9. October 1, 1931 Jacksonville Journal Courier Jacksonville, IL

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ARE CLOSED TO SAVE THE DEPOSITORS Officials of Rock Island Institutions Say all Claims be Paid Rock Sept. Three banks Illinois cities closed their doors today and in each directors the action was taken protect depositors The involved the Central Trust Savings bank Island headed by Cleavethe Illinois department public Farmers Bank City Bank of Ottawa. The Rock Island largest the beand because for which held postby the Trust of Davenport, Cleaveland in formal statement believe the be paid full Davenport the Home Savings the Davenport the Bettendorf Savings bank and the Savings bank joined the ranks institutions 60 day noand the Union bank Trust remaining house pay successfully and remained open until closing on President Spratt of the Kedeposits capital surplus said all on the bank would The bank. the second close Ottawa had June and was capitalized at $200,000 with plus of $40,000

10. October 1, 1931 The Rock Island Argus Rock Island, IL

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Central Trust Audit Under Way; May Take Days or to Jaeger, of the office of Oscar Nelson, Illinois auditor of public accounts, came to Rock Island today from assumed charge of the examination, Ottawa and of the Central Trust & Savings bank ment and inventory yesterday. In addition to Mr. which closed voluntarily the auditor's staff assigned to the examination of Central Trust was increased by several auditors, and the half dozen men of Mr. Nelson's office had the audit under way today. Actual examination the bank began today. There innumerable details demanding to the actual tention audit. Jaeger referred relating to clearance questions trust accounts, payments checks other banks which been deposited bookkeeping entries pletion the business of the cording operation of the bank minutes the yesterday rectors ordered suspended. likely be 10 days weeks before holders of safety boxes allowed access any trust business the vaults be handled. there large numToday calling the Cenpeople Trust bank seeking admission safety deposit boxes, making about payments on real asking about liquidaof bonds which been hands of the bank for dozen other miscellaneous details. Not Receivership. Mr. the point Jaeger that the control of the Illinois office the and that the not receivership, bank simply closed and in trol the state official for purposes "examination, be expected, before any definite information be cerning the audit. Jaeger, examiner the state auditor's office, will main examiner charge through check of the Central Trust affairs. Jaeger came here from Otwhere banks closed this week, one state bank being taken by the auditor's office, other, national bank, closing yesterday. Jaeger represented the auditor the taking over the affairs state bank Ottawa, the official the affairs assigned force auditors to the third Ottawa bank closed Officials of the Central Trust bank said there developin plans for the bank, or plans the Cleaveland,

11. October 1, 1931 The Rock Island Argus Rock Island, IL

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CENTRAL TRUST AUDIT STARTED BY STATE MEN (Continued From Page One.) red to yesterday. Mr. Cleaveland's statement concluded with the following: "While it is too early to consider future developments now anticipated that plans will be consummated to provide a larger and possibly even stronger bank for this community." Await Examination. Plans for reopening or reorganization will have await development of the state examination. "There are no steps that can be taken yet," was the of officers of the bank. It was the general opinion on the streets that the reopening of the Central Trust will come eventually. The course of proceeding will be for audit to be completed carried to point to enable judgment as to the solvency of the institution, then development of of plan for future operation by the stockholders and directors and submission of the plan to the state auditor of public accounts for approval.

12. November 10, 1931 The Rock Island Argus Rock Island, IL

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on By Congratulations pressed White, president the State Bank of Rock Island, when informed of the today the solidation of the Rock Island Savings, Trust Savings and Central Trust Savings banks. He the in the three banks, and the fact that the three are getting this certain that the new institution will the support of the people the community, which will certainly unquestionably sound, strong bank, and the needs Rock Island be adequately and efficiently served proposed consolidation has been effected." Central Trust absorbed the former Peoples National bank and also the American Trust bank, the capital stock at that time from $500,000. Officers of the Central Trust the H. president; Krell, executive and trust officer; Charles Larkin and W. mann. vice presidents; cashier and secretary; Graham and sistant cashiers, and Grant, assistant trust Directors: Cleaveland, Larkin, Tremann, Tremann, Oscar Smith, Sweeney, George Wiggins, Marshall, William Roth, Robert Wagner, Krell, John Hauberg, Bowlby, H. Cozad Hanson. Second Bank Rock Island's bank consolidation the second major readjustment banking institutions the last resulting from conditions which crisis in September. Davenport now engaged campaign raise capital the ican Bank Trust The plan Davenport announced Oct. The American bank closed Sept. directors closed Central Trust Rock Island the following morning when heavy developed. The American ization plan calls for raising capital of shares stock $150 share, to form new bank assume cent of the posit liability the American take over its good assets. Depositors waive their deposit claims, accept 10-year debenture bonds of liquidating corporation portion of their deposits. Enforcement of liability assessment of 100 per cent the capital stock the postponed for year, but not the plan. the district court approves posit claims of $100 and less be paid in full satisfy claims of positors about in deposits.

13. November 22, 1931 Quad-City Times Davenport, IA

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Mass Meeting Tuesday To Open Campaign for New Scores of volunteers tered Saturday to sell stock of the Rock Island Bank Trust as details for concompany solidating the Rock Island Savings, Central Trust Savings Manufacturing Trust Savings banks being completed. The selling campaign for the consolidated bank stock will open public gathering Tuesday evening the Fort Armstrong hotel ball room. John publisher of the Rock Island Argus, campaign has designated Gerald H. Falder, president and of the Midway Oil company; Kenneth of the Sturdevant Ice Cream company, and Lloyd Zeug of Leithner Weishar vision leaders for the drive. Pick Teams. The division heads will choose team captains each, giving selling 20 teams composed not less than each team minimum workers greater number volunteer for service, the personnel of the teams will be creased. The division leaders are among the men who have been active forming city-booster organ. younger business and men which is volunteering service in the campaign Headquarters of the campaign were opened this on the mezzanine floor the Fort strong hotel, with Chairman Pot. ter in charge. to receive enlistments and make preparations to assure efficient organization of volunteers who will be inspired to wage vigorous, intensive campaign, lasting not more than week 10 days. Mr. Potter, who will devote his entire time to the chairmanship. will be at the headquarters each day of the campaign. Persons siring to assist in any way are to the headquarters their names. Re trations continue Monday and Tuesday and everything will readiness the send-off Tuesday evening, starting o'clock. Seek Wide Representation. the desire of the campaign leaders and the officials of three banks to have every organization in the city represented the teams. The team workers will entire city, offering canvass everyone the opportunity purchase shares in new bank. which, according bankers and other leaders, should peal as an especially attractive vestment. The shares will sell of $100. general public will be entitled to acquire stock which not taken by stock holders the three banks cordance with the tended them. Under plan substantial portion the stock expected be available for pur chase the public, permitting wide distribution of shares, which one of the principal purposes of the campaign. Many individuals, recognizing the merits of the stock, have already expressed of becoming purchasers. campaign will undoubtedbe carried thru to success comparatively brief period," Chairman Potter commented he examined the rapidly growing list volunteers. enthuslasm sincere and contagious, and bespeaks the true community spirit of Rock Island, which has always asserted itself periods of need. wish stress again that this big community be tackled and disposed of within short space of time that its beneficial effects may be realized quickly in the opening of the Rock Island Bank Trust Co. Every home, individual the city tally concerned, and every organiasked to assist. all us do our plain duty and reap the rewards in community development and progress as well as individual success. Central Stockholders Meet. meeting of Central Trust Savings bank stockholder Friday, the plan for consolidation of that bank with two others Rock was explained in detail. Ninety stockholders were in tendance and the meeting was called by officers of the bank. The importance of co-operation to get the Rock Island Bank Trust Co., the bank result from the merger, in operation as soon possible, was urged. H. Cleaveland, president, presided after giving resume circumstances and incidents effecting the bank's situation in the past which led to the closing Sept. 30, when run developed, pointed out the merits the stock be available in the consolidated institution. Central Trust Solvent. Mr. Cleaveland showed that the Central Trust was solvent and going institution on the day of the closing with its books regular and good order, but that there was alternative suspension in protecting the deposits and preserving the earning power of the bank. Mr. Cleaveland explained the present situation which gives depositors 100 per cent protection and preserves the capital stock the Central Trust for incorporainto the capital structure the Rock Island Bank Trust Co. the basis two shares of old stock for one share new. He recommended approval the consolidation program and exercise rights acquire additional stock the new bank. He analythe new bank. explaining merits of its stock, its appeal and the advantages the city of having two banks instead of state auditor was notified after the bank Mr. Cleaveland said, "and was requested place his representatives in charge for the purpose of the complete examination audit of the bank's condition. "After four weeks of intensive work, the auditors' report indicated that the books of the bank were good order. all liabilities correctly set forth, assets possession of the bank and irregularities any kind or nature found reported. auditors advised the directors that the solvent except for the condition of the public mind time, entitled open its doors and continue its usual.' Applause for Cleaveland. Mr. Cleaveland answered points clear stockholders satisfaction of good feeling all present. His remarks were vigorapplauded. Among stockholders who spoke Henry Horst, Quinlan, Louis Olmsted and Bowlby. general they expressed the appreciation of the stockholders the officers and directors for their handling of very trying and critical situation and urged all the importance bring the new bank into existence the shortest time possible under law. There of the vlauable rendered by the Trust thru its long career in the development of Rock Island.

14. November 25, 1931 The Daily Times Davenport, IA

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30 Teams Start Sale of Stock in New Bank Today; An Attractive Investment On mission that means much for the future of Rock land, 30 teams engaged in the sale of in stock of the Rock Island Bank Trust Co. went forth for the today first time to meet prospective buyers. list of 2,000 prospects have been given workers, who will make first reports at today the Fort hotel. Success of the campaign will mean establishment of the new Rock Island bank, the largest institution of its kind in Island county. Deposits for the bank are Andalusia ticipated. campaign gained momenReports Theft tum last night tended the Turkeys ballroom of the Fort hotel workers hear Profits of Joe R. Burns, Andathe planned lusia turkey raiser, this Thankstake over Rock giving will considerable. Island Savings, Central Trust theft Savings and Manufacturers Trust Sheriff Fred Schlueter Savings Rock Island. Thieves made Presence of approximately 300 visits his premises the the indicated desire last week stole three dozen Rock Island citizens to make the from flock 300. with early realizathe goal. were given Hugh Curtis, president the Rock bank, who scheduled head bank Mr Curtis workers urged to all their time energy week over campaign quickly successfully bank will be sound in inception any that can be put together,' he assured his audience. Fire caused from an overheat- Applaud White furnace inflicted With equal enthusiasm the dience remarks dred dollars damage shortly after president of State yesterday Ernest 623 Bank Rock Island, Eighteenth street, Rock drove certainly members of the said that from the investment an family street. stock the most attractive. By the time the fire department pay share, find arrived large hole had immediate value of burned the floor of one of the assets which recoveries rooms and the house was filled The explained. with smoke. damage Other speakers were Clarence partly insurance. One Hodson chairman the booshose was and six committee formed two weeks lons chemicals John Potter, general The automobile H. Swank of the Carl 1549 street, Rock Hallgren, the Manland, damaged by fire ufacturers Trust Savings bank yesterday. blaze was caused and Bowlby, from defective wiring. the Central Trust Savings bank and president of the Rock Island Children Assured Mr Hodson opened the meeting Of Free Milk to and introduced Mr Potter, Jan. Group An open forum for by swer from the floor Children in Rock Island followed the Majors lic and parochial schools who Gerald are assured Sturtevant Lloyd Zeug bottle of daily until Jan. then of the This was made tion of prospect cards to the today Eugene Chambers, chairman of the milk fund of the "First of said Mr junior chamber commerce. want impress upon you that With the donation of the work planning the consoliemployes and executives of the work for personal head and public There was no such idea glory. the Modern Ameri- anyone's head. have agreed the fund has been swelled head the institution, elected subscription $5 by its stockholders, not because reported from the Lend- the nor because think circle of the King's am super Want Deposits Released city council started the fund "All these days few weeks ago ference since tion hoped to secure first suggested for the place, that milk have reason mind, the children needing and that that town could through the school afford to Central Trust the fund bank liquidation has called have third its deposits tied Monday at the office of for number years to the ment business. Such thing the inconceivable to Furbos, of the would undertaken cial Zeta chapter, this task had not thought the Delta which back This charge of the charity dance time for personal feeling, the Armstrong nor will make final report To succeed, this new time needs the good will Duncan, first vice presithe Island. dent junior chamber, not but tickets time had charge the sale of the needs the bank time when organization, will most. make report. Present plans call Remarkable Job easier than Daven"Our They doing over there, and they able teeth difficulties, succeed despite the unfortunate cent on deposits being held back under the liquidating corporation. can't succeed anywhere down the line there disloyalty. After the bank organized, shall be my president, full cooperation. If the when think the time comes stitution not pulling should, the man think line will leave else Stockholders' Benefits Mr White stated the bank start the advantage of posits. deposits are least the new said. figure that deposits three The people who stock derive benefit. Mr White concluded his remarks this pledge: am going subscribe stock the new here to talk the most vital business with city has concerned itself said Mr Potter. need for to view of leading tonight, for you know them of the finest moves made Potter group not only willing but on the firing Rock the crisis. They organization the from many Large Task the books Central Trust

15. December 31, 1931 The Rock Island Argus Rock Island, IL

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Summary Shows How Overcame ROCK ISLAND. Subscription of more than required $350,000 new ital in 3-day campaign assure consolidation of Rock Island Savings, Central Trust Savings and Manufacturers Trust Savings banks, early in 1932. Merger of banks releases all deposits Central Trust Savings bank on 11, when bank to begin to function. New institution will known Rock Island Bank Trust Co., and have capital $1,200,000, and deposits of $12,000,000, making largest bank in Rock Island county. State Bank of Rock Island continues without change its ganization or capitalization, giving city two strong banking institutions, adequate to serve business. DAVENPORT. Public subscription of $1,500,000 capital and surplus provide's creation of new Davenport Bank Trust Co., which is to begin operation Jan. 16. New bank will assume 60 per cent of deposit liability the American Savings Bank Trust Co., depositors accepting 10-year debenture bonds liquidating corporation for remaining 40 per cent. Small deposit claims, $100 and less, to released in full. Union Savings Bank Trust Co., which weathered 3-day run in spectacular manner, continues in demonstrated strong position. Advance of $3,000,000 obtained from National Credit Corporation on assets of American Bank to the taken over by new Davenport Bank Trust Co. MOLINE. No public campaign to provide new capital for either of two larger banks, Peoples Savings Bank Trust Co., and Moline State Trust Savings bank. Backing Deere ternational Harvester company advance from corporation in November provide ample Moline State Trust Savings bank and fully restore bank's position and confidence. Support of Deere by check shortage prevented impairment Peoples bank result of falcation discovered in March. The bank went through September in quad-city banking without serious difficulty. Two small banks which closed, Savings bank and Fifth Trust Savings banks, are being liquidated. EAST MOLINE. State Bank East Moline rides through troubled period in quad-city banking without imposing withdrawal restrictions. State Bank of East Moline in process of liquidation and will not be reorganized for present.